The market cap of AI-related stocks has ballooned over the last couple of years, with some single companies being valued more highly than some sizable countries’ GDPs. AI is still only a tiny portion of crypto's total market cap. The share of market cap for AI-related cryptocurrencies will grow substantially as AI will become a crucial aspect of life by 2030. Crypto’s role in AI diverges from traditional AI companies due to its emphasis on self-governance, anti-censorship, and overall uniqueness compared to traditional forms of operation.
Taking a page out of Uniswap’s book, Frax is considering implementing a fee-sharing reward system for its stakers. This is part of a potentially larger movement that Uniswap set off with a proposal earlier this week.
Layerzero CEO Brian has hinted at the criteria for the upcoming L0 airdrop, which includes transaction volume, message count, fees spent, and using contracts with a high message volume. This post lays out a farming strategy to capitalize on this.
MicroStrategy bought another 3,000 Bitcoin for $155M, putting its holdings at 193,000 BTC, worth over $10 billion, and an unrealized profit of over $4 billion.
Yuga Labs announced it will only work with NFT marketplaces that honor all creators' royalties, excluding Bored and Mutant Ape Yacht Clubs, amid declining revenues.
Carson Group, a $30 billion investment advisory platform, is set to offer four spot Bitcoin ETFs to its clients, greenlighting options from BlackRock, Fidelity, Bitwise, and Franklin Templeton. It based its selections on AUM, trading volume, and cost-effectiveness. The move puts Carson Group at the front of the pack amongst RIAs approving spot Bitcoin ETFs, marking a contrast to firms like Vanguard, which blocked clients from buying these SEC-approved ETFs.
Citibank, in partnership with WisdomTree and Wellington Capital, has successfully simulated the tokenization of a private equity fund using blockchain technology. The process proves that tokenization is possible in a controlled environment, can remain legally compliant, and is compatible with existing banking systems. The move could potentially introduce efficiencies into the $6 trillion private equity industry. The success of this test will inform Citibank's decisions about offering related services.
Parcel is set to launch its token PRCL in April, to further decentralize its ecosystem. Token holders will participate in governance and have improved data and trading utility. Initially, 7-8% of the total one billion tokens will be in circulation. PRCL will give access to high-grade real estate data and future incentive programs. Eligibility for the initial community airdrop can be verified on Parcl's website.
Uniswap put out a proposal to modify the governance of its DEX, including adjusting the fee structure to benefit users who delegate and stake their UNI tokens. The proposal will be put to a vote on March 1, followed by an on-chain vote on March 8. This was a huge shift for Uniswap and for governance tokens in general, as very few tokens actually allow holders to participate in the revenues of the protocol. Many are speculating that this indicates positive regulatory progress in the background and could lead to more protocols choosing to include token holders in fee-sharing mechanisms.
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2024.02.26·app.dollarflightclub.com·Sponsor·TLDR Crypto This thread explains how to create an income flywheel using perpetual DEXs. It is possible to go both long and short on two different DEXs, leveraging the funding rates by emulating the strategy that the newly launched stablecoin protocol Ethena is implementing. The key is to pick exchanges that are profitable, offer good tokenomics, and provide good delta through arbitrage. Currently, Vertex and HMX are the author’s top picks owing to their stable income, continuous tech development, and beneficial tokenomics.
This post provides a detailed analysis of the various trends, strategies, and factors that influenced the success of different cryptocurrencies during the 2021 bull run. Ideas like investment timing, understanding market rotations, identifying emerging narratives, recognizing high-yield scenarios, and main character phenomena all played important roles last cycle. By studying these patterns, traders can better prepare for future cryptocurrency bull runs.
2024.02.26·cryptonarratives.substack.com·18 min read·TLDR Crypto This is a comprehensive overview of projects and potential use cases at the intersection of AI and cryptocurrency. It demonstrates the broad applicability and potential of these technologies across various domains. Potential projects range from enhancing DeFi experiences to revolutionizing game development, optimizing content creation, improving data privacy, and expanding blockchain capabilities through AI-driven analysis and secure computational networks.
The combination of Zero Knowledge Proofs with machine learning, known as ZkML, has the potential to become one of the next big narratives. ZKPs allow those building machine learning models to conduct inferences without exposing the data used but still ensuring computational correctness. They also help tackle privacy concerns like membership inference attacks and model inversion attacks. ZkML infrastructure is already being developed by several notable startups in the space, which could give rise to a hype cycle for this tech.
Avalanche experienced a six-hour outage on Friday due to a bug triggered by high demand during an inscription mint. The bug was fixed and the network has been operational without delay since.
This thread from a notable crypto VC provides a perspective on where he thinks crypto venture is in this cycle. He notes that deals are getting more and more competitive, especially on the infrastructure side, and that some FOMO is even setting in.
This thread from Coinbase provides a good primer on EigenLayer, which announced a $100 million raise from a16z last week, and how it works
This thread provides a great overview of TAO and how TAO subnets work, including background on TAO, TAOs architecture, TAO mining, its tokenomics, and more.
Reddit has announced plans to IPO under the ticker RDDT. It disclosed it had used excess cash for investments in Bitcoin and Ether to hold on the balance sheet in its filings with the SEC. In addition to holding crypto for investment purposes, Reddit also holds ETH and MATIC for sales of select digital collectibles.
The courts have approved FTX's proposal to sell its $1 billion equity stake in AI startup Anthropic. FTX had invested $500 million in Anthropic in 2021 and now aims to use the proceeds of this sale to help repay affected customers. The sale of Anthropic shares is part of FTX's court-supervised asset liquidation to compensate its customers.
Bitcoin miner Marathon is launching a new service called Slipstream aimed at expediting the processing of larger and more complex Bitcoin transactions. The service, the first direct transaction submission service offered by a Bitcoin mining company, is designed to encourage Bitcoin development and innovation. Users will be able to submit these large or non-standard transactions to Marathon and Marathon will process them via its proprietary mining pool, MARA Pool.
Conduit has announced the rollout of its L3 launchpad for Base and the OP Stack. Users can deploy L3 testnets in the Conduit app using L2 networks for settlement layers, utilizing Celestia for data availability to reduce costs further. The L3s give apps greater blockspace scale and allow for new user experiences with lower transaction fees. Aligning with established L2s allows developers to leverage existing liquidity and distribution channels.
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The Price Volume Momentum Trifecta is a framework for finding entries in altcoins in a trending environment. It involves observing the resetting of the Relative Strength Index, which indicates momentum. The framework emphasizes the correlation between resetting RSI, price dynamics, and volume. Traders should find key contextual levels in the market for confluence.
EigenLayer’s restaking mechanism has taken center stage recently, but there is quite a bit of confusion around how it works and how big of a role it might play in the Ethereum ecosystem. This post provides a good overview to get familiar with restaking. Unlike traditional staking, restaking allows users to secure one or multiple decentralized services, termed as Actively Validated Services (AVS). EigenLayer claims that this mechanism allows non-Ethereum protocols to tap into Ethereum’s security, but some fear that it could have unintended consequences.
Kraken is standing up to what it claims to be overreach by the SEC during a congressional hearing. The company argues that existing laws are insufficient to cover the crypto landscape and that concurrent principles limit creativity in the sector. The company vouched for Congress to define rules that cater to the specific risks and benefits of crypto. Kraken recently filed a motion to curb the SEC's lawsuit against it, citing jurisdictional issues and ambiguities in crypto investments classification.
This thread from Lattice Fund partner Regan Bozeman attempts to explain where we are in this crypto cycle, with a focus on where venture funds are and how they’re thinking about the cycle. Many venture funds were likely caught offside late last year as the market surged and they are now scrambling to deploy capital. Bozeman also discusses some of the market dynamics and eccentricities, such as memecoins, that venture funds and their LPs don’t have to consider in other industries.
Eigen Labs, the team behind EigenLayer, has announced one of the biggest fundraises of the year - $100 million from a16z Crypto.
Valkyrie's CIO McClurg believes that, because of its inherent differences from Bitcoin, a spot Ethereum ETF is unlikely to be approved soon - but it may be possible within 1-2 years.
An Ordinals team successfully inscribed a Nintendo 64 emulator on Bitcoin using Brotli Compression, making classic game preservation on the blockchain feasibly affordable.
Adam Back's email exchanges with Satoshi Nakamoto before Bitcoin's launch, which discussed papers Satoshi was using in his research and the general development of Bitcoin, were recently revealed in court records.
Hack VC has secured $150 million in funding for a web3-focused fund. The firm was intending to raise less, but the round ended up being oversubscribed, reflecting shifting sentiment amongst crypto investors. Among other things, Hack VC aims to invest in tokenized real-world assets and modular infrastructure. Other firms, like Lightspeed, Faction, and RW3 Ventures have also raised impressive funds.
Texas-based crypto firm Lejilex and lobby group Crypto Freedom Alliance of Texas have sued the SEC, accusing it of overstepping its authority in regulating digital assets. They contend that the SEC lacks clear jurisdiction over the crypto industry and have asked the court to recognize that digital assets on exchanges not be considered securities. The entities also seek to prevent the SEC from suing its members for listing pre-existing tokens.
The Modular Liquidity Layer, an AMM on Dymension, has launched. It was developed as a settlement and liquidity layer aimed to centralize liquidity for easy access to modular assets and enable smooth routing within the network. It is laying the groundwork for the many RollApps that will launch on Dymension. RollApps will be able to leverage the AMM, making it a modular ecosystem launchpad. DYM will be fundamental for every pair in this liquidity layer.
Cross-chain communication platform Wormhole will use AMD's enterprise-grade FPGA hardware accelerator chips to facilitate secure cross-chain messaging using zero-knowledge proofs. Aimed at fortifying "corridors" between blockchains, the project is also developing secure cross-chain transfer "light client" implementations. AMD will contribute both the chips and its hardware acceleration expertise to increase power for proof generation and verification across networks.
MyShell, an AI creators' platform, has launched a Patron Badge system that allows its AI agents and apps to become investable assets. The system involves users buying into an agent or app and receiving shares of the profits generated from user interactions. The innovative system is designed to not only support the creator economy but also fuel the platform's growth. This move represents MyShell's long-term vision to build a robust ecosystem around AI models.
PhotoFinish is a Virtual Horse Racing game that has been gaining steam lately. It has officially partnered with NBCsports and Churchill Downs. Players can get involved in a number of ways: racing, horse sales, breeding, track ownership, and wagering. This thread provides a brief overview of how you can take part in each of these activities and some examples of how much players have earned in the game recently.
Yuga Labs' co-founder is reassuming his role as CEO, prioritizing a focus on crypto natives. BAYC is transitioning to a detachable Yuga subsidiary, BAYC LLC, to improve its focus and agility. Otherside, a community platform, is now aiming to become the default space for community engagement. Yuga’s gaming strategy will aim for user-friendly and crypto-native mechanics.
The NIL Foundation is making strides in scaling Ethereum, focusing on zkSharding and proof markets. This thread outlines the key benefits of using NIL's zkRollups, including nearly 60k TPS scalability, security, liquidity, and enhanced functionality with Ethereum's staking mechanism. The system essentially works on zkLLVM, a Placeholder Proof System, Crypto3, and a Decentralized proof market.
Beam is now live on Base, enabling instant bank transfers of USDC or ETH from the Base network via Coinbase Wallet or others and simplifying crypto cashouts without needing cross-chain bridges or exchanges.
Tom Lee of Fundstrat predicts that Bitcoin could hit $150,000 in 2024, driven by new ETFs, the halving event, and the anticipated easing of monetary policy.
Circle discontinued USDC support on Tron earlier this week due to issues with compliance and risk management amidst allegations of Tron's involvement in illicit activities.
Montenegro's High Court rejected a request to extradite Terraform Labs' co-founder Do Kwon to South Korea, opting instead for his extradition to the US to face fraud charges.
Hong Kong's central bank has issued guidance for firms looking to provide digital asset custody services. The guidelines require firms to undergo comprehensive risk assessment, have adequate resource allocation for custodial activities, and segregate clients' digital assets from the firm's own in the event of insolvency. The firms are also being asked to prevent client asset misuse and minimize the risk of digital asset loss due to illicit activities.