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Good Morning.

Happy Eid! May you touch grass and be happy even if the market is somewhat dumping. Will Token 2049 Dubai marks another event when the price dumps everything a conference happens in the bull market? We shall see…

In Today's Email:

• What Matters: Avi Eisenberg’s $110M Trial 🧑‍⚖️ 

• Case Study: RWA's growing interest 📈

• Governance & Features: TNSR Launch 🪙 

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TOGETHER WITH

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WHAT MATTERS

Avi Eisenberg’s $110M Exploit Trial

State of play: A New York federal court will begin the trial on Avraham (Avi) Eisenberg's fraud and manipulation charges today, focusing on his alleged $116M exploit of the Solana-based DeFi exchange Mango Markets.

• Eisenberg admitted orchestrating the October 2022 attack on Mango Markets but claimed it was a legal, profitable trading strategy.

• Eisenberg was inflating Mango Markets' $MNGO by manipulating the price oracle, using it as collateral to secure $116M in crypto loans, rendering Mango Markets insolvent.

• Eisenberg agreed to return $67M of the funds to Mango DAO.

• Eisenberg was arrested in December 2022, facing charges from the Department of Justice, CFTC, and SEC.

• In the US, wire fraud charges can lead to sentences of up to 20 years in prison.

Why it matters: The trial will help decide how far the interpretation of “code is law” is valid when it comes down to executing opportunistic trade strategies that might cause loss to other parties.

For builders and investors: The trial marks the first time a DeFi trader is federally tried for allegedly violating US law in a sector previously thought to be outside its jurisdiction.

CASE STUDY

Real World Assets, Real World Application

Credits to Qiao Wang for the original piece.

State of play: Qiao Wang from Alliance DAO published a writing discussing the adoption curve of stablecoins and real-world assets (RWAs) in crypto.

Adoption curve of stablecoins and other RWAs

• Adoption has primarily followed a two-phase pattern: first by crypto-natives and then by crypto-agnostics.

• Initially, stablecoins gained traction among crypto users for cross-exchange arbitrage and as a hedge against volatile crypto-assets.

• As the infrastructure for stablecoins matured, their use expanded into crypto-agnostic applications such as payments, remittances, and currency hedging, particularly in regions facing currency devaluation.

Growing interest in other RWAs

• Wang also highlights the growing interest in other RWAs like treasuries, stocks, and real estate among crypto-natives seeking diversification, especially after the Fed increased interest rates.

• This interest is gradually extending to crypto-agnostic use cases, such as using tokenized stocks and real estate as collateral for loans.

• The successful implementation of stablecoins for practical, everyday use cases indicates a potential for broader adoption of other RWAs.

• The adoption will be driven by both the demand for diversification among crypto enthusiasts and the unmet needs of international investors facing access barriers to traditional financial markets.

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INSIGHTS

Renzo Eyes Blue-Chip Lending Protocols Integration

Credits to Kairos Research for the original piece.

While Renzo is narrowing the distance and may soon surpass EtherFi as the leading LRT by TVL, Renzo’s ezETH is also poised to potentially be the first LRT integrated into blue-chip lending protocols such as Aave & Compound.

• A temperature check vote to onboard ezETH on Aave has successfully passed on Snapshot.

• ezETH also has community support on the Compound forum.

• These potential integrations of ezETH into these large, robust, multi-billion dollar lending markets could potentially help push ezETH into the number 1 spot.

FEATURES & GOVERNANCE UPDATE

Tensor Foundation launches $TNSR

The Tensor Foundation launched its governance token $TNSR. Holders can now participate in Tensor governance and receive fee discounts, with a 25% protocol fee reduction for listings in TNSR.

• TNSR claims are open until Oct. 5, 2024, with a total supply of 1B. The initial airdrop is 12.5% of the supply, with 55% reserved for the community and 27% for core contributors.

• The rest of the allocation (5.5%) is reserved for future fundraising, investors, and advisors.

• Proposals require 250,000 TNSR to initiate and 10M for approval.

• TNSR also facilitates payments for Tensor security reviews by Solana developers, offering $1,000 monthly in tokens for their services.

• Tensor recorded a daily trading volume of $2.08M on April 5. according to data from The Block.

Other notable feature updates:

• Stryke launches $SYK.

• Uniswap goes live on Blast.

• Venus goes live on Ethereum.

• Synthetix V3 goes live on Base.

• Clearpool launches on Avalanche.

• Ethena onboarded BTC as USDe backing.

• Gains Network launches gTrade Credits.

• Threshold launches Threshold USD (thUSD).

QUICK BITES

• deBridge unveils its points program.

• HashKey Group unveils Ethereum L2.

• Zeta Markets set to airdrop 100M Z tokens.

• Monad Labs raises $225M led by Paradigm.

• Ex-ETH advisor sues US government for $9.6 billion.

• Crypto(.)com obtains a full Dubai operational license.

• EigenDA debuts the data availability layer on ETH mainnet.

• Congressman McHenry bullish that the US stablecoin law will pass in 2024.

• VanEck & CoinShares not optimistic about Ethereum ETF approval.

NOTEWORTHY READS & MEME

• Coinmetrics’ read on Solana uncovered.

• HFA Research’s read on meme coin mania.

• Maven11’s read on commoditizing your complements with modular architecture.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.