'There was a young man named Vitalik...'

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Welcome to The Node, CoinDesk's newly redesigned flagship daily newsletter.

Formerly known as Blockchain Bites, The Node aims to be your daily pulse check for what matters in crypto and beyond. In every issue, you'll find a digestible summary of the day's most important news, a thoughtful take on current trends by one of our writers and, to wash it all down, our favorite trending meme or tweet. It's all part of a balanced information diet.

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- Marc Hochstein, Executive Editor

DEEP BAKED: XTZ owners can now "deepbake" their holdings for additional gains. The "baking" concept is not new to the community, as it is how the blockchain is secured and those securing it are compensated. The new "deepbaking" feature was developed to compete with other passive-income-like asset mechanisms (such as PoS and DeFi). Although it requires a minimum treshold amount of XTZ, the rewards too, are significantly greater. The Tezos Team is promising increased incentives for the first 2000 deepbakers, including immediately crediting the first reward they are entitled to. As far as we know, currently, only one web wallet supports the new feature. More details here.

SNAP JUDGEMENT: After a single large holder triggered a flash crash in Polkadot's native DOT token on Binance, the exchange says it will consider marketplace controls. DOT prices collapsed from $33 to 25 cents in less than a minute, before quickly rebounding. There is an ongoing debate on whether centralized cryptocurrency exchanges should invest in circuit breakers to protect highly leveraged traders from freak market moves.

RIPPLE SAYS: XRP market participants, including exchanges, spoke with the U.S. Securities and Exchange Commission (SEC) regarding the cryptocurrency's regulatory status prior to listing it, Ripple alleges. In a response to the SEC's latest filing in an ongoing lawsuit against the cryptocurrency startup, Ripple reiterated its position that XRP is not a security and it had not violated federal law in selling XRP over the past eight years. Several prominent exchanges have delisted XRP, causing holders to lose $15 billion over the past few months, Ripple claims.

DEFI DIVORCE: Decentralized finance (DeFi) portal Yearn announced via Twitter that it will not merge with Cover, a peer-to-peer insurance marketplace. No reason was given for the breakup, though Yearn magnate Andre Cronje said in a now-deleted tweet: "I personally find it sad. I had very high regard, trust and faith in the Cover team. Lesson learned. Won't trust them again." Yearn, one of the breakout stars of decentralized finance, had started a program of rapid expansion through M&A, with some calling it the "Amazon of DeFi."

MICRO BUY? MicroStrategy bought another $10 million worth of bitcoin. It is now sitting on a trove of 91,064 BTC, purchased for an average price of $24,119 per coin. The business intelligence company turned quasi-bitcoin exchange-traded fund has seen its stock slump in recent weeks, though there are still those willing to pay an 80% premium for Michael Saylor's bitcoin.

- Daniel Kuhn

Sound Bite

Overheard on CoinDesk TV

ROOM TO RUN

Fidelity Digital Assets Research Director Ria Bhutoria thinks there is plenty of runway for institutions to come into the crypto market.

"From the conversations that we're having, and what we're seeing in the market, we still think it's really early in terms of institutional adoption. All of the public announcements over the past year ... continue to remove the career and headline risk of other traditional institutions getting involved," Bhutoria said on CoinDesk TV.

Fidelity was among the first major Wall Street firms to express interest in cryptocurrencies and blockchain technology, going as far to spin out a dedicated company for the industry.

Watch the rest of the interview here.

- D.K.

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Introducing "The Hash," news analysis on CoinDesk TV

From the world leader in crypto news and events, the all-new CoinDesk TV covers the rapidly evolving world of digital finance and its role in the global economy.

We cut through the hyperbole and confusion to explain what's happening in this fast-changing industry and why it matters to investors, companies and governments.

On "The Hash," a daily panel show, CoinDesk journalists Zack Seward, Benjamin Powers and Will Foxley choose five of the day's big stories to hash out and analyze. With a personality-driven, fast-paced, entertaining format, it presents themes ranging from serious to fun.

Watch "The Hash" daily on YouTube or CoinDesk.com.

7 CRYPTO LIMERICKS

CoinDesk is publishing well over 30 stories a day now, reflecting the investments we've made in staffing as well as a busy news cycle in a roaring bull market. Most of what we cover is dead serious, and even in the absurd or fantastical stories there's serious money involved.

But it's Friday, so I thought I'd offer readers an amusing diversion....

There was a young man named Vitalik

Who decided Bitcoin was a relic.

He made his own token,

Some say that it's broken

But, then, those are Maxi smart alecks.

The wildest exchange they call BitMEX

(Not to be mixed up with Bittrex).

The chief's on the lam,

But to CT, he's fam.

One hundred times leverage? Don't get rekt.

An old cypherpunk known as Zooko
Valued his privacy beaucoup.

To keep transfers dark,

Layered on zk-SNARKs:

A math more complex than Sudoku!

I know of a ghoul named Gerard

Who misreads CoinDesk like a 'tard.

In sneers he rejoices,

One day he'll be hoisted

Sky-high, by his own petard.

There once was a man named Maduro

Who sought to outdo Europe's euro.

He minted a s**tcoin,

Exchanged it for bitcoin

And left his bagholders with zero.

If more folks had listened to Palley
They wouldn't fret now about jail-y.
Now he chairs a whole practice,
Got a Marmot to back this
And another smart lawyer named Hailey.

BTC has rewards for the thrifty.

Non-fungible tokens seem nifty.

Retail buyers beware,

DYOR, please, take care

For much in this market is grift-y!

Have a good weekend.

- M.H.