TLDR Index
TLDR Crypto

TLDR CRYPTO 2024-08-06

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01MARKETS & BUSINESS

BITCOIN PLUNGES BELOW $50,000, ETHER UNDER $2,200 AMID JUMP CRYPTO MOVES, US ELECTION UNCERTAINTY

Bitcoin hit its lowest price since February, and the rest of the market saw greater than 20% decreases in one of the biggest selloffs since FTX. Investors are reacting to several events, including Jump Crypto liquidating hundreds of millions of dollars of assets, the increasing chances of a Kamala Harris presidency, and a sharp decline in Japan's stock market. There are also fears about an impending recession, and ETHE investors are selling their positions in the Grayscale trust.

theblock.co4 min read

IN FEC COMPLAINT, MOLLY WHITE ALLEGE COINBASE VIOLATED CAMPAIGN FINANCE LAWS

Public Citizen and Molly White filed a complaint to the Federal Elections Committee (FEC) claiming that Coinbase violated campaign finance laws by donating $25 million to the pro-crypto group Fairshake Super PAC while negotiating government contracts with the DOJ. The complaint argues that Coinbase is a federal contractor due to its current work with the US Marshal Service (a unit within the DOJ), and is thus breaking "pay-to-play" laws.

theblock.co3 min read

02INNOVATION & LAUNCHES

GUIDE TO BREVIS

Brevis is an EigenLayer-secured ZK coprocessor that enables smart contracts to read historic onchain data. It allows dapps to introduce features like intent-based active liquidity management, loyalty trading programs, and account reputation. Its decentralized prover network and Brevis coChain allow for efficient and trust-minimized ZK-proof validation.

coinbase.com3 min read

SOME OF THE MOST INTERESTING ROLLUP DESIGNS

This thread highlights some of the most innovative rollups with technological and cultural differentiations from Ethereum. It includes a chain for halal finance, one with an MEV-free crosschain DEX, and another with EVM and SVM apps running in parallel. There are also L2s requiring all users to KYC and designed for banks.

threadreaderapp.com3 min read

03GUIDES & TUTORIALS

CROSS-L2 ROADMAP IN ONE TWEET

Cross-L2 interoperability problems require considerable effort, but we should quickly achieve a seamless UX across Ethereum-based rollups. Work is being done on chain-specific addresses, cross-L2 sends using liquidity providers, L2 light clients, and replayable account state updates. In Phase 2 of the roadmap, shared key management and proof aggregation will further improve the experience.

threadreaderapp.com1 min read

HOW BITCOIN HAS VALUE WITHOUT CASH FLOWS

Bitcoin's service is the trustless storage of wealth without relying on a centralized intermediary. Like a company offering a service, if more people want BTC's service and buy the asset, the price increases, and vice versa. There is no centralized entity to collect this value - it accrues to prior BTC holders.

threadreaderapp.com2 min read

04MISCELLANEOUS

EVALUATING THE CAUSES OF CRYPTO PANIC

Friday saw terrible macro signals, including the 10-year Treasury rate falling 40bps and poor equity performance, but there will likely be a rate cut in September, and it is still an election year. Jump Crypto sold hundreds of millions of ETH in a short period, contributing to the rapid price decline, and the negative ETF flows are hurting the market in the short term but necessary for new capital flows in the long term. Though a democratic election is perceived to hurt crypto, the Middle East tensions may not matter in the long term, and the Mt Gox and Genesis distributions are nearly complete.

threadreaderapp.com2 min read

COULD A CRYPTO APP BE THE ANSWER FOR STRUGGLING RESTAURANTS?

Blackbird aims to recharge the restaurant industry by integrating a crypto-based reward system ($FLY) that rewards users for dining check-ins, creating an interconnected, circular economy among participating restaurants. Although the app has been praised for its simple, consumer focused UX, many restaurant operators are hesitant about the crypto aspect, preferring traditional loyalty methods. Most restaurants do not currently accept $FLY, which could limit the app's impact. However, restaurant operators frequently praise the app's ability to help them better understand and reward customer loyalty.

time.com10 min read