| gm Bankless Nation,
Layer 2s have been under fire in the Ethereum community, but not all critiques are equal. StarkWare's CEO shares his take in his new Bankless Op-Ed. Today's Issue ⬇️ - ☀️ Need to Know: Bet on Elections
Election betting contracts are legal. - 📊 Market Vibes: Topsy Turvy
Big gains and big losses in crypto / W rating. - 🗣️ Opinion: L2s Deserve Warning Shots
StarkWare's CEO talks L2 controversy. - 📚 Learn: What We're Reading
Our favorite reads of the week.
Sponsor: Kraken — Sign up for an account and start trading today. . . . NEED TO KNOW Election Betting is Legal - 🗳️ Election Betting Contracts Are Legal as Kalshi Wins CFTC Court Battle. The federal judge denied the CFTC's appeal.
- 🤑 Bitwise Files for Spot XRP ETF Amid Ripple Court Tension. The filing comes as the SEC announces its appeal in the Ripple case.
- 🐙 Kraken Delists Monero in Europe Over Regulatory Pressure. XMR trading and deposits will halt at the end of the month.
. . . GO BANKLESS Upgrade Your Experience Get the full Bankless premium experience – featuring exclusive content, ad-free podcasts, access to Token Hub, and more! . . . 📸 Daily Market Snapshot: Another middling day for crypto prices took ETH prices down 8% on the week. Not everything is flailing, though, as memecoins pump. and FTX's FTT token is up a whopping 46% as degen traders bet on a moonshot reorganization plan-led resurgence. | Prices as of 6pm ET | 24hr | 7d |  | Crypto $2.11T | ↘ 1.1% | ↘ 5.4% |  | BTC $60,876 | ↘ 0.4% | ↘ 4.2% |  | ETH $2,381 | ↘ 3.6% | ↘ 7.8% |  | W $0.339 | ↗ 8.1% | ↗ 31.7% |
🪱 New Token Rating: Wormhole’s W token has been down-only since it launched in early April into peak market froth. Can HODLers finally rest easy on their “Ws” after a solid month of gains? . . . OPINION StarkWare CEO: L2s Deserve Warning Shots Blockchain tribalism often makes us deaf to our critics. We ignore them at our peril. Despite making me squirm at points, I listened carefully to Ethereum researcher Max Resnick’s much-discussed Bankless interview in which he lambasted Ethereum Layer 2s (L2s) as “parasitic.” Resnick's argument is that L2s are becoming a cozy cottage industry that sucks value away from Ethereum, the Layer 1 blockchain. Here's where he's wrong 👇
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