Welcome to The Protocol
CoinDesk’s weekly wrap-up offers in-depth insights into the most significant developments in cryptocurrency technology. I’m Margaux Nijkerk, stepping in as CoinDesk’s Ethereum reporter while Ben Schiller takes a break. In this edition, we explore a range of exciting topics:
- Story Protocol launches to empower individuals to register their intellectual property and receive compensation.
- Ethereum developers unveil a groundbreaking initiative aimed at streamlining cross-chain transactions.
- Ethereum L1 Monad collaborates with Orderly Network to enhance the DeFi landscape.
- Examining how a sitting president has transformed into crypto’s most influential investor.
Network News
STORY PROTOCOL LAUNCHES:
Last week marked the debut of Story Protocol, an innovative blockchain dedicated to intellectual property (IP). This initiative positions itself as the “world’s intellectual property network,” enabling users to register their IP and monitor its usage by others. The platform introduced the “$IP” token, designed for transaction fees and to grant users a say in governance. The response from investors has been promising, with PIP Labs, the main developer behind the chain, successfully raising $80 million in a Series B funding round led by Andreessen Horowitz (a16z), bringing total funding to $140 million. PIP aims to bridge the gap between blockchain technology and artificial intelligence, allowing users to track and monetize data used for training AI models. The launch of the Story mainnet coincides with the first unlock event for the newly introduced IP token, with 25% of the initial 1 billion $IP being unlocked. Notably, 58.4% is allocated for ecosystem development, community initiatives, and initial incentives, according to project details. — Sam Kessler Read more.
ETHEREUM DEVELOPERS INTRODUCE OPEN INTENTS FRAMEWORK:
A collective of leading Ethereum developers unveiled a new framework aimed at standardizing and simplifying cross-chain token transfers on Wednesday. This initiative, termed the Open Intents Framework (OIF), originated from contributors at the Ethereum Foundation and has garnered support from 25 projects, including prominent teams developing layer-2 solutions like Arbitrum, Optimism, ZKsync, and Scroll. The objective of OIF is to introduce “intents” throughout the Ethereum ecosystem, a technological feature enabling blockchain users to achieve specific goals by requesting intermediaries to facilitate transactions or trades. While there are existing standards like ERC-7683, introduced by the Uniswap team and the Across protocol for easier cross-chain transactions, OIF aims to enhance these standards and allow intents to operate at scale. The framework aspires to make intent-based transactions permissionless, efficient, and accessible for all projects by providing shared infrastructure and execution coordination. — Margaux Nijkerk Read more.
MONAD PARTNERS WITH ORDERLY NETWORK:
Monad, an Ethereum Virtual Machine (EVM) layer-1 blockchain, is gearing up for the launch of its testnet by partnering with Orderly Network, a decentralized exchange (DEX) infrastructure that supports various chains. This alliance signals a strategic expansion as both platforms anticipate the onset of a second decentralized finance (DeFi) summer. The Monad testnet, launching on Wednesday, aims to offer traders a rapid EVM-compatible environment and the potential for airdrops on the layer-1 blockchain. Orderly Network’s roster of around 20 market makers includes notable firms such as Wintermute, Selini, and Riverside. The decentralized trading sector, which encompasses major exchanges like Coinbase (COIN), is optimistic about a resurgence in DeFi activity amidst a pro-crypto regulatory climate under President Donald Trump. The first DeFi summer of 2020 followed the Federal Reserve’s interest rate cuts in response to the Covid-19 pandemic. Orderly Network already facilitates a shared order book across multiple blockchains, including Arbitrum, Optimism, Polygon, Base, Mantle, and Near. — Ian Allison Read more.
TRUMP – CRYPTO’S MOST INFLUENTIAL INVESTOR?
The intersection of crypto and politics is evident, as crypto resembles an attention-driven game. Rushi Manche, founder of the blockchain company Movement, notes that “Crypto is an attention game.” In this context, Donald Trump, a master of garnering attention, finds himself thriving in the world of memecoins. Trump’s crypto ventures, including the controversial $TRUMP coin and World Liberty Financial, have attracted significant attention. Surprisingly, Trump, once a vocal skeptic of cryptocurrencies, has now emerged as the industry’s largest “key opinion leader” (KOL)—a trader whose investment choices are closely monitored by others. His involvement in crypto has provided a new paradigm for ambitious token promoters like Manche, who recognize that inflating the value of a token can be achieved by associating it with a sitting president’s crypto investments. Trump’s primary vehicle for blockchain transactions is World Liberty Financial (WLFI), a DeFi initiative he launched with his sons over the summer. Having raised over $400 million by issuing a token, the venture, which lacks a product at this stage, has accumulated a portfolio worth millions in various crypto assets. Recently, they announced the establishment of an official “strategic reserve” for crypto investments. Such activities raise significant concerns regarding conflicts of interest, insider trading, and the ethical implications of leveraging influence in the digital asset sphere. Trump’s political adversaries are advocating for investigations into his burgeoning blockchain empire. However, crypto entrepreneurs like Manche perceive World Liberty’s investments as a unique marketing opportunity, emphasizing the need for a coherent product roadmap alongside a strategic approach to token management. “What better way to boost the price of your cryptocurrency than by publicly tying it to the leader of the free world?” he argues. — Sam Kessler Read more.
In Other News
- Libra Token’s Co-Creator Allegedly Paid Argentinian President Milei’s Sister: The details surrounding any financial transactions between Davis and Milei’s circle prior to Libra’s launch remain unclear. Danny Nelson reports.
- Will Argentinian President Milei’s Crypto ‘Fiasco’ Doom the Memecoin Craze?: The recent excitement initiated by U.S. President Donald Trump’s TRUMP memecoin launch, which led traders to make and lose millions in moments, may face a downturn following the LIBRA token debacle.
- Regulatory and Policy Update: EToro has secured a MiCA license from Cyprus, enabling the company to provide crypto services across the European Economic Area (EEA).
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