💭 What is Vitalik’s EIP-7702?

In this edition, we explore EIP-7702, Binance’s fine in Canada, FTX claims and more.

💥  Cutting Edge with Shoal Research

In collaboration with Shoal Research, this week’s special feature will dive into Morpheus AI.

Key Terms

DeFi: Decentralized Finance

AI Agents: Software programs designed to work autonomously within a decentralized setting. The programs can interact with other agents and are usually given specific tasks.

Fair Launch: A technique of cryptocurrency distribution that is seen as equitable and open to the public. 

What is it?

Morpheus AI is an innovative decentralized platform that integrates artificial intelligence (AI) agents into the DeFi ecosystem. It facilitates a peer-to-peer network where these AI agents can operate autonomously to perform various tasks from trading to blockchain analytics.

What does it do?

Morpheus AI allows users to create and deploy personalized smart agents that can execute DeFi transactions and strategies autonomously. These agents are designed to operate across various blockchain protocols, making them highly versatile in the DeFi landscape.

What does it mean?

The launch of Morpheus AI signifies a significant leap towards integrating AI with blockchain technology, specifically within the DeFi sector. 

Why is it interesting?

The use of AI agents introduces a new layer of functionality and user engagement that can change how individuals interact with DeFi platforms and services.

Who is its competitor?

Fetch.ai

How to get involved?

The ticker is $MOR.

Check out Shoal Research’s Substack and Telegram channel.

💡 Coin Spotlight: The N+1 HODL

In this segment, we dive into the N+1 Hodl basket and discuss our altcoins. 

Coin: Ethereum ($ETH) 

Narrative: Ethereum is the second largest blockchain that focuses on enabling developers to build smart contracts and decentralized applications (DApps). Ethereum expands on the blockchain’s potential. 

Sector: Crypto Basics, L1 

Fundamentals: Ethereum stands out due to its infrastructure, widely adopted smart contract capabilities and strong community. 

Why do we hold? Ethereum is a foundational infrastructure in the blockchain space with a high level of utility because there are over 10,000 projects building on it. Also, recent upgrades have dramatically reduces its energy needs as well as made transactions faster and cheaper

Performance: ETH is up 58% YTD.

⏰ Crypto News Recap

Vitalik’s EIP-7702

Ethereum Improvement Proposals (EIP) are formally submitted suggestions that allow users to propose a change to the network. On May 7th, Vitalik Buterin posted a suggestion titled EIP-7702. EIP-7702 would allow externally owned accounts (EOAs) to temporarily become smart wallets. An EOA is an account consisting of a public and private key and is commonly referred to as a wallet. Meanwhile, a smart wallet relies on code rather than a private key. Being able to do this could allow users to access smart contract capabilities, like combining transactions to save on gas fees or fee sponsorship. 

Binance Fined $4.4M in Canada 

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has announced a penalty of $4.4M USD for Binance. Binance reportedly failed to follow Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. In addition, they found that Binance “failed to register with FINTRAC as a foreign money services business” and “failed to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information”. Binance left Canada in 2023 due to regulatory concerns. 

FTX Creditors to be Paid 

FTX bankruptcy estate announced a reorganization plan that would help to repay their creditors. The estate said that if implemented, 98% of creditors would receive 118% of claims, while the remaining creditors would receive 100% “plus billions in compensation”. The amount repaid will be the value of the investments at the time, rather than the current market value. The plan has yet to be finalized in court.

📚 N+1 Recommendations 

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

This weeks recommendation: Why Memecoins Can Be So Profitable

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N+1 Insights is meant for informational purposes. It is not meant to serve as investment advice.