• Specs News
  • Posts
  • 11/1/23: Elon Is An On-Chain Maxi ⛓️🥷🏻🏛️

11/1/23: Elon Is An On-Chain Maxi ⛓️🥷🏻🏛️

Top News

  • ⛓️ Elon Musk makes fun of NFTs that don’t encode JPEGs on-chain

  • 🥷🏻 Onyx protocol, backed by JPMorgan, drained for $2.1M in exploit

  • 🏛️ SBF’s defense has concluded; closing arguments to be made today

⌐◪-◪ → While Elon has a very valid point here, this is a pretty surface level insight that everybody was talking about (and fully exhausted) over 2 years ago during the 2021 bull market. With that said, it’s nice to see that his values are aligned with true decentralization and on-chain art. Meanwhile, Leonidas already inscribed Elon’s video clip into the Bitcoin blockchain.

⌐◪-◪ → Last week, JPMorgan flexed $1B in daily transaction volume on JPM Coin. Today, JPMorgan-backed Onyx suffered a major $2.1M exploit. I found it rather curious that the media neglected to mention JPMorgan’s ties to Onyx in today’s headlines and articles. The media clearly doesn’t want to be on JPMorgan’s bad side.

⌐◪-◪ → SBF’s credibility continued to decay during yesterday’s cross-examination as he claimed to be blissfully unaware of any/all major decisions — like spending $8B — at a company he owned & controlled. Check out Tiffany Fong’s second video for a final recap of SBF’s cross-exmiantion ahead of today’s closing arguments.

Peripheral Vision

⛓️ Crypto & DeFi

  • Mark Cuban says you’ll be saying “FUCK” for not buying NFTs early

  • Layer 2 usage has dropped by 32% over the last 6 weeks

  • Vitalik Buterin predicts a future of diverse and specialized L2s

  • Gateway FM smoothly transitions Palm mainnet to Polygon L2

  • Tron becomes the leading blockchain for stablecoin transfers

  • Ava Labs proposes Astra upgrade to improve Avalanche’s subnet

  • Tether touts highest ever percentage of cash in its reserves

  • Circle confirms it’s shutting down legacy consumer accounts

  • Celestia’s modular blockchain network is officially live on mainnet

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

🌎 Rest of the World

  • WalletConnect restricts use in Russia following US OFAC compliance

  • DeFi protocols are exempt from new EU crypto rules for now…

  • Hashkey, Hong Kong crypto exchange, launches retail trading app

  • BitGo granted crypto custody license by German financial regulator

  • Taiwan police bust $324M USDT money laundering operation

  • Turkey to propose fresh crypto legislation in line with FATF standards

🖼️ NFTs & Metaverse

  • Elon Musk unfollowed Beeple on 𝕏 because his work was “too jarring”

  • GMoney speaks on episode 4 of Punks As Told By CryptoPunks

  • ApeFest week starts in Hong Kong; brace for crazy videos

  • Galxe, web3 loyalty platform, adds OpenAI-powered assistant

  • ATP Tennis Tour offers customizable NFT posters for 2023 Finals

Spectacular Shoutout

Thanks for the shoutout ImmutableType.com!

To get featured here → give us a shoutout on 𝕏!