TLDR Index
TLDR Crypto

TLDR CRYPTO 2025-05-21

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01MARKETS & BUSINESS

GENIUS ACT PASSES SENATE CLOTURE VOTE

The Senate passed a procedural cloture vote on the GENIUS Act with over 60 votes, just two weeks after the same measure failed, after key Democrats switched to support. A newly negotiated draft added ethics provisions barring senior officials and contingently Big Tech firms from issuing stablecoins, plus enhanced national‑security and data‑privacy protections to secure bipartisan backing. Intense industry lobbying, including Coinbase's Stand With Crypto and appeals by Treasury Secretary Bessent, helped revive momentum after initial setbacks. The bill now moves to a full Senate floor vote, then to the House, before heading to President Trump to create a clear federal framework for legally issuing stablecoins in the United States.

decrypt.co10 min read

BANCOR SUES UNISWAP FOR PATENT INFRINGEMENT OVER DEX SMART CONTRACT TECH

Bancor's Bprotocol Foundation and LocalCoin Ltd. have filed a lawsuit against Uniswap Labs and the Uniswap Foundation, alleging unauthorized use of Bancor's patented constant product AMM (CPAMM) technology first introduced in 2016. The suit claims Uniswap's original 2018 protocol infringes on Bancor's 2017 patents covering the automated, permissionless onchain swap mechanism foundational to DEXs.

links.tldrnewsletter.com3 min read

02INNOVATION & LAUNCHES

GRID: OPEN FINANCE FOR STABLECOIN RAILS

Squads has launched Grid, a suite of developer-friendly APIs designed to replace legacy banking middleware with stablecoin-native infrastructure on Solana. Grid enables fintech teams to spin up global USD accounts, send cross-border payments, integrate yield, trade tokenized assets, and issue virtual cards, all without touching complex blockchain tooling or sponsor banks.

squads.xyz5 min read

ALPENGLOW: A NEW CONSENSUS FOR SOLANA

Solana's Alpenglow consensus mechanism replaces TowerBFT and Proof-of-History with Votor for concurrent one- and two-round voting finality and Rotor for erasure-coded, single-hop data dissemination, foregoing gossip. Simulations based on current stake distribution show median finality latency of ~150 ms (as fast as 100 ms), down from ~12.8 s under the legacy protocol. Alpenglow's “20+20” resilience tolerates 20% adversarial and 20% non-responsive stake, while Rotor maximally leverages network bandwidth to minimize leader bottlenecks.

anza.xyz60 min read

03GUIDES & TUTORIALS

MEV EXPLAINED

Maximal Extractable Value (MEV) is the profit block producers and searchers capture by strategically ordering, including, or excluding transactions beyond standard rewards, arising from information asymmetries in public mempools. Common forms include frontrunning lottery claims, backrunning AMM arbitrage, sandwich attacks on trades, and speculative transaction retries at low fees. Unchecked MEV can drive up gas costs through spam, incentivize consensus-layer forks, and centralize power among proficient extractors. Mitigation approaches range from offchain and order-flow auctions and single-slot finality to application-specific designs, fair-ordering protocols, and encrypted mempools, helping align incentives and reduce harmful externalities.

a16zcrypto.com17 min read

MAKING SENSE OF STABLECOIN RATINGS

Stablecoins employ diverse collateral and algorithmic mechanisms, creating distinct risk profiles that frameworks like Bluechip's SMIDGE, which assesses stability, management, implementation, decentralization, governance, and externals, help illuminate. Traditional agencies such as S&P and Moody's are now applying securities-style analyses, reflecting growing institutional scrutiny of stablecoin infrastructure. Tether's low rating for transparency yet dominant liquidity and PYUSD's strong reserve backing offset by high centralization exemplify these trade-offs. Users must therefore align stablecoin choices and ratings with their own priorities, understanding that no single rating captures every dimension of risk.

links.tldrnewsletter.com12 min read

04MISCELLANEOUS

BEST WALLET CONNECTION IS NO WALLET CONNECTION

ERC-7946 proposes a new model where dApps suggest transactions via QR code or NFC without accessing the user's wallet address, significantly improving privacy. Instead of connecting wallets directly (an increasingly risky and exclusionary practice), this standard treats dApps as composable interfaces for crafting transactions, not identity checkpoints. If adopted, it would prevent dApps from blocking users based on wallet history (e.g. Tornado Cash usage) and reduce third-party data leaks, enabling a new class of privacy-first, even offline, Ethereum applications.

threadreaderapp.com3 min read

COINBASE POWERING WEBULL'S CRYPTO EXPERIENCE

Coinbase's Crypto-as-a-Service will power Webull Pay's crypto services – trading, custody, staking, and USDC – starting June. This partnership ensures deep liquidity, institutional-grade security, and compliance. Webull Pay customers will access Coinbase's advanced infrastructure and income-earning crypto features, positioning the platform for scalable growth. Webull Pay is also exploring global expansion to offer branded crypto experiences across markets.

links.tldrnewsletter.com4 min read