TLDR CRYPTO 2024-10-11

SEC CHAIR GARY GENSLER ON CRYPTO: ‘IT'S UNLIKELY THIS STUFF IS GONNA BE A CURRENCY'

SEC Chair Gary Gensler expressed skepticism about cryptocurrencies like Bitcoin ever becoming widely used as currencies, instead viewing them as more of a store of value. He defended the SEC's aggressive enforcement actions against crypto companies, emphasizing the need for strong enforcement due to the prevalence of fraud in the crypto space, adding that existing regulations, like the Howey Test, are sufficient for overseeing the industry.

US CHARGES 3 COMPANIES, 15 PEOPLE WITH CRYPTOCURRENCY FRAUD

In an FBI-led investigation, three companies and fifteen individuals have been charged with fraud and market manipulation after agreeing to promote an FBI-created crypto security. The individuals and companies agreed to inflate token trading volume before selling tokens, a classic “pump and dump” scheme.

DELTA: A NETWORK OF NETWORKS WITH SHARED STATE

Delta introduces a “network of networks” architecture that separates execution and settlement. It uses zk-settlement and a leaderless consensus protocol to balance sovereignty and interoperability. It has a shared global state and native interoperability between “domains,” allowing for appchains and rollups to have lower barriers to entry and communication.

UNICHAIN – AN ETHEREUM L2 DESIGNED FOR DEFI

Uniswap Labs has introduced Unichain, an L2 blockchain optimized for DeFi on Ethereum, aimed at improving transaction speed, reducing costs, and simplifying cross-chain swaps. The platform includes innovations like near-instant transaction times, decentralized block verification, and seamless multi-chain liquidity management.

Free Apache 2.0 source code at github.com/erpc/erpc

THE HITCHHIKER'S GUIDE TO CHAIN ABSTRACTION

Chain abstraction is a solution to onchain liquidity and experience fragmentation that simplifies crosschain user experiences. The CAKE Framework outlines a structured approach using Permission, Solver, and Settlement layers, with projects that implement abstraction at application, account, and blockchain levels. Despite challenges around security, standardization, and decentralization, chain abstraction promises to enhance interoperability and usability in these increasingly fragmented ecosystems.

WTF IS FINALITY?

Finality in blockchains refers to the point when a transaction becomes permanently and irreversibly part of the ledger, much like how wet concrete eventually hardens into a solid state. This article uses this analogy to explain how different blockchain systems, like Ethereum and Bitcoin, achieve finality — Ethereum through validator consensus over epochs and Bitcoin through the longest chain rule in Proof of Work, though Bitcoin never truly reaches a final, irreversible state.

TRUMP-LINKED WORLD LIBERTY FINANCIAL TO RAISE $300 MILLION AT $1.5 BILLION VALUATION: ROADMAP

World Liberty Financial, a DeFi project tied to Donald Trump and his sons, is set to raise $300 million by selling 20% of its governance token supply at a $1.5 billion valuation. The token, initially non-transferable for 12 months, will allow holders to vote on platform development, with the project's roadmap including DeFi lending, KYC integration, and fractionalizing real-world assets for digital finance.

CRYPTO MARKET VIEWS

The effectiveness of Fed rate cuts and China's stimulus in influencing the crypto market has been overstated, with the impact of global liquidity on crypto prices being less direct than for stocks. Despite some market participants expecting these factors to strongly boost crypto prices, the actual market dynamics, including capital flows between crypto and traditional Chinese stocks, suggest a more nuanced influence with ongoing corrections possible due to high leverage.

STRIPE REINTRODUCES CRYPTO PAYMENTS

Stripe has reintroduced crypto transactions, enabling U.S. businesses to accept stablecoin payments from over 150 countries.

GOOGLE INTEGRATES ENS INTO GOOGLE SEARCH

Google search now supports searching for .eth addresses and returns the account's associated balance.

ANTONIO RETURNS AS DYDX'S CEO

Antonia Juliano has returned as dYdX's CEO after stepping away for six months.

ASSASSIN'S CREED DEVELOPER UBISOFT LAUNCHES FIRST CRYPTO VIDEO GAME 'CHAMPIONS TACTICS'

Ubisoft is launching "Champions Tactics," its first web3 video game leveraging blockchain-based assets, on PC on October 23.