Zapper has introduced Zapper Protocol, an open system designed to enhance on-chain data readability and interaction on Ethereum and ultimately foster global economic connections and on-chain literacy. This initiative is a distinct evolution from Zapper's origins as a DeFi portfolio aggregator to a broader role in making blockchain ecosystems accessible and understandable through community-driven contributions to data interpretation.
Only the OP Stack and Arbitrum Orbit allow forced transactions to bypass a centralized sequencer, protecting against sequencer failures. Based sequencing, which uses an L1 validator set for the L2, allows the rollup to inherit the L1's liveness and censorship resistance. However, it is difficult to provide preconfirmations faster than L1 inclusion confirmations.
LayerZero's upcoming airdrop is highly anticipated and discussed because of its Sybil bounty-hunting program.
MicroStrategy currently holds around 214,400 BTC, worth about $7.5 billion.
2024.06.14·links.tldrnewsletter.com·1 min read·TLDR Crypto EIP-4844 has reduced Ethereum L2 operational costs by over 90%, mainly from decreasing gas and blob fees for posting transactions and gas fees for verifying transactions on L1s.
Paradigm founder Matt Huang has announced a new fund that targets crypto projects at their earliest stages.
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The Nexo Hunt [4] is a points-based airdrop — and the more points you have, the larger your share of the rewards.
Terraform Labs, the company behind the infamous Terra blockchain and UST stablecoin, has agreed to pay the SEC nearly $4.5 billion in fines. In a court filing, the SEC said this money would go towards a “meaningful and speedy recovery for investor victims” who lost billions of dollars when the algorithmic stablecoin collapsed in 2022. Terraform and founder Do Kwon were found liable for civil fraud, violating securities laws, and offering unregistered securities.
The Federal Reserve revised its expectations to one rate cut this year (from previously anticipated three) after a slight improvement towards its 2% inflation target. This hawkish adjustment in monetary policy led to Bitcoin and other financial markets ceding earlier gains.
Cycloid is a hardware wallet capable of direct message signing, running applications, and sending transactions over radio. It was created by FOAM, which creates proof of location technology for applications requiring location services. Cycloid enables the communication of transactions to gateways that broadcast them to the network.
2024.06.13·links.tldrnewsletter.com·4 min read·TLDR Crypto Entropy has released its first testnet with support for a decentralized signing solution, paving the way for autonomous agents to interact with blockchain. Entropy unlocks secure ways for agents to facilitate various onchain activities by innovating on complex and error-prone traditional crypto key management.
2024.06.13·links.tldrnewsletter.com·2 min read·TLDR Crypto Bond uses blockchain to create transparent, personalized digital experiences, facilitating stronger customer connections and loyalty. Current loyalty programs face issues with tracking purchases across many different channels and preventing counterfeits, two problems solved via blockchain verification. Bond's four areas of focus are digital collectibles, luxury goods authenticity, digital product passports + identities, and collaborative campaigns.
DePIN shows potential to quickly crowd-source network infrastructure by offering third-party participants token rewards. Hivemapper used dashcams to map 21% of the world's roads with over 60,000 participants in 31 months but has yet to see demand for its maps. Helium, the largest decentralized wireless network, has shown early signs of product market fit with over 90,000 signups for its 5G unlimited phone plan. Both projects reward far more tokens than are being burned, which is expected for their current high-growth plans.
a16z's crypto startup accelerator discusses ten key principles for crypto entrepreneurs. Some of them include creating decentralized protocols with tokens, actively promoting one's startup, setting strict deadlines, continuously hiring, and aggressively seeking more engagement for one's projects.
Preconfirmations are credible promises validators give to users in exchange for an economic incentive. Research suggests they could be used by L2s to guarantee transaction inclusion in Ethereum blocks while still preserving decentralization and good UX. This analysis breaks down different types of preconfirmations and various proposed approaches.
This article covers the rapid rise of Symbiotic, a new restaking protocol that quickly reached $200 million in deposits, challenging Eigenlayer with its flexible and modular design. It also introduces Mellow Protocol's LRT deployment on Symbiotic, highlighting new high-yield farming opportunities and significant developments in the competitive DeFi landscape.
Curve founder Michael Egorov is borrowing nearly $100M in stablecoins against $141M in CRV. If CRV drops by 10%, these positions may begin to get liquidated.
Kaiko has reported that the Turkish Lira represents ~19% of crypto volume trades since GBP and AUD pairs have been delisted.
Since 2011, ~$19 billion in crypto has been stolen (785 incidents), highlighting a trend of blockchain-related crimes despite advancements in security and monitoring.
EigenLayer has acquired the liquid restaking network Rio's team as it plans to expand from research into product growth.
According to VanEck's head of digital assets, Matthew Siegel, the Industrial and Commercial Bank of China (ICBC) reportedly calls Bitcoin ‘Digital Gold' and Ethereum ‘Digital Oil.' ICBC acknowledges Ethereum's current scalability problems but expresses optimism about future upgrades. It notes a strong demand for digital assets driving continuous innovation.
The crypto market's recent selloff has triggered substantial liquidations amounting to $270.4 million (at the time of writing), mainly affecting long positions. Bitcoin and Ethereum experienced notable declines, dropping 3.5% and 4.6% respectively, with Ethereum seeing the most liquidations at $70.5 million.
Symbiotic is a restaking protocol that competes with EigenLayer and Karak. It has launched its bootstrapping phase, onboarding ETH LSTs as collateral. Its modular design supports any combination of tokens as collateral, and immutable non-upgradable contracts remove governance risks. Its initial partners, which include Ethena, Hyperlane, and Lido, are building solutions alongside or on top of Symbiotic's infrastructure.
Solana has launched Fuse, a smart wallet designed to enhance the mobile experience for individual users of Squads Protocol by simplifying security measures and transaction processes. Fuse aims to transform the concept of self-custodial wallets by leveraging smart accounts for asset storage, offering a programmable platform that enhances security and user experience with features like multi-factor authentication and programmable spending limits.
Optimism's introduction of fraud proofs means that bridged assets can be withdrawn without Optimism's approval and anyone can review and challenge OP Mainnet transactions. Previously, the Ethereum settlement layer had to trust Optimism's transaction history without proving it. Looking forward, other OP Stack chains like Base and Mantle should be able to implement fraud proofs and become Stage 1 L2s much quicker.
This thread compiles various tweets that are bullish on the Bitcoin mining sector. They cite concerns surrounding capital expenditures, competition, and the environmental impact. Marathon, the biggest mining company, has 25% short interest as a percentage of its float. CleanSpark has been seeing insider selling since the beginning of this year.
The ZKsync L2 has released its much-anticipated tokenomics and airdrop allocation information. 17.5% of the token supply will be airdropped to ZKsync users, the highest of any major L2, with two-thirds going to the community through ecosystem incentives. The ZK token will be used for protocol governance and gas fees, with claims opening next week.
Uniswap Labs has acquired the interactive onchain survival experience “Crypto: The Game.” In its first two seasons, users bought in with 0.1 ETH, joined alliances, completed challenges, and voted each other out to win the pot. Uniswap promises new twists and features for season 3.
For the past few years, over 95% of Binance listings have dumped.
This tweet compiles top cryptos and their percentage declines from February/March tops.
Polygon is launching its Community Grants Program, allocating 1 billion POL to builders over 10 years.
EigenLayer faced a crucial decision early on in which it had to decide whether to integrate native restaking fully or accept a proposal that focused only on Liquid Staking Tokens (LSTs), which would simplify development but limit staking options.
Fidelity International has tokenized a money market fund on JPMorgan's Onyx Digital Assets blockchain. It has joined the Tokenized Collateral Network to improve efficiency and reduce transaction costs and operational risks.
Based on other ETH products and market analysis, K33 Research estimates that ETH ETFs could see around 1 million ETH of inflows in their first five months. It looked at the market share of ETH vs. BTC on CME futures contracts, finding that ETH trading demand is typically 35% of BTC's.
Berachain V2 focuses on technical architecture developments, keeping its tri-token model and proof of liquidity incentive structure the same. It introduces BeaconKit, an EVM-focused development framework that allows any Ethereum execution client to be compatible with Berachain V2. This upgrade also introduces single-slot finality, greater efficiency, and an increased limit of 256 validators.
OP Mainnet introduced permissionless fault proofs, moving it into Stage 1 of decentralization with plans to extend these capabilities to more chains like Base and Metal. This upgrade enhances security by allowing any user to challenge invalid withdrawals and includes fail-safes like a Security Council that can revert the system to a permissioned state if necessary. OP Mainnet aims to eventually reach full decentralization in Stage 2.
2024.06.11·links.tldrnewsletter.com·3 min read·TLDR Crypto Cryptoeconomic security has historically been defined as ensuring the cost of corruption is higher than its profit, but modeling adversaries is extremely complex as they may act irrationally. StakeSure redefines security by redistributing slashed funds to the protocol. It is secure as long as the redistributable stake is greater than the harm from corruption to the protocol. This concept is analogous to insurance on packages: a sender chooses how much insurance they want, and if the package is lost, money is distributed to them, regardless of what else happens in the supply chain.
Overinvestment in crypto infrastructure obfuscates product-market fit for consumer crypto apps, emphasizing VC gains on L1 tokens over practical use cases. Projects are now pivoting to chain abstraction, solving the chain and liquidity fragmentation problem created by too many L1s. Galxe has quietly become a leader in this space, finding sector dominance with airdrop distribution and building an identity layer, chain abstraction vault, and the upcoming Gravity Chain.
A Solana validator who performed a sandwich attack had stake delegated to it from the Solana Foundation removed. MEV does not occur natively on the chain since there is no mempool. The Solana Foundation, which delegates less than 16% of all SOL staked, did not want to support exploiting retail trades. The validator can continue running but will not be foundation-subsidized.
BullpenFi's first product, a highly advanced Telegram trading bot, was designed as an all-encompassing platform for retail on-chain trading. The platform includes a mobile-first wallet that simplifies security with passkeys and recovery email, a trading interface that streamlines project evaluation and trading, and generative insights that filter and present relevant crypto discussions (especially from Crypto Twitter) directly within Telegram.
A proposal to combat MEV suggests that each user could have their own block producer to make their own blocks, potentially avoiding unwanted MEV.
This post has 20 fun facts about random topics in Web3, for example, the ETH ICO price was $0.31, 20% of Bitcoin has been lost forever, and the highest gas fee in Ethereum's history was 1,400 gwei (0.04 Ether).
Since launching on May 28, the UK's crypto ETNs (equivalent to ETFs) have only generated $500,000 in volume.
UwU Lend is a decentralized finance (DeFi) protocol that functions as a liquidity market, allowing users to deposit and borrow digital assets.
Binance has self-reported reaching over 200 million global users with over $100 billion in user assets under custody. 30 million users joined in 2024, and the largest exchange by volume is on track to reach 300 million by 2026. With an estimated 560 million global crypto consumers, Binance accounts for 36% of the total user base.
Arthur Hayes, co-founder of BitMEX, suggested that the crypto bull market is coming back because of recent interest rate cuts by the Bank of Canada and the European Central Bank, potentially marking the start of a global easing cycle. He speculated about further rate cuts by other central banks, and took a cautious stance on the U.S. Fed's actions given the proximity to the presidential election. Hayes ultimately concluded by encouraging investments in bitcoin and other crypto in light of these developments.
ZK proving is critical for scaling Ethereum and realizing the vision of verifiable computing for a wide range of applications. Much like how improvements in prior IT systems have exponentially increased mass adoption of computers, reducing proving costs could bring ZK to AI, IoT, and the rest of the internet. Efficiency improvements require leveraging parallel processing, application-specific hardware, and acceleration systems with direct memory access.
Coinbase has introduced a new Smart Wallet, offering a self-custodial solution that uses biometrics and a passkey system to secure transactions via a user-specific smart contract. This innovative approach ensures that users retain sole ownership of their wallet, with multiple layers of recovery provided by iCloud Keychain and Google Password Manager, minimizing reliance on intermediaries and enhancing user control and security in managing their digital assets.
Gas fees on blockchains compensate validators for their computational work and help prevent DDoS attacks. Fees vary based on blockchain activity, transaction complexity, and a user's willingness to pay. Ethereum's fees are higher due to its focus on decentralization and comparatively lower computational demands, leading to network congestion. In contrast, Solana's more powerful network (more centralized) allows for faster processing and lower fees. Gas fees are not retained by Ethereum's creators (e.g., Vitalik Buterin), they are used for validator rewards and partially burned, supporting the token's value.