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TLDR Crypto

TLDR CRYPTO 2024-05-21

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01MARKETS & BUSINESS

ETHER JUMPS 10% TO $3.4K AFTER BLOOMBERG UPS ODDS OF SPOT ETF APPROVAL

Bloomberg ETF analysts Eric Balchunas and James Seyffart announced that they are hearing that the ETH ETFs could be approved on May 23rd, and upped their odds from 25% to 75%. The approval of an ETH ETF is being seen as an increasingly political issue, especially after the move to overturn the SEC's SAB 121 ruling about crypto custody passed the House and Senate. Upon the news, ETH has increased by over 17%.

coindesk.com1 min read

AN ANALYSIS OF THE SPOT BTC 13F FILINGS

Any entity with over $100 million in assets must file a 13F each quarter with their holdings. The Q1 filings show that ~3% of the ETF market cap is held by investment advisors, ~10% by hedge funds, and ~85% by retail investors – the average ETF is 35% owned by investment advisors. The ETFs appeared to hurt Coinbase's retail volume, as its retail volume is 50% of what it was in 2021. This author, a macro investment researcher, sees the ETFs as “orange FOMO poker chips” and says that the goal of a decentralized financial system should not be pushing money into ETFs.

threadreaderapp.com5 min read

02INNOVATION & LAUNCHES

SP1 GPU – A NEXT-GENERATION PROVER FOR SP1

Succinct Labs' SP1 prover already achieves state-of-the-art performance in precompile-heavy proving, with the GPU bringing cost and latency down 10x. Its benchmarks demonstrate that GPU can accelerate proving by up to 20x. It is working with hardware teams to implement the GPU with its prover network and plans to add support in the coming weeks.

threadreaderapp.com1 min read

LAYERZERO LABS CEO ANNOUNCES PAUSE OF SYBIL 'BOUNTY-HUNTER' PROCESS AFTER INFLUX OF REPORTS

LayerZero's CEO, Brian Pellegrino, announced that the Sybil hunting phase of their airdrop program would pause for a couple of days to fix the design. The protocol's highly-anticipated airdrop tasked users with Sybil hunting, finding clusters of wallets owned by the same entity, and reporting them for 10% of their token rewards. Since the start of the program, LayerZero has received over 3,000 bounty reports and 30,000 appeals. Going forward, it may introduce a .02 ETH bond and other design changes to reduce spam reporting.

theblock.co2 min read

03GUIDES & TUTORIALS

THOUGHTS ON KEEPING UP WITH WHAT'S HAPPENING IN CRYPTO

Incentives drive onchain activity. In 2020, Compound's liquidity mining program increased protocol TVL from $100M to $600M in a week, sparking DeFi summer. In 2021, Polygon's joint liquidity mining programs with DeFi protocols like Aave led to Polygon's TVL increasing from $100M to billions. In 2024, Layer 2 solutions like Mode seem to be imitating Blur/Blast's points incentive program. Mode's TVL jumped $100M in a day during a “3X points event”. Future incentives will follow a similar pattern, innovating and being widely adopted until exhausted.

threadreaderapp.com1 min read

NEW LAUNCHES (PART 1) - PRIVATE CAPTURE, PHANTOM PRICING

Private markets and VCs have recently captured most of the upside of new tokens, primarily led by high FDVs and a poor regulatory environment. Though ICOs had downsides, they allowed for retail investors to get in early and for organic price discovery. Memecoins and investors' rejection of new projects is beginning to cause a rethinking of the proper launch strategy. If a project is valued at the top of its sector at launch, it would require a market-wide expansion to increase in value further.

cobie.substack.com29 min read

04MISCELLANEOUS

CRYPTOPUNKS ANNOUNCES SUPER PUNK WORLD

Nina Chanel, in collaboration with CryptoPunks for the Punk in Residence program, has created a 500-piece collection titled "Super Punk World," featuring hybridized 3D sculptures that challenge and transcend race and gender norms. It integrates CryptoPunks' early-internet aesthetics with her distinctive abstract and colorful art style. This has been a controversial announcement for CryptoPunks - Crypto Twitter's reaction to this has been fairly negative so far.

threadreaderapp.com1 min read

DEDOLLARIZATION IS REINDUSTRIALIZATION

Dedollarization could lead to reindustrialization by reducing the U.S.' reliance on printing dollars and emphasizing domestic manufacturing. The U.S. must shift from printing money to building factories to compete globally, particularly with China, which has developed a robust industrial base (low-skilled to high-skilled labor) over the past 45 years. This might require an improvement in robotics, and resistance from regulatory bodies could pose challenges.

threadreaderapp.com2 min read