TLDR CRYPTO 2024-05-31

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BIDEN CAMPAIGN RAMPS UP CRYPTO INDUSTRY OUTREACH IN SURPRISING TONE 'SHIFT'

President Biden's re-election campaign has been reaching out to cryptocurrency industry leaders, seeking advice on crypto community and crypto policy. Biden has previously said he would veto the repeal of SAB 121, an SEC ruling making crypto asset custody complex for institutions to offer. This change in tone comes after the Trump campaign's pro-crypto rhetoric, which includes accepting crypto donations, protecting the right to self-custody, and anti-CBDC remarks.

SINGAPORE'S LARGEST BANK DBS IS AN ETHER WHALE WITH NEARLY $650M IN ETH

A wallet owned by DBS, Singapore's largest bank, owns over 173,000 ETH. The bank has made over $200 million on this position at current market prices. While a DBS spokesperson said this position is not on its books, the firm is familiar with crypto and offers services like custody, trading, and portfolio management.

ARWEAVE, AO, AND AI

Arweave has typically depended on external applications to bring data into its network. However, the launch of AO, a new network built on Arweave, means Arweave will have the ability to generate consistent internal demand and grow its data storage capabilities and development platform. AO separates consensus mechanisms from app computation, introducing a modular architecture that improves scalability and security customization, while also creating a marketplace where apps can acquire computational resources on-demand.

PUMP.FUN AND BUBBLEMAPS LAUNCH BLOCKCHAIN SLEUTHING TOOL

Pump.fun has partnered with bubblemaps to make it easier to investigate potential rugpulls and understand relationships between wallets interacting with specific tokens. The tool helps users generate visual bubble maps to track coin flows and examine whether developers are manipulating token distribution or using burner wallets during launches.

STARKNET ECOSYSTEM OVERVIEW

Starknet's goals for 2024 are to become the L2 with the highest TPS capacity and have an average transaction fee below 1 cent. The DeFi Spring program is allocating 40 million STRK to protocols over six to eight months. It will transition to a Volition to reduce fees, allowing developers to choose whether to store transaction data on Ethereum or Starknet.

THE 7 BIGGEST CELEBRITY RUG PULLS IN HISTORY

Numerous celebrities have been implicated in cryptocurrency scams, promoting projects that eventually failed and led to significant investor losses. High-profile individuals like Davido, Floyd Mayweather, and Shaquille O'Neal have faced legal repercussions and public backlash for their roles in these so-called "rug pulls," highlighting the risks associated with celebrity-endorsed crypto investments.

THOUGHTS ON CELEBRITY MEMECOINS - EXTRACTION IS NOT ADOPTION

The recent trend of celebrities launching memecoins has reignited debates over their impact on the cryptocurrency space, with a historical pattern suggesting such ventures often result in quick failures and are generally seen as cash grabs rather than genuine contributions. Critics argue that celebrities should demonstrate genuine interest and involvement in the crypto community before promoting their own coins, emphasizing that authentic engagement and risk-taking, as opposed to opportunistic, profit-driven launches that exploit the space, are crucial for positive adoption.

MATTER LABS FILES FOR 'ZK' TRADEMARK, INDUSTRY DEMANDS WITHDRAWAL

Matter Labs, the developers of the zkSync L2, have filed trademark applications for “zero-knowledge” and “ZK.” This has been met with backlash across the crypto industry, with zero-knowledge cryptography co-inventor and StarkWare CEO Eli Ben-Sasson calling it an “absurd IP grab.” Matter Labs' CEO Alex Gluchowski claims it filed the trademark to prevent dishonest actors from using the term.

CRYPTO ARMS RACE TO MOBILE

Crypto's increasing focus on consumer apps will transform DeFi-level protocols, integrating them seamlessly into everyday mobile applications.

A16Z DONATES ANOTHER $25M TO FAIRSHAKE

a16z has contributed an additional $25 million to Fairshake, totaling $47 million, to continue supporting bipartisan efforts for clearer digital asset regulations and to maintain U.S. leadership in blockchain innovation.

HYPERLIQUID INJECTS $25M OF REVENUE BACK INTO THEIR PROJECT

The Hyperliquid development team, which is entirely self-funded and does not collect trading fees, has reinvested over $25 million of revenue back into its community instead of profiting from it.

U.S. TREASURY ISN'T TRYING TO BAN CRYPTO MIXERS, TOP OFFICIAL SAYS

Brian Nelson, the Treasury's Under Secretary for Terrorism and Financial Intelligence, claims that a 2023 FinCEN proposal requiring virtual asset service providers to report crypto transactions involving mixing aimed to drive transparency, not ban mixers.

PUDGY PENGUINS TO RELEASE MOBILE GAME

Pudgy Penguins is going to launch a themed mobile game in 2025.

FAQ: ETHEREUM ISSUANCE REDUCTION

Reducing ETH issuance can prevent centralization and lower costs by eliminating unnecessary expenses.