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Ethereum has hurt itself by neglecting to improve L1 scalability in favor of promoting L2s and data availability. Successful L2s would be better off building on a scalable L1, and the most secure chains will capture the most revenue and be the most scalable. On-chain Ethereum governance would remove power from the hands of developers and researchers.
This value is driven by priority fees on non-vote transactions and Jito tips.
There are expected to be hundreds to thousands of L2s as bridges and wallets continue to simplify users' experiences.
An agency within the Department of Justice has chosen Coinbase Prime to trade and custody digital assets.
Liquid staking on Solana is growing quickly, with the liquid staking ratio rising by 1.76% QoQ and the number of Liquid Staking Tokens (LSTs) doubling to 53.
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The SEC has filed a lawsuit against Consensys, the parent company of MetaMask, accusing it of operating as an unregistered broker and engaging/facilitating in unregistered securities sales through MetaMask Swaps and Staking since 2020. The SEC claims that Consensys collected over $250 million in fees through these activities without the required registrations, thus denying investors essential legal protections.
VCs like Pantera Capital are particularly excited about TON as a distribution play due to its exclusive integration with Telegram and its 900 million monthly active users. It's slowly becoming a hub for mini-apps in gaming, payments, and other use cases that could explode in popularity overnight. The network is still in its early stages. Its most significant risk is being solely reliant on Telegram, and therefore app issuers Apple and Google, for support.
Orbit SSF uses a stable core of large validators and a rotating group of smaller validators to achieve high economic security with a smaller, but still sufficient, number of nodes so that single slot finality is not constrained by validator set economics. It selects validators based on proportionate balance, adjusts rewards for proper compensation, and uses issuance curves to incentivize consolidation without overly penalizing smaller validators.
Warpcast has introduced a new feature where users can now pay someone with USDC in under 10 seconds using an existing wallet on a mobile-first platform. This will help eliminate the need to remember addresses.
An angel investor provides insights on tokenomics, stressing its critical role in crypto investing. He outlines essential metrics to diligence like total token supply, token types (inflationary vs. deflationary), and distribution methods, emphasizing the need to understand a token's allocation, distribution, and demand.
Grayscale's quarterly report examined narratives, fundamental value drivers, and market dynamics for various tokens. ETFs and significant DeFi activity have positively impacted Bitcoin, Ethereum, and the ETH ecosystem. Idiosyncratic tokens like TON, SOL, and PENDLE have seen strong adoption and price increases. The report also includes Grayscale's Top 20 research-driven investment picks.
Ethereum blocks confirm within 5-20 seconds, though applications like rollups could benefit from sub-second latency. Single-slot finality improves block finality from 13 minutes to 15 seconds and makes Ethereum consensus look closer to Tendermint, but adds significant load to the communication layer. Based preconfirmations allow Ethereum validators to offer promises about the eventual inclusion of a transaction into a future block. L2s should optimize for Ethereum's base layer properties, be a “server with blockchain scaffolding,” or compromise with a fast chain and Ethereum interoperability/security.
This author explores the interplay between social and financial capital in social finance (SocialFi) platforms, emphasizing the design space for creating engaging, high-skill information games that can financialize social networks. They categorize social platforms into four types — cozyweb, influencer, professional, and earner — based on their focus on social versus financial capital and whether the dynamics are implicit or explicit.
The current fundraising meta of only VCs participating in the early stage creates a predatory and inflated market.
The Floki Inu memecoin project is warning users about fake Floki Inu tokens populating the Solana and Base blockchains.
Ethereum co-founder Vitalik Buterin criticizes current crypto regulations as creating an "anarcho-tyranny," where bad actors thrive while genuine developers face stringent scrutiny.
2,564 new cryptocurrency ATMs have been installed worldwide since the start of 2024.
VanEck has filed for the first U.S. Solana ETF, claiming that SOL is a commodity like BTC and ETH. This filing follows the SEC approving spot BTC and ETH ETFs, aiming to track Solana's price through the VanEck Solana Trust on the Cboe BZX Exchange.
Coinbase is suing the SEC and FDIC, using the Freedom of Information Act to demand the release of documents concerning past crypto investigations and regulatory actions. It claims these agencies have systematically hindered the crypto industry, which can be seen in the ongoing disputes over regulation and access to banking services for crypto firms.
Stripe and Coinbase are partnering to boost global crypto adoption by integrating USDC on Base into Stripe's payout and onramp services and incorporating Stripe's fiat-to-crypto onramp into Coinbase Wallet for instant crypto purchases with credit cards and Apple Pay.
Hyperlane allows rollups to permissionlessly connect with fast and cheap bridging. Its AVS, powered by EigenLayer and secured by restaked ETH, connects any rollup with any other without requiring liquidity or validators to secure the bridging. The AVS is live on mainnet. More details will be revealed over the next few weeks.
Ethereum, Polygon, Avalanche, Stellar, and Base are public blockchain tokenization leaders. RWA-specific public chains like Provenance, Plume Network, and XDC offer features catered toward issuers and have seen some adoption. JP Morgan's Onyx, R3's Corda, Canton Network, and Kinto are private alternatives that restrict access to authorized participants and are better for enterprise-grade tokenization.
Though EIP-4844 reduced L2 fees, it has caused bot actions and spamming. Telegram bots are paying over 20x higher gas fees, with revert fees on top L2s spiking around 10% to 20%. There aren't many sandwich attacks with L2 single sequencer architectures, but shared sequencers will introduce mempools and, therefore, high MEV.
Solana's daily stablecoin volume has dropped sharply from $74B to ~$7B since June 10. This was largely influenced by two sources: MEV Bot 7rhxnL, and Phoenix DEX, which accounted for ~$1 trillion in total transfer volume last month. This decline aligns with the Solana Foundation's removal of delegations for validators involved in manipulative trading practices, impacting the operations of MEV Bot 7rhxnL, which immediately reduced its stablecoin activity.
Anti-Sybil work, vested airdrops, organic user prioritization, and separating the checker and claim are all great practices that result in a better airdrop experience. Most people care more about their allocation than the success of the token post-launch, while some express frustration with having to check wallets on several chains for the Wormhole allocation. This thread explores Wormhole's sybil methodology in detail.
Julien Assange received an anonymous donation of just over 8 Bitcoins, valued at ~500k USD, to help cover his debts.
This author argues for the return of Initial Coin Offerings (ICOs) to democratize crypto fundraising, contending that regulatory restrictions have given predatory venture capitalists (VCs) dominance over the market.
Zerion has launched the testnet for its Layer 2 rollup, ZERO Network, developed using ZKSync's ZK Stack, with the mainnet launch scheduled for later this year.
MegaLabs has raised $20 million in seed funding from Dragonfly, Vitalik Buterin, Joseph Lubin, and others, bringing the fully diluted token valuation of its new blockchain, MegaETH, to at least $100 million.
Following a week of net outflows, U.S. spot bitcoin ETFs recorded $31 million in net inflows, primarily coming from Fidelity's FBTC and Bitwise's BITB. The inflows occurred as expectations increased around the launch of spot ether ETFs.
The crypto industry has significant political influence in the 2024 US election through a $169 million campaign fund managed by the Fairshake PAC. Companies like Coinbase, Ripple, and a16z are financing the fund but rarely discuss its decision-making process. In pursuing its goal of de-politicizing crypto, it has supported over 20 congressional primary wins and is preparing to influence races beyond the 2024 election cycle.
Paradigm has announced the release of Reth 1.0, a production-ready Ethereum execution client, after two years of development and a successful audit by Sigma Prime. It features reduced costs and enhanced stability, performance, security, and service performance. The team behind Reth 1.0 has invited industry players to integrate it into their Ethereum mainnet infrastructure.
Wormhole has partnered with restaking protocol Karak to develop two DSSs: a decentralized validator network for token transfers and a decentralized relay network. The validator network will make transfers more secure and decentralized, while the relay network sends messages between chains cheaply. This is the first major protocol to build on Karak, demonstrating interest in restaking beyond EigenLayer.
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Ethereum is moving towards a future where block attesters and proposers are different. There are a few proposals about how to achieve this meta in a decentralized manner. The design goals are to isolate timing games, incentivizing proposers to delay block proposals to make money, and burn MEV to make the protocol easier to reason about. The protocol must be conscious of not creating new economic attacks or perverse incentives that further promote centralization or block manipulation.
NFT royalties, crucial for ensuring creators get paid for secondary sales, face challenges as they have never been enforced onchain. It is difficult to distinguish sales from other transfers like gifts. New designs that balance strict royalty enforcement and the flexibility of NFT interactions are being explored to address this, with innovative approaches such as incentive mechanisms and staking models being proposed to encourage respect for royalties without compromising composability.
The latest DeFi guidance from the Danish Financial Supervisory Authority (DFSA) suggests a move towards heavy regulation of all crypto interfaces, including Bitcoin wallets, by classifying them as interface providers that must be regulated. This regulatory guidance may lead to a ban on unregulated p2p and unhosted wallets, aligning with past regulatory suggestions seen in other parts of the EU. Given MICA regulation recently coming into play, some see this as an overreach that could harm crypto use in Denmark.
Chain abstraction, which involves developers building infrastructure to work across dozens of different standards, has become a popular narrative. It would allow developers to deploy applications to the blockchain of their choice and users to seamlessly interact across chains. Its implementation will be a catalyzing moment for crypto and a step towards mass adoption.
Binance has obtained a Virtual Asset Service Provider license (VASP) from Dubai's Virtual Assets Regulatory Authority (VARA) for its local exchange, Binance FZE.
Singapore-based Web3 developer OtherWorld has launched a beta version of an NFT Platform based on the hit South Korean webtoon "Solo-Leveling" on Avalanche.
Vitalik Buterin and economist Noah Smith discussed how blockchain tech could be used to subvert authoritarian regimes.
The government sent 3,940 BTC, worth over $240 million, to Coinbase Prime on June 26.
Matt Hougan, CIO of Bitwise, predicts Ethereum ETFs will see $15 billion in net inflows in their first 18 months of trading. In a note sent to clients, he cited ETH/BTC market cap comparisons, international ETF data, and spot/futures arbitrage trading. He believes the lack of staking rewards is a “rounding error” that will not impact demand.
Blast's airdrop is scheduled for today. 17% of the token supply will go to Blast Points, Gold holders, and BLUR stakers. The tokenomics allocate 50% to the community, 25% to contributors, and 24% to investors and the Blast Foundation. Blast is the fastest-growing chain of all time. It has the most native dapps and is the 6th largest by dapp TVL and DEX volume.
Solana has introduced "blinks" (blockchain links), a new feature that lets users perform Solana actions like voting, donating, and swapping using shareable links on websites like X.
Valantis hopes to revolutionize the DEX and on-chain asset trading landscape by introducing new, innovative AMM designs beginning with “HOT AMM”, which aims to solve the liquid volatility risk problem and improve proactive market maker order flow.
Researching Web3 protocols effectively involves identifying promising projects and using specialized tools for thorough analysis. Key tools include Token Terminal, DYOR Crypto App, DefiLlama, Messari, CoinGlass, IntoTheBlock, Glassnode, CryptoQuant, and Moni, along with supplementary tools like Dune Analytics, LunarCrush, and CryptoPanic for detailed data and insights.
Researchers Jonah Burian and Davide Crapis discuss two mechanisms, Execution Auctions (EAs) and Execution Tickets (ETs), to address Ethereum's MEV leakage to block proposers. They argue that while EAs are simpler and potentially more efficient, ETs offer better protection against centralization, but each approach has unique trade-offs and implementation challenges.
Arbitrum's recent staking proposal offers 50% of surplus sequencer fees to ARB stakers, which equates to a 7% APY. The goal is to make the DAO more resilient to vote manipulation or hostile takeovers since only 10% of ARB is actively used in governance. It will use Tally to make liquid-staked ARB.