Supercycle Incoming? 🚀
In today’s edition: 🔄 Vitalik's EIP-7702 gains traction, 🛠️ New features for layer 3 builders on Superchain, 🏛️ US House moves against SEC crypto custodian guidance, and more!
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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 first episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann explain why the macroeconomics could point to the markets actually being in a crypto supercycle.
They discuss the recent Federal Reserve meeting and its impact on the markets, as well as the irony that leveraged Ethereum futures ETFs will likely be approved while spot Ethereum ETFs will likely not. James also reveals his pet theory on where the SEC is going with its investigation into ether. They cover why the bottoming of emerging market currencies in Asia is good for Bitcoin, dismiss the recent Wells notice issued to Robinhood, and speculate that Tether may be the most profitable company per employee in the world.
Agreeing that the current market cycle is different, Seyffart and McCann suggest that there is still a long way to go, and assert that the market may be underweighting the possibility that crypto goes to a $10 trillion market cap in the next few years.
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.
Opinion: Is It Fair That Crypto Bankruptcies Are Denominated in Dollars? Here’s a Solution to Dollarization
by Rishi Hindocha and Ian Chapman
The proposed recovery plan for FTX customers reveals the inadequacies of current US bankruptcy laws when applied to crypto cases.
What’s Poppin’?
by Sam Sriram, and Sage Young
Vitalik’s New EIP-7702 Draws Early Support; Could Be Included in Ethereum’s Next Hard Fork Upgrade
EIP-7702, which is meant to enable externally owned accounts to temporarily become smart contract accounts, was largely the result of intense discussions among Ethereum builders over previous improvement proposals.
Optimism to Add Custom Gas Tokens and Plasma Mode for Layer 3 Builders on its Superchain
Optimism is welcoming layer 3 builders to its Superchain initiative, with plans to introduce custom gas tokens and data availability layer optionality so developers can spin up low cost chains.
US House Votes to Overturn Controversial SEC Guidance for Crypto Custodians
House Chair Patrick McHenry said that SAB 121, which is a controversial accounting standard, was “one of the most glaring examples of the regulatory overreach that has defined Gary Gensler’s tenure at the SEC.”
Daily Bits…✍️✍️✍️
🔒 Solana validators earned nearly $7 million in MEV tips last week, surpassing Ethereum for the first time.
⚖️ The SEC insists Ripple should pay nearly $2 billion in fines for XRP sales, rejecting Ripple's $10 million counterproposal as insufficient.
🎮 Fantasy.top, a decentralized exchange for trading cards, and pump.fun, a memecoin trading platform, have ascended to the top 10 in crypto protocols based on the revenue they've generated.
👔 Donald Trump is set to dine with those who bought significant amounts of his NFTs during a break from his trial.
🌐 Injective is launching a layer 3 network within the Ethereum ecosystem using Arbitrum's technology, aiming to interconnect Ethereum, Cosmos, and Solana.
The $$$ Corner…
💸 zkSync's Sophon, a new layer 2 “hyperchain,” raised $60 million through a node sale, with participation from multiple major crypto investors such as Spartan Group and Maven 11.
💰 Arbelos Markets secured $28 million in funding to enhance its crypto derivatives liquidity services amid growing institutional interest.
💲 Peter Thiel's Founders Fund led a $13 million seed round in Lagrange, a cryptography startup focusing on zero-knowledge proofs.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 1%, trading at $61,435
ETH is down .1%, trading at $2,987
BTC dominance: 50.57%
Crypto market cap: $2.38T
*All data as of today, 08:48 am ET. Source: CoinGecko
Recommended Reads
DL News: My tour of Hong Kong’s abandoned crypto outlets revealed a city whipsawed by an erratic industry
Five perspectives on stablecoins. Evaluating the state of the academic by venture investor Nic Carter
Nicholas Hall, a bankruptcy attorney, on the plan for FTX creditors
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