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Published May 5, 2023

ROLLUP: Will FAILING Banks Bring Down the Economy?!

As U.S. bank failures raise alarms, David Hoffman and Ryan Adams delve into systemic banking issues, speculate on a shift towards nationalization, and scrutinize the Federal Reserve's interest rate policies, while also examining groundbreaking developments in the Ethereum ecosystem and crypto sector with Venmo and Coinbase's initiatives.
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  • Restaking

    The concept of restaking in the Ethereum ecosystem is gaining traction with the launch of EigenLayer's mainnet. explains that restaking allows users to stake their ETH on Ethereum and then stake it again on other networks, opening up new opportunities for earning rewards 1. This innovative approach is likened to merge mining, where the same resources are used to secure multiple networks. highlights the potential impact of restaking, noting that it could transform ETH into an "Internet bond" and significantly influence the cryptocurrency landscape 2.

    Restaking lets you sign up for new slashing conditions for new networks, completely new networks.

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    The implications of this development are vast, with experts like Justin Drake and Vitalik Buterin discussing its potential to change the staking industry's equilibrium.

       

    Venmo & Crypto

    Venmo's integration of crypto transfers marks a significant step in the fintech world, allowing its 60 million users to withdraw directly to non-custodial crypto wallets. emphasizes that this move aligns with the "Defi mullet thesis," where fintech provides a user-friendly interface for crypto transactions built on decentralized ledgers 3. This development is crucial as it enables users to hold their private keys and engage in decentralized finance more easily. notes that the challenge now is to transition these users to bankless wallets before potential restrictions are imposed 3.

    Venmo is now allowing its 60 million customers to withdraw directly to a non-custodial crypto wallet.

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    This integration is a testament to crypto's growing influence in mainstream financial services, despite the ongoing bear market.

       

    Coinbase International

    Coinbase's expansion into international markets signifies a strategic shift as it launches an exchange offering bitcoin and ether perpetual futures outside the US. views this move as a response to regulatory constraints in the US, allowing Coinbase to tap into a broader market 4. This expansion is seen as bullish for both Coinbase and the crypto industry, providing a legitimate player to fill the void left by other exchanges. highlights the importance of stability and trust in the crypto exchange game, with Coinbase positioned to outlast competitors 4.

    This is not an unregulated marketplace that they're running. This is in the EU.

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    Additionally, Coinbase's legal battle with the SEC underscores the challenges faced by crypto companies in navigating regulatory landscapes.

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