Evening Must Read | How do industry insiders view Gray’s victory?

1. MiCA: The Benefits, Drawbacks, and Ugliness of EU Cryptocurrency Regulations

Despite claims from US regulators like Gary Gensler, the chairman of the Securities and Exchange Commission, who have maliciously stated that the regulations surrounding cryptocurrencies have been “clear for years,” the European Union took action in April by passing the Markets in Crypto-Assets Regulation (MiCA). While MiCA is not perfect, it is a crucial step in the right direction for our industry and sends a signal to the United States: if they continue to stagnate and rely on outdated regulations, they will be left behind. Read more

2. Coinbase CEO: If I Were to Start a Business in 2023, I Have Ten Cryptocurrency Ideas

Coinbase Ventures will be hosting an entrepreneur summit in October, and we hope to invite a small group of top founders or projects who are working in or around these creative fields to have face-to-face conversations. Now, let me introduce my top ten ideas in no particular order. Read more

3. A Quick Look at the Leader of Restaking: EigenLayer’s Business Logic and Valuation Calculation

With the completion of the Ethereum Shanghai upgrade, many LSD projects have experienced rapid growth, with an increase in the number of LSD asset users and net worth. On the other hand, as the end-of-year Cancun upgrade approaches and OP stack opens, today is also a big year for Rollup, and various services surrounding the Rollup module, such as DA layer, shared sorter, RaaS service, etc., are also booming. Based on the concept of restaking LSD assets, EigenLayer aims to provide services to numerous Rollups and middlewares, and its attention has continued to rise this year. Not only did it complete a $50 million financing at a valuation of $500 million in March, but rumors have recently circulated that its token’s OTC price has reached a staggering $2 billion, comparable to the valuation levels of public chain projects. Read more

4. The Evolution of Bitcoin Smart Contracts: The RGB-Driven Web3 Revolution

After more than a decade of vigorous development, Web3 technology has brought about various levels of innovation. Bitcoin has continuously improved its privacy protection capabilities, such as Schnorr signatures and Taproot, without compromising its decentralized nature and security, laying the foundation for subsequent technological innovations. At the same time, the evolution of on-chain smart contracts, represented by Ethereum, has ushered in a golden age of blockchain applications (such as DeFi) and brought about two bull markets. However, since 2022, the Web3 industry has suddenly lost its direction, and blockchain technology has been unable to escape the constraints of the “impossible trinity,” resulting in the failure to implement blockchain on a large scale. So, have we reached the limits of technology? Are there still deeper unknown territories waiting for us to explore? Perhaps, it is in the process of these explorations that the Bitcoin Layer 2 protocol RGB is quietly waiting for its moment, gradually maturing, challenging existing technological limitations, and showing its dazzling brilliance. Read more

5. Financial Times: How do industry insiders view Grayscale’s victory? How much impact will it have on the future regulation of the US SEC?

On Tuesday, cryptocurrency asset management company Grayscale achieved a temporary victory in providing spot Bitcoin ETFs. The US Federal Circuit Appeals Court ordered the US Securities and Exchange Commission (SEC) to reconsider its decision to reject Grayscale Investments’ conversion of its Bitcoin Trust Fund (GBTC) into an exchange-traded fund (ETF). Subsequently, the price of Bitcoin soared 7% to nearly $28,000, bringing some consolation to the struggling cryptocurrency industry. Click to read more.

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