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The "crypto casino" has chips with a floating exchange rate, where the value is dependent on user demand and desire to profit. User-driven rallies have very little to do with the technology and are negative sum for retail investors. For the market to succeed, it must develop beyond speculation and gambling.
Though Mt. Gox will be distributing 141k BTC to many investors who will likely be taking profits, it is only a third of the acquisitions of Fidelity and BlackRock combined.
In a recent interview, EigenLayer founder Streeram Kannan mentioned one of their goals is to internalize EigenLayer into Ethereum.
Variance Poker allows users to play poker with friends using blockchain tech for settlements.
Options protocol Opyn has introduced Opyn Markets, a new product allowing any asset to be traded as a perpetual derivative.
Kanav Kariya, who rose from intern to president of Jump Trading's crypto division by 25, is leaving the company. Kariya saw the company through major challenges like the $300 million Wormhole hack and the Terra/Luna collapse. Fortune recently reported that the US Commodity Futures Trading Commission is investigating Jump's crypto activities.
Tether announced that it will discontinue USDT minting on EOS and Algorand but continue to support USDT redemptions on these blockchains for the next 12 months. This is part of its larger strategy to focus resources on platforms that maximize security, efficiency, and user engagement across the broader crypto landscape.
Asynchronous execution allows consensus votes to happen independently of all other functions. Two primary Execution Domains, VoteExecutionDomain (VED) and UserExecutionDomain (UED), must be implemented to allow validators to vote before complete transaction execution. This article details the components of VED, the process of computing VED and UED states, and how funds can be moved between domains. The system aims to improve Solana's efficiency and scalability while maintaining integrity.
Pudgy Penguins have found real-world success with its Walmart toy line, racking over 20 billion GIF views and millions of social media followers. Igloo Inc, its new parent company, will create an end-to-end ecosystem for organic crypto adoption through the Penguins. OverpassIP, its other product, simplifies licensing NFT IP to support more NFT-based merchandise.
SGX is a trusted execution environment from Intel that allows information to be stored and processed in private hardware memory called an enclave. Rollups can use SGX to privately execute state transition functions while still being verifiable. However, SGX requires trusting Intel, and zkEVMs would benefit from a multi-prover setup to mitigate potential exploits. Taiko's Raiko multi-prover supports several zkVMs and SGX.
This deep dive explores the current state and potential future of prediction markets. It explains how they work, focusing on the order book and AMM models. The article also identifies bottlenecks preventing wider adoption, like lack of liquidity, leverage, and information asymmetry, and proposes solutions.
While AI and crypto are both transformative technologies, they differ fundamentally in their origin and function. AI has developed in a centralized fashion and generates a lot of data, making verification challenging. Crypto has developed in a decentralized fashion and is used to authenticate data.
Solana DePIN, which includes category leaders Helium, Hivemapper, and Render, has a combined market cap of $4 billion. Solana's focus on performance and network effects and the Solana Foundation's support of DePIN have given it a first-mover advantage with dozens of projects that have built innovative networks. This article details projects in wireless, storage, sensor, compute, service, and other categories of DePIN on Solana. It predicts more sectors, rollups, and convergence with RWAs, ultimately resulting in a parallel infrastructure system.
Blast has announced the Blast Foundation in anticipation of its upcoming decentralization and airdrop on June 26.
The Runes Bitcoin standard is getting a sub-protocol to allow EVM-based computations using Runes.
South Korea's largest crypto exchange, UpBit, will begin offering trading pairs for the Blast token against BTC, USDT, and Korean won.
An Ethereum ETF is expected to be launched soon.
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Bitcoin and Ethereum have had similar returns since the cycle bottom, raising questions about whether an ETF would provide much upside. After accounting for GBTC rotations and conversions of spot BTC to ETF, the total true net buying inflow from the BTC ETFs was $5B, which implies $0.84B in net buying for ETH based on analysis. Crypto natives' expectations for the ETF are overinflated, as Bitcoin has a better mind share within institutional investment circles while selling ETH as a tech asset is more difficult.
It is important to identify market inflection points as such moments can drive 80% of returns in cyclical markets like crypto. Significant gains can be made by strategically deploying and liquidating assets at these inflection points. Current market heuristics signal a potential bearish trend.
Scroll's "Session One" offers users the opportunity to earn "Marks" by participating in DeFi activities on the Scroll network. It provides rewards for liquidity provision on specific DEXs and lending or borrowing on designated platforms.
The revmc compiler integrates Reth and performs between 1.85x-19x on various EVM benchmarks. It does this by compiling EVM bytecode into optimized native machine code which drastically reduces the overhead associated with virtual machine layers. The full article covers how revmc works, how fast it is, and explains the future roadmap.
ZK compression uses ZK proofs to optimize data storage in blockchain systems. On Solana, it stores most account data off-chain while maintaining on-chain verification of transactions via ZK proofs. This method minimizes on-chain data, thus reducing costs, although it faces some limitations in execution.
Most of today's crypto infrastructure, including Ethereum's based rollups with preconfirmations, Solana's endgame, and modular approaches like Astria, converge to similar architectures. There are technical nuances and challenges, like the complexities of Ethereum preconfs and the risk of shorter block times and timing games. While universal synchronous composability is valuable, asynchronous composability may be sufficient for most use cases. Ultimately, practical experimentation is necessary to determine the most effective architectures.
LayerZero has introduced a "Proof-of-Donation" mechanism for claiming its ZRO token airdrop that requires users to donate $0.10 per ZRO in USDC, USDT, or ETH. This initiative aims to raise up to $18.5 million for Protocol Guild. The LayerZero Foundation will match donations up to $10 million. The approach has received criticism from some in the crypto community for resembling a forced donation.
This post compares Yuga Labs' fast growth and unclear focus across multiple brands and customer bases with Pudgy Penguins' streamlined approach, which strictly focuses on one IP and achieves greater consumer engagement and brand familiarity through targeted strategies and effective social media use.
Marathon Digital Holdings is piloting a project to heat a Finnish community (11k people) using the excess heat generated from its 2MW Bitcoin mining operations.
Tokens, which help marketplaces overcome the cold start problem and onboard supply-side participants, can be active or passive.
Symbiotic offers node operators shared network infrastructure across multiple vaults, which can accept various collateral for staking.
VC investments are seeing lower returns from early-stage crypto projects, the impact of airdrops as incentives is declining, and governance tokens tend to lack longer-term utility beyond voting rights.
The German government has begun selling the $3 billion of Bitcoin it seized from a movie piracy website. It has sold over $195 million in BTC in the past day and moved coins between wallets. Analysts believe this demonstrates bearish sentiment from the government and could cause short-term market volatility.
The Commodity Futures Trading Commission is investigating trading firm Jump's involvement in the crypto industry. Jump Crypto is one of the most active market makers and investors. It has helped develop Wormhole, Pyth, and Solana's Firedancer client. Jump's controversies include Wormhole's $325 million hack, being a market maker for FTX, and being accused by the SEC of propping up Terra's stablecoin peg.
ENS has a 5-phase plan to transition to an L2 and complete its v2 roadmap. Phases 1 and 2 will introduce standards for an interface and decide which L2 framework to use. Phases 3 and 4 will deploy the L2, initial contracts, and migrate to the new system. Phase 5 will re-open registrations and continue ENS where it left off.
The Tally Protocol introduces an innovative liquidity layer for governance tokens, enabling staking, restaking, and optimized voting power distribution to enhance economic security for blockchain protocols. It aims to improve DAO security and governance efficiency by providing Tally Liquid Staked Tokens (tLSTs) and incentivizing active governance.
Some projects are pivoting and rebranding, like IOTA becoming an RWA L2 and the upcoming ASI token merger between Fetch, Ocean, and SingularityNet. Point farming gamification, as popularized by Sanctum, has created greater community engagement. Consultants like Gauntlet and other “McKinseys of DeFi” manage user assets and risk on platforms like Morpho. Onboarding is finally becoming Web2-like thanks to Coinbase Smart Wallet and other services.
The top five rollups are all general-purpose EVMs with DA on Ethereum blobs, a centralized sequencer, and canonical state determined by an Ethereum L1 contract. Based rollups inherit more security by having L1 validators post state root updates instead of a sequencer. Sovereign rollups have DA somewhere other than Ethereum and have canonical state determined by consensus.
Zeta Markets spent weeks analyzing its users and optimizing the airdrop to reward long-term participants. It ignored all users with less than $500 in volume, as they contributed less than 50 cents in trading fees and are not high-value customers. Active protocols like exchanges require risk and dedicated participation, weeding out lazy participants. To prevent instant sell pressure, Zeta Markets introduced an optional 7-day vesting period that rewarded users with 2x their allocation.
Synchronous atomic composability is the concept of L2s instantly and seamlessly interacting with one another. Vitalik Buterin finds it overrated, as the main two use cases are cross-chain payments and using different dapps – both of which could be solved with cross-exchange protocols and wallet integrations. Anatoly Yakovenko, founder of Solana, sees a global synchronous state as critical for creating efficient and permissionless markets.
Canadian company 3iQ has applied to launch North America's first Solana ETP (Solana Fund) on the Toronto Stock Exchange.
Socket has twice as much volume but only one million more transactions than LIFI.
Certain narratives like AI and real-world assets have performed well due to unpriced new information which remains underappreciated by the market, while more established sectors like DEXes and NFTs have not performed as well because investors recognize their potential.
The Lens Protocol will launch on the Lens Network as a cross-chain protocol with zkSync as its main hub.
Ethereum ETF issuers are responding to the SEC's feedback on their S-1 forms to address comments by the end of this week. This process typically involves iterative feedback from the SEC before eventual approval for trading.
Blockchain security firm CertiK said it found a vulnerability in Kraken's deposit system and was transferring funds back to the exchange amid a bug bounty dispute. Kraken's Chief Security Officer claims that individuals in Certik were extorting Kraken. Certik claims that Kraken threatened these individuals after making unreasonable requests regarding returning funds.
US media company Fox Corp. launched Verify L2 to track online content usage. Verify allows media entities to register content, grant usage rights, and verify content provenance, focusing on content ownership and journalistic integrity. It was deployed using Gelato Rollup-as-a-Service as a Polygon CDK validium. Time, the first third-party publishing partner to be onboarded, plans to use Verify for content licensing and verification.
Fluid's DEX introduces Smart Collateral, allowing users to borrow against collateral and deploy it as AMM liquidity to earn trading and lending fees. Its Smart Debt uses debt as trading liquidity, allowing fees to reduce the borrowing APR. Users can leverage their LP positions and earn up to 39x higher trading fees. It is scheduled to launch by the end of July.
Pantera's monthly newsletter covered many topics, including comparing Solana to macOS for its use of vertical integration, which enables high performance and better user experience. Political sentiment around digital assets is shifting in real time. Trump is accepting crypto donations and using pro-crypto rhetoric in his speeches, while Biden has been gathering insight from crypto industry leaders. The Bitcoin ETF was ultimately a “buy the news” event, as Ethereum might be after potential ETH ETF outflows.
BAYC was minted in May 2021 for 0.08 ETH each. Later that year, it saw acquisitions from Jimmy Fallon, Justin Bieber, and Steph Curry. The value of a mint plus airdrops peaked at $800,000 in May 2022 before spiraling downward as parent company Yuga acquired dozens of other projects and failed to pivot into a gaming company, which saw apes fall to an 8 ETH floor.
Although the price of Arbitrum has dropped significantly over the last year, its market cap has grown by over 75% to ~$2.23B. This growth has largely been driven by token unlocks, thus although ARB price is almost at an all-time low, the market cap is expected to continue to increase as more tokens are unlocked.
This piece covers what's working today, what's happening, and what new exciting things are happening in crypto. Stablecoins, onchain activity, and Bitcoin as an alternative asset are successful and growing. There has been a recent rise in social-fi and the proliferation of new L2s and L3s. New distribution and parity between the Bitcoin, Ethereum, and Solana ecosystems are coming.