How Will ETH Shanghai Affect DeFi?
Stader ETHx | Aurora Updates | Chainlink Tokenization
GM Intels, this is your Daily Bolt briefing.
Today’s research includes the latest updates from Aurora, Stader Labs, and how Chainlink Co-Founder Sergey Nazarov thinks blockchain can change the financial system as we know it.
At Revelo, we've recently reached a significant milestone - over 1,000 notes published. Our team has also managed to keep 26 breakdowns live and available for our members to access. As for free members, we've made 3 full breakdown reports available to them.
We are constantly keeping track of project updates, airdrops, announcements, regulatory news, and any other relevant information, to help you understand what’s going on in crypto, in less time. But don’t take our word for it:
Over and out.
Key Discussions Happening Today
1/ Aurora Weekly Updates #76
Preview: In this episode, Arianna discusses the latest updates in the Aurora ecosystem. Click here to listen to the full episode.
Length: 14 mins | OUR NOTE: 1 mins
The Aurora Developer portal went live.
Aurora partners with Arctic to enhance liquidity management and capital efficiency.
Aurora posted a thread about the core components of Aurora’s cybersecurity strategy with a focus on the Rainbow Bridge.
2/ Stader Labs - Twitter Spaces AMA with DaoChemist on 29th March, 23
Preview: In this DaoChemist Twitter Spaces, DaoChemist is joined by Amit and Anoothi from the Stader team to discuss Stader’s $ETHx, how they are reducing minimum $ETH staking requirements, and more! Click here to listen to the full episode.
Length: 77 mins | OUR NOTE: 4 min
Here are some key takeaways:
Stader is a decentralized and non-custodial solution for staking derivatives, which allows users to stake their Ethereum and receive a representative token, giving them flexibility to exit the stake whenever they want.
Stader Labs is different from other staking derivative providers, such as Coinbase, Binance, Lido, and Rocket Pool, in that it is completely decentralized and non-custodial, with a modular dual architecture.
Stader is a hybrid of Lido and Rocket Pool, consisting of both a permissionless and permissioned pool.
Node operators need a minimum of 4 $ETH, with the potential to run up to eight nodes, and technical requirements to start a validator or node with $ETHx.
DVT is a shared validator infrastructure that shares the duties of a validator across multiple nodes, increasing fault tolerance and decentralization.
The advantages of DVT include potentially lower slashing and bonding requirements for validators.
3/ Chainlink - Tokenized Finance Is Inevitable with Sergey Nazarov
Preview: In this interview at the Barclays Crypto & Blockchain Summit, Chainlink Co-Founder Sergey Nazarov joined Barclays Senior Research Analyst Ramsey El-Assal to discuss the benefits of blockchain technology for financial institutions, the importance of Chainlink Proof of Reserve, and more. Click here to listen to the full episode.
Length: 33 mins | OUR NOTE: 3 mins
Here are some key takeaways:
There are three ways that Capital Markets folks traditionally view smart contracts and blockchains: One is the way that usually moves the slowest is the efficiency mode, the second mode takes the form of custody, and the third mode is the fast case for blockchain adoption.
Sergey thinks that people can restore faith through encryption technologies like blockchains, oracles, and smart contracts.
For Sergey, Tokenization is attractive because people have user-controlled ownership and privately controlled ownership.
Banks are now tokenizing bonds, commodities, and sometimes student equities and various other things.
Sergey thinks that FTX was a traditional financial institution that just didn't exist for a very long time and apparently wasn't well-run enough to continue to exist.
Proof of reserve has now become the new minimum for how Financial products and systems prove themselves.
Proof of reserve is now getting applied through Chainlink and different systems including stablecoins, gold coins, and real-world asset coins.
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Note of the Day
blocmates - Market Trends, Crackdowns and Shanghai Upgrade
In this discussion, Grant, Jedi and Dan from blocmates sat down to discuss the current happenings in the crypto space. They discussed Bitcoin, CZ and Binance vs CFTC, and how the Shanghai Upgrade effects the markets.
Read or listen to our notes below to learn more.
Is it the end of the Bear Market?
The market is still uncertain and confusing, with aggressive moves coming from both long and short positions, and sudden spot buys wiping out these positions.
Despite this, they observe that there is a lot of euphoria and bullish sentiment on social media.
Even traditionally strong companies have learned from crypto that fundamentals do not necessarily translate to market success.
The current market is just a market, without any clear bull or bear tendencies.
There is no such deliberate price action in almost a year.
They emphasize the importance of watching the tape, which shows all the spot and perpetual trading happening at once, and observing big buys and sells.
Regulations in the US
The team believes that The recent actions taken by the SEC and CFTC, particularly the SEC's lawsuit against Ripple and the CFTC's proposed regulation of stablecoins might result from the desire to control cryptocurrency or simply an attempt to regulate it for consumer protection.
While some argues that regulations will stifle innovation and drive it offshore, while others believe that regulation is necessary for the industry to mature and gain broader acceptance.
Traditional banking institutions possibly pushing back against the rise of cryptocurrency as a new player in the financial landscape.
Some government officials may be influenced by these traditional institutions and their desire to maintain their dominance in the financial world.
Legal Actions Against Crypto
The legal action taken by the Federal Banking Regulators, including the FDIC, against US crypto firms resulted in denying bank services to these firms.
This action is referred to as "Operation Choke Point 2.0", and a law firm called Cooper and Kirk has written a well-researched and well-sourced paper criticizing the illegal and unconstitutional actions of these government agencies.
The lawsuit against Binance may be a "nothing burger," as it is difficult to prosecute a company with multiple jurisdictions and a CEO who lives in a country that may not have any extradition treaties with the US.
The legal action may be motivated by a desire for control over the cryptocurrency market, rather than any real wrongdoing on Binance's part.
Shanghai Update
Shanghai update will allow people to redeem their cryptocurrency for Ethereum at a 1:1 ratio.
This could impact liquidity incentives for protocols like Curve and Balancer, which have been paying out a lot of emissions to incentivize liquidity.
There is some FUD (fear, uncertainty, and doubt) circulating about the launch, with some people predicting that it will cause a large dump in the price of Ethereum.
The actual launch process will involve a gradual release of funds, so it is unlikely that everyone will suddenly start selling at once.
The largest staking provider, Lido, will not be ready for unstaking until mid-May, which will further limit the number of people who can withdraw their staked funds.
The majority of stakers are currently underwater in terms of profitability, with only a small percentage of stakers being in profit. They note that this is likely due to many people staking at the peak of the market, and that the number of stakers is still increasing despite the current market conditions.
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General Market News
Bitcoin is about to revisit a critical point of resistance and may break it, leading to an interesting weekend.
If Bitcoin consolidates around $30,000, it could be a very interesting time for altcoins.
Popsicle Finance has gone up over 100% in the last couple of months.
There is a correlation between RBE and AB, and science change may smash the bears in the face.
Unstoppable is having a Dutch style auction for their community-owned project, and they have launched a sector that's gaining momentum.
Butterfly, Lit, and Gelato Network are good projects to watch at the moment.
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