Parse notes
According to VanEck's head of digital assets, Matthew Siegel, the Industrial and Commercial Bank of China (ICBC) reportedly calls Bitcoin ‘Digital Gold' and Ethereum ‘Digital Oil.' ICBC acknowledges Ethereum's current scalability problems but expresses optimism about future upgrades. It notes a strong demand for digital assets driving continuous innovation.
The crypto market's recent selloff has triggered substantial liquidations amounting to $270.4 million (at the time of writing), mainly affecting long positions. Bitcoin and Ethereum experienced notable declines, dropping 3.5% and 4.6% respectively, with Ethereum seeing the most liquidations at $70.5 million.
Symbiotic is a restaking protocol that competes with EigenLayer and Karak. It has launched its bootstrapping phase, onboarding ETH LSTs as collateral. Its modular design supports any combination of tokens as collateral, and immutable non-upgradable contracts remove governance risks. Its initial partners, which include Ethena, Hyperlane, and Lido, are building solutions alongside or on top of Symbiotic's infrastructure.
Solana has launched Fuse, a smart wallet designed to enhance the mobile experience for individual users of Squads Protocol by simplifying security measures and transaction processes. Fuse aims to transform the concept of self-custodial wallets by leveraging smart accounts for asset storage, offering a programmable platform that enhances security and user experience with features like multi-factor authentication and programmable spending limits.
Optimism's introduction of fraud proofs means that bridged assets can be withdrawn without Optimism's approval and anyone can review and challenge OP Mainnet transactions. Previously, the Ethereum settlement layer had to trust Optimism's transaction history without proving it. Looking forward, other OP Stack chains like Base and Mantle should be able to implement fraud proofs and become Stage 1 L2s much quicker.
This thread compiles various tweets that are bullish on the Bitcoin mining sector. They cite concerns surrounding capital expenditures, competition, and the environmental impact. Marathon, the biggest mining company, has 25% short interest as a percentage of its float. CleanSpark has been seeing insider selling since the beginning of this year.
The ZKsync L2 has released its much-anticipated tokenomics and airdrop allocation information. 17.5% of the token supply will be airdropped to ZKsync users, the highest of any major L2, with two-thirds going to the community through ecosystem incentives. The ZK token will be used for protocol governance and gas fees, with claims opening next week.
Uniswap Labs has acquired the interactive onchain survival experience “Crypto: The Game.” In its first two seasons, users bought in with 0.1 ETH, joined alliances, completed challenges, and voted each other out to win the pot. Uniswap promises new twists and features for season 3.
For the past few years, over 95% of Binance listings have dumped.
This tweet compiles top cryptos and their percentage declines from February/March tops.
Polygon is launching its Community Grants Program, allocating 1 billion POL to builders over 10 years.
EigenLayer faced a crucial decision early on in which it had to decide whether to integrate native restaking fully or accept a proposal that focused only on Liquid Staking Tokens (LSTs), which would simplify development but limit staking options.