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Citizen Daily Brief

Cosmos at a Crossroads ($)

gm Bankless Citizen, it's been a hot-and-cold summer for crypto, but the Cosmos ecosystem has been feeling particularly chilly as community members voice strong frustrations with its direction.
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Aug 12, 20243 min read
Cosmos at a Crossroads
Published on Aug 12, 2024
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Sponsor: Mantle — Mass adoption of decentralized & token-governed technologies.

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NEED TO KNOW
Optimism's Superchain Upgrade
  1. ⛓️ Optimism Developing Native Interoperability for Superchain L2s. Optimism looks to bring native interoperability to the OP Stack.
  2. 🌿 EigenLayer Rival Symbiotic Goes Live on Testnet. The hyped restaking challenger is fresh out of stealth and racing toward mainnet.
  3. 🇻🇪 Binance Facing Limited Access in Venezuela Amid Election Turmoil. Venezuela's government has been accused of blocking access to a number of web services, including Binance.
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MARKET VIBES
Wait & See

📸 Daily Market Snapshot: Wall Street managed to sidestep fear last week, but all eyes are on the next sets of numbers as traders await fresh July data. On Wednesday, new consumer price index data will be released, and on Thursday, traders will get their eyes on new retail spending data. In the meantime, BTC slid back below $60K, but traders spent Monday bidding up a wide range of assets including L2s, Alt-L1s and BRC-20 tokens.

Prices as of 5pm ET 24hr 7d
Crypto $2.09T ↗1.5% ↗9.4%
BTC $59,175 ↗0.8% ↗9.5%
ETH $2,692 ↗5.0% ↗10.9%
SUI $1.02 ↗12.7% ↗91.8%

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New Token Rating: A coordinated influencer push to check out SUI comes as the token pumps bigly! But will the pump last?
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ANALYSIS
Cosmos at a Crossroads
Bankless Author: Jun

The Cosmos ecosystem is facing some existential issues.

A chorus of developers, investors, and users are raising red flags about the ecosystem's health and the actions necessary to rectify its path forward.

Let's dissect the drama and the growing concerns of the community about the future of the ecosystem 👇


FRIEND & SPONSOR: MANTLE

Mantle kickstarts Season 1 of Methamorphosis. Building on the success of their Liquid Staking Token, mETH, Mantle LSP announces plans for a new Liquid Restaking Token, cmETH, along with a governance token, COOK. With Methamorphosis, participants can now farm Powder for future COOK tokens and position themselves early for upcoming cmETH release.

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LATEST POD
What is Robinhood Doing in Crypto?

Robinhood is one of the world’s most successful trading apps. They've already transformed retail trading in TradFi. What are they targeting next?

We brought co-founder Vlad Tenev on for a wide-ranging conversation covering tokenization, Robinhood’s Wallet and L2, payment for orderflow and MEV, the SEC Wells Notice, and much more!

Citizens also get exclusive access to a Debrief from David and Ryan unpacking the conversation. Hear all of the analysis! 👇

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.

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