  The biggest crypto news and ideas of the day Mar. 23, 2022 Was this newsletter forwarded to you? Sign up here. Supported by 
Welcome to The Node.
In today's newsletter: El Salvador delays bitcoin bond launch. Thailand plans to ban crypto payments starting April. And Yuga Labs raises $450 million in funding.
Today's must-reads Top Shelf STATE LEVEL: El Salvador has delayed the issuance of its $1 million bitcoin bond offering due to unfavorable markets.
ALL-STAR FUNDS: Two well-known investors, Katie Haun and Tekin Salimi, have raised fresh capital for their new investment funds, as a DAO buys solana (SOL) and Nexo spins out a new venture arm.
MASSIVE ROUNDS: Popular NFT project leader Yuga Labs has raised $450 million, while crypto startup Worldcoin is raising $100 million.
UNSTABLE STABLECOIN: Solana-based stablecoin protocol Cashio has suffered an "infinite mint glitch" attack, according to developers. The value of Cashio's CASH token, a stablecoin pegged to the U.S. dollar, approached zero.
BITCOIN BRIDGE: Avalanche, the smart-contract focused blockchain popular as an Ethereum-alternative, has unveiled its new "core" wallet and a bridge to Bitcoin. The two initiatives are aimed at simplifying the user experience and bringing more assets into the Avalanche ecosystem.
Overheard on CoinDesk TV... Sound Bites  "Crypto and DeFi finally have some functionality to be able to support such a broad array of economic activity.""
–Tribe Capital Partner Apolo Ohno, on CoinDesk TV's "First Mover."
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What others are writing... Off-Chain Signals
Introducing CoinDesk's Mining Week. Our reporters visited crypto mining farms around the world, interviewed key players and crunched network data to shed light on a little-understood industry. Follow along with our continuing coverage.
Bitcoin Mining and ESG: A Match Made in Heaven
Why Do Old-Line Businesses Enter Crypto Mining? Simple: Fat Profits Even though mining margins have shrunk since crypto prices corrected, for now they're big enough to keep luring entrants from sectors like prepackaged food and anti-aging formulas.
Putting the news into perspective The Takeaway Ray Dalio, Sigma Males and the New Grindset Early this week my colleague Danny Nelson reported that billionaire investor and author Ray Dalio's Bridgewater hedge fund, one of the largest and most influential capital managers in the world, may be gaining exposure to crypto. This is a significant advance on one of the "narratives" that many industry commentators think will lead to the "mass adoption" of crypto assets: Institutions will lead the way.
Essentially, ever since crypto was first created (god bless you, Mr. or Ms. Nakamoto), people have said that "the institutions are coming," and that the influx of capital from banks, money managers and the like will send token prices skyward. Indeed, this hypothesis was in part proven true over the course of the coronavirus pandemic: Publicly traded corporations began putting bitcoin (BTC) on their balance sheets, banks started offering crypto exposure to clients and so on – and crypto prices moved up and to the right on the charts.
CoinDesk podcaster Nathaniel Whittemore recently offered a different, compelling take: Institutional adoption is already here, and Bridgewater's unconfirmed exposure simply represents this new "post-narrative institutionalization."
I largely agree with Whittemore that we're in a new growth cycle of crypto adoption. It's just a matter of fact that big banks, nation-states and the billionaire class are getting clearer on the basics and potential benefits of crypto, and in some cases embracing it. But I'd offer a caveat to this thesis. "Mass adoption" is hardly assured, and crypto will likely remain a fringe asset class. In fact, that might be better for all involved.
The Chaser... 
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