TLDR Crypto 2024-03-25

The European Parliament's major committees have approved a ban on anonymous cryptocurrency transactions through hosted wallets. This aligns with the new Anti-Money Laundering legislation, which puts restrictions on cash transactions and anonymous digital payments. The ban specifically targets custodial crypto wallets offered by third-party providers. The decision sparked controversy in the space with some arguing that this is privacy infringement and others arguing that it isn’t a big deal.

A five-day streak of withdrawals from spot Bitcoin ETFs resulted in a record $888 million outflow last week, causing sentiment to shift in the space. Notably, Grayscale's GBTC had large outflows that may have been a result of the liquidation of Genesis. Despite lower inflows than recent weeks, trading volume for these products remained high, with volumes increasing around $22 billion to reach $164 billion.

In a clever business maneuver, Friendtech has decided to make its points system 100% community-driven, going so far as to re-allocate the VC’s points (and presumably tokens) to the community. After a fast start and disappointing follow on as its points campaign dragged on with no token release, Friendtech has sparked excitement once again with its most recent decisions about points, with points values rising on Whales market to over $4/point.

Limitless, a novel protocol, is aiming to replicate Uniswap's impact on DeFi in the area of leverage trading. Leveraging Uniswap's Automated Market Maker for asset pricing, Limitless eliminates reliance on oracles for price feeds and instead provides yield-earning opportunities for liquidity providers while cutting counterparty risk. This opens up the possibility of having permissionless, perpetual market launches for all new tokens, instead of having to wait for them to be listed on a CEX, and offers liquidation-free leverage trading, potentially revolutionizing the DeFi derivatives landscape.

This thread provides a step-by-step guide for finding potential winning memecoins early using Photon on Solana. While this low-liquidity method may result in losses, it is possible to generate significant returns with memecoins. Key strategies include screening for risk profile, ignoring copycats, assessing community activity, and never fully exiting a successful coin. Success with this method depends significantly on broader market conditions.

This thread provides a summary of a talk from SevenX Ventures on the future of modularity and restaking. The talk focused on the scalability, interoperability, and new features of modularity, while also outlining the opportunities and risks associated with restaking. It also shared insights on performance analysis, proof aggregation, and ensuring secure cross-chain transactions.

Trading memecoins, digital assets based on internet culture, can be an empowering activity and serve as a showcase of the future of work. Memecoins present low barriers to entry, inclusivity, a fair playing field, and the opportunity to generate significant returns. There is a sense of community and shared purpose in memecoin communities. Engaging with memecoins can help developers optimize applications and boost financial literacy for users and traders.

This article discusses the potential future of decentralized social networking through crypto, pointing to the emergence of $DEGEN on Base. By pairing social data with a single currency across multiple platforms, $DEGEN may shift the value from platforms to participants who own, manage, and control the networks it is built upon. These dynamics could lead to a transformation in how social networking platforms operate and even the ownership of such platforms.

This piece compares Ordinals now to where ETH NFTs were in 2020 and early 2021, predicting that Ordinals will follow the same path and result in a bubble similar to the 2021-2022 NFT bubble.

The 9dcc community was rewarded with an airdrop from an unrelated project for those who owned the brand’s products, signaling a potential shift in how rewards programs work and showing the benefit of doing them on-chain.

LayerZero enabled cross-chain trading and the use of wTIA and Trestle on Arbitrum, giving users easier access to these assets.

Google now displays on-chain ENS domain holdings in search results, hinting at future utility and integration possibilities for .eth names.