L2 Warning Shots
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- 🗳️ Election Betting Contracts Are Legal as Kalshi Wins CFTC Court Battle. The federal judge denied the CFTC's appeal.
- 🤑 Bitwise Files for Spot XRP ETF Amid Ripple Court Tension. The filing comes as the SEC announces its appeal in the Ripple case.
- 🐙 Kraken Delists Monero in Europe Over Regulatory Pressure. XMR trading and deposits will halt at the end of the month.
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📸 Daily Market Snapshot: Another middling day for crypto prices took ETH prices down 8% on the week. Not everything is flailing, though, as memecoins pump. and FTX's FTT token is up a whopping 46% as degen traders bet on a moonshot reorganization plan-led resurgence.
| Prices as of 6pm ET | 24hr | 7d |
|
Crypto $2.11T | ↘ 1.1% | ↘ 5.4% |
|
BTC $60,876 | ↘ 0.4% | ↘ 4.2% |
|
ETH $2,381 | ↘ 3.6% | ↘ 7.8% |
|
W $0.339 | ↗ 8.1% | ↗ 31.7% |
Blockchain tribalism often makes us deaf to our critics. We ignore them at our peril.
Despite making me squirm at points, I listened carefully to Ethereum researcher Max Resnick’s much-discussed Bankless interview in which he lambasted Ethereum Layer 2s (L2s) as “parasitic.” Resnick's argument is that L2s are becoming a cozy cottage industry that sucks value away from Ethereum, the Layer 1 blockchain.
Here's where he's wrong 👇
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- 🔄 Restaking + Regen - Kevin Owocki
- 🪙 Why We Need to Fix DeFi - Arrakis Finance
- 💎 Making Ethereum Alignment Legible - Vitalik
- 💸 Why Retroactive Public Goods Funding - Chris Carella
- 💼 Starting My First Onchain SMB in 5 Minutes - YB
- 🔮 The Next 10 Years of Smart Contract Blockchains - Jesse Walden
- ✍️ Results of the Pluralistic Future of L2s Writing Contest - Kiwi
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.
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