TLDR CRYPTO 2024-02-02

OPNX, THE EXCHANGE BUILT BY FOUNDERS OF DOOMED HEDGE FUND THREE ARROWS, IS SHUTTING DOWN

OPNX, an exchange established by the founders of the collapsed cryptocurrency hedge fund Three Arrows Capital, is set to close down this month. Customers have been advised to resolve their positions by February 7 and withdraw all funds by February 14. This comes in the wake of both co-founders, Zhu Su and Kyle Davies, being barred from running any sort of financial firm in Singapore for 9 years and Su doing a stint in prison.

CELSIUS COMES OUT OF BANKRUPTCY: CREDITORS WILL RECEIVE OVER $3 BILLION

The estate of Celsius, a cryptocurrency lender that declared bankruptcy in 2022, plans to distribute over $3 billion in crypto and fiat to its creditors. The company's restructuring plan, approved by 98% of Celsius's account holders, includes the formation of a new Bitcoin mining firm called Ionic Digital that creditors will receive a stake in. PayPal and Coinbase will assist in the distribution of assets to creditors.

UNLOCKING BITCOIN'S POTENTIAL: INTRODUCING MERLIN CHAIN, A NATIVE L2 SOLUTION

Bitcoin L2 solution Merlin Chain, developed by Bitmap Tech, is set to go live shortly. It seeks to address network resource scarcity and underpins a dapp ecosystem designed for Bitcoin-native innovations such as wallets and token swaps. Leveraging ZK-Rollup technology for improved transaction efficiency and safety, Merlin Chain aims to increase Bitcoin adoption by simplifying user interactions and supporting major Bitcoin L1 protocols.

WORMHOLE ZK

Wormhole rolled out its ZK vision and roadmap with the aim of enhancing blockchain interoperability and improving trust assumptions within its protocol. Moving towards trust-minimization, Wormhole will integrate zero-knowledge proof technology offering stronger trust guarantees, permissionless verification, integrations, and more. The roadmap includes onboarding cryptography expertise and unlocking hardware resources. Wormhole's ZK roadmap is expected to bring fast, cheap, trustless message verification, further decentralizing Wormhole’s verification.

SHARED SEQUENCING, ORDERING, AND AGGREGATION

This thread provides an overview of decentralized and shared sequencers and their significance in future scalability solutions. Key points of the thread include the setup of shared sequencers, their inherent potential for scalability, the different levels of finality guarantees, various ways to ensure chain progress, and the economical advantages resulting from shared sequencers. The discussion also highlighted the trade-offs between customization options and improved composability and interoperability.

BITTENSOR - A BEGINNER’S GUIDE

This post explains how Bittensor's decentralized network allows miners to contribute their AI models. Successful answers to queries are rewarded with the $TAO token. These tokens allow users to participate in the network's governance. Combining AI and blockchain technology, Bittensor aims to create transparent access to AI programs. As the network grows, the tokens could potentially become a global standard for AI transactions.

JUPITER FOUNDER BRUSHES OFF AIRDROP BACKLASH: 'PEOPLE DON’T UNDERSTAND ANYTHING'

Jupiter's founder, pseudonymously known as Meow, recently addressed recent criticism of how the platform distributed 1 billion JUP tokens on Solana, insisting that critics are misinterpreting the move. Critics saw the move as a disguised Initial Coin Offering, particularly given the creation of a 250 million JUP launch liquidity pool. Meow maintains that all actions are intended to benefit JUP holders and that the plan was transparently communicated prior to the launch.

US TO COLLECT CRYPTO MINER ENERGY USE DATA FOLLOWING 'EMERGENCY' REQUEST CITING BITCOIN'S PRICE RISE AS EVIDENCE

The US Energy Information Administration will reportedly start surveying American cryptocurrency mining companies' electricity usage. Approved by the Office of Management and Budget, this "emergency" data collection is driven by concerns over rising Bitcoin prices and the potential strain of crypto mining on electricity systems. Despite some disagreement in the industry over the perceived urgency, the EIA aims to analyze how energy demand for crypto mining is changing and its impact on the electric power market.

CHECKING THE CHAIN TO IDENTIFY RUGS ON MEMECOINS

REAL-WORLD ASSET FIRM SUPERSTATE LAUNCHES FIRST FUND TOKENIZING U.S. TREASURIES

Superstate launched an inaugural fund for tokenizing U.S. Treasuries. USTB is aimed at modernizing investment funds with a direct government securities approach.

FTX HACK MYSTERY POSSIBLY SOLVED: U.S. CHARGES TRIO WITH THEFT, INCLUDING INFAMOUS ATTACK ON CRYPTO EXCHANGE

Earlier this week, the leaders of a massive SIM-swapping ring were charged for their alleged crimes. Now it has come to light that they were the ones behind the mysterious $400 million FTX hack that happened as the exchange imploded.

BINANCE LAUNCHES IN-APP BITCOIN INSCRIPTIONS MARKETPLACE FOR BRC-20 TOKENS

Binance is launching an Inscriptions Marketplace for trading Bitcoin BRC-20 tokens like ORDI within its web3 Wallet.

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