TLDR CRYPTO 2024-12-17

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MICROSTRATEGY ACQUIRES ANOTHER 15,350 BITCOIN FOR $1.5 BILLION, TAKING HOLDINGS TO 439,000 BTC

MicroStrategy has acquired an additional 15,350 BTC for $1.5 billion at an average price of $100,386, bringing its total holdings to 439,000 BTC (approximately 2.1% of the total supply) worth over $45 billion. About 39% of its position was accumulated in just the past six weeks. The company, which will join the Nasdaq 100 index on December 23, continues its aggressive acquisition strategy through a combination of share sales and debt, with $42 billion in planned capital raises, while analysts at Bernstein suggest the company could be eligible for S&P 500 inclusion in 2025 following new accounting rules for crypto valuations. MicroStrategy's stock has gained over 490% year-to-date.

KRAKEN AND BITGO WILL HELP DISTRIBUTE THE FIRST FTX PAYMENTS IN 2025

FTX debtors announced that Kraken and BitGo will help to distribute the first FTX recovery payments come January 2025. Initial claimants are expected to receive funds within 60 days of January 3, 2025.

EL SALVADOR GRANTS BITGET LICENSE FOR BITCOIN SERVICES

El Salvador will allow Bitget to offer Bitcoin-related services like fiat exchanges and custody solutions while the exchange seeks further approval to support other digital assets. This comes as El Salvador negotiates with the IMF to amend its Bitcoin law and expands its global crypto strategy through international partnerships.

USDTB LAUNCH

Ethena Labs has launched USDtb, a new stablecoin backed by BlackRock's BUIDL Fund, positioning it as the most BUIDL-backed stablecoin on the market. USDtb offers cross-chain compatibility via LayerZero and will primarily be distributed through centralized exchanges, with liquidity incentives on Curve Finance.

INTRODUCING: MONAD FOUNDATION

The Monad Foundation has been launched as an independent organization to support the development and adoption of the Monad blockchain, focusing on governance, ecosystem growth, and community engagement implying a token may be introduced soon.

YOUR DEFINITIVE GUIDE TO ZKVMS

This article compared six leading zkVMs (SP1, RISC0, Jolt, Delphinus, Nexus, and Powdr) across eight cryptographic algorithms, evaluating both performance metrics and developer experience. SP1 and RISC0 are the most mature solutions, with SP1 taking a slight lead due to its extensive precompile support and lower cycle counts, while both platforms offered reliable prover networks and strong documentation. While zkVMs are making zero-knowledge proofs more accessible to developers, there are current limitations including resource-intensive proving requirements and the continued performance advantage of custom circuits for specific use cases.

A CRYPTO FOUNDER'S GUIDE TO HIRING BD

This guide highlights the critical steps for hiring a Head of Business Development (BD) in crypto. It emphasizes the importance of founder-led sales early on, finding high-agency and crypto-native candidates, and balancing strategy with tactical execution. It also provides actionable advice on scaling growth, measuring performance through secondary metrics, and fostering adaptability for crypto's cyclical market.

DAOS 2.0

With the proliferation of AI agents, we are nearing a new version of DAOs that aligns with Vitalik Buterin's original vision of “automation at the center, humans at the edges.” This evolution is exemplified by projects like Clanker, which enables token launching through natural language, and Botto, which creates AI-generated artwork and uses human intervention to decide which art to sell. While AI-driven DAOs show clear promise in areas with deterministic data like trading and content creation, they still face limitations in tasks requiring long-term planning.

TORNADO CASH AND THE LIMITS OF MONEY TRANSMISSION (1 HOUR READ)

This article challenges the DOJ's attempt to classify Tornado Cash as an unlicensed money transmitting business under 18 U.S.C. § 1960, arguing that the statute's broad interpretation contradicts Supreme Court precedent and FinCEN guidance, which emphasize "control" as a key factor in money transmission. By applying Section 1960 to Tornado Cash's non-custodial, decentralized smart contracts, the DOJ risks prosecutorial overreach, potentially stifling innovation and privacy tools in blockchain technology.

CRYPTO PRODUCTS RECORD 10TH CONSECUTIVE WEEK OF INFLOWS AT $3.2B

Crypto investment products recorded their 10th consecutive week of inflows, totaling $3.2B, with Bitcoin leading at $2B and Ethereum ETPs achieving $1 billion in their seventh consecutive week of gains.

DUNE DASHBOARD TRACKING ECHO INVESTING ACTIVITY

Kofi, a crypto data researcher, created a Dune dashboard to track investment activity on Echo.

INTRODUCING OPENVM: A PERFORMANT AND MODULAR ZKVM FRAMEWORK

Axiom and Scroll have launched OpenVM, a new open-source zkVM framework that enables developers to add custom opcodes, circuits, and proof systems without forking repositories, marking a shift away from monolithic zkVM solutions.

FLUID <> LIDO ALLIANCE ALIGNMENT PROPOSAL

This proposal outlines a collaboration between Lido Alliance, Fluid, and Instadapp to drive wstETH adoption through incentives, liquidity optimization, and joint education efforts.