Your Daily Insight Into Crypto (06/03/23)
ZK ecosystem for privacy protection | Ordinals and the use cases of Stacks on Bitcoin | Grayscale’s lawsuit with the SEC | zkSync 2.0’s name change | Creature World art NFT
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Key Discussions Happening Today
1/ CryptoCoinShow - Toposware, Privacy Protection and Zero-Knowledge
Preview: Theo Gauthier, Founder & CEO of Toposware discusses the ZK ecosystem for privacy protection and the 2023 roadmap. Click here to listen to the full episode.
Length: 17 mins | OUR NOTE: 2 mins
Here are some key takeaways:
Toposware is the first ZK (zero-knowledge) ecosystem built for interoperability and privacy.
Builders and developers can deploy their own blockchains called subnets, which reduces risks associated with security, high fees, and compute limitations.
Toposware provides privacy and security to an infrastructure that desperately needs it on its way to mainstream adoption.
2/ Blockcrunch Ep 231 - Co-Creator of Stacks Explains BTC Ordinals
Preview: Bitcoin Stacks Co-Creator Muneeb Ali discusses the new phenomenon in the space called Ordinals and the use cases of Stacks on Bitcoin. Click here to listen to the full episode.
Length: 59 mins | OUR NOTE: 4 mins
Here are some key takeaways:
Ali and his team's thesis is that Bitcoin L1 has a lot of interesting properties like decentralization, durability, and simple systems.
The stacks project started in 2017 when there was a collective realization in the Bitcoin community and in the journal industry that Bitcoin L1s are not going to scale.
Ali’s theory is that most of the valuable NFTs will find their way and integrate on Ordinals.
3/ What Bitcoin Did Ep. 623 - The SEC & Genesis with Grayscale CEO
Preview: Read about Grayscale’s lawsuit with the SEC, Genesis’s lending practices and bankruptcy, $GBTC, and more! Click here to listen to the full episode.
Length: 67 mins | OUR NOTE: 5 mins
Here are some key takeaways:
Grayscale is suing the SEC for violating the Administrative Procedures Act because they approved the Bitcoin futures ETF and not the conversion of $GBTC or any other spot Bitcoin ETFs.
Grayscale's lawsuit has implications beyond just $GBTC investors and could potentially inform regulatory posturing towards Bitcoin in the short to medium term.
Barry Silbert is not an operator in Grayscale, and there is no communication between the CEOs of Grayscale and Genesis regarding such arrangements.
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4/ zkSync Twitter Space - zkSync Era
Preview: Anthony Rose, Ramon, and Alex G. discuss zkSync 2.0’s name change to zkSync Era, and more! Click here to listen to the full episode.
Length: 29 mins | OUR NOTE: 2 mins
Here are some key takeaways:
zkSync 2.0 is now zkSync Era and zkSync 1.0 is now zkSync Lite.
zkSync Era is now open source, fulfilling a previous commitment.
Developers can bridge value into the system, deploy their applications, and run test transactions during this stage.
5/ Opensea Twitter Space - Introduction of Creature World, Accessibility in Art
Preview: The Creature World NFT team joins to discuss Creature World, the introduction and background of the Crowd art piece. Click here to listen to the full episode.
Length: 77 mins | OUR NOTE: 3 mins
Here are some key takeaways:
Creature World is an art project created by artist Danny Cole.
The project involves creating a dream universe where unique creatures exist in a cohesive world.
The accessibility of art is linked to its ability to create a sense of community and foster connections between people.
On the Revelo Intel platform, we’ve summarized these 5 episodes and in total, would have saved you: 4 hours and 9 minutes!
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Note of the Day
Here’s one of the Notes we released today (in text and audio):
blocmates - Bitcoin DeFi, LSDs and Optimism Superchain
In this episode, Grant, Dan and jedi from blocmates team discuss Bitcoin DeFi, LSD narrative, Optimism superchain thesis, Hermes V2 and Tapioca DAO.
Check our notes below to learn more.
Bitcoin DeFi and projects building on Stacks STX
Bitcoin is not just a store of value or an inflation hedge, it is actual technology that can be used for DeFi applications.
There are some technical challenges to building BTC-Fi, such as the lack of smart contract functionality on the Bitcoin blockchain.
Using a sidechain like Stacks could be a solution, as it allows developers to build smart contracts and other applications on top of the Bitcoin blockchain.
Bitcoin DeFi projects are already gaining traction, such as Badger DAO.
There is a lot of interest among developers in building Bitcoin DeFi applications, as evidenced by the number of developers working on NFTs and other projects on the Stacks blockchain.
BTC-Fi could lead to greater adoption of Bitcoin and could even drive the next bull run.
The narrative around Bitcoin has flipped from hard money to store of value to permissionless peer-to-peer cash every cycle.
The hosts noted that some Bitcoin maximalists might be resistant to the idea of BTC-Fi, as they view Bitcoin primarily as a store of value and not a platform for other applications.
LSD narrative and using Geth on Coinbase's testnet
The LSD narrative was briefly discussed, with the speakers noting that the narrative seems to be gaining traction in the DeFi space.
The speakers also mentioned that the Geth, which is used to interact with the Ethereum network, is now being used on Coinbase's testnet.
The use of Geth on Coinbase's testnet is expected to be of interest to developers who want to deploy contracts and test out their projects.
It is noted that there are a lot of developers working on NFT projects, and the use of Geth on Coinbase's testnet could be of particular interest to them.
The Ethereum bull run is expected to continue this month, and that it will be interesting to see how Coinbase's use of Geth on its testnet will impact this.
Also brought to you by Revelo Intel: DeFi Sparks, a show where Nick Drakon interviews guests and talks about DeFi topics he finds fascinating.
Watch the latest episode: Passive Investing and ETFs in Crypto with Vasily Nikonov from Velvet Capital
Optimism Superchain thesis
Optimism's super chain thesis refers to the idea that Optimism could become the primary scaling solution for Ethereum.
Optimism has been somewhat slow to grow and hasn't fully taken advantage of the opportunity it had during the bear market, when it could have grown its ecosystem.
There are a lot of moving parts in the Ethereum ecosystem, and it would be difficult for other projects to copy what Optimism is doing.
Optimism is working on its own stablecoin, which they found interesting but acknowledged that some people are wary of stablecoins.
The speakers noted that some people have been talking about how Cosmos could potentially use the Optimism stack or the StarkWare stack, which could make it look like the super chain thesis is playing out on Ethereum.
The hosts also talked about the L2 narrative of roll-ups as a service, and how roll-ups could potentially be sold to other projects as a way to scale their platforms.
There's an opportunity for Optimism to grow its ecosystem, particularly during a bear market when the community is more engaged
Hermes V2 and incentivized liquidity pools
Hermes V2 is a layer on top of Uniswap that allows projects to incentivize liquidity providers to deposit liquidity into their pools for a specific time period.
With Hermes V2, projects can bribe Hermes lockers to deposit liquidity in their pools, and the platform will automatically manage it for them.
It is also mentioned that this will help stablecoin projects because they can actively pay the cartel to direct emissions toward their pool.
The hosts predicted that Hermes and Timeless will likely do well off the back of this innovation.
There are other projects in the space, like Popsicle, that may do something similar.
About Tapiaco DAO
Tapiaco DAO is a new DeFi project that has the ability to lend, borrow, and mint across multiple ecosystems.
The project has already garnered significant interest, with over 3,000 transactions in just two hours.
The project is on three to four ecosystems that allow for cross-chain transfer.
Tapiaco DAO has too many moving parts to be easily copied.
The project has a long-term horizon, with a five to ten-year plan.
The team has set up a fair launch with seed participants that are locked and not able to dump on investors.
The project has an LBP-style launch where USDC is added to the liquidity pool over 72 hours, slowly bringing the price down.
The auto (or All TAP) is an NFT that gives the option to buy TAP at a discount.
The team plans to create their own stablecoin in a CDP, similar to DAI and MIM.
The stablecoin is collateralized, with backing assets to ensure stability.
The team plans to allow users to vote on how long to lock their TAP to earn maximum yield, with the average weight of everyone's time locking determining the time needed to get maximum yield.
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