TLDR CRYPTO 2023-11-13

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ARK INVEST, 21SHARES SLATED TO INTRO CRYPTO ETF SUITE NEXT WEEK

Ark Invest and 21Shares are planning to roll out five funds that incorporate either bitcoin futures contracts, ether futures, or both sometime this week. These include an ETF that leverages both BTC and ETH futures, an Active On-Chain Bitcoin Strategy ETF, and an ETF featuring BTC futures paired with a portfolio of crypto-related equities. While it’s uncertain what kind of demand there would be for these specific products, this could be yet another option for retail and institutional investors to get exposure to the crypto space.

JPMORGAN ADDS PROGRAMMABLE PAYMENTS TO JPM COIN

JPMorgan's blockchain-based settlement token, JPM Coin, now allows users to automate payments according to preset conditions. The new feature enables funds to be transferred automatically to cover overdue payments or margin calls, making it unnecessary to set up standing orders. This capability is beneficial in a 24/7 payments infrastructure and in times when the market is especially volatile.

GEARBOX V3 WANTS TO BE THE NEXT GO-TO ON-CHAIN CREDIT LAYER

DeFi platform Gearbox Protocol is launching its v3 upgrade, which includes an Onchain Credit Layer, enabling the creation of individual credit accounts controlled by users. The system operates like an in-store credit card, providing increased capital access across various DeFi protocols. The upgrade comes with extra features like adjustable collateral limits for new and large assets and a governance and rate markets system.

SIGNATURE MERGING FOR LARGE-SCALE CONSENSUS

Proof of Stake systems require optimization of the way cryptographic signatures, used as ballots, get collected. In large P2P systems with potentially millions of validators, aggregating bitfields is essential for system optimization. This proposal lays out potential solutions to the bitfield aggregation problem and three possible instantiations using SNARKs (zk-SNARKs or 'Zero-Knowledge Succinct Non-interactive Argument of Knowledge'), including Recursive Stark, Recursive Halo2, and Folding. Though they are preliminary, all have advantages and downsides in terms of merge cost, verification, and communication overhead.

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YOUR COMPLETE GUIDE TO TRADING SOLANA TOKENS

This thread provides a comprehensive guide on getting started with on-chain trading in the Solana ecosystem. It's divided into three sections: discovery, research, and trading. The discovery phase involves using analytical tools to find top-performing tokens and trends. The research phase includes examining the project's primary resources and data points to evaluate potential purchases. Lastly, the trading phase discusses the use of wallets and platforms like Phantom, Jupiter, and Fluxbot for transactions and optimal execution.

DISCOVERING THE UNTAPPED POTENTIAL OF ARBITRUM’S STYLUS

Stylus' latest upgrade has expanded its capacity to accommodate not just the EVM, but also WASM. This opens the platform up to developers who want to use Rust, C, and C++, enhancing Stylus' scalability and drastically reducing computation costs. The system retains its compatibility with EVM contracts while offering improved safety features, including additional protection against reentrancy attacks.

THE MIDDLEWARE THESIS

This article suggests that the main issue with crypto adoption isn't scalability, but the complexity and limitations associated with interacting with base protocol layers. Modular architecture, which allows builders to innovate and customize on top of the base layer, is presented as a solution. The author also emphasizes the importance of vertically integrated middleware, offering use-case-specific protocols and networks that could scale to millions of users.

ETHEREUM’S FUTURE STAKING MARKET

The possibility of Ether ETFs following a Bitcoin ETF approval will likely pose new challenges to Ethereum's decentralization. As interest in spot ETH ETFs rises, issuers may partner with third-party centralized staking providers for staking rewards. This could potentially increase market control by centralized entities, further centralizing Ether staking. Decentralized protocols like Lido could act as an effective counterbalance, successfully attracting new Ether investors and limiting the growth of individual node operators.

FTX FILES BILLION-DOLLAR LAWSUIT AGAINST BYBIT OVER ASSET WITHDRAWALS

FTX's bankruptcy estate is suing ByBit and Mirana, seeking nearly $1 billion for assets withdrawn just before FTX's collapse, alleging ByBit exploited VIP access for these withdrawals.

UBS GROUP’S WEALTHY CLIENTS CAN NOW TRADE SOME CRYPTO ETFS IN HONG KONG

UBS is offering three crypto ETFs on its Hong Kong platform, following HSBC's announcement to start a digital assets custody service for institutional clients.

JUSTIN SUN-OWNED EXCHANGE POLONIEX HACKED FOR AT LEAST $126 MILLION

Justin Sun's Poloniex exchange lost over $126 million in a hack and is now working with other exchanges in an attempt to recover the stolen funds.

CRYPTO WALLET LOSES $27 MILLION IN STABLECOINS IN APPARENT HACK

A wallet linked to Binance lost $27 million in Tether stablecoins in a hack, with funds laundered and converted to Bitcoin via THORChain.