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Citizen Daily Brief

Bitcoin's L2 Dreams ($)

gm Bankless Citizen, sure, Bitcoin L2s aren't technically real, but there could be a real future ahead for them.
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May 16, 2024 β€’ 3 min read
Bitcoin's L2 Dreams
Published on May 16, 2024
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Sponsor: Kraken β€” Sign up for an account and see what crypto can be.

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NEED TO KNOW
Senate Knocks SEC
  1. πŸ‘¨β€βš–οΈ Senate Votes to Repeal SEC Crypto Rule. In a 60-38 vote, the Senate moved to repeal the SEC’s policy requiring firms that custody crypto to record customer holdings on their balance sheets as liabilities
    Read more on Bankless.
  2. πŸ‘  Pump.fun Hit for $2M in Flash Loan Exploit. Solana's buzzy memecoin launcher hit with attack.
    Read more on Bankless.
  3. πŸš€ Blast's Token Airdrop Delayed. The L2's long-awaited drop will now take place June 26.
    Read more on Bankless.
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TODAY IN MARKETS
Synthetic Dollar Slump
Bankless Author: Jack Inabinet

πŸ“Š Fall from Grace. The token of synthetic dollar stablecoin issuer Ethena underwent an impressive post-launch surge, but once the initial rally petered out, ENA found itself caught in a perpetual downtrend! Why has ENA continued to plunge, and what moves is the team making to bolster adoption of its stablecoin?

Prices as of 4pm ET 24hr 7d
Crypto $2.35T β†˜ 1.3% β†— 1.7%
BTC $65,133 β†˜ 1.1% β†— 4.4%
ETH $2,941 β†˜ 2.4% β†˜ 2.5%
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ANALYSIS
The Curious Case of Bitcoin L2s
Bankless Author: Arjun Chand

Bitcoin has had an explosion in development.

It’s evolving from being laser-eyed on BTC as an asset to a more dynamic ecosystem that has different things for people to use, build, and speculate on.

Within the Bitcoin ecosystem, L2s are now the new hot thing. Everyone wants a piece of the Bitcoin L2 pie. But what’s the hype all about?

Let's dive in! πŸ‘‡


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Kraken is one of the largest and most secure crypto platforms in the world. They've been in the crypto game for over a decade, and now they're inviting us all on a journey to see what crypto can be.

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TAKE ACTION
What We're Doing

Each week, Citizens get a curated list of market opportunities that the Bankless team is watching πŸ‘‡

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.