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SEC DELAYS FIDELITY’S ETHEREUM SPOT ETF, BUT DECISIONS ARE STILL EXPECTED IN MAY

The SEC has postponed its decision on Fidelity's proposed Ethereum ETF. Originally, the agency had to approve or reject the ETF by January 20, but a provision allowed the regulator to extend the deadline to March 5. While this deadline is only for Fidelity’s ETF application, analysts predict that the SEC will make decisions concerning all Ethereum ETFs by late May.

EU PROVISIONALLY AGREES TOUGH CRYPTO DUE DILIGENCE MEASURES TO COMBAT MONEY LAUNDERING

The EU has agreed on provisional measures to tackle money laundering via cryptocurrencies. The Anti-Money Laundering Regulation enforces due diligence requirements for crypto firms for transactions over 1,000 euros. The regulation targets potential sanction evasion and money laundering risks and also oversees transactions involving "self-hosted" wallets. The measures are not intended to ban privacy-enhancing crypto. The agreement is now awaiting formal approval.

CONFLUX ADDS EVM-COMPATIBLE SOLUTION TO INTERACT WITH BITCOIN

Conflux Network is building an EVM-compatible solution for interoperability with Bitcoin, enabling transfers of bitcoin and inscriptions between Conflux and Bitcoin. The testnet is set to debut in March, while the mainnet is due in May. The new solution will interact with Bitcoin by using bitcoin for gas fees while supporting Ethereum-based contracts.

EXPERIMENTAL NEW “ASTEROID” INSCRIPTIONS PROTOCOL BRINGS TOKENS AND NFTS TO COSMOS HUB

Delphi Labs and Astroport have introduced Asteroids, a new open-source protocol for the Cosmos Hub. This advancement allows any user to include content directly on the Hub and create a new form of tokens known as Cosmos Fungible Tokens or CFT-20s. By design, the Hub doesn’t have native support for tokens or NFTs, but Asteroids changes that using inscriptions, a method of writing data to the chain popularized by Ordinals on Bitcoin.

WHAT ARE PUDGY PENGUINS?

Pudgy Penguins, one of the most storied NFT collections on Ethereum, has been on a tear over the past year. It recently eclipsed a $40k floor price and is closing in on the Bored Ape Yacht Club’s floor. This thread lays out how the collection resonates in different ways among crypto enthusiasts, art appreciators, community builders, trendsetters, creatives, and meme lovers. From the start, Pudgy Penguins has garnered a diverse audience of holders from crypto OGs to pro poker players to famous athletes like Steph Curry. The collection did this by having a natural broad appeal outside of crypto, fostering an incredible meme culture that has resulted in billions of Giphy views, and building a strong brand on social media and with its physical toys.

SATOSHIVM AIRDROP STRATEGY GUIDE

SatoshiVM is a recently launched decentralized Bitcoin EVM-compatible L2. This thread lays out a strategy guide for attempting to qualify for a potential airdrop for the chain. The project allows users in the Bitcoin ecosystem to leverage assets and liquidity to build apps. As the Bitcoin narrative has been gaining traction lately, many in the crypto ecosystem were excited at the announcement of the SatoshiVM testnet and what that could mean as far as a future airdrop.

TETHER SNAPS UP MORE BITCOIN, BRINGS HOLDINGS TO $2.8 BILLION

Tether, the issuer of the third-largest cryptocurrency, USDT, has added more Bitcoin to its treasury, which now totals over $2.8 billion. While the company primarily backs USDT with the safest investment instruments possible, like US Treasuries, it uses a small portion of its profits to purchase and subsequently hold Bitcoin. Despite past criticism for a lack of transparency and the conclusion of a two-year investigation by the New York Attorney General, Tether continues to lead the space in market share and even has recently been given the seal of approval by traditional finance institutions like Cantor Fitzgerald.

THE RISKS OF RESTAKING

Restaking, the use of an Ethereum stake to secure multiple networks, has potential benefits such as increased yields, but it also introduces several risks. The extra layer of risk could lead to increased slashing penalties and risks on the restaking layer. Further complications arise from the additional development of primitives, increasing complexity and risk. The new risk vectors opened up by this method have raised concerns within the Ethereum developer community about their potential impact on the Ethereum consensus.

BUYING FRENZY FOR SOLANA MOBILE’S SECOND PHONE DRIVES PREORDERS SKY-HIGH

Solana Mobile's new device, "Chapter 2", surpassed its 7-day sales goal in 24 hours, achieving 30,000 preorders in 30 hours, easily eclipsing its predecessor Saga's sales.

BITCOIN SURPASSES SILVER TO BECOME SECOND LARGEST ETF COMMODITY IN THE US

After less than a week of trading, Bitcoin ETFs have surpassed silver ETFs in asset size in the US, becoming the second-largest single commodity ETF class by assets under management.

2024 CRYPTO CRIME TRENDS

Cryptocurrency crime declined in 2023, with illicit address inflows dropping to $24.2 billion. Scams and hacking revenues decreased, while ransomware and darknet markets revenues rose.

DONALD TRUMP'S NFTS HAVE LIMITS NORMAL ONES DON'T

The Donald Trump NFT collection announced it would be releasing Ordinals on Bitcoin to up to 200 users that buy 100 of the $99 Trump “mugshot edition” NFTs that launched on Polygon in December.

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COINBASE AND THE SEC ARGUE CRYPTO'S KEY LEGAL QUESTION IN COURT

Coinbase is currently in its long-awaited court showdown with the SEC over whether most crypto assets should be considered securities in the US. The SEC has been arguing that people buy these assets expecting prices to go up based on the success of the creators, which could classify the assets as securities. However, Coinbase is arguing that buyers do not have the right to take action against issuers if the digital assets perform poorly, so there's no investment contract. They are also arguing that the SEC’s stance is overly broad and would even include assets like baseball cards and other collectibles.

SPOT BITCOIN ETF ISSUER VANECK TO SHUTTER BTC FUTURES FUND

VanEck has announced plans to cease trading of its Bitcoin Strategy ETF due to several considerations, including its performance and investor appetite for it. The ETF, launched in November 2021, has approximately $53 million in assets but is now being overshadowed by the ProShares Bitcoin Strategy ETF which has over $2 billion in assets as an alternative. Other financial institutions like Ark Invest, 21Shares, and Bitwise are still offering their Bitcoin futures ETFs.

ALTLAYER’S ALT TOKEN LAUNCH

AltLayer, an open, decentralized protocol for rollups, is launching its ALT token. The protocol provides enhanced security, decentralization, interoperability, and crypto-economic fast finality for existing rollups. It has collaborated with infrastructure teams in the Ethereum ecosystem and is being used by several projects across gaming and DeFi. The ALT token will launch via Binance Launchpool on January 25 and will be used for economic stake, governance, protocol incentivization, and fees.

INSCRIBE: THE FIRST EVER CROSS-CHAIN MARKETPLACE FOR INSCRIPTIONS

Inscribe has launched the first-ever cross-chain marketplace for inscriptions, targeting users on EVM blockchains, Bitcoin, Dogechain, Injective, and non-EVM chains. The Inscribe Marketplace enables users to make token transactions across different blockchains. Additionally, the Inscribe WebApp and Bot make token minting easier on Bitcoin, EVM, and non-EVM chains. The firm is creating a multichain inscriptions indexer for developers and offering a decentralized governance model with its INS token.

WHY TIA IS GOING TO BE THIS CYCLE'S (3,3)

This thread breaks down how TIA could be this cycle’s (3,3), a meme that took hold with OHM causing the token price to skyrocket. The author posits that Celestia, which helps projects deploy new rollups and blockchains more cheaply and easily by significantly reducing the cost to post data to the chain, is a major technological leap. In addition to the promising tech, the surge in TIA’s price is partly linked to an increasing number of airdrops allocated to TIA stakers. This could eventually cause TIA’s price to enter bubble territory and encourages readers to remain cautious about this dynamic.

ELECTRIC CAPITAL’S 2023 CRYPTO DEVELOPER REPORT

The 5th annual Electric Capital Developer Report, which analyzed a record 485 million code commits across 818,000 repositories, is finally out. At a high level, the number of developers in the crypto space has declined by 24%. However, the majority of this decline can be attributed to newer developers leaving the space, as the experienced developer group continued to show growth. The report is comprehensive and covers not only this high-level data, but also breaks down developer activity by chain and many other metrics.

THE EU IS ABOUT TO OUTLAW AND RESTRICT SOME OF THE MOST PRIZED FEATURES IN CRYPTO

The EU is finalizing anti-money laundering regulations that could significantly impact the crypto industry. The planned changes include increased tracking of crypto transfers, a ban on privacy coins, and restrictions on self-custody wallet payments. Lobbied by blockchain group, Blockchain For Europe, the regulations aim to establish clear rules for crypto ventures. However, critics warn of the potential burden this could place on crypto startups. The final regulations are expected to be enforced between 2026 and 2027

LIQUID RESTAKING TOKEN RESEARCH IN ONE THREAD

This thread discusses Liquid Restaking Tokens (LRT) and their growing relevance in tackling issues like technical barriers, liquidity constraints, and the need for more yield in ETH staking. The author compares current LRT protocols, their services, and risk management. She emphasizes that LRT brings diversity due to differentiating design aspects and varying user preferences. The thread also discusses potential risks, like smart contract risks and slashing risks, and future opportunities, such as DeFi integrations and multichain LRT.

ALEX WICE MARKET UPDATE

This post breaks down what has been going on in the market following the approval and launch of the spot Bitcoin ETFs. It details how Bitcoin cooled off, with capital rotated to Ethereum, and how Solana is looking primed for another run.

SOME NARRATIVES AND THE IMPLICATIONS OF THEM FOR THIS CYCLE

This post discusses four major crypto narratives to keep an eye on. It dives into the decreasing relevance of base chain loyalty, restaking, reducing bootstrapping costs, expected viral game launches with crypto elements, and more.

JAMIE DIMON SAYS HE’S DONE TALKING ABOUT BITCOIN: ‘I DON’T CARE’

JPMorgan CEO Jamie Dimon criticized Bitcoin again at Davos, likening it to a "pet rock" and "hyped-up fraud," while acknowledging blockchain's utility and distinguishing other cryptocurrencies with functional applications.

METAMASK'S SECRET PROJECT COULD SHAKE UP HOW ETHEREUM WORKS

MetaMask is reportedly secretly testing a new transaction routing technology using third parties for optimal execution, aiming to improve user experience and avoid centralization concerns.

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PROSHARES FILES FOR FIVE LEVERAGED AND INVERSE BITCOIN ETFS

ProShares has submitted proposals for five leveraged and inverse Bitcoin ETFs. This comes on the heels of the SEC's approval of 11 spot Bitcoin ETFs. The five proposed funds are named ProShares Plus Bitcoin ETF, ProShares Ultra Bitcoin ETF, ProShares UltraShort Bitcoin ETF, ProShares Short Bitcoin ETF, and ProShares ShortPlus Bitcoin ETF. The spot Bitcoin ETFs are off to a fast start, with billions of dollars in trading volume in the first few days, so these proposed ETFs are presumably aiming to capitalize on that, giving investors more ways to get exposure to Bitcoin, either by shorting it or being able to leverage long it.

WALL STREET CEO ON TETHER CONTROVERSY: 'THEY HAVE THE MONEY'

Cantor Fitzgerald's CEO Howard Lutnick came out and publicly defended the legitimacy of USDT, supporting the company's claims of having adequate funds backing the asset. Noting the firm's recent assertion that its reserves consist primarily of US Treasuries, Lutnick confirmed managing many of Tether's assets. Tether has long drawn the ire of skeptics who doubted that it had the reserves it claimed to, and this has created an overhang that many in the industry have constantly worried about.

SOLANA MOBILE CHAPTER 2

After successfully selling out its first-generation mobile device, the Saga, Solana has announced it will be rolling out a new product next year. It is taking $450 deposits for preorders for the undisclosed product. Along with this, Solana is rolling out a points program based on customer referrals, which could give users the chance for rewards and giveaways.

CHAINLINK TEAMS UP WITH CIRCLE TO ALLOW CROSS-CHAIN STABLECOIN TRANSFERS

Chainlink's Cross-Chain Interoperability Protocol has been integrated with Circle's Cross-Chain Transfer Protocol, enabling an easier way to transfer USDC across different blockchains. This development allows developers to build functions involving cross-chain USDC transfers. Chains included in this collaboration include Ethereum, Arbitrum, Optimism, Avalanche, and Base mainnets, with more integrations planned for the near future.

SOLANA ECO AIRDROP FARMING MASTERCLASS

This thread lays out a strategy for optimizing airdrop allocations and yield farming throughout the Solana ecosystem. Combining Drift with other tokenless protocols, the author claims users can follow this method to potentially achieve triple-digit yields. Steps include adjusting settings in Drift Protocol, monitoring APR, and buying spot positions to hedge against short positions. The strategy also involves lending or depositing spot positions, and staking SOL for increased yield. Users can also employ rate arbitrage or directional trade according to their preferred risk levels.

2024 ANNUAL GUIDE TO WEB3 DATA TOOLS AND TIPS

Andrew Hong's 2024 annual guide to crypto data tools provides an in-depth analysis on the state of the data stack. It examines key components like indexers, explorers, query engines, data transformations, and ZK reverse ETL. The guide goes over data tool innovations, complications, the evolution of crypto data startups, its landscape, and predictions for the crypto data ecosystem in 2024. It also highlights the integration of zero knowledge tech for data verification.

WHAT MULTICOIN IS EXCITED ABOUT FOR 2024

This article discusses several trends and opportunities Multicoin - of Solana fame - is looking forward to in 2024. The topics covered include the increasing importance of "attention theory" in determining the value of a variety of entities, the potential for stablecoin-powered remittances in emerging markets, and the growing influence of blockchain and cryptocurrency technologies in fields such as novel marketplaces, remittances, and social applications.

COBIE’S THESIS ON BLAST

This post lays out a thesis for Blast and other L2s like it. The growing commodification of L2 blockchain solutions is driving competition for users, attention, and traction amid an increasing number of L2s. This shifts user behavior and has caused protocols to focus on incentivizing on-chain activities. Despite criticism around the way it launched, Blast has attracted more TVL than established L2s like Coinbase's Base. The fact that many complained about the launch but also bridged assets to the L2 highlights the more general mismatch between public sentiment and private actions in the crypto space.

IRS SAYS BUSINESSES DON'T HAVE TO REPORT CERTAIN CRYPTO TRANSACTIONS UNTIL NEW REGULATIONS ISSUED

According to the IRS, businesses won't need to report crypto transactions over $10,000 as cash until new regulations are issued, despite the current law enacted at the beginning of the year requiring it.

ETF WIF HAT

This post goes over what the approval of Bitcoin ETFs might mean for the adoption of the cryptocurrency and of cryptocurrencies in general as more ETFs will likely be approved over time.

THE IMPLICATIONS OF CROSS-CHAIN BRIDGES UNDER MICA

The proliferation of cross-chain bridges, valued at $23.5 billion, addresses the need for asset and information transfer across diverse blockchains, but it also comes with challenges around regulation of the movement of these assets.

ESTIMATING THE VALUE OF THE EIGENLAYER DROP

This post attempts to estimate the EigenLayer airdrop value, predicting around 20-25 points per day per ETH deposited, with a potential total value airdropped around $1.05 billion.

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JPMORGAN SEES SIGNIFICANT CAPITAL FROM EXISTING CRYPTO PRODUCTS POURING INTO NEW SPOT BITCOIN ETFS

JPMorgan is forecasting that the newly approved spot bitcoin ETFs could siphon off up to $36 billion from other cryptocurrency products like the Grayscale Bitcoin Trust. While the bank is skeptical about new capital entering the crypto market, it predicts this significant migration from existing crypto products to the new spot ETFs will be primarily driven by lower fees.

VENEZUELA SET TO BAN ITS OIL-BACKED CRYPTOCURRENCY “PETRO”

Venezuela is shutting down its Petro cryptocurrency after over five years of operation. Launched by President Nicolas Maduro in 2018, Petro was intended to bolster the country's national currency amidst an economic crisis and US sanctions. However, it was mired in controversy from the start and most recently faced a corruption scandal linked to oil operations. Outstanding Petros are being converted into the local currency, bolívars.

SATOSHIVM: ADVANCING ON-CHAIN VERIFICATION FOR BITCOIN AND ENHANCING LAYER-2 IMPLEMENTATION

This paper introduces SatoshiVM, an attempt to help build out a robust L2 architecture on top of Bitcoin without altering the existing Bitcoin protocol. This approach confirms the correct execution of L2 blocks while benefiting from the features of Taproot for complex function executions. SatoshiVM enhances the secure off-chain proof process for each block and allows third-party verification, thereby improving the robustness, security, and efficiency of L2 solutions on Bitcoin.

LAYER 2 PROJECT TAIKO LAUNCHES FINAL TESTNET AHEAD OF PLANNED MAINNET RELEASE IN Q1

Ethereum L2 rollup project Taiko has announced the launch of its final testnet, Katla, with a mainnet launch expected sometime in Q1. Katla introduces a fresh rollup design, the multi-proof-based contestable rollup, aimed at enhancing decentralized applications' throughput and cost efficiency. Unlike other L2 rollups, Taiko leans on Ethereum validators for transaction and block sequencing, aiming to boost security and censorship resistance.

PIXEL’S ULTIMATE AIRDROP CHECKLIST

This thread provides a comprehensive list of protocols in the Solana, Cosmos, and EVM ecosystems to interact with to potentially qualify for airdrops. It also provides details on the features of the protocols and walks through step-by-step guides for interacting with each one.

CRYPTO STRATEGY FOR 2024 + A FEW NARRATIVES TO WATCH

This post presents a bullish outlook on 2024, strategies for the year, and narratives to watch. Key narratives include a focus on alt-L1s & L2s, GameFi, crypto x AI, and real-world assets. The author advises farming airdrops, noting the launch of LayerZero's token in the coming months. The post also emphasizes the importance of focusing on a limited number of narratives to build convictions.

GOOGLE CLOUD JOINS FLARE NETWORK AS VALIDATOR, FLR JUMPS 5%

Google announced it would become a validator and infrastructure provider for the Flare blockchain network. As part of this role, it will secure the Flare network and contribute to the Flare Time Series Oracle that offers developers access to decentralized data. This partnership is yet another step for Google into the web3 space.

ELON MUSK DETAILS PERSONAL, SPACEX CRYPTO HOLDINGS

Elon Musk recently confirmed he still holds a substantial amount of Dogecoin and that his company SpaceX maintains holdings in Bitcoin. Tesla also owns almost 10,000 Bitcoin, despite selling 4,320 Bitcoin in 2021 and three-quarters of its remaining Bitcoin in 2022 due to environmental concerns. In the past, Musk has been accused of market manipulation in crypto as his comments on Bitcoin and especially Dogecoin caused massive swings in the market back in 2021. His commentary on Dogecoin in the more recent past has had a more muted effect on the coin and his legal team is confident that his comments have been completely legal.

‘UNFAIR, UNWORKABLE, UNCONSTITUTIONAL’: COIN CENTER REBUFFS WARREN’S INFORMATION REQUEST

Crypto policy group Coin Center is contesting Sen. Elizabeth Warren's criticisms of its stance against her proposed anti-crypto laws, citing the bills as unfair and unconstitutional.

CELESTIA FOUNDER RELIVES CRASHING CIA WEBSITE AND HACKING WESTBORO BAPTIST CHURCH IN EARLY YEARS

In this article, Mustafa Al-Bassam, Celestia founder and former LulzSec hacker, reminisces about past exploits, highlighting the Westboro Baptist Church hack during a live radio show as his favorite.