The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today’s newsletter: |
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Aptos Debuts $2B Blockchain, to Rocky Start: Aptos, a new layer 1 blockchain built by former Meta employees who worked on the shelved Diem project, launched Monday in what has since been described as a "rushed” mainnet rollout, according to an anonymous source. The highly anticipated chain was valued at $2 billion in pre-launch investment rounds. - Aptos’ team also unveiled a controversial tokenomics scheme and plan to incentivize third-party network development. The Aptos ecosystem is far from completed, with dozens of teams expected to launch the wallets, exchanges and decentralized apps.
- On-chain data shows that the protocol was processing only four transactions per second after launch, short of the 160,000 tps advertised. Aptos developers said the number is expected to grow over time.
Bitcoin Association Asks Exchanges to Block 'Empty Block' Bitcoin SV Miner: Bitcoin Association, the organization created to support the Craig Wright-founded Bitcoin Satoshi’s Vision (SV) fork, is asking exchanges to censor what it calls a dishonest miner accused of producing empty blocks. - The miner, which has evaded some detection by routinely changing its coinbase, has apparently ignored tens of millions of broadcasted fee-paying transactions in favor of nothing to strain the network, the association said.
SEC, CFTC Probing Bankrupt Crypto Hedge Fund Three Arrows Capital: The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are examining whether bankrupt crypto hedge fund Three Arrows Capital violated rules by misleading investors about its investment strategy. - The Singapore-based Three Arrows filed for bankruptcy in July, saying its business had “collapsed in the wake of extreme fluctuations in cryptocurrency markets” causing a contagion event across crypto.
- Meanwhile, Coinbase may sue about 1,000 users in the republic of Georgia for taking advantage of a pricing glitch that mispriced the local fiat currency.
– D.K. |
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Putting the news into perspective |
(Victor Baro/Unsplash) How an Online Community Becomes a Digital City
Kelsie Nabben, a researcher in the Blockchain Innovation Hub and Digital Ethnography Research Centre, writes about the buzzy Friend With Benefits decentralized autonomous organization (DAO) and how the social club can incorporate crypto governance principles and continue to scale. Read the article here.
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Do Kwon says charges 'politically motivated,' refuses to reveal location (The Block) Lido Co-Founder’s Comments Spark Debate Over Decentralization of Ethereum (The Defiant) DAO Gains Venture Capital Ally in CFTC Suit (Blockworks) How Gamers Beat NFTs (Bloomberg - paywalled)
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