What Multicoin Is Excited About For 2024
At the end of every year we come together and discuss some of the biggest changes we’re expecting in the year ahead. For the first time, we’re publishing these ideas. Please feel free to reach out to any of us to discuss these ideas further.
Custodia Bank presents "Exhibit BS" in its lawsuit against the Fed
A court battle between a novel bank that wants to do business in crypto and the Federal Reserve Board is coming to a head.
Zoom in: The central question in this case is whether a politically motivated Fed intervened in a process conducted by one of the reserve banks it oversees, wrongfully denying Custodia Bank a Fed master account.
Crypto's Three Body Problem
Crypto's animating purpose was to develop incorruptible institutions. However, various attempts to embed these structures in a broader social fabric, from DAOs to crypto-network states, have largely failed. We draw from Lawrence Lessig's legal theories to explain why. Protocol designers work with markets and code but frequently ignore the vital institutional functions served by social norms and the law itself. The absence of these regulatory functions considerably limits the forms of pro-social behavior that can be fostered or enforced.
Bitcoin sentiment falls to neutral on Crypto Fear and Greed Index after US SEC approves ETF
The Crypto Fear and Greed Index has dropped to a "neutral" reading for the first time in three months, following the approval of a spot Bitcoin ETF by the US Securities and Exchange Commission. The index has a rating of 52 over the past 24 hours, its lowest since October 19, 2023, when Bitcoin traded at a daily average of $31,000. Despite the ETF announcement, Bitcoin has been down 2.9% over the past week and is currently trading at the $42,500 level. The Crypto Fear and Greed Index tracks investor sentiment toward crypto markets and may signal buy opportunities just as excess greed levels could foreshadow impending price corrections. However, there is uncertainty around the impact of Bitcoin ETFs, and the long-term effects of increased institutional crypto access remain unclear.
Binance Research Institute releases 2023 annual review report, crypto market value increases by 109%
Binance Research Institute released its 2023 annual review report, which comprehensively analyzed the performance of the cryptocurrency market in the past year. The report shows that driven by the significant increase in the first and fourth quarters, the market value of cryptocurrencies in 2023 increased by 109%; Web3 projects attracted 1,173 investments, totaling $9 billion; decentralized finance (DeFi) TVL increased by 38.9% year-on-year; and the global stablecoin market value decreased by 5.2% overall in 2023.
Venezuela’s oil currency Petro plans to cease operations on January 15
On January 13th, it was reported that Venezuela's national oil currency, Petro, plans to cease operations on January 15th. According to information displayed on Patria Platform, the only website currently able to trade Petro, all cryptocurrency wallets held on the platform will be closed on January 15th.
GoPlus: There is a serious deviation in the inscription price conversion on the Unisat platform. It is recommended to manually calculate the legal currency value after confirming the BTC price.
GoPlus posted on social media stating that the GoPlus team has discovered a serious deviation in the price conversion of the current UniSat platform. All users who trade inscriptions should pay attention to the BTC price and manually calculate the value of the legal currency to avoid financial losses and situations of incorrect purchases caused by the calculation bug of the legal currency price.
AI Arena establishes CortX Foundation and announces NRN token economics
On January 13th, AI Arena announced the establishment of the CortX Foundation to support the growth and development of the AI Arena ecosystem. They also revealed the NRN token economy and announced that 80 million tokens (8% of the total supply of 1 billion) will be distributed to the AI Arena community through airdrops during Season 1. Of these, 40 million tokens will be used for the upcoming P2A competition, and 40 million tokens will be used for NRN reward boxes.
Predictions
This is a list of high level statements, predictions and beliefs that relate to the concept of Onchain and to some extent crypto at large.
A lot of them—if not all of them—are consensus, obvious and nothing new. I'll likely add to this over time.
Cosmic Timing
I had a friend tell me earlier this year that she thought my “cosmic timing might be off.” What she meant, I gathered, is that I have a tendency to push my will on the world rather than to pause patiently for its signals to act. A normal thing for those of us in tech, I guess: a belief that the world is our canvas to write rather than read, to inscribe our utopias rather than assess our direr realities.
