The Scenius Sync (Issue #7)

President Biden's New Crypto Advisor, The Surge Before The Merge, & Tiffany's gets (Crypto)Punked

Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.

Welcome to The Scenius Sync.

Our mission with this concise publication is twofold:

1. Share the essential stories driving the crypto industry and markets.

2. Highlight innovative applications and mainstream adoption of crypto and blockchain technology.

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Essential News 🗞

1. Chips bill provides for blockchain specialist position in White House science office

   • The $280bn bill to aid the semiconductor industry that’s heading to President Joe Biden’s desk will also establish a crypto advisory role to advise the President. The specialist will be responsible for “advising the President on matters relating to blockchain and cryptocurrencies.”

2. First Charles Schwab Crypto ETF Set to Launch Next Week

   • The Schwab Crypto Thematic ETF (STCE) tracks the firm’s new proprietary index, which comprises companies enabling the use of digital assets to buy or sell goods and services, as well as those developing blockchain applications, among others. Schwab’s fund has a lower expense ratio than similar products issued by BlackRock and Fidelity.

3. Tether says USDT reserves have no Chinese commercial paper

   • Tether continues to make progress with regard to its reserves and transparency. In a statement published last Wednesday, Tether said it “holds no Chinese commercial paper as of today,” and it has brought down its total commercial paper exposure down to about $3.7 billion from $30 billion in July 2021.

4. Ether derivatives surging as Open Interest Flips Bitcoins for First Time Ever

   • Ongoing Ethereum network upgrades have created a surge of interest and led some analysts to speculate the second-ranked cryptocurrency might overtake Bitcoin in the future. As of August 1, the open interest of Deribit Ethereum options valued at $5.6 billion exceeded the open interest of Bitcoin options valued at $4.3 billion on all exchanges based on data by crypto analysis platform Glassnode.  Open interest indicates the value of all outstanding contracts that have yet to settle.

5. Dubai permits full operation to FTX subsidiary FZE via first MVP license

   • With this license, FTX FZE is authorized to offer qualified institutional investors regulated crypto derivatives products and trading services. The exchange can also serve as a clearing house, run a NFT market, and offer custodial services in the area. The region is readying itself for widespread crypto adoption.

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Innovation & Adoption 💡📈

1. Jewelry Brand Tiffany and Co. Unveils $50K CryptoPunk Necklaces

   • The collection of diamond-encrusted pendants is exclusively available for CryptoPunk owners, giving them the right to purchase one of the 250 limited editions. The pendants will cost 30 ETH (~$51,000).

2. Synapse to Roll Out Own Blockchain as Part of Major Upgrade

   • Synapse, which bills itself as a universal interoperability protocol that enables secure cross-chain communication, has introduced a plan to deploy its own blockchain. The chain will be an optimistic rollup, like Arbitrum and Optimism, serving as an execution layer for smart contract-enabled transactions. Transactions will settle on Ethereum and as such transaction fees will be paid in ETH.

3. MTV Introduces VMAs Metaverse Performance Category

   • MTV’s Video Music Awards, airing in August, will introduce the new Best Metaverse Performance category. Nominees include Ariana Grande, Blackpink, BTS, Charli XCX, Justin Bieber and Twenty One Pilots. The new category, which defines a metaverse performance as digital artists performing for a digital crowd within a digital space, shows that the virtual stage has become integral to the music industry.

4. Mercedes Benz Taps Polygon to Launch Blockchain-Based Data Sharing Platform 

   • Daimler South East Asia, part of the Mercedes Benz Group, has leveraged Ethereum Layer-2 scaling solution Polygon to launch a blockchain-based data sharing platform. 

5. Aave DAO votes to approve creation of GHO stablecoin

   • The three-day vote ended with almost 100% approval for the proposed overcollateralized stablecoin similar to MakerDAO’s DAI. With the vote passed, the next step will be to implement the creation of the GHO stablecoin via a new Aave improvement protocol (AIP). The DAO will be in charge of administering the stablecoin upon its creation.