TLDR CRYPTO 2024-03-14

ETHEREUM FINALIZES 'DENCUN' UPGRADE, IN LANDMARK MOVE TO REDUCE DATA FEES

Ethereum has activated the Dencun upgrade, which is expected to catalyze growth on L2 networks like Arbitrum and Polygon by reducing fees. The hard fork accomplished this through "proto-danksharding", adding a new place for data storage on the blockchain at a lower cost. The upgrade is expected to make transaction settlements more efficient and cheaper for rollup networks, which will in turn bring down fees for end users.

US JUDGE DENIES MOTIONS TO DISMISS SEC'S LAWSUIT AGAINST GEMINI EARN PROGRAM

A US district judge has rejected the requests of crypto exchange Gemini and crypto lender Genesis to dismiss a case initiated by the SEC concerning the Gemini Earn program. Judge Edgardo Ramos found that the SEC "plausibly alleged" that both parties offered and sold unregistered securities. Genesis and Gemini were first charged by the SEC in January 2023.

GRASS: THE FIRST EVER LAYER 2 DATA ROLLUP

Grass plans to tackle data transparency issues in AI training by using a network of nodes hosted on residential devices to scrape, clean, and convert web data into structured datasets for AI model training. It is building a layer 2 solution comprising a Grass Data Ledger to store all data scraped with provenance metadata and a ZK processor to assist in recording the data's provenance and provide a persistent lineage of each dataset.

JACK DORSEY'S BLOCK DROPS ROCK-LIKE BITKEY BITCOIN WALLET

Block, formerly Square, has launched a self-custodial Bitcoin wallet called Bitkey. The device enables users to control their private keys, offering direct custody of their assets. Integrations with Coinbase and Cash App allow users to purchase Bitcoin directly using the wallet. Tools are in place to recover funds even if users lose their devices.

THE VALUE BETWEEN MEME COINS AND THEIR NATIVE NETWORKS

'Meme coins,' digital assets rooted in internet culture, are gaining significant traction, with established coins like Dogecoin taking off and other newer coins like dogwifhat, Pepe, and Bonk having explosive moves and reaching multiple billion dollar market caps. Even though investing in such assets carries high risks, including possible loss of principle, technological failures, and regulatory challenges, users in the space are having fun betting on which coins will be the most viral.

TIPS FOR WORKING WITH A SMALL PORTFOLIO IN CRYPTO

MICHAEL SAYLOR'S MICROSTRATEGY RAISING ANOTHER $500M TO BUY MORE BITCOIN

MicroStrategy, which now classifies itself as a Bitcoin Development Company, is planning to raise $500 million through a convertible debt offering. The company intends to use these funds to acquire more bitcoin. This follows MicroStrategy's recent $800 million capital raise, which was used to purchase an additional 12,000 bitcoins. It now owns around 205,000 bitcoins, currently valued at nearly $15 billion.

WHAT ABOUT A PATH FORWARD FOR CONSUMER CRYPTO?

Consumer crypto's future appears to be on two trajectories: treating crypto as the 'why' and the 'how.' The former category includes assets like Bitcoin and is aimed at early crypto adopters, while the latter uses crypto as a technological instrument, appealing to mainstream users. A new wave of innovation aims to offer unique experiences that can only be developed with crypto, leveraging global payment rails, composable on-chain assets, and creating new markets.

HOW MANY TROJAN HORSES CAN WE LAUNCH?

ETF-ization expands access and potential for crypto in traditional finance, with significant implications for future investment landscapes.

BITCOIN ETFS APPROACHING GOLD ETFS’ AUM

Bitcoin ETFs, at $58.7 billion, are closing in on gold ETFs’ $98 billion in assets, bringing a great deal of validity to the argument that Bitcoin could potentially rival gold as a store of value.

SOLANA MEME COIN DOGWIFHAT TO GRACE LAS VEGAS SKYLINE AFTER $650,000 RAISE

Solana meme coin dogwifhat's mascot will be featured on Las Vegas's Sphere for a week.

BLAST STOPPED PRODUCING BLOCKS FOLLOWING ETHEREUM’S DENCUN UPGRADE

The Blast Mainnet temporarily halted block production following Ethereum's Dencun upgrade but resolved the issue within an hour.