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hucker🎩

@hucker

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Last week at EthCC, my co-host Nick and I presented our findings from a year of hosting Apps No Entrees — a Bankless show where we spotlighted crypto-native apps you could use daily. The talk struck a chord with the audience, eager to learn about apps they could actually use rather than just infrastructure they might build upon. After testing over a hundred apps, we realized that crypto has finally shifted — moving past infrastructure obsession into an era where it's the apps that actually matter. Through our analysis, we've seen three core catalysts primarily enabling this shift and three distinct archetypes of apps that retain users better than others. I share these with you today in the hopes that if you've been eager to build an app but haven't known where to start, these examples will energize you and provide a path forward. 👇
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As you might have noticed, I have been a bit more tempered in my stance on $ETH lately. The decline of ETH’s relative valuation has caused it to lose investor confidence, and when ETH aspires to be internet money, confidence is key. The reasons behind ETH’s lagging performance have been the subject of debate for years now. Many of these issues plaguing ETH's relative valuation have been outside of its control – Gary Gensler, Michael Saylor, etc. (Gensler is gone, and ETH treasury companies have finally arrived; some external problems will just fix themselves.) But today, I want to shine a light on the challenges that are firmly under the Ethereum community’s control, because Ethereum has plenty of agency over many of the reasons why it has lagged the market for 3+ years. These are the problems we should focus our energies upon to reinvigorate potential ETH buyers.
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💹 Tokenized Markets: Stocks Meet Chains While Robinhood's tokenized stock announcement certainly grabbed headlines, I’d attribute as much excitement around tokenized stocks to BackedFi, which launched xStocks the same day, allowing people to buy popular stocks like $SPY, $NVDA, and $TSLA on Solana. Most at EthCC still felt these announcements were just half-measures. Yes, we can trade tokenized AAPL, but we’ve had this before. Real excitement will come when we can borrow against these and plug them into yield strategies. So, right now, we're in an awkward intermediate phase — progress without integration. Outside of tokenized stocks though, people were generally excited about tokenization — particularly for commodities. Given uranium’s recent performance, Uranium Digital came up across multiple conversations as did continued interest in tokenized gold.
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2️⃣ Bank Charter Bonanza Multiple crypto-focused firms are now in the process of applying for U.S. banking charters to establish their own depository institutions. Stablecoin issuer Circle kicked off the announcement cycle on Monday with a statement that it had formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish “First National Digital Currency Bank, N.A.” By Wednesday, Ripple (issuer of RLUSD) and Erebor (a crypto-focused bank backed by Anduril co-founder Palmer Luckey, Palantir co-founder Joe Lonsdale, and Peter Thiel) had both announced their own applications with the OCC for national bank charters. OCC license recipients could act as custodians for their own reserves, strengthening the quality of their stablecoins by mitigating the risk of a future depeg stemming from a bank run (as seen during the 2023 collapse of SVB). Ripple CEO Brad Garlinghouse also indicated that his firm had applied for a Federal Reserve Master Account, which would give it the ability to hold interest-bearing bank reserves directly with the Fed.
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2️⃣ Ledger Axes Nano S Anger erupted across Crypto Twitter this week after the community noticed a May Ledger announcement. The hardware wallet provider will no longer support the Nano S. The Nano S Plus remains fully supported. First launched in 2016 and pulled from shelves in 2022, the Ledger Nano S remains crypto's best-selling hardware wallet. The policy change means Ledger won't accept new application submissions, feature enhancements, or app updates for the Nano S. Nano S users can still send, receive, buy, sell, and access assets. But their wallets won't receive new Ledger features or upgrades — including improvements to usability and security. Notably, the Nano S is the only Ledger device incompatible with Ledger Recover. This optional multi-party key recovery service was compared by some in crypto to a pre-installed backdoor.
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With growing concerns around surveillance and data exploitation, the crypto space has recently accelerated efforts to integrate privacy-enhancing technologies (PETs) into its core infrastructure. Blockchains are radically transparent by design and while the crypto industry has long valued privacy methods — coin mixers or privacy-based tokens — it has also struggled to expand what can be private – beyond simple DeFi and payments – without siloing that privacy to specialized networks. With blockchains increasingly used for AI training and institutional finance, applications using alternative cryptographic techniques are becoming popular. Four technologies in particular are catching steam: Multi-Party Computation (MPC), Fully Homomorphic Encryption (FHE), Trusted Execution Environments (TEEs), and Zero-Knowledge Transport Security Layer (zkTLS).
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2️⃣ JPMorgan Digital Dollar JPMorgan – the investment banking, asset management, and private wealth subsidiary of America’s largest bank – took a major step into the cryptocurrency world this week with the release of JPMD (a tokenized bank deposit) on Base. JPMD is available to approved institutional clients as part of a blockchain pilot program by digital asset arm Kinexys. Kinexys executive Naveen Mallela confirmed the pilot program with Bloomberg and told the outlet that a fixed amount of JPMD tokens will be transferred to crypto exchange Coinbase in the coming days. Compared to stablecoins, which will be prohibited from making interest payments to holders under the proposed GENIUS Act, tokenized bank deposits may serve as the yield-bearing payments alternative in a regulated blockchain future.
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1️⃣ GENIUS Passes Senate On Tuesday, the U.S. Senate passed the GENIUS Act with 68-30 bipartisan support, advancing the bill onto the House of Representative and marking the first crypto-specific legislative action in American history. Short for “Guiding and Establishing National Innovation for U.S. Stablecoins,” the GENIUS ACT is a comprehensive stablecoin regulatory framework introduced by Tennessee Senator Bill Hagerty for “payment stablecoins,” or digital assets that are pegged to a monetary unit of account (like the U.S. dollar) and whose issuer is obligated to convert, redeem, or repurchase the tokens for a fixed value. While the enactment of GENIUS into law may undermine Tether’s longstanding dominance of the stablecoin sector, it could also open the doors for registered institutions to treat stablecoins as cash for accounting purposes, post stablecoins as collateral for financial transactions, and conduct inter-bank settlement with stablecoins.
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