TLDR Index
TLDR Crypto

TLDR CRYPTO 2025-04-23

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01MARKETS & BUSINESS

COINBASE CONSIDERING APPLYING FOR US BANKING LICENSE

Coinbase is considering applying for a U.S. federal bank charter, which could allow it to operate more like a traditional bank that offers services such as deposits and lending. This move comes as U.S. regulators adopt a more favorable stance toward stablecoin regulation. Evolving legislation like the STABLE and GENIUS Acts potentially paves the way for clearer legal frameworks and improved oversight for crypto-related financial institutions.

cointelegraph.com4 min read

METAPLANET CEO DEFENDS BITCOIN TREASURY STRATEGY

Metaplanet's CEO defended the company's strategy of holding Bitcoin on its balance sheet, arguing that it is prioritizing long-term corporate value creation over short-term share stock performance. The company uses key indicators like “BTC Gain” (the unrealized Bitcoin-denominated gain on equity) as key internal metrics, which may better reflect strategic progress than fiat-based stock performance.

links.tldrnewsletter.com7 min read

02INNOVATION & LAUNCHES

BOLT'S SUPERAPP TAKING ON COINBASE, ZELLE, AND PAYPAL

Ryan Breslow has returned as the CEO of checkout company Bolt and plans to launch a superapp with one-click crypto trading, peer-to-peer payments, and debit card rewards. The app will offer real-time onchain balances, single-click remittances, and a 3-7% cash back debit card. Despite flat ARR and past investor lawsuits, Bolt has grown its shopper network from 10 million to 80 million and plans to monetize through interchange fees and crypto transaction charges.

techcrunch.com10 min read

YIELD BASIS: DEFI'S ‘BITCOIN BLACK HOLE'

Yield Basis, a new protocol from Curve founder Michael Egorov, uses a leverage mechanism with automated AMM rebalancing to eliminate LP impermanent loss to ensure that liquidity providers' BTC-denominated holdings never shrink during market moves. Liquidity providers choose between earning real BTC trading fees or receiving emissions of the YB token, which can be locked for governance and yield capture, effectively turning emissions into mining with intrinsic cost. Egorov plans chain-specific deployments, each with its own YB token, to avoid bridging and align with local ecosystems. Yield Basis aims to launch on the Ethereum mainnet once audited.

links.tldrnewsletter.com6 min read

03GUIDES & TUTORIALS

10 TOP EARLY-STAGE PROTOCOLS

These ten under-the-radar protocols span DeFi yield optimizers on emerging chains (Burve.fi on Berachain and Hubble on Sonic), BTCFi layers (Optimex), and institutional settlement rails (Converge). Several projects have medium-to-high airdrop potential via testnet tokens or early user incentives, while others focus on core crypto x AI or open-source tooling without native tokens. Privacy-preserving DeSci (MonadicDNA) and DeAI interfaces (Splenium and Metadrip) reflect the growing intersection of blockchain and AI.

threadreaderapp.com8 min read

REJECT MARKETING, RETURN TO LOREBUILDING

Crypto has stalled culturally due to superficial marketing replacing deeper “lorebuilding,” a participatory narrative practice that evolves through community contributions and shared myths, moving beyond shallow slogans. Effective lore emerges when individuals progress from initial attention to emotional investment and active co-creation. Bitcoin and Ethereum illustrate this process through foundational myths and layered community memes, while modern marketing campaigns chase short-term metrics at the expense of cultural cohesion. Reviving lorebuilding requires authentic, collaborative storytelling and is essential to attracting new participants and sustaining long-term growth.

links.tldrnewsletter.com20 min read

04MISCELLANEOUS

BITCOIN MINING FIRMS TRY TO GAME U.S. CUSTOMS CONTROLS

Some U.S.-based bitcoin mining firms are allegedly underreporting the value of imported ASIC mining rigs to avoid customs duties, a practice that's becoming riskier because of tighter scrutiny from U.S. Customs and the Trump administration's new tariff policy targeting Southeast Asian imports. Increased enforcement is disrupting shipments and prompting miners to rethink logistics, with some considering moving operations to countries like Canada to avoid regulatory uncertainty and rising costs.

coindesk.com13 min read

HOW STABLECOINS PROFIT FROM U.S. DEBT & INTEREST RATES

Stablecoins like USDT and USDC generate revenue by investing their dollar-backed reserves in interest-bearing instruments like US treasuries, making their profitability highly sensitive to interest rates. Algorithmic and delta-neutral models like USDe derive income from crypto-native mechanisms like funding-rate arbitrage and staking, which show weaker correlation to traditional rate cycles. In a 0% interest scenario, treasury-backed assets face severe revenue compression unless they diversify into alternative assets or products, whereas algorithmic protocols could maintain or boost yields through increased market leverage.

links.tldrnewsletter.com40 min read