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Once there were banks ... 🏦 🧨
The banking crises deepens. Markets feels the heat, as more banks line up for a collapse. Not crypto. Bitcoin $27K+. Ethereum $1.8K+. Arbitrum is ready to take off. Euler hacker has a change of heart.
Hello y'all. This is The Token Dispatch. It feels like a long month, and we have just crossed the halfway mark #MarchMadness. Why not show us some love on telegram? For all crypto things, eh? 🤟
… and now they are in trouble. An analysis by a bunch of economists suggests that more than 186 US banks well-positioned for collapse.
That makes a lot of them.
How did we get here? Rising interest rates, which brought down the U.S. banking system’s asset market value by $2 trillion, combined with a large share of uninsured deposits at some U.S. banks, threaten banks’ stability.
What happens now? On immediate basis? Well, on the last check … there are a lot of private jets flying in.
We have said so much about it, that it feels like saying it all over again. So, we leave you with an essential reading list for the weekend.
This crisis will define the future of money - Michael J. Casey
Did regulators intentionally cause a run on banks? - Joseph Bradley
What gets lost when you rescue markets - Jason Zweig
Bitcoin is a clear winner of the US banking crisis - George Kaloudis
SVB Collapse Shows the Rot in U.S. Banking and Dollars - Nevin Freeman
You can keep a tracker on this - the banking crisis timeline.
Why not sponsor us, eh?
"All for One and One for All"
Arbitrum is transitioning into a DAO and launching its own ARB token. To be airdropped to community members on Thursday, March 23.
Check your eligibility to claim.
What's Arbitrum? Well, it's a fancy Optimistic Rollup solution that helps cut gas costs on the Ethereum mainnet by moving network activity to another layer (Layer 2, to be precise).
It commands more than 55% of the layer-2 market in terms of how much money is on it.
✋🏻Five things about ARB:
Users can vote on any changes that they'd like to execute.
Token holders can give their voting power to a delegate if they don't have the time or technical knowledge to improve the protocol.
When the DAO executes a vote, the code will be updated simultaneously.
Early users, who meet internal eligibility criteria, will receive the new ARB token.
Supply: Individual user addresses -11.6%, projects- 1.1%.
💰 Arbitrum has $1.66 billion in TVL, distributed across derivatives exchanges, decentralised exchanges, and lending protocols.
🇨🇳 China Takes Interest 👀
Google searches for Arbitrum have skyrocketed in the past 24-48 hours. Interestingly, Arbitrum seems to be attracting a lot of interest from China - the country dominates the "interest by region" category.
TTD Blockquote 🔊
Johan Van Overtveldt, a member of the European Parliament and former Belgian finance minister.
“If a government bans drugs, it should also ban crypto.”
Van Overtveldt led the Parliament’s work on a new law to allow trading of securities based on distributed ledger technology.
Same guy 👆 said this 👇
"Distributed Ledgers have a great potential for creative destruction and this will lead to productivity improvements"
Creative destruction, eh? Call them bankers. Like now.
TTD What We Following👨🦯
Remember the Euler Finance hack? We have an update.
The hacker has had a change of heart, or so it seems. He has started returning the dosh. Some of it at least, if not all.
On March 18, roughly 3,000 ETH were returned to Euler Finance’s deployer address from the Euler Finance hacker’s address.
Same guy 👆 did this 👇
Goodness ain't dead. Not yet.
TTD Surfer 🏄
Coinbase is speeding up plans to go beyond the US. That put them up against Binance, which generates roughly 10x more volume per day.
Crypto wallet prototype inside Microsoft Edge Browser? The unreleased features suggest the tech giant is considering a deeper move into Web3.
Crypto assets to become a separate category in UK tax forms, new rules requiring crypto to be identified separately on tax returns.
Salesforce partners with Polygon for NFT-based loyalty program to tap customer engagement using Web3 technologies.
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So long. OKAY? ✋
The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.