⚖️ Sentencing Today: Expectations for Binance's CZ
In today’s edition: 🚀 Base's growth could boost Coinbase revenue, 🎈EigenLayer’s airdrop: criticism and potential impact, 📊 Hong Kong's stance on ether as a security, and more!
👯♀️ Refer Unchained with a friend and earn a Premium subscription
Union is the first sovereign interoperability layer pioneering trustless bridging between appchains, L1s, and L2s without depending on trusted third parties, oracles, multi-signatures, or MPC. Looking to future-proof blockchain bridging, it is the only protocol that fully addresses the sovereign bridging trilemma, unlocking a horizontally-scaled future.
In this episode of Unchained, host Laura interviews Alexei Zamyatin, co-founder of Build on Bitcoin (BOB), Willem Schroé, founder of Botanix Labs, and Orkun Kılıç, co-founder of Chainway Labs. They discuss their respective projects, all of which are focused on developing Layer 2 solutions for Bitcoin.
Zamyatin’s Build on Bitcoin is a hybrid Layer 2 that connects to both Bitcoin and Ethereum, aiming to bring innovation back to the Bitcoin ecosystem. Schroé’s Botanix Labs is developing a decentralized Layer 2 solution using the ‘Spiderchain,’ which uses a series of multi-signature wallets to secure the chain. Kılıç’s Chainway Labs is building Citrea, a zk-Rollup on Bitcoin that aims to create a Bitcoin-backed economy.
All three projects are in various stages of development and testing, with BOB’s mainnet launch expected shortly.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Sam Sriram, Sage Young, Dilin Massand, Kollen Post, Juan Aranovich, and Michael Bodley
Binance Founder Changpeng Zhao’s Sentencing on Tuesday: What to Expect
Prosecutors have recommended a prison sentence of at least three years for Zhao for violating the Bank Secrecy Act, but his lawyers have argued for simply probation.
What Base’s Rapidly Growing Revenue and Usage Means for Coinbase Stock
Analysts are optimistic that Base could eventually become a significant contributor to Coinbase’s top line, but many think it may take a while to get there.
Should You Sell ETH Before the Just-Announced EigenLayer Airdrop?
As EigenLayer prepares to distribute its potentially record-setting airdrop, the Ethereum community faces a pivotal question: Will the end of point farming and subsequent token rewards prompt significant unstaking and selling of ether, or will it reaffirm investor confidence in the restaking.
5 Reasons E-Beggars Are Not Happy With EigenLayer’s Airdrop
From locked-up tokens to squabbles over EigenLayer’s snapshot date, arguments have been brewing around EigenLayer’s airdrop.
Hong Kong Doesn’t Define Ether as a Security, Says Issuer as Spot Crypto ETFs Go Live
Executives at China Asset Management aren’t concerned about the US trying to label ether a security because the Hong Kong securities regulator has already determined its stance on the digital asset.
Bitcoin Testnet Griefing Attack Sparks Debate About Testnet Reset
A griefing attack on the Bitcoin testnet created three years worth of blocks in just one week, but cost the attacker only $1 worth of electricity.
Daily Bits…✍️✍️✍️
🚨 Consensys alleges the SEC considered ether a security over a year ago, reversing its previous stance, after initiating a "Formal Order of Investigation" into Ethereum 2.0 in early 2023.
💰 Hong Kong's debut of six new spot Bitcoin and Ethereum ETFs saw about $11 million in trading volume, a modest start compared to the US debut of Bitcoin ETFs.
⚖️ Lawyers for Terraform Labs and Do Kwon argued that the SEC’s proposed $5.3 billion fine should be significantly reduced to $1 million, following fraud charges related to the collapse of Terra USD.
💸 MicroStrategy added 122 BTC to its reserves in April, bringing its total holdings to 214,400 BTC, with an overall valuation of $7.54 billion as disclosed in their first quarter 2024 report.
🗳️ Rep. French Hill expressed support for a legislative package combining stablecoin regulation and marijuana banking, emphasizing the benefits of regulated banking access for legal cannabis businesses.
🔒 Samourai Wallet co-founder Keonne Rodriguez pleaded not guilty to charges related to operating a privacy-focused bitcoin wallet and mixing service, after being released on a $1 million bond and placed under house arrest pending trial.
🇰🇵 According to ZachXBT, North Korea's Lazarus Group laundered $200 million from crypto to fiat across various platforms, involving over 25 blockchain exploits from 2020 to 2023.
Today in Crypto Adoption...
💳 Transaction volumes for Tether, USDC, and DAI have exceeded Visa's 2023 monthly average, demonstrating significant growth in stablecoin use, according to data from Nansen.
The $$$ Corner…
🧬 Tether made a $200 million investment in biotech company Blackrock Neurotech, taking a majority stake to support the development of medical technologies for neurological conditions.
🌌 MilkyWay, a Celestia-based liquid staking protocol, raised $5 million in a seed round co-led by Binance Labs and Polychain Capital, ahead of its upcoming token launch and airdrop.
What Do You Meme?
Recommended Reads
CoinDesk: As Wasabi Wallet and Phoenix Leave the U.S., What’s Next for Non-Custodial Crypto?
The Block: A closer look at the tough month for spot bitcoin ETFs
Blockworks: You’re still rolling your own crypto. You need to stop.
📈 Your Market Update 📉
BTC is down 1.2%, trading at $61,657
ETH is down 4.5%, trading at $3,034
BTC dominance: 50.92%
Crypto market cap: $2.39T
*All data as of today, 07:08 am ET. Source: CoinGecko
We Are Hiring!
A Sponsorships Manager to grow sponsorships across all its platforms as the publication itself grows. See the details and apply here.
A Bitcoin Reporter to cover all things Bitcoin. See the details and apply here.
A Regulatory Reporter to cover regulatory topics in the space. See the details and apply here.
A Senior Editor to help assign and edit daily news stories, as well as work on features and other editorial projects as needed. See the details and apply here.
An Audience Development Director to broaden the reach of the publication’s content, whether through the web, social media, newsletters, podcast platforms, or videos. See the details and apply here.
🔝 Are you hiring and want to promote the postings in the Unchained newsletter? Let us know!
With regards to Binance bosses case, unlike previous cases, the prosecution's aim here seems to be not just punishment but also to assert regulatory authority over even the most prominent figures in the industry, potentially leveraging Zhao's future involvement in Binance to gain deeper insight into the crypto ecosystem.
The case against Changpeng Zhao and Binance stands out due to the sheer scale and influence of the exchange, coupled with the defiant stance taken towards regulatory compliance. While facing a significant penalty, including hefty fines and a potential jail sentence, the outcome is pivotal in demonstrating the extent of regulatory enforcement within the cryptocurrency space.