TLDR Index
TLDR Crypto

TLDR CRYPTO 2025-09-10

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01MARKETS & BUSINESS

NASDAQ SEEKS NOD FROM SEC TO TOKENIZE STOCKS

Nasdaq has filed a proposal with the SEC seeking permission to offer tokenized stock trading alongside traditional equity trading, allowing customers to choose between legacy methods and onchain transactions with equal priority treatment. The tokenized stocks would clear and settle through the existing Depository Trust Company infrastructure, with token holders receiving full shareholder rights, including voting and liquidation privileges. This move follows similar tokenization efforts by Robinhood in Europe and various crypto exchanges. The proposal aligns with SEC Chairman Paul Atkins' stated priority of clearing a path for tokenized securities markets. The regulator compares the transition to the historical shift from analog to digital audio formats.

coindesk.com6 min read

SHARPLINK GAMING KICKS OFF $1.5B BUYBACK PROGRAM

SharpLink Gaming (SBET) has begun executing its $1.5 billion share repurchase plan, buying back 939,000 shares at an average $15.98. With 837,000 ETH ($3.6B) staked and no debt, the company says repurchases are “immediately accretive” while shares trade below NAV, boosting ETH per share for remaining holders. Staking income of $67M–$151M annually plus cash reserves will also help fund additional buybacks as SharpLink prioritizes capital allocation over equity issuance.

links.tldrnewsletter.com2 min read

02INNOVATION & LAUNCHES

AERODROME'S COMMUNITY-FIRST TOKEN LAUNCH MODEL

Aerodrome is rethinking token launches by eliminating the usual pre-sale, market maker payments, and CEX lobbying. Instead, projects seed liquidity directly on Aerodrome, incentivize emissions via veAERO votes, and let community liquidity providers and traders handle price discovery from day one. With Coinbase's new DEX integration, this model now connects transparent, community-driven launches to millions of retail users, avoiding the extractive dynamics of traditional launches.

medium.com3 min read

COINBASE ACQUIRES SENSIBLE TEAM TO BOOST ONCHAIN CONSUMER ROADMAP

Coinbase has acquihired the founders of Sensible, a DeFi-focused startup, to accelerate its onchain consumer strategy. The new team will help simplify access to DeFi and expand consumer use cases, supporting Coinbase's push to become an “everything exchange” where users can trade, stake, borrow, and spend seamlessly. Coinbase framed the move as part of its broader mission to make onchain finance the default for everyday money management.

links.tldrnewsletter.com2 min read

03GUIDES & TUTORIALS

HYPERLIQUID'S USDH PROPOSAL SAGA

Multiple stablecoin issuers are competing to partner with Hyperliquid for its upcoming USDH stablecoin, with GENIUS Act compliance and revenue sharing as baseline requirements, but the real contest centers on who can present the most credible vision for growing USDH beyond margin trading on HyperCore. While established issuers offer regulatory support and distribution, USDH would likely never be their top priority, whereas native teams like Native Markets (using Stripe's Bridge for compliance) could offer maximum ecosystem alignment despite higher execution risk. The GENIUS Act has effectively commoditized regulated stablecoins, shifting the competitive advantage from regulatory compliance to demonstrated long-term commitment and strategic alignment with the Hyperliquid ecosystem.

threadreaderapp.com6 min read

HOW STABLECOINS PLAY OUT

Stablecoins inadvertently support US monetary policy by creating global dollar demand through cryptocurrency trading, enabling the government to fund massive deficits through money printing. This printed capital flows primarily into AI development, which is viewed as critical for maintaining US economic dominance in competition with China. Investments should focus on crypto infrastructure ("shovels"), including stable blockchain networks, exchanges, and major cryptocurrencies like Bitcoin and Ethereum, rather than speculative tokens that primarily serve as liquidity-churning mechanisms. AI-driven media will amplify this cycle by encouraging more retail participation in onchain trading, ultimately reinforcing dollar demand through stablecoin usage.

threadreaderapp.com6 min read

04MISCELLANEOUS

MEV WAS A BUG. THEN IT BECAME A BUSINESS. NOW IT'S A TAX

MEV evolved from an initial design flaw that allowed transaction ordering to affect blockchain state into a systematized value extraction mechanism. Over $1.1 billion has been siphoned from Ethereum users since the Merge through block builders and searchers. Rather than solving the problem, Layer 2 rollups created new centralized extraction points through sequencer control, with networks like Base generating an estimated $50-200 million annually and major L2s capturing tens of millions from transaction ordering privileges. The economic incentives have created a permanent "invisible VAT" on DeFi interactions, where centralized sequencers have no motivation to decentralize due to the massive revenue streams from controlling transaction flow. This represents the entrenchment of value extraction at the infrastructure layer, where owning transaction ordering mechanisms has become a highly profitable rent-seeking business model with little accountability or competition.

threadreaderapp.com9 min read

THE GHOST OF FACEBOOK'S LIBRA'S PAST

Meta's stablecoin project came much closer to regulatory approval than commonly believed. The Swiss regulator FINMA was ready to approve Meta's license before political intervention killed the project. Stripe's Tempo faces the same fundamental flaw that doomed Libra: corporate chains with centralized control will inevitably break promises about neutrality and permissionlessness due to economic incentives to favor their own products over competitors. The core tension is between crypto's original vision of truly open, permissionless networks versus the pragmatic appeal of "slick, branded, proprietary chains" controlled by fintech giants. The success of corporate blockchain projects like Tempo would represent the failure of crypto as a revolution, simply replacing traditional financial monarchies with new centralized empires controlled by tech companies, potentially splitting along geopolitical lines rather than creating a unified global infrastructure.

forbes.com7 min read