As usual, the crypto markets never miss a day. SEC is surprisingly shut but a lot of action happened on the other side of it. While OGs keep shipping, there is always drama in the backdrop but the good news is, It’s all active and alive :)

In this edition of “Decoded by Descrypt”, we will dive into:

• 1. Binance L2 Reveal 🪄
• 2. Big players like Blackrock, Fidelity, Deutsche Bank, Charle Schwab & Citadel enter crypto and the timing is exciting 👀
• 3. Proto-dank something something jk It’s Proto-danksharding year boys!!!

The big boy in town had been teasing us with a new Layer2 solution for BSC which confirms that the Binance ecosystem expansion isn’t stopping anytime soon.

The game-changing L2 scaling solution leverages the power of the BNB Smart Chain Infra, how?

It offers:

• High throughput
• Low fees
• Seamless scalability

to the developers building on the native chain thus, making it a robust toolkit. However, flexibility is yet another milestone- opBNB is not tied to a single client implementation, and it can interoperate with other L2 platforms. (Wooho to an open and collaborative ecosystem 🥳🎉)

opBNB optimised the data accessibility and the caching layer and adjusting the submission process algorithm to allow simultaneous operations (JK, You could’ve read the exact same sentence on the Binance thread)- But what does it mean?

In a simplified way, opBNB allows the switching of various Data Availability schemes based on security and performance needs. They are currently creating a platform that's adaptable to changing requirements.

With all that being said, it will become a fostering ground for large-scale dApps like,

• 1. Gaming
• 2. Social dApps
• 3. Trading

& more…..

Read the official announcement, here

BUT, SOMETHING VERY CRYPTO-LIKE HAPPENED!!! Someone already launched $opBNB shitcoin 🤣

Stay SAFU, Lots of FUD out there lads

You remember SEC going gaga on the big centralised exchanges, yes of course 💀 So, let’s map the timeline together,

SEC attacks Binance → SEC attacks Coinbase → Crypto market takes a dip → Blackrock, Fidelity, Citadel, Schwab & Deutsche enter the crypto market, here’s how:

• 1. Blackrock, which is THE WORLD’S LARGEST ASSET MANAGER with $8.59 trillion in assets under management filed for a $BTC Spot ETF with an approval rate of 575 approval against 1 rejection, so did Fidelity btw (Read more, here)
• 2. Fidelity and Citadel-backed Crypto Exchange- EDX started market operations 🤥 (Read more, here)
• 3. Goerge Soros, one of the most successful traders from Soros Fund, the most profitable firm in the hedge fund industry said that crypto is ripe enough to take on the mainstream (Read more, here)
• 4. Deutsche Bank, the $1.4 Trillion giant, applied for a digital asset license 😏 (Read more, here)

So, all going after CEXes so that the big giants can scoop out cheap coins????? 😖😰

Now this is also great because institutional adoption means web3 taking the mainstream way and it’s a BIG W for all of us! But, what’s disturbing is the SEC doesn’t want the CEXes to have control of the market.

If it’s a fight for the fees, they will work in the favour of the suits 📈📈. Well, at least they now know crypto is the future 🙃

Us at all our readers right now:

Ethereum devs are all set to ship the Proto-danksharding update sometime this year and hands down this is the sexiest name in the history of EIPs.

Why are we so excited about it? → It will change the course of L2s and offer a significant upgrade in many ways

• Dedicated block space for Data Availability- L2 rollups rely on Ethereum for DA so creating dedicated blockspace would enhance the ability to scale further through rollups
• Reduced cost of L2 Rollups- Dedicated DA to reduce the cost of committing batched transactions from rollups to the base layer
• Compatibility with Full Danksharding- No further changes on the execution layer would be needed to implement full danksharding
• ZK, ZK- It introduces an early implementation of ZK proofs, so we’re excited about the enhanced privacy and scalability in the future