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In today’s edition, we’re keeping you up to date on two top topics in crypto today:
LayerZero Labs team member Irene Wu explains how the interoperability platform connects blockchains, and how Arbitrum can help.
Emily Meyers of Electric Capital explains the nuance of the current situation with the SEC, and what to expect going forward.
Over and out.⬇️
TODAY'S EDITION IS BROUGHT TO YOU BY ARBITRUM JANIS DEX
Janis is a community-owned decentralized exchange on Arbitrum One.
WETH ownership dividends will be distributed through single-deposit Revenue Sharing pools!
The majority of the funds earned by the DEX through trading fees, B2B services, and launchpads will be distributed this way.
Community Fairlaunch running June 9-12, Protocol beginning June 13
Only at: https://janis.capital
1/ Arbitrum x LayerZero Labs - Cross-Chain Comms, Gaming, and more!
Preview: In this Arbitrum Twitter Spaces, Elias from Arbitrum hosted A.J. Warner from Offchain Labs and Irene from LayerZero Labs to discuss LayerZero, Enabling Cross-Chain Communication, Gaming Integration, and more! Click here to listen to the full episode (36 mins).
Read our Note (7 mins) and save 29 mins.
Here are some key takeaways:
LayerZero Labs is the team behind LayerZero, an omnichain interoperability protocol, that enables the realization of cross-chain applications with a low-level communication primitive.
Irene explains that LayerZero is an omnichain interoperability protocol enabling seamless communication between smart contracts on different chains. She provides examples of use cases, including cross-chain strategies for DeFi, games with actions triggering on different chains, and most notably their omnichain NFT (ONFT) and omnichain fungible token (OFT) standards, enabling tokens to move between chains. She mentions the focus on security and developer experience in LayerZero's architecture.
Irene clarifies that cross-chain messaging refers to information being passed between different blockchains. She compares it to the early Internet days (which required the invention of TCP/IP) when information was sent between siloed servers. She explains that LayerZero is the equivalent of the underlying internet protocol for blockchains, enabling trust-minimized and decentralized information exchange between different blockchains, such as Ethereum and Solana.
A.J. adds that LayerZero can help developers take advantage of the best features of both Arbitrum Nova and Arbitrum One, highlighting the importance of interoperability among different blockchain architectures.
Irene talks about focusing on products that improve the cross-chain developer experience. For instance, their Testnet bridge and Stargate have seen significant usage. They're planning to further scale Stargate and make future announcements related to it.
A.J. talks about working on an upgraded challenge protocol mechanism and a new technology stack, Arbitrum Stylus, which will support both Solidity and Rust programming languages. He mentions that Stylus, once available, will be accessible in both the rollup environments and antitrust technology stacks.
2/ Unchained Podcast- This Is Not the End of Crypto in the United States
Preview: In this episode of the Unchained Podcast, host Laura Shin is joined by Emily Meyers to discuss the SEC lawsuits against Binance and Coinbase and more! Click here to listen to the full episode (45 mins).
Read our Note (7 mins) and save 38 mins.
Here are some key takeaways:
Emily Meyers mentions that these cases won't be the end of crypto in the US. They will take a long time to play out in court, and meanwhile, there is also legislative activity concerning crypto regulation.
According to Meyers, SEC alleges both Binance and Coinbase were operating unregistered securities exchanges and offering unregistered securities in their various staking offerings. However, there are additional allegations against Binance, including fraud, co-mingling of customer assets, and manipulative trade practices, not present in the Coinbase action.
Emily Meyers says that it's not illegal for US users to voluntarily use platforms under other jurisdictions, but Binance may have broken the law by misrepresenting how they were geofencing US customers and allegedly trying to help them evade these geofences.
Laura Shin mentions that in 2019, Gary Gensler offered to become an informal advisor to Binance. She asks if Gensler should recuse himself from any SEC involvement given this previous affiliation, considering the SEC's current inquiry into Binance.
Emily Meyers agrees that this issue is significant. She points out that Gensler's public stance, considering almost all crypto assets as securities, might be a valid reason for his recusal. She also mentions the ethical implications of Gensler's 2019 interactions with Binance and the need for the SEC to address this matter.
Emily Meyers explains that Coinbase's public listing coincided with a change in SEC leadership. Gary Gensler was appointed to the SEC on the same day Coinbase went public, so there's a chance different regimes evaluated their initial disclosures and later brought enforcement action.
If you read these 2 Notes on Revelo Intel you would have saved: 1 hour and 7 minutes!
TODAY'S EDITION IS BROUGHT TO YOU BY ARBITRUM JANIS DEX
Janis is a community-owned decentralized exchange on Arbitrum One.
WETH ownership dividends will be distributed through single-deposit Revenue Sharing pools!
The majority of the funds earned by the DEX through trading fees, B2B services, and launchpads will be distributed this way.
Community Fairlaunch running June 9-12, Protocol beginning June 13
Only at: https://janis.capital