TLDR Crypto 2024-04-19

JPMorgan predicts that the price of Bitcoin will decline after the halving to around $42,000. The halving, which reduces Bitcoin's supply growth, could also prompt mining companies to relocate to regions with lower energy costs.

Avi Eisenberg, a crypto trader who manipulated Solana's Mango Markets in October 2022, was convicted of commodities fraud and manipulation by a U.S. federal jury. Eisenberg manipulated the DEX using collateral pumping to borrow $110 million from Mango without repaying it. His legal team argued that his actions were completely legal by the rules of the smart contracts, but the prosecution successfully asserted that he acted with fraudulent intentions.

HyperspaceAI has announced HyperspaceZK, a fast and free browser-based zero-knowledge (ZK) proving engine for AI agents. The open-source TypeScript library aims to drive adoption of ZK technology by offering sub-20 ms proving times and no associated costs, making it suitable for social, gaming, and marketplace applications.

ByteDance's innovation arm has partnered with Sui's Mysten Labs to offer blockchain-based gaming and social applications. Though no products have been announced yet, Sui expresses optimism about using BytePlus' augmented reality technology alongside its NFT capabilities for social applications. Sui's emphasis on user experience, which includes zkLogin and sponsored transactions, should make the onboarding process easier for mass adoption.

Runes is a new protocol for fungible tokens on Bitcoin that uses a minimalistic approach with off-chain data tracking. The protocol uses an Unspent Transaction Output (UTXO) model for transactions which includes off-chain data tracking, effectively reducing network strain. Runes will launch after the halving, giving holders of pre-Rune Ordinals Rune tokens.

This flowchart explains the different entities involved in BlackRock's Ethereum-based money market fund. Securitize is used as the transfer agent to tokenize the fund, which invests in overnight repos and Treasury Bills and issues dividends. Stablecoin issuer Circle plans to implement USDC-based investments and redemptions, which are currently taking place in USD.

In a future where stablecoins and blockchain technology are ubiquitous, digital currencies have revolutionized global finance, fostering economic inclusivity and redefining value exchange. As AI, privacy-preserving technologies, and innovative regulation shape this new era, society must navigate the balance between the benefits of programmable money and the preservation of individual freedoms, while collectively striving towards a more equitable and sustainable economic future.

Uniswap, DyDx, and Lido had great technology and their mindshare caused them to establish themselves as premier DeFi protocols. Uniswap generated a memorable brand by focusing on design simplicity and user experience. dYdX listened to its customers from the beginning and was not afraid to pivot from a dApp to its own L2 and finally migrate to a sovereign chain. Lido's bias for action, exemplified by its use of permissioned validator sets to start, allowed it to ship quickly and integrate rapidly with various other protocols.

Binance has swapped its $1 billion Secure Asset Fund for Users (SAFU) into USD Coin (USDC).

Aptos Ascend is primarily geared toward financial institutions requiring compliance and security.

Maison Margiela and The Fabricant have launched the MetaTABI Collection, an NFT project that combines token-gated experiences with the iconic Tabi shoe, offering holders access to exclusive physical and digital products, as well as priority access to future Web3 projects and events.

The SEC's lack of clarity about what a security is and is not in the crypto industry has scared innovators away from releasing new protocols.