TLDR CRYPTO 2024-01-12

STABLECOIN ISSUER CIRCLE FILES FOR IPO

Circle Internet Financial, the issuer of the USDC stablecoin, has filed a confidential draft S-1 document with the SEC for an initial public offering. The number of shares to be offered and the price range for the proposed offering have not yet been determined. USDC is the second-largest stablecoin, with a market cap of about $25 billion. Circle's initial public offering is expected to take place after the review process, subject to market and other conditions.

BITCOIN ETFS DO $4.5 BILLION IN VOLUME ON DAY ONE OF TRADING

The first day of trading for the newly launched spot Bitcoin ETFs exceeded expectations. The new funds managed to clear a total volume of $4.5 billion, indicating strong interest from Wall Street investors. Key players like BlackRock's iShares Bitcoin Trust and Grayscale's Bitcoin Trust contributed significantly. BlackRock accounted for 22% of the total volume and Grayscale hit a record high daily volume.

BERACHAIN OPENS LAYER-1 TESTNET

Berachain, an upcoming layer 1 blockchain in the Cosmos ecosystem, has opened its public testnet. The testnet introduces a unique "proof of liquidity" consensus mechanism, which involves securing the network through ecosystem participants that provide liquidity to its trading infrastructure. Liquidity providers will be rewarded with tokens. Berachain's developers plan for the tokens to have some economic value.

BITFINITY AIMS TO ENHANCE BITCOIN ORDINALS WITH AN EVM ON ICP

Bitfinity, a new developer in the Ordinal Inscription protocol ecosystem, aims to integrate its Ethereum Virtual Machine with Bitcoin to support Bitcoin-enabled DeFi services using a sidechain on the Internet Computer. It has raised $7 million in funding to achieve this goal. Bitfinity's EVM opens up the Bitcoin ecosystem to novel use cases and applications. The company's future Bitcoin plans include adding BRC-20 tokens to its protocol, which will allow users to create meme-coins on the Bitcoin network.

STATE OF SOLANA Q4 2023

A complete breakdown of Solana with everything from key metrics to the roadmap to the Solana ecosystem. Solana sustained quarter-on-quarter growth across many metrics in Q4. The Solana Foundation's annual Breakpoint conference, JTO's airdrop, and BONK's Coinbase listing helped drive growth. Catalysts for this year include Jupiter's airdrop, token extensions, and continued progress on Firedancer and TinyDancer.

PLAYBOOK TO MAXIMIZE YOUR PROFITS

Timeless tips on how to maximize your profits this bull run. This thread covers portfolio strategies, narrative selection, and bull market frameworks. A portfolio should consist of long-term investments, stablecoins, and a focus on three narratives. Traders may go through multiple narratives throughout the cycle to maximize profits.

BITCOIN ETFS STIR OPTIMISM, AMBIVALENCE, AND DREAD AMONG CRYPTO’S STAUNCHEST SUPPORTERS

The U.S. SEC's approval of bitcoin spot ETFs represents a significant merging of traditional finance and cryptocurrency, potentially transforming both sectors. While simplifying Bitcoin investment for mainstream audiences, this move raises concerns among crypto purists about centralization and deviation from Bitcoin's original decentralizing ethos. However, it's also seen as an essential step for the crypto's growth and wider acceptance.

VITALIK BUTERIN ENDORSES RAISING ETHEREUM GAS LIMIT BY 33% TO IMPROVE NETWORK CAPACITY

Ethereum co-founder Vitalik Buterin has endorsed a proposal for a 33.3% increase in the Ethereum block gas limit from 30 million to 40 million units, a change that could enhance the network's capacity for processing transactions and executing smart contracts. The proposal aims to improve network efficiency without necessitating a hard fork, despite potential operational cost increases for nodes, as it can be implemented through validators adjusting their node configurations.

VANGUARD BLOCKS CLIENTS FROM BUYING BITCOIN ETFS

THIS WEEK ON-CHAIN

A breakdown of this week’s most important on-chain metrics.

IS INDIA DONE WITH CRYPTO?

Once-enthusiastic Indian venture capitalists are now retreating from the crypto sector, influenced by stringent regulations by the Reserve Bank of India. This shift, further impacted by restrictive tax policies and actions like Apple delisting crypto apps, marks a significant downturn in India's previously burgeoning web3 and digital assets landscape.

FRANKLIN TEMPLETON HAS LASER EYES

Investment firm Franklin Templeton has changed its X profile picture to one with laser eyes.

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