TLDR CRYPTO 2024-01-17

PROSHARES FILES FOR FIVE LEVERAGED AND INVERSE BITCOIN ETFS

ProShares has submitted proposals for five leveraged and inverse Bitcoin ETFs. This comes on the heels of the SEC's approval of 11 spot Bitcoin ETFs. The five proposed funds are named ProShares Plus Bitcoin ETF, ProShares Ultra Bitcoin ETF, ProShares UltraShort Bitcoin ETF, ProShares Short Bitcoin ETF, and ProShares ShortPlus Bitcoin ETF. The spot Bitcoin ETFs are off to a fast start, with billions of dollars in trading volume in the first few days, so these proposed ETFs are presumably aiming to capitalize on that, giving investors more ways to get exposure to Bitcoin, either by shorting it or being able to leverage long it.

WALL STREET CEO ON TETHER CONTROVERSY: 'THEY HAVE THE MONEY'

Cantor Fitzgerald's CEO Howard Lutnick came out and publicly defended the legitimacy of USDT, supporting the company's claims of having adequate funds backing the asset. Noting the firm's recent assertion that its reserves consist primarily of US Treasuries, Lutnick confirmed managing many of Tether's assets. Tether has long drawn the ire of skeptics who doubted that it had the reserves it claimed to, and this has created an overhang that many in the industry have constantly worried about.

SOLANA MOBILE CHAPTER 2

After successfully selling out its first-generation mobile device, the Saga, Solana has announced it will be rolling out a new product next year. It is taking $450 deposits for preorders for the undisclosed product. Along with this, Solana is rolling out a points program based on customer referrals, which could give users the chance for rewards and giveaways.

CHAINLINK TEAMS UP WITH CIRCLE TO ALLOW CROSS-CHAIN STABLECOIN TRANSFERS

Chainlink's Cross-Chain Interoperability Protocol has been integrated with Circle's Cross-Chain Transfer Protocol, enabling an easier way to transfer USDC across different blockchains. This development allows developers to build functions involving cross-chain USDC transfers. Chains included in this collaboration include Ethereum, Arbitrum, Optimism, Avalanche, and Base mainnets, with more integrations planned for the near future.

SOLANA ECO AIRDROP FARMING MASTERCLASS

This thread lays out a strategy for optimizing airdrop allocations and yield farming throughout the Solana ecosystem. Combining Drift with other tokenless protocols, the author claims users can follow this method to potentially achieve triple-digit yields. Steps include adjusting settings in Drift Protocol, monitoring APR, and buying spot positions to hedge against short positions. The strategy also involves lending or depositing spot positions, and staking SOL for increased yield. Users can also employ rate arbitrage or directional trade according to their preferred risk levels.

2024 ANNUAL GUIDE TO WEB3 DATA TOOLS AND TIPS

Andrew Hong's 2024 annual guide to crypto data tools provides an in-depth analysis on the state of the data stack. It examines key components like indexers, explorers, query engines, data transformations, and ZK reverse ETL. The guide goes over data tool innovations, complications, the evolution of crypto data startups, its landscape, and predictions for the crypto data ecosystem in 2024. It also highlights the integration of zero knowledge tech for data verification.

WHAT MULTICOIN IS EXCITED ABOUT FOR 2024

This article discusses several trends and opportunities Multicoin - of Solana fame - is looking forward to in 2024. The topics covered include the increasing importance of "attention theory" in determining the value of a variety of entities, the potential for stablecoin-powered remittances in emerging markets, and the growing influence of blockchain and cryptocurrency technologies in fields such as novel marketplaces, remittances, and social applications.

COBIE’S THESIS ON BLAST

This post lays out a thesis for Blast and other L2s like it. The growing commodification of L2 blockchain solutions is driving competition for users, attention, and traction amid an increasing number of L2s. This shifts user behavior and has caused protocols to focus on incentivizing on-chain activities. Despite criticism around the way it launched, Blast has attracted more TVL than established L2s like Coinbase's Base. The fact that many complained about the launch but also bridged assets to the L2 highlights the more general mismatch between public sentiment and private actions in the crypto space.

IRS SAYS BUSINESSES DON'T HAVE TO REPORT CERTAIN CRYPTO TRANSACTIONS UNTIL NEW REGULATIONS ISSUED

According to the IRS, businesses won't need to report crypto transactions over $10,000 as cash until new regulations are issued, despite the current law enacted at the beginning of the year requiring it.

ETF WIF HAT

This post goes over what the approval of Bitcoin ETFs might mean for the adoption of the cryptocurrency and of cryptocurrencies in general as more ETFs will likely be approved over time.

THE IMPLICATIONS OF CROSS-CHAIN BRIDGES UNDER MICA

The proliferation of cross-chain bridges, valued at $23.5 billion, addresses the need for asset and information transfer across diverse blockchains, but it also comes with challenges around regulation of the movement of these assets.

ESTIMATING THE VALUE OF THE EIGENLAYER DROP

This post attempts to estimate the EigenLayer airdrop value, predicting around 20-25 points per day per ETH deposited, with a potential total value airdropped around $1.05 billion.

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