TLDR Crypto 2024-06-10

Binance has self-reported reaching over 200 million global users with over $100 billion in user assets under custody. 30 million users joined in 2024, and the largest exchange by volume is on track to reach 300 million by 2026. With an estimated 560 million global crypto consumers, Binance accounts for 36% of the total user base.

Arthur Hayes, co-founder of BitMEX, suggested that the crypto bull market is coming back because of recent interest rate cuts by the Bank of Canada and the European Central Bank, potentially marking the start of a global easing cycle. He speculated about further rate cuts by other central banks, and took a cautious stance on the U.S. Fed's actions given the proximity to the presidential election. Hayes ultimately concluded by encouraging investments in bitcoin and other crypto in light of these developments.

Hivemapper, a crypto-based mapping initiative, uses dash cams installed in cars (around the world) to gather real-time mapping data, presenting an alternative to traditional, often outdated, and costly mapping methods used by companies like Google. This approach democratizes data collection, leading to updated and more economically efficient mapping.

ZK proving is critical for scaling Ethereum and realizing the vision of verifiable computing for a wide range of applications. Much like how improvements in prior IT systems have exponentially increased mass adoption of computers, reducing proving costs could bring ZK to AI, IoT, and the rest of the internet. Efficiency improvements require leveraging parallel processing, application-specific hardware, and acceleration systems with direct memory access.

Coinbase has introduced a new Smart Wallet, offering a self-custodial solution that uses biometrics and a passkey system to secure transactions via a user-specific smart contract. This innovative approach ensures that users retain sole ownership of their wallet, with multiple layers of recovery provided by iCloud Keychain and Google Password Manager, minimizing reliance on intermediaries and enhancing user control and security in managing their digital assets.

Gas fees on blockchains compensate validators for their computational work and help prevent DDoS attacks. Fees vary based on blockchain activity, transaction complexity, and a user's willingness to pay. Ethereum's fees are higher due to its focus on decentralization and comparatively lower computational demands, leading to network congestion. In contrast, Solana's more powerful network (more centralized) allows for faster processing and lower fees. Gas fees are not retained by Ethereum's creators (e.g., Vitalik Buterin), they are used for validator rewards and partially burned, supporting the token's value.

The most common pitfalls in crypto product development include misidentifying user needs, incorrectly defining target market segments, delegating crucial functions like marketing to less experienced staff, haphazardly adapting Web2 ideas into Web3 without genuine innovation, overemphasizing the blockchain choice due to its existing user base, and blindly following industry trends without original thought. Each of these errors stems from a fundamental misunderstanding of the market and the unique capabilities offered by crypto.

The situation involving Synapse (banking service provider), Evolve (banking partner), and numerous fintech startups highlights a significant problem in tracking and verifying the location of customer deposits. These issues could be solved by bringing funds onchain. Blockchain tech is a transparent and immutable ledger and could thus resolve uncertainties about the flow of funds and improve overall financial transparency and trust.

The Arbitrum Foundation has been approved to distribute 225 million ARB, worth $215 million, to the Gaming Catalyst Program.

The number of mobile crypto wallet users has reached an all-time high of 28 million.

Friendtech has announced its plans to transition from the Base network to its new Friendchain network, developed in partnership with Conduit.

Since launching $notcoin (market cap of ~2.2.B after five months) on Telegram onchain activity has significantly increased, with over 35 million users participating in the TON ecosystem.