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Token Daily Newsletter #15


TWEET OF THE DAY


"The only way to end climate change is to find its old tweets." 

- Admittedly, this tweet has little to do with crypto but it was too good not to share. 

 
  

IN BITCOIN


⚡️ Zap's Olympus

Jack Mallers, founder of Zap, announced Olympus: an on-ramp that enables new users to swipe their debit card for Bitcoin which is then delivered directly onto LN, enabling users to make instantaneous micropayments within seconds of their Bitcoin purchase. If you've ever tried to send a payment using Lightning, you'll appreciate how much Olympus simplifies the process. Mallers has promised more Lightning products in the future, so stay tuned.


⚡️ Useful Tulips

Matt Ahlborg, a data scientist working on measuring real adoption of Bitcoin, launched an interesting website called UsefulTulips.org; a website dedicated to studying utility use of cryptocurrencies in the developing world.


      

IN ETHEREUM

🔹 Arwen Starts Ethereum-Bitcoin Layer-2 Atomic-Swaps

We're big fans of Arwen's technology that allows non-custodial trades on centralized exchange order books. The product now supports Ethereum atomic swaps to Bitcoin, Bitcoin Cash, and Litecoin. Arwen's goal is to eliminate counterparty risk, e.g., centralized exchange hacks, and allow for instant, cross-chain atomic swaps - think of it like Lightning but for exchanges.


🔹  Astro: One Small Step for Dapps, One Giant Leap for UX 


The first dapp browser that lets you use every web3 dapp directly with USD, abstracting away the complicated stuff.


🔹  2100 🤯


Twitter influencers can now create their own, unique, and publicly tradable ERC-20 tokens by simply sending a tweet to @2100hq. Die-hard fans can stake their money ($DAI) for the influencers they stan via a separate app to earn unique tokens. Influencers can then discover their die-hard fans and reward them with exclusive privileges.


 
      

OTHER COINS


💰 Tezos Foundation Grants

"We want dapps, especially DeFi" pretty much the summarizes the Tezos Foundation new request for proposals. The top two items on the Tezos ecosystem grants' RFP are apps built using Tezos smart contacts, and tools for smart contract development.   


💰 
 EOS Gets a Gentle Slap on The Hand From The SEC 

Block.one, the company that raised $4 Billion to build EOS, got a gentle slap on the wrist from the SEC. They reached a settlement to pay $24 million in fines - which is estimated to be the amount of investments that occurred in the US. To read more on the topic, we recommend Katherine Wu's analysis here.


 

      
TOKEN DAILY EVENTS


Digital Assets Summit in Chicago

We had a full house at our Digital Assets Summit co-hosted by Fidelity. Zooko delivered an insightful keynote on privacy and how zero-knowledge proofs work. We also had a panel on regulation featuring the CFTC and TokenSoft, a panel on infrastructure featuring Anchorage, and talks on what it'll take to get institutions interested in crypto.

If you're from an institution or firm that's interested in attending our next family office event, simply reply to the email and we'll keep you updated on our schedule.


 

      

THOUGHT OF THE DAY

Inter-industry problems, intra-industry problems

In the early days of Bitcoin, it was relatively difficult to have a Bitcoin address that was actually loaded with Bitcoin. Early Bitcoin users had to either mine Bitcoin or find someone who was willing to sell them some Bitcoin. Exchanges weren't abundant nor secure. Even if you could find an exchange, it would be complicated and risky to send money to that exchange. 

Despite all these complexities, Bitcoin believers took it upon themselves to build the infrastructure to onboard the next wave of users. Now, we have hundreds of crypto exchanges. You can buy Bitcoin by a debit or credit card. Soon, you'll even be able to buy Bitcoin gift cards in your local supermarket.

We see the same thing developing with L2 protocols across different cryptocurrencies.

In the span of one week, we've seen two products shipped for Bitcoin's lightning network: Sparkswap and Zap, which offer fiat on-ramps directly on LN. This is a significant development and UX improvement that opens the door for real use-cases.

Similarly, for Ethereum, the Connext team launched v2.0 on mainnet. Connext is a state-channel network that is similar in principle to LN with the goal to scale Ethereum. The updated version improves user experience and enhances the trust assumptions of the L2 network.

Zooming out, these were also similar problems in the early days of fintech (think back to the PayPal days in the 90s when Visa threatened to shut down PayPal due to fraud or when PayPal's implementation on Palm Pilot was so clunky, the team had to scrap it). History rhymes between these industries and within them. Regulation, UX, scalability, and fraud are just four evergreen themes we've seen across these industries and, more granularly, between the layers of each industry's tech stack.

 
 
      

Disclosure: Token Daily Capital and/or its partners may have exposure to some of the cryptocurrencies mentioned in this newsletter.

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