jpyxx

This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.

RootData’s map, a tapestry of interconnectedness, portrays Hyperliquid as a “performant L1,” optimized to run a full on-chain financial system. But what is this system? A utopia of decentralized finance, or a dystopia where every transaction is a step closer to the abyss of algorithmic tyranny? User-built applications plug into native components like its orderbook perpetuals DEX-a symphony of code, perhaps, but one that plays the same old tune of exploitation.

Hougan, the guy in charge of investments at Bitwise, is all like, “Yeah, these pilots are small now, but trust me, it’s gonna be huge.” Sure, Matt, just like my acting career was supposed to take off after that one commercial for hemorrhoid cream. Spoiler: It didn’t.

Ah, the fickle heart of finance! Multicoin Capital, once the stern critic of Zcash, now clings to it like a poet to his muse. At Consensus Miami, Co-Founder Tushar Jain proclaimed their “significant position” in ZEC, a token once deemed too shadowy for their refined tastes. How the tables turn, like a Chekhovian plot twist!

Binance now offers a Withdraw Protection feature designed to prevent cryptocurrency transfers made when someone is being physically threatened.

“I have steered myself into bullish territory, prepared with the caution of a scholar in a prison of numbers,” he announced, the way a sycophant whispers to a grandmaster. “Yet these thresholds are the hinge where sentiment and speculation perform their most theatrical pirouettes.”

What’s behind this sudden burst of enthusiasm? None other than Multicoin Capital’s Tushar Jain, who decided to spill the beans (or should I say, the ZECs) about his firm’s “significant position” in the coin since February. Apparently, they’re betting big on the idea that people might-gasp-want to keep their financial affairs private. Who knew? Jain’s framing it as a hedge against the looming specter of wealth taxes and asset seizures, because nothing says “financial freedom” like a government knocking on your door with a clipboard and a frown.

A crypto operation tried to transfer over $92 million worth of digital assets between April 27th and May 3rd, according to on-chain investigator ZachXBT. However, a joint effort by Tether, Binance, OKX, and U.S. law enforcement successfully froze more than $41 million of those funds.

Pi Coin, in the grand tradition of overconfident wizards, has done the opposite. And there’s a hidden bullish divergence, which in market-speak is basically a polite way of saying the garden gnomes are foretelling more of the same sleepy 6% monthly rise.

The new system lets users make trades privately, keeping their main wallet activity hidden. This is a response to increasing worries about copy trading and the tracking of transactions on the blockchain.