Friend Tech: Turn Your Friends Into Revenue // Tornado Cash Update
Aug 26, 2023
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Topics discussed include the charges against Tornado Cash developers and the challenges of regulating privacy protocols. The earnings of influencers, sustainability concerns, and the unique features of a crypto app are explored. The rise of Blur as a competitor to OpenSea in the NFT marketplace is also discussed, along with a new crypto card game and the unlocking of Lido.
Parallel Prime, a card game-based project, has gained significant popularity recently, representing an engaging application of blockchain technology.
The completion of the token unlock for Lido eliminates the risk of large sell-offs from investors or team members, potentially leading to a more positive market sentiment.
Deep dives
Parallel Prime token launch attracts attention
Parallel Prime, a card game-based project, has gained significant popularity recently, doubling in value. The game allows users to play a card game similar to Pokemon or Magic the Gathering. The project's native token, Prime, is central to the game, although the exact details of its use are unclear. The project has garnered interest from the crypto community and is seen as a positive development, as it represents an engaging application of blockchain technology.
Lido completes final token unlock
Dragonfly purchased 1% of Lido's tokens over the counter last year, and these tokens were released on the market recently. This represents the final token unlock for Lido. The completion of the token unlock is seen as a positive signal, as it means that all Lido tokens are now available for trading. Unlike projects with extended token unlocks, Lido's fully unlocked token supply eliminates the risk of large sell-offs from investors or team members, potentially leading to a more positive market sentiment.
IRS proposes crypto tax reporting changes
The IRS has proposed changes to crypto tax reporting rules. While the proposal is subject to hearings and potential modifications, it provides some initial guidance. It exempts miners from tax reporting requirements and offers loose definitions of brokers for the crypto industry. However, it does not specifically mention decentralized exchanges. The proposal is expected to ignite further discussions and deliberations on the taxation of cryptocurrency transactions.
Weekly Recap is your one-stop show for the most compelling news of the week, brought to you by the writers at The Defiant. This series delves deeper into our reports, revealing further insights and perspectives that help you make sense of the latest developments.
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