TLDR CRYPTO 2024-10-22

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VANECK ADDS STAKING REWARDS TO SOLANA INVESTMENT PRODUCT IN EUROPE

VanEck has improved its Solana ETN in Europe to offer investors staking rewards that are reinvested daily, providing a new form of passive income. However, in the U.S., regulatory constraints prevent such offerings in crypto ETFs, although approval is anticipated as inevitable and potentially influenced by the upcoming presidential election. The overall development highlights the differing regulatory approaches between the EU and the U.S., with asset managers like VanEck awaiting U.S. approval for similar products amidst growing interest in Solana-based investments.

BITCOIN HASHRATE HITS ALL-TIME HIGH AS PUBLICLY-LISTED MINERS' SHARE OF THE NETWORK PEAKS

Bitcoin's hash rate has reached a new all-time high of 703 EH/s, a 13% increase since the April 2024 halving. Publicly listed mining companies control 28.9% of the total hash rate. With BTC's price appreciation and increased transaction fees from Runes, mining profitability has increased, with the hash price reaching $50 per PH/s. The growing computational power will result in an approximately 4% difficulty increase on October 23.

NODEKIT AND THE NEW SUPERBUILDERS PARADIGM

Nodekit is a new solution to the L2 user and liquidity fragmentation problem. Its Javelin product constructs blocks for multiple chains simultaneously, unifying liquidity and eliminating the need for bridging. Nodekit could also facilitate complex cross-chain interactions, chain abstractions, and multi-chain apps. It will compete with the Agglayer and Superchain interoperability solutions.

INTRODUCING SCROLL'S FIRST AIRDROP: A CELEBRATION OF THE GLOBAL COMMUNITY

Scroll is launching its first airdrop, distributing 7% of its tokens to reward contributors who have supported its growth across various categories (e.g., on-chain participants, ecosystem project builders, industry contributors, and global community members). This initiative aims to build a decentralized and worldwide ecosystem by recognizing and incentivizing participation in Scroll's protocol and community.

PHANTOM TOKENOMICS, INSIDE THE OBSCURE DAEDALUS LABYRINTH

This post exposes the prevalence of hidden “backdoor token deals” in the crypto industry. It introduces the concept of “phantom tokenomics” to describe how onchain tokenomics often misrepresent the accurate offchain distribution. There are various types of these deals, including advisory allocations, market-making allocations, and OTC rounds, all of which can alter the real tokenomics of a project. Founders should enhance transparency with onchain vesting contracts, locking insiders' staking rewards, and focus on product development over exchange listings.

20 LESSONS FOR CRYPTO FOUNDERS

This article outlines the critical keys to crypto startup success. It emphasizes the importance of starting with a small, specific problem and building for a core group of passionate users. Rapid product development and iteration should be based on constant user feedback, with a focus on launching MVPs quickly and engaging with early adopters. Be persistent in user acquisition and celebrate small wins to maintain momentum.

BUILDING A BIGGER, BETTER BRIDGE

Stripe is acquiring Bridge to accelerate stablecoins' global adoption and utility. The company aims to make money easier to move, store, and spend worldwide. Both companies share a vision of transforming global finance through stablecoin infrastructure, and together, they plan to solve bigger problems and support more developers, consumers, and businesses worldwide.

AVAX VALUE CAPTURE PROBLEM

Even with the Off the Grid game reaching hundreds of thousands of users, Avalanche struggles to capture value from its pay-as-you-go for L1 offerings. This model makes Avalanche attractive for new L1 deployments, particularly in gaming and institutional sectors. However, this comes at the cost of reduced revenue capture, especially as the main C-Chain activity has declined. The pivot to becoming a hub for L1s, while compelling for demand, compromises long-term value accrual.

CHAINLINK PARTNERS WITH MAJOR FINANCIAL PLAYERS TO IMPROVE CORPORATE ACTIONS DATA REPORTING USING AI AND BLOCKCHAIN

Chainlink, Swift, Euroclear, and Franklin Templeton are creating a standard for corporate data like mergers and dividends.

BUILDING FOR WEB2

A crypto virtual machine will never be capable of feature parity with Web2 applications.

CRYPTO X AI PROJECTS DISCUSSED BY SF-BASED ML ENGINEERS

This tweet shares five companies in the intersection of crypto and AI actually talked about by people in the AI industry.

TRANSAK HIT BY DATA BREACH, 92K USERS EXPOSED

Transak, a popular fiat-to-crypto onramping service, recently disclosed a data breach that compromised ~92k users.