TLDR Index
TLDR Crypto

TLDR CRYPTO 2024-07-19

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01GENERAL

02MARKETS & BUSINESS

WAZIRX SUFFERS $230M HACK

A detailed investigation into the $230M+ WazirX hack, beginning from the original exploiter address, revealed preliminary transactions made on July 10th using Tornado Cash. The tactic involved hints at the potential involvement of the Lazarus Group.

threadreaderapp.com2 min read

‘HE'S CHANGED HIS TUNE'—TRUMP REVEALS JPMORGAN CEO'S ‘SUDDEN' BITCOIN AND CRYPTO FLIP

In an interview with Bloomberg, Donald Trump said Jamie Dimon, JP Morgan's CEO, has ‘changed his tune a little bit' on Bitcoin. Previously, Dimon has criticized Bitcoin as a fraud and Ponzi scheme, but he has been overseeing the development of JP Morgan's proprietary blockchain and cryptocurrency to improve internal transactions. Trump also hinted that Dimon is being considered for U.S. Treasury Secretary under his administration.

forbes.com3 min read

03INNOVATION & LAUNCHES

POLYGON ANNOUNCES MATIC TO POL MIGRATION DATE

On September 4th, the MATIC to POL migration will occur within the Polygon network, making POL the primary gas and staking token, marking its first phase as a key element in future Polygon projects like AggLayer. For current MATIC holders on the Polygon PoS, no action will be required for this transition, while those on Ethereum or other platforms may need to engage with a migration process detailed by the community.

polygon.technology10 min read

THE SINK L2: SOLVING LONG-TERM VALUE ALIGNMENT

Most general-purpose L2s are like retail brokerages, with little differentiation and non-unique applications. Introducing native yield allows L2s to monetize based on assets under management instead of sequencer fees. The Sink has two primitives – a V2 DEX with bribe mechanisms and a CDP with a stake-able stablecoin – to offer high, scalable yields. The idea is similar to Berachain and Blast combined.

threadreaderapp.com2 min read

04GUIDES & TUTORIALS

RECAP OF CRYPTO AND POLICY IN DC

With the elections becoming more prevalent, crypto's political influence continues to shape policy and rhetoric, evidenced by the Trump-Vance ticket being the first to have a Bitcoin holder on the ballot. Though the GOP has been leading the charge on pro-crypto policy, Democrats are catching up and creating bipartisan momentum. The past few weeks have seen various political wins and losses, like the house voting not to override Biden's SAB 121 veto, a few CFTC and SEC hearings, and the SEC's dropped case against Paxos stablecoins.

threadreaderapp.com3 min read

DIVING INTO DARK POOLS

Public institutional moves have far-ranging consequences. Dark pools, a concept well-known in traditional finance, allow traders to be confidential when executing transactions. DeFi dark pools currently suffer from a lack of liquidity and must use novel methods like ZK proofs to comply with KYC/AML regulations, but they offer better security, privacy, and cost-efficiency than OTC trading.

threadreaderapp.com4 min read

05MISCELLANEOUS

MARK CUBAN'S THOUGHTS ON TRUMP, BITCOIN, AND SILICON VALLEY

Billionaire investor Mark Cuban believes Silicon Valley's support for Trump is a “bitcoin play.” Trump's support of crypto is excellent, but it does not significantly impact the price. However, it makes it easier to operate a business. Bitcoin's price could go extremely high because of lower tax rates, tariffs, and geopolitical uncertainty. Ultimately, it could become a global currency and safe haven asset.

threadreaderapp.com1 min read

“PERMISSIONS” LAYER OF CHAIN ABSTRACTION FRAMEWORK EXPLAINED

The CAKE (Chain Abstraction Key Elements) framework creates four layers of responsibility – applications, permissions, solvers, and settlement – that are independent of one another but critical for a clean crypto UX. The “permissions” layer deals with user transaction authorization and private key storage. Though current methods like MetaMask require both a “sign” and “submit” step, account abstracted (AA) wallets only require “sign.” Going one step further, policy-based agents require one “approve” step and then deal with everything else, like managing multiple networks and sub-transactions. This is the design employed by Telegram bots and Flashbots' SUAVE.

threadreaderapp.com5 min read