How Can Coinbase Combat Hostility Towards American Crypto?
Justin Drake on Market | Arcadia Finance | Aurora Updates | Algorand Gaming SDK | Avalanche Updates
GM Intels, this is your Daily Bolt briefing.
Today's research comprises the most up-to-date intel from Avalanche, Algorand, and Aurora.
Additionally, we'll be providing our briefing on Coinbase's recent Twitter space, featuring CEO Brian Armstrong. Armstrong delves into Coinbase's strategic plan to combat antagonism towards crypto, and sheds light on the prospective landscape of American crypto and DeFi.
Over and out.
Key Discussions Happening Today
1/ VanEck - with Ethereum Foundation’s Justin Drake
Preview: In this Twitter space, Pranav Kanade is joined by Justin Drake to discuss Bitcoin, recent events, Ethereum Foundation, Shanghai upgrade and more. Click here to listen to the full episode.
Length: 71 mins | OUR NOTE: 3 mins
There’s no $BTC bridge from the Bitcoin main chain to the roll-ups.
Do Kwon being arrested and Justin Sun being scrutinized is good.
If the SEC deemed $ETH as a security, they could fine Ethereum Foundation or they could try to attack it through CEXs which will promote more decentralization.
The NYAG’s (New York Attorney General) statements declaring $ETH as both commodity and security is contradicting.
2/ DegenScore Discord AMA - with Arcadia Finance
Preview: In this DegenScore Discord AMA, Adam from Degenscore is joined by the team of Arcadia Finance to discuss what they are building at Arcadia, Arcadia's roadmap, and more. Click here to listen to the full episode.
Length: 90 mins | OUR NOTE: 3 min
Here are some key takeaways:
Arcadia utilizes Arcadia margin accounts, which are smart contract wallets that manage assets and liabilities, and the user is considered safe as long as their asset value exceeds their liabilities value to avoid liquidation.
Arcadia was built to give non-technical users the same advantages as MEV searchers in a familiar UX.
Arcadia has partnered with 1inch to offer better rates on certain pairs than centralized exchanges.
3/ Aurora Weekly Updates #75
Preview: In this episode, Alex Shevchenko discusses the latest updates on the Aurora ecosystem. Click here to listen to the full episode.
Length: 16 mins | OUR NOTE: 1 mins
Here are some key takeaways:
Aurora.Plus released a new "Favorites" feature.
Celer Network released the Brevis ZK, a Zero-Knowledge omnichain data attestation platform, enabling dApps and smart contracts to access, compute, and utilize arbitrary data across multiple blockchains in a completely trust-free way.
Unmarshal launched on Aurora, which is a comprehensive platform for managing and developing blockchain applications with ease.
4/ Algorand - Algorand Gaming Ecosystem All Hands - Mar. 24, 23
Preview: In this Twitter space, Algorand Foundation meets with community and projects to discuss the developments in Algorand, web3 gaming, new projects and Algorand’s Unity SDKs. Click here to listen to the full episode.
Length: 107 mins | OUR NOTE: 3 min
Here are some key takeaways:
There are a lot of infrastructure and service offerings for game developers in the blockchain space.
Algorand’s reliability and speed, noting that it has been up and running for over 1,300 days without any major issues.
Algorand's Unity SDK is a software development kit that allows game developers to build decentralized games on the Algorand blockchain.
5/ Avalanche - In The Lab: Weekly Open Forum with Ava Labs - Mar. 23, 23
Preview: In this Twitter space, Avalanche team gathers to discuss the latest events in the ecosystem including DeFi launches on Avalanche, NFT space and developer community updates. Click here to listen to the full episode.
Length: 23 mins | OUR NOTE: 3 min
Here are some key takeaways:
The Cortina update includes building virtual machines from scratch, building your own runtime, and other unique primitives that haven't been done in the space up to this point.
There was a brief slowdown in the performance around the validators due to the Avalanche Go update.
Avalanche is putting together a post-mortem report to explain what happened in more detail.16
On the Revelo Intel platform, we’ve summarized these 5 episodes and in total, would have saved you: 4 hours and 54 minutes!
To get access, you just have to sign up for a FREE plan.
Note of the Day
Coinbase Twitter Spaces - Crypto Needs Rules Not Threats
In this Coinbase Twitter Spaces, Brian Armstrong (CEO at Coinbase), paulgrewal.eth (Chief Legal Officer at Coinbase), Faryar Shirzad (Chief Policy Officer at Coinbase), Kara Calvert, and Chris Lehane talk about the recent SEC decision to enforce rules that don’t exist, and more.
Read our notes to learn more.
Coinbase and the SEC
Coinbase received a Wells notice from regulators, a notice that usually precedes an enforcement action.
Coinbase has proactively engaged with regulators and acquired licenses globally, including a CFTC license and a BitLicense in the US.
Despite multiple efforts, Coinbase has struggled to establish clear regulatory guidelines with the SEC.
Coinbase filed a formal petition with the SEC seeking clearer regulatory guidelines and acquired a dormant broker-dealer license.
Crypto Industry in the US
The crypto industry is growing rapidly, with 50 million Americans holding crypto, potentially influencing voting decisions.
The US is falling behind in the crypto industry compared to countries like the UK, Brazil, and Singapore.
The SEC's actions have been likened to a referee changing a game after it's over, raising questions of fairness and consistency in regulation.
The crypto community has the power to make a difference by supporting pro-crypto legislation, engaging with elected officials, and promoting the growth of the industry in the US.
Coinbase's Compliance and Confidence
Coinbase will continue to operate as usual despite the Wells notice, as they are confident in their compliance process.
The company has shared their process with the SEC multiple times and has ultimately been allowed to become public.
Coinbase is frustrated with the lack of clarity from the SEC regarding which tokens or products might be the subject of their case against the company.
Coinbase is confident in their ability to defend their claims in court, not just for themselves but for the entire crypto industry.
📚 Research Using Revelo | 🐦Follow Twitter | 🎥 Subscribe to YouTube
Policy and Legislation
Policy by enforcement is the worst way to develop a policy on transformational technology and innovations.
Political branches need to engage in a public process to develop legislation that everyone participates in.
The enforcement action comes at a time when there's a broad consensus that legislative action is needed for integrating new technology into the economy and society.
Crypto 435 is an effort that aims to involve thousands of people in organizing support for crypto policies across all 435 congressional districts.
Election Impact and Crypto Advocacy
Recent elections show a split in the democratic electoral process, with close races between Republicans and Democrats.
20% of Americans own crypto, which means 50 million potential voters who care about crypto-related policies.
Crypto advocates exist in every district across the country, shaping the electoral process in upcoming elections.
Crypto 435 aims to provide tools for people to engage with elected officials and understand their positions on crypto.
Message to the Crypto Community
Recognize the importance of data in understanding the American public and consumer attitudes towards crypto.
Emphasize the need for change in the financial system, with a majority of surveyed Americans agreeing that major changes are needed.
Highlight the rapid growth of crypto ownership, with 20% of Americans now owning cryptocurrency.
Encourage the crypto community to actively participate in advocating for crypto innovation by sharing their stories and engaging with policymakers.
Check Out these Important Links
To get access to Notes like this, join for free today.
Thanks for reading The Daily Bolt by Revelo Intel! Subscribe for free to receive new posts and support my work.