TLDR Index
TLDR Crypto

TLDR CRYPTO 2025-07-23

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01MARKETS & BUSINESS

CRYPTO TREASURY FEVER SPREADS TO ETHENA AS $360M SPAC DEAL TARGETS ENA ACCUMULATION

StablecoinX is set to merge with Nasdaq-listed shell TLGY Acquisition Corp under the ticker USDE, raising $360 million from the likes of Pantera, Dragonfly, Galaxy, and Polychain, including $100 million in discounted locked ENA and $260 million in cash. The plan is to amass Ethena's governance token and kickstart a $260 million ENA buyback by the Ethena Foundation. This SPAC-driven treasury play extends Wall Street's crypto balance-sheet strategies into DeFi altcoins, fueling a ~5% intraday ENA lift and a 65% weekly surge.

coindesk.com7 min read

POLYMARKET TO RETURN TO U.S. AFTER ACQUISITION

Polymarket is acquiring CFTC-licensed derivatives exchange QCX for $112 million, securing the regulatory approval needed to legally reopen its crypto prediction markets to US users. QCX's registration will enable Polymarket to offer fully compliant market contracts, expanding its popular events trading platform that boomed during the 2024 election. The deal comes after both the DOJ and CFTC closed investigations into Polymarket's prior US operations under a 2022 settlement. With this move, Polymarket aims to re-enter the US “in the near future,” challenging CFTC-regulated rivals like Kalshi and potentially shaking up sports betting.

links.tldrnewsletter.com6 min read

02INNOVATION & LAUNCHES

BAM: THE FUTURE OF BLOCK BUILDING ON SOLANA

BAM is a high-performance block-building architecture for Solana that layers a network of TEE-backed scheduler nodes, updated validators, and a plugin marketplace to enable private, verifiable, and programmable transaction sequencing. Transactions remain encrypted until execution inside secure enclaves, with cryptographic attestations published for public audit, while Plugins let developers implement custom ordering logic for use cases like CLOBs, perpetuals, and dark pools. This design curbs harmful MEV, unlocks application-controlled execution, and creates new revenue streams through Plugin fees, all without changing Solana's core protocol. A phased rollout by Jito Labs, followed by broad operator expansion and eventual open-source governance, will decentralize and scale BAM into Solana's institutional-grade block-building standard.

bam.dev13 min read

COINBASE BRINGS PERPETUAL FUTURES TO THE U.S.

Coinbase has launched CFTC-regulated perpetual futures for U.S. traders, offering nano BTC and ETH contracts with up to 10x leverage and no monthly expirations. The product, available via Coinbase Financial Markets, marks the first time U.S. retail users can access perpetual-style crypto derivatives on a compliant platform. Contracts are long-dated (5 years), with low fees starting at 0.02%, enabling U.S. traders to tap into the most dominant trading tool in global crypto markets.

links.tldrnewsletter.com2 min read

03GUIDES & TUTORIALS

THE STABLECOIN PLAYS THAT WILL RETIRE YOUR BLOODLINE

Policy, capital, sentiment, and participation are perfectly aligned for a stablecoin breakout. Ethereum is emerging as the backbone settlement layer, igniting pent-up demand for projects at this intersection. Contrarian opportunities include f(x) Protocol's fxUSD-driven leverage model, Frax's GENIUS-compliant frxUSD ecosystem and Fraxtal chain, and Curve/Convex's battle-tested liquidity infrastructure with its new crvUSD stablecoin. Each of these undervalued tokens is poised to capitalize on regulatory clarity and a liquidity-rich macro backdrop.

links.tldrnewsletter.com35 min read

3 YEARS OF WEB3 MARKETING KNOWLEDGE IN ONE ARTICLE

Web3 marketing fundamentally differs from traditional marketing by operating as "narrative warfare," where controlling the story matters more than conventional funnels, with winners capturing the majority of liquidity through compelling personal narratives rather than polished campaigns. Founders must become the face and voice of their projects through consistent content creation, building trust and authority directly rather than relying on third parties. Success requires playing the long game by resisting premature launches or panic pivots during bear markets while carefully protecting reputation by avoiding short-term monetization tactics like unsolicited token shilling that erode credibility. In 2025's Web3 landscape, founders who overcome their discomfort with video content and personal branding will dominate, while those who remain invisible behind their projects will lose market share to less talented but more courageous competitors.

links.tldrnewsletter.com14 min read

04MISCELLANEOUS

$UNIT POTENTIAL GROWTH & VALUATION

Unit is rapidly becoming Hyperliquid's most dominant protocol, leading in TVL ($828M), volume ($4B), and protocol revenue. Based on current fee capture, Unit earns ~$12.8M in annualized revenue, with bullish scenarios projecting up to $340M as more Utokens launch and spot volumes grow. Valuations range from $766M to $10.8, depending on growth and trading volume assumptions, making $UNIT exposure potentially one of the most lucrative passive bets in crypto.

links.tldrnewsletter.com4 min read

FAVORITE FREE CRYPTO TOOLS

DeFiMinty shares a curated list of free tools for navigating crypto, from whale tracking and mindshare analysis to DeFi interactions and on-chain data. Top picks include Token Terminal for project metrics, DefiLlama for DeFi analytics, Rabby for wallet UX, and Dune for custom dashboards. Also highlighted are newer AI-native tools like Moby Agent, Kiyotaka, and Delphi Intelligence.

threadreaderapp.com2 min read