L2 Warning Shots ($)

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1. 🗳️ Election Betting Contracts Are Legal as Kalshi Wins CFTC Court Battle. The federal judge denied the CFTC's appeal.
2. 🤑 Bitwise Files for Spot XRP ETF Amid Ripple Court Tension. The filing comes as the SEC announces its appeal in the Ripple case.
3. 🐙 Kraken Delists Monero in Europe Over Regulatory Pressure. XMR trading and deposits will halt at the end of the month.

📸 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.

	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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What We're Reading

• 🔄 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