Is the FDIC Trying to Stop Crypto in the U.S.?
Binance & AI | Aurora Updates | Uniswap Mobile Wallet | SVB & FCID | Arcadia Finance & Nethermind
GM Intels, this is your Daily Bolt briefing.
In today's briefing, we'll be discussing reports on the Aurora ecosystem, Binance's employment of advanced AI, and crucial macro news that is becoming more and more important to pay attention to. As the world becomes increasingly complex, staying informed on these developments is of utmost importance.
Additionally, we'll be presenting notes on Bankless' weekly roundup, complete with twitter threads to help you stay aware of the latest news and happenings from all over the ecosystem. Stay vigilant.
Over and out.
Key Discussions Happening Today
1/ Binance Talks - How AI Will AI Change the Web 3 space?
Preview: Liam, Mayur Head of product at Binance, and Arif the CEO of Alethea. AI, talk about how AI will change the web 3 space. Click here to listen to the full episode.
Length: 70 mins | OUR NOTE: 4 mins
There has been a lot of recent Hyper AI, or generative AI, which is for creating content; they've been thinking about how to generate AI in a much larger space.
Even though technology has been around for 12 years, widespread adoption is only now beginning.
Binance launched Picasso Product, a generative AI NFT, which was sold out within hours.
When AI is combined with Web3, it will be possible to prove ownership rights and the identity/ownership chain.
2/ Aurora Weekly Updates #74
Preview: In this episode, Alex Shevchenko discusses the latest updates on the Aurora ecosystem. Click here to listen to the full episode.
Length: 12 mins | OUR NOTE: 1 min
Here are some key takeaways:
Blaize released its audit report of the Rainbow Bridge.
Australis Finance launched on Aurora.
Omnia Protocol added support for the Aurora Network.
3/ Swan Bitcoin - Swan Signal Ep. 100 - Dylan LeClair and Joe Consorti
Preview: In this episode, Sam Callahan is joined by Dylan LeClair and Joe Consorti to discuss issues with liquidity, Silvergate, bailouts, zombie companies, interest rates and more. Click here to listen to the full episode.
Length: 63 mins | OUR NOTE: 6 mins
Here are some key takeaways:
The Fed and the treasury came out and announced that all deposits in Silicon Valley Bank, even uninsured deposits over $250K of FDIC, are going to be made whole.
The $250K threshold of FDIC is essentially becoming a quasi-affinity threshold for upper tier banks.
There will be more banking contagion and one or two small regional banks that will collapse.
4/ Uniswap Twitter Space - Designing the Uniswap Mobile Wallet
Preview: In this Twitter space, Kenzee is joined by maggie and chelsy to discuss design philosophy, features, security, accessibility and more. Click here to listen to the full episode.
Length: 34 mins | OUR NOTE: 2 min
Here are some key takeaways:
The search bar will allow users to easily start exploring tokens and other features of the wallet.
Uniswap offers iCloud back-up for seed phrases that have a password.
They have a transaction signing sheet that allows users to see what kind of permission they are giving to dApps and more.
5/ Arcadia Finance Twitter Spaces with Nethermind, 16th March, 23
Preview: In this Arcadia Finance Twitter Spaces, Jasper from Arcadia Finance and Mauricio from Nethermind join to discuss Arcadia Finance, Nethermind’s Audit of Arcadia Finance, and more! Click here to listen to the full episode.
Length: 41 mins | OUR NOTE: 3 min
Here are some key takeaways:
Arcadia Finance is a protocol focused on composable on-chain margin accounts in the DeFi space, managing counterparty risks.
The protocol's first use case is leverage trading on existing DEXs, and it aims to eventually support various financial products backed by collateral.
Security precautions include learning from past experiences, aiming for a permissionless system, considering flash loan attacks, and implementing a comprehensive test suite.
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Note of the Day
Bankless Weekly Roll-ups - 3rd Week of March
What are this week’s updates and news highlights?
In this episode, Ryan Adams and David Hoffman talk about Arbitrum, U.S. banking system, Gary Gensler, $USDC, CBDC and more.
Read our notes below to learn more.
Markets
Bitcoin started the week at $21,650 and ended the week at $24,765 at the time of recording.
Ethereum started the week at $1,530 and ended the week at $1,660 at the time of recording.
$ETH is 0.067 of $BTC.
CZ announced that Binance is going to denominate the stablecoin insurance fund to $BTC, $ETH and $BNB.
Total global cryptocurrency market cap is at $1.13T.
U.S. CPI YoY is 6% as expected.
3M $ETH burned since EIP-1559.
$ETH’s current inflation rate is at -0.109% per year.
Uniswap has the highest USD volume ever which was $11.84B during the $USDC depegging event.
Arbitrum has finally announced its long-awaited token and airdrop.
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Regulations and Banking System
Tom Emmer sent a letter to FDIC Chairman Gruenberg regarding reports that the FDIC is weaponizing recent instability in the banking sector to purge legal crypto activity from the U.S.
Venture funding hits 9 year low.
Jeremy Allaire announced that 100% of their deposits in SVB are secure.
Credit Suisse shares soared after the central bank offered a lifeline.
The Feds have now taken out crypto’s three largest banking partners, served a Wells Notice to one of its top stablecoin issuers, attempted to squash thousands of tokens, de facto ban crypto VC through an egregious custody rule, and hunted down its top global exchange.
The Federal Reserve announced FedNow will launch in July.
NYAG Letitia James continued her efforts to crack down on unregistered cryptocurrency platforms by filing a lawsuit to KuCoin for failing to register as a securities and commodities broker-dealer.
Gary Gensler suggested that proof of stake tokens are securities.
Crypto News and Updates
The schedule for Ethereum’s Shanghai hard fork was announced.
Euler Finance got hacked.
Aztec Network addressed the sunsetting of their Aztec Connect product and provided details on what’s next for them.
Starbucks sold 2,000 NFTs in 20 minutes and coffees are not included.
Epic Games announced they have close to 20 crypto games in the store pipeline.
Instagram announced they are winding down their focus on digital collectibles or NFTs.
Fidelity Crypto quietly went live, giving millions of retail customers access to $BTC, $ETH and others.
Soul Wallet aims to bring self-hosted crypto wallets to the next billion users.
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