🎨 ERC-6551: Hype or Real Innovation?

In today's edition: 🎙️ New podcast on ERC-6551, 📢 Winklevoss' threats, 👼 3AC founders' donations, BlackRock 🤝 Coinbase, and more!

July 04, 2023

What’s Poppin’?

by Samyuktha Sriram

Gemini cofounder Cameron Winklevoss took aim at DCG’s Barry Silbert in a second open letter shared on Twitter, accusing him of committing fraud and abusing the mediation process amongst other things.

Kyle Davies said that he and his co-founders would donate proceeds from the new exchange business to creditors of the failed crypto hedge fund Three Arrows Capital (3AC).

An updated filing for BlackRock’s spot Bitcoin ETF includes a “surveillance sharing agreement” with crypto exchange Coinbase.

The new token standard could reduce the cost of inscriptions for Bitcoin Ordinals by more than 90% and will make it possible to launch collections with an on-chain pre-reveal process.

On the Pod…

The ERC-721 token standard on Ethereum ignited the frenzied world of NFTs. Yet, as the dust settled, their limitations became apparent. Enter ERC-6551, a new standard designed to overcome these challenges.

Benny Giang and Jayden Windle, cofounder and founding developer of Future Primitive, respectively, delve into the transformative potential of ERC-6551, a standard which allows every NFT to have a smart contract wallet associated with it. They discuss the exciting new possibilities it unlocks in the spheres of gaming, the metaverse, identity, messaging, and more.

Daily Bits…✍️✍️✍️

  • 🔓 Optimism, Aptos, and ApeCoin are prepared for major token unlocks in July, which will collectively release over $100 million worth of tokens into circulation.

  • ⚖️ Voyager's creditors, represented by law firm McDermott Will & Emery, were charged $5.1 million for services from March to May, raising total compensation costs to $16.4 million, surpassing the $11.2 million budgeted in the restructuring process.

  • 💰 Amid regulatory uncertainty, Revolut plans to remove Solana, Polygon, and Cardano from its platform in the U.S., following their classification as securities by the SEC.

  • 📉 The Bored Ape Yacht Club (BAYC) NFT collection saw its floor price drop to a 20-month low of 27.4 ETH (approximately $53,000), marking a steep decrease since the NFT boom in April 2022. Meanwhile, 🎨 Ethereum NFT trading volumes experienced a significant surge in the last week of June, marking the highest weekly increase since February.

  • 🕸️ Hong Kong formed a task force, led by Financial Secretary Paul Chan, to promote Web3 development, aiming to leverage the potential of blockchain technology in finance and trade.

  • 📈 After the refiling of spot Bitcoin ETF applications by Cboe's BZX Exchange, shares of Coinbase, selected for surveillance-sharing agreements in the applications, experienced over a 10% surge.

Today in Crypto Adoption...

  • ⚽ Credit Suisse and the Swiss Football Association are set to release a collection of 756 NFTs featuring portraits of Swiss women's national football team players, aimed at promoting women's football.

The $$$ Corner…

  • Web3 privacy startup Ola raised $3 million in a seed funding round co-led by Web3.com Ventures and Foresight Ventures.

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Bitcoin STAMPS (or SRC-20 tokens) are a new type of NFT representing digital assets on the Bitcoin blockchain.

📈 Your Market Update 📉

  • BTC is up 1.2%, trading at $31,026

  • ETH is down .2%, trading at $1,956

  • BTC dominance: 47.92%

  • Crypto market cap: $1.26 trillion

*All data as of today, 6:50 am ET

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Bringing institutional-grade financial products on-chain, starting with the tokenization of US Treasuries and money market funds.

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