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QATAR INTRODUCES REGULATORY FRAMEWORK FOR DIGITAL ASSETS

Qatar (led by the Qatar Financial Centre) has launched a regulatory framework for digital assets to increase innovation and efficiency in the country's financial sector. This framework hopes to have provisions around tokenization, custody arrangements, and the legal recognition of smart contracts and property rights in tokens, with the hope of bolstering economic development and attracting foreign investment.

WHERE DID ETH GO WRONG?

This critique of Ethereum highlights several key issues: an overemphasis on sound money principles rather than scaling, which led to slow and expensive transactions, and a lack of support for DeFi. The proliferation of L2s has fragmented liquidity, undermining Ethereum's auction-based fee model and its sound money thesis, while ongoing selling pressure from the Ethereum Foundation and competition from user-friendly alternatives like Solana exacerbate the challenges.

QUICK TLDR OF ETHER VISTA

A new DEX, similar to Uniswap v2 but with a unique fee structure, has quickly gained attention, reaching $27 million. Users must create their own tokens, while the DEX provides a "Launch" function, distributing LP tokens in exchange for new tokens and ETH, with fixed buy/sell fees that reward LP providers and the token creator.

BRIDGE: A NEW STABLECOIN PAYMENTS PLATFORM

Bridge uses stablecoins to address global financial challenges caused by local currency limitations. It aims to simplify cross-border transactions, provide dollar access in unstable economies, and reduce costs associated with traditional money movement. Bridge has partnered with organizations to facilitate payouts, cross-border payments, and FX operations by offering stablecoin orchestration and issuance.

WHY SEQUENCING WILL ALWAYS ACCRUE WAY MORE VALUE THAN DA

The Ethereum rollup-centric roadmap is flawed because it undervalues the sequencing layer, which captures most of the value through price discrimination, while the data availability (DA) layer, like Ethereum's, earns little since it can't price discriminate. This misjudgment has led to a loss of value accrual to the base layer, threatening Ethereum's role as network equity rather than as a purely monetary asset.

A GUIDE TO ZKTLS

In zkTLS, a system for creating Web Proofs that can bring Web2 to Web3, zero-knowledge proofs are used not for privacy but to ensure integrity and security. There are three main approaches to zkTLS - TEE-based, MPC-based, and Proxy-based - each using different cryptographic primitives to protect the private key while maintaining claim integrity. The primary purpose of these systems is to prove that data came from a specific website without revealing the decryption key.

GLUE AND COPROCESSOR ARCHITECTURES

This article explains how modern computing often separates tasks into two parts: simple logic that directs the process ("glue") and intense, specialized work ("coprocessors"). For example, Ethereum uses general code for business logic and specific code for heavy tasks like cryptography. This trend is growing because it balances efficiency with flexibility, making it easier for developers to build complex systems while maintaining performance and security. The approach also opens doors for new, smaller developers to contribute effectively.

THE ‘GOLDEN YEAR OF AIRDROPS' IS OVER

Airdrops have become institutionalized and overfarmed, which, alongside disdain towards VC-backed projects, has made airdrop farming and token releases less valuable. There will still be under-the-radar projects that adequately reward users, but it is worth seeking those out and staying at the cutting edge of protocols.

THE FALSE DEMISE OF THE EVM

Ethereum and the EVM still dominate the developer ecosystem, with most new developers joining the Ethereum network, its L2 solutions, and EVM-compatible chains like Polygon, BNB, and Avalanche.

SOLANA VALIDATOR REVENUE BREAKDOWN

Solana validators receive 78.2% of revenue from issuance, 15.3% from MEV, and 6.5% from fees.

IF THIS THEN THAT FOR THE INTERNET

This post discusses the potential of a futuristic "If This, Then That" (IFTTT) mechanism for creating automated actions in the blockchain space that allows users to set up smart contracts that execute based on verified real-world events.

ARE CEX LISTINGS REALLY A PRICE CATALYST

While crypto listings on major exchanges like Binance are often viewed as price catalysts, the actual impact on token prices post-listing is quite mixed.

TRUMP CAMPAIGN CRYPTO DONATIONS OUTPACING ALL OTHER CORPORATE DONATIONS

During Trump's discussion with BTC Inc. CEO David Bailey, he was promised $100 million in donations and 5 million re-election votes for promoting pro-crypto policy. Since then, $25 million has been raised. 48% of all corporate money raised this cycle is from crypto. Pro-crypto money has led to 85% win rates for candidates. More than $4 million in crypto like USDC, ETH, and BTC has been directly donated. Ripple and Coinbase have been the biggest backers of pro-crypto PACs.

SEC WARNS FTX AGAINST PAYING CREDITORS BACK IN STABLECOINS, OTHER CRYPTO

The SEC has warned FTX that it may oppose the bankrupt exchange's plan to repay creditors using stablecoins or other digital assets. The agency also objects to provisions that would limit future legal liabilities for FTX's estate, aligning with the U.S. Trustee's concerns over discharge provisions that protect the debtors from further claims.

INTRODUCING RUMPEL: TURNING POINTS INTO PROFIT

Points have become the primary protocol reward mechanism, but users are frustrated with their lack of transferability. Rumpel wraps points into a Rumpel Point Token stored in a multisig wallet, allowing points to be traded onchain. Liquid points markets create more user interest and speculation, increasing protocol market awareness.

EIGENDA: REVOLUTIONIZING ROLLUP ECONOMICS

EigenLayer's data availability AVS, EigenDA, has over $9 billion of restaked capital protecting the availability of rollup data for transaction verification. Though the DA space is saturated with competitors, EigenDA has higher throughput and Ethereum alignment but may not offer as high restaking rewards as other AVSs. EigenDA must reach $160k monthly revenue, or around 11 rollups, to break even.

HOW L2S ACTUALLY WORK

On an L1, all the network's nodes have to process transactions and store data onchain, which is an expensive process causing high transaction fees. L2s use cheaper data and batch transactions together to be executed by an offchain entity, allowing for hundreds more transactions per second than L1s. L2s submit transaction proofs secured by cryptography or staked assets to the L1 for settlement.

MOATS IN CRYPTO MARKETS – A NEW FRAMEWORK

In the competitive crypto protocol industry, it is essential to understand moats and how entrenched specific protocols are. This framework focuses on six verticals — money markets, DEXs, stablecoins, LSTs, third-party bridges, and social apps — and analyzes them for their defensibility. Each vertical has “un-forkable” properties, like liquidity for a DEX, that keep the incumbents in power, though some properties are stronger than others.

GAMING STUDIO ZYNGA SELLS SUGARTOWN TO ITS DEVELOPERS

Zynga, the game studio behind hit games like Farmville and Words With Friends, has divested from its Web3 game Sugartown. The IP was sold to D20 Labs, a company led by two Sugartown game developers. A follow-up post promised more details about the project's future in the coming weeks.

EIGENLAYER: PUSHING BOUNDARIES OF TRUST

Restaking expands what staked capital can do, while the EIGEN token and intersubjectivity expand the use cases of governance tokens. The protocol will have outsized impacts on validator economics, and there will undoubtedly be unforeseen challenges in the AVS ecosystem. While complex, restaking could lead to more resilient and responsive blockchain systems through community-driven resolution of disputes and expanding decentralized collaboration.

BLOOMBERG TERMINAL ADDING POLYMARKET ELECTION DATA

The Bloomberg Terminal is reportedly adding Polymarket election data to its election dashboard, providing users with real-time insights on the prediction market's numbers.

DEFI WILL BE THE BACKBONE OF ALL FINANCE

DeFi protocols like Aave could become the backbone for all credit extensions through the tokenization of real-world assets.

PUMP.FUN SURPASSES $100 MILLION IN REVENUE AS POLYMARKET OUTSHINES NFTS IN AUGUST

Pump.fun, a memecoin launchpad, has exceeded $100 million in revenue since its January 2024 launch, while Polymarket's trading volume in August outpaced the entire NFT market.

YUGA LABS CEO REVEALS THE WORKSHOP TEAM FOCUSED ON APECHAIN DAPPS

Yuga Labs' CEO has created a special team, named "The Workshop," dedicated to developing dApps for its ApeChain blockchain.

TRUMP'S NEW CRYPTO BUSINESS TO OFFER ACCESS TO 'HIGH-YIELD' INVESTMENTS

Donald Trump's new crypto venture, World Liberty Financial, is a DeFi platform that offers "high-yield" investment opportunities. Trump is heavily promoting it as part of his broader crypto-related initiatives. The project is linked to his recent efforts to position the U.S. as a global leader in cryptocurrency if he wins the presidency.

CRYPTO.COM TAPS STANDARD CHARTERED TO EXPAND GLOBAL FIAT SERVICES

Crypto.com is partnering with Standard Chartered to expand access to multiple fiat currencies including USD, euros, and Dirhams through a new retail services business managed from its regional hub in Dubai. Servicing 90 countries, this collaboration aligns with the UAE's economic diversification goals and marks a significant step in Crypto.com's global expansion strategy.

INTRODUCING ABSTRACT GLOBAL WALLET

AGW is a smart wallet that uses account abstraction features to create a seamless user experience. It uses Privy's embedded wallet solution as its default signer and plans to allow control using existing EOAs and passkeys. The wallet uses Paymasters for gasless transactions and has a developer SDK to create one-click login experiences.

STORY'S FIRST PUBLIC TESTNET, ILIAD, IS LIVE

Instead of merely promising a public testnet, Story Protocol delivered it directly to users. This thread lists the first batch of apps that are available for users to try, with many more to come.

STATE OF @1INCH Q2'24

1inch saw a 12% increase in daily average volume in Q2 2024, reaching $450 million. Key metrics include a 59% rise in transactions, a 280% surge in volume on Base, and a 2% increase in 1INCH tokens staked.

WHY DEFI?

Decentralized finance is a return to the core principles of finance, offering transparent and non-discriminatory access to financial services. It democratizes lending, trading, and other activities traditionally restricted to accredited investors. DeFi's core functions of lending and trading are foundational to economic growth and represent pure forms of income generation.

EIGENLAYER CRYPTO CONSUMER APP VISION

Perpetual credible commitments allow for enforceable, verifiable promises to be made to users over long time horizons. Examples include Bitcoin, with the commitments being the total supply and full ownership. It could be used for new non-financial use cases like a DoorDash that guarantees its take rate or a game where a reward pool is shared with players.

A DEFENSE OF TEE FUD

While concerning, the recent Intel SGX key breach does not invalidate the security model of Trusted Execution Environments. TEEs offer privacy for zero-knowledge proof generation and can run various cryptographic algorithms securely. Despite the breach setback, TEEs remain a crucial component in the security approach for sensitive computations in the blockchain industry.

TON SUFFERS A SECOND OUTAGE

TON suffered another outage on Wednesday.

BITCOIN DEFI PROTOCOL THRESHOLD PROPOSES TBTC MERGER TO 'SAVE' WBTC

The Threshold Bitcoin DeFi protocol is proposing a merger with WBTC, hoping to improve security and stability in response to concerns over WBTC's new custodial arrangements involving Justin Sun's BiT Global.

EKUBO: STARKNET'S GOLDEN CHILD

Ekubo, a Starknet-native AMM, stands out with its unique token distribution and advanced features.

CRYPTO SCAMS ARE RAPIDLY EVOLVING BEYOND PIG BUTCHERING

Crypto scams are evolving to require less time to be successful, shifting from elaborate Ponzi schemes to quick, targeted scams.

EL SALVADOR'S BUKELE SAYS ‘BITCOIN HASN'T HAD THE WIDESPREAD ADOPTION WE HOPED FOR'

Nayib Bukele, the president of El Salvador, said that the adoption of Bitcoin as legal tender in El Salvador has not met expectations, although he still views it as a net positive for its economy.

OPENSEA GETS 'WELLS NOTICE' FROM SEC, WHICH CALLS NFTS SOLD ON PLATFORM 'SECURITIES'

NFT marketplace OpenSea has received a Wells Notice from the SEC, indicating the regulator's interest in pursuing enforcement action against the company. Considering NFTs as securities significantly expands the SEC's regulatory power in the crypto space. OpenSea's CEO has vowed to fight the notice and pledged $5 million to support NFT creators and developers who may face similar scrutiny.

TELEGRAM CEO DUROV INDICTED IN FRANCE, MUST REMAIN IN THE COUNTRY UNDER SUPERVISION

Telegram CEO Pavel Durov has been indicted by a French court on charges related to facilitating illegal activities on the messaging app, including the spread of child pornography and drug trafficking. He must remain in France under judicial supervision and is required to pay a 5 million euro deposit.

STARKNET INTRODUCES PARALLEL EXECUTION FOR TRANSACTIONS IN LATEST UPGRADE

Starknet's latest upgrade to version 0.13.2 introduces "parallel execution," enabling the Layer 2 chain to process multiple transactions simultaneously. The update, which aims to improve efficiency and reduce confirmation times, also includes a "block packing" feature to optimize block space usage.

CARDANO BLOCKCHAIN HEADS FOR 'CHANG HARD FORK,' BIGGEST UPGRADE IN TWO YEARS

Alt L1 Cardano's most significant upgrade in years, the Chang Hard Fork, will introduce onchain governance mechanisms. The upgrade is scheduled for September 1. It will allow ADA holders to elect representatives and vote on improvement proposals, marking the shift to community governance. There will be a Constitutional Committee, Delegate Representatives, and Stake Pool Operators deciding the chain's future.

ETHEREUM FOUNDATION SPEND DEEP DIVE

The Ethereum Foundation (EF) is preparing to release a new report detailing its spending for 2022 and 2023 to be published before Devcon SEA. Preliminary data shows that about 62% of spending went to external grants and 38% to internal teams, with significant investments in building new institutions to support the Ethereum ecosystem long-term.

HOW ZKTLS WILL REVOLUTIONIZE AIRDROPS, INCENTIVES, AND MARKETPLACES

Web Proofs, a new technology leveraging zkTLS, could unlock mainstream adoption of crypto by enabling verifiable on-chain data from any web2 source. The innovation could revolutionize crypto incentives like airdrops, expanding their reach beyond the current user base, and facilitate seamless integration of on-chain and off-chain activities, potentially disrupting traditional marketplaces.

VITALIK ON SOLVING AIRDROPS WITH ATTESTATION FRAMEWORKS

Airdrops serve as an ideal initial test case for evaluating blockchain-based identity and attestation frameworks as they allow for rewarding genuine community contributions and ignoring adversarial farming. Token issuance can be used to refine the frameworks with real-world scenarios. Discounted token sales can act as an alternative to airdrops, allowing for more “skin in the game” while still creating distribution.

THOUGHTS ON SOLANA

This author reflects on their initial skepticism of Solana, largely due to its early association with Sam Bankman-Fried, and their cautious approach to investing in the ecosystem. Post-SBF, they re-engaged with Solana, recognizing the strong camaraderie among its founders as key to its growth. The author advocates for moving beyond maximalism and zero-sum thinking.

THE MERITVERSE: DIGITAL THREADS FOR NET CREDS

The "Meritverse" envisions a gamified digital ecosystem where online activities are unified through avatars, rewards, and NFTs that reflect real-world achievements.

PROTOCOLS THAT GENERATED MORE THAN $100 MILLION IN YTD REVENUE

Ethereum, Tron, Bitcoin, Tether, and Lido are some of the biggest revenue generators in crypto YTD.

AAVE REDESIGN

Aave's redesign succeeded by shifting focus from its mascot to stronger branding that emphasized its name with cohesive visuals that enhanced credibility.