Bitcoin has stabilized around $67,500 after a brief dip to $65,000, with analysts attributing the recent pullback to a “liquidity hunt” following last week's surge near all-time highs. Market experts expect Bitcoin to retest $70,000 resistance, with volatility anticipated around the November 5 presidential election. Other factors impacting price could be the Non-Farm Payroll data on November 1. A break above $71,000 could occur after the election.
Uniswap has partnered with Across Protocol to bring bridging directly to the Uniswap interface. It will initially support 9 EVM chains with native assets, stablecoins, and WBTC. Uniswap and Across also co-authored ERC-7683 to standardize cross-chain Intent-based interactions. This ERC will increase the speed and simplicity of cross-chain transactions.
This comprehensive proposal outlines two potential approaches to Ethereum's long-term issuance policy. The first is a “hard endgame” that caps stake growth through negative infinity yields as stake increases, and the second is a more viable endgame that maintains positive yields while probabilistically limiting stake growth. The proposal recommendeds to set a maximum issuance of 0.5% of circulating supply annually with reward curves that maintain solo staker viability. It notes the importance of considering and burning MEV to achieve optimal outcomes.
Solana's use of parallelization in both transaction processing and block propagation increases throughput as it successfully simultaneously runs multiple processes. This method was not commonly used in earlier blockchains like Ethereum. Solana achieves efficiency by requiring transactions to specify which blockchain resources they access, while other blockchains like Ethereum use “optimistic parallelization”, which processes everything in parallel and addresses conflicts afterward.
There has been a pivotal shift between AI and crypto, where blockchain is emerging as essential infrastructure for AI development rather than merely a speculative proxy. Major apps are increasingly verticalizing by launching their own chains. There has been significant progress in token value accrual mechanisms, and AI agents beginning to demonstrate real economic activity on blockchain networks.
The Scourge tackles the centralization risks present in block construction and staking economics. Proposals for block construction include implementing inclusion lists and encrypted mempools to reduce builder centralization, which is currently dominated by two actors controlling 88% of blocks. With 30% of ETH supply staked, developers are considering mechanisms to prevent over-staking, including adjusted issuance curves. The proposals aim to balance decentralization with economic incentives.
Crypto's fundamental misstep in 2021 was attempting to create artificial scarcity in digital goods, which directly opposed the Internet's trend toward democratization and abundance. Music NFTs attempted to monetize digital content when historical trends showed the value of experiences over assets. More successful approaches align with Internet principles by focusing on democratizing experiences and disintermediating middlemen.
There is around 623,000 ETH, worth $1.6 billion, in Base's Layer 2 bridge.
OP has a more open model than Arbitrum, allowing free use of its code to deploy L2s.
The claim that Polymarket odds are meaningless as users are located outside the U.S. is misleading.
USDC has passed $17T in total on-chain transaction volume across EVM-based platforms.
SEC Chair Gary Gensler's controversial oversight of the crypto industry is nearly over. He will likely depart following the 2024 presidential election, though he could technically remain as commissioner until 2026. His tenure has been marked by aggressive enforcement actions, including a House-passed bill for digital asset regulations, and resistance to crypto-specific rulemaking leading to court battles and congressional pushback. Gensler's remaining agenda includes potentially finalizing crypto exchange and custody rules. His successor's approach will likely depend on the election outcome.
The SEC's Division of Examinations will prioritize crypto, including Bitcoin and Ether ETFs, in 2025 because of the need to monitor the volatility and tech risks of the market. Despite potential leadership changes, the SEC plans to continue examining crypto-related activities to ensure investor protection and regulatory compliance.
Chainlink has introduced CCIP Private Transactions, allowing financial institutions to securely connect private blockchains to the multi-chain economy while maintaining data privacy. Australia and New Zealand Banking Group (ANZ) will pilot this capability for cross-chain settlement of tokenized real-world assets under Singapore's Project Guardian to demonstrate the potential for end-to-end privacy between blockchain networks.
Buenos Aires has launched the world's first ZK-backed digital identity, successfully granting 3.6M citizens access to government services and the ability to verify credentials without exposing personal data, thanks to blockchain and zero-knowledge(zk) cryptography. By integrating QuarkID into the miBA platform, a digital platform for accessing government docs, residents now gain self-sovereign control over their digital identities, with the government no longer having visibility into how or when these identities are used.
Stablecoins have become a dominant use case in crypto ($177B market cap and ~$5.1T in transactions in H1 24), rivaling traditional payment systems like Visa. They offer investment opportunities through public companies, potential competition with money market accounts, and may drive the growth of blockchain networks like Ethereum.
2024.10.23·links.tldrnewsletter.com·6 min read·TLDR Crypto Blockchain-based identity platforms like Civic and Worldcoin are potential solutions for verifying human authenticity online. These systems combine biometrics, zero-knowledge proofs, and other cryptographic methods to prevent Sybil attacks in token airdrops and facilitate proof of humanity. While privacy concerns around biometric collection remain prevalent, client-side storage and consent-based access address these issues.
This investment memo from March 2022 describes Bridge, a stablecoin API platform, as a “crypto native American Express” that enables users to transact across any chain while settling in their preferred currency. It acknowledges the team's exceptional background and the massive potential market opportunity, though it notes the immediate need for payment intermediaries in crypto remains uncertain.
Sky, formerly known as MakerDAO, is considering a return to its old branding after a token migration in September. Founder Rune Christensen presented three options for the protocol: stay as Sky, return to the original Maker vision, or rebrand to Maker but make small changes to the new USDS stablecoin and foster better subDAO alignment. Though there are concerns about SKY's utility, the USDS stablecoin has achieved over 1 billion in total supply and integrations with DeFi protocols like Aave.
2024.10.23·links.tldrnewsletter.com·3 min read·TLDR Crypto Bitcoin self-custody is essential for individual security and the longer-term health of the network.
The NBA's Golden State Warriors have announced a partnership with Coinbase to become its official cryptocurrency platform and blockchain partner.
Lava, a decentralized RPC provider, has turned on its revenue switch for network contributors and LAVA stakers.
Stateless clients can validate blockchains without knowing the state.
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VanEck has improved its Solana ETN in Europe to offer investors staking rewards that are reinvested daily, providing a new form of passive income. However, in the U.S., regulatory constraints prevent such offerings in crypto ETFs, although approval is anticipated as inevitable and potentially influenced by the upcoming presidential election. The overall development highlights the differing regulatory approaches between the EU and the U.S., with asset managers like VanEck awaiting U.S. approval for similar products amidst growing interest in Solana-based investments.
Bitcoin's hash rate has reached a new all-time high of 703 EH/s, a 13% increase since the April 2024 halving. Publicly listed mining companies control 28.9% of the total hash rate. With BTC's price appreciation and increased transaction fees from Runes, mining profitability has increased, with the hash price reaching $50 per PH/s. The growing computational power will result in an approximately 4% difficulty increase on October 23.
Nodekit is a new solution to the L2 user and liquidity fragmentation problem. Its Javelin product constructs blocks for multiple chains simultaneously, unifying liquidity and eliminating the need for bridging. Nodekit could also facilitate complex cross-chain interactions, chain abstractions, and multi-chain apps. It will compete with the Agglayer and Superchain interoperability solutions.
Scroll is launching its first airdrop, distributing 7% of its tokens to reward contributors who have supported its growth across various categories (e.g., on-chain participants, ecosystem project builders, industry contributors, and global community members). This initiative aims to build a decentralized and worldwide ecosystem by recognizing and incentivizing participation in Scroll's protocol and community.
This post exposes the prevalence of hidden “backdoor token deals” in the crypto industry. It introduces the concept of “phantom tokenomics” to describe how onchain tokenomics often misrepresent the accurate offchain distribution. There are various types of these deals, including advisory allocations, market-making allocations, and OTC rounds, all of which can alter the real tokenomics of a project. Founders should enhance transparency with onchain vesting contracts, locking insiders' staking rewards, and focus on product development over exchange listings.
This article outlines the critical keys to crypto startup success. It emphasizes the importance of starting with a small, specific problem and building for a core group of passionate users. Rapid product development and iteration should be based on constant user feedback, with a focus on launching MVPs quickly and engaging with early adopters. Be persistent in user acquisition and celebrate small wins to maintain momentum.
Stripe is acquiring Bridge to accelerate stablecoins' global adoption and utility. The company aims to make money easier to move, store, and spend worldwide. Both companies share a vision of transforming global finance through stablecoin infrastructure, and together, they plan to solve bigger problems and support more developers, consumers, and businesses worldwide.
Even with the Off the Grid game reaching hundreds of thousands of users, Avalanche struggles to capture value from its pay-as-you-go for L1 offerings. This model makes Avalanche attractive for new L1 deployments, particularly in gaming and institutional sectors. However, this comes at the cost of reduced revenue capture, especially as the main C-Chain activity has declined. The pivot to becoming a hub for L1s, while compelling for demand, compromises long-term value accrual.
Chainlink, Swift, Euroclear, and Franklin Templeton are creating a standard for corporate data like mergers and dividends.
A crypto virtual machine will never be capable of feature parity with Web2 applications.
This tweet shares five companies in the intersection of crypto and AI actually talked about by people in the AI industry.
Transak, a popular fiat-to-crypto onramping service, recently disclosed a data breach that compromised ~92k users.
Fintech payments giant Stripe has acquired stablecoin platform Bridge for a record-breaking $1.1 billion. Bridge is a stablecoin platform that facilitates simplified transactions and onboarding. It was previously valued at $200 million. This move represents a significant milestone for Stripe's foray into crypto payments.
2024.10.21·links.tldrnewsletter.com·7 min read·TLDR Crypto Federal Reserve Governor Christopher Wallet says that DeFi can complement, rather than replace, centralized systems. He highlighted the importance of important DeFi regulation, particularly regarding KYC rules and mitigating risks associated with stablecoins. While acknowledging stablecoins' benefits in payments and safe assets, he cautioned their use in illicit finance.
2024.10.21·links.tldrnewsletter.com·6 min read·TLDR Crypto Pump Advanced is a trading terminal that offers optimized features like mini charts, top holder stats, and social activity all in one view to help traders navigate the ecosystem. The platform will have 0% fees for the first month and secure email login via Privy to create a non-custodial wallet.
2024.10.21·links.tldrnewsletter.com·2 min read·TLDR Crypto The rebranded World project aims to be the provider of identity and financial infrastructure around the globe. Its new Orb for eye scanning is greatly improved and available for purchase. WORLD 3.0 is a new anonymized identity check, and it now supports passport verification. The World Chain Mainnet, an OP Stack L2, is used for validating human transactions.
2024.10.21·links.tldrnewsletter.com·4 min read·TLDR Crypto Sponsored
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The formation of a “memecoin cult” involves individuals disillusioned by losses in utility coins who then find success and validation in memecoins. They then begin a journey going through stages of reinforced belief, social frustration, and eventual full commitment to a shared belief system centered around a charismatic leader. This process is driven by financial loss, emotional attachment, and social validation in cryptocurrency markets and online communities, resulting in a powerful feedback loop that is difficult to break.
While AI memecoins currently attract attention due to the ease of fine-tuning open-source models like Llama and adding tokens, the real future lies in decentralized AI models trained with token incentives. These decentralized models will become powerful engines for apps in crypto and DeFi, surpassing centralized models by enabling AI to build and operate protocols, manage decentralized economies, and create unbiased ecosystems without centralized control.
Coinbase's incumbent exchange and institutional businesses are fueling growth into exciting areas like Base and the Coinbase Developer Platform. Base and Coinbase Wallet are now under the same leadership, creating a tighter feedback loop and facilitating an easier and more powerful onboarding and onchain experience. The Coinbase Development platform is an all-in-one product for building businesses run on crypto rails. It includes wallet SDKs and Payment APIs and is built with AI agents in mind.
2024.10.21·backoftheenvelope.xyz·7 min read·TLDR Crypto Apechain may be a last effort for the BAYC brand because of its ineffective use of APE (the token) as a gas token, low native yield, and disconnected branding that complicates outsiders from participating in the larger BAYC ecosystem. It would be better to rebrand to be less BAYC-centric, redirect ecosystem revenue back to APE through incentives like sequencer fees and governance, and integrate Yuga assets into validators to better incentivize economic activity and attract new builders.
EigenLayer supporting containerized AVSs means that they will be able to onboard more services, be more efficient, and benefit from greater security via isolation.