TLDR Crypto 2022-06-28

FTX Robinhood acquisition rumors 💰, Three Arrows defaults 📉,  hedge funds short Tether 🪙

Innovation & Launches

Central African Republic president launches crypto initiative following Bitcoin adoption (2 minute read)

The Central African Republic (CAR) has announced the launch of Sango, a crypto initiative centered around developing the country's blockchain infrastructure. The CAR adopted Bitcoin as legal tender in April. It plans to have a dedicated legal framework for crypto by the end of 2022. The Sango project involves building a legal crypto hub, expanding the adoption of Bitcoin in the country, and creating a virtual crypto island in the metaverse with an equivalent space in the physical world.

Molecule is excited to announce that they have raised $12.7M in seed funding (2 minute read)

Molecule is an open ecosystem that assists researchers in raising funds for research projects in a community-driven way. It allows diverse communities to fund, own, and govern therapeutic intellectual property. Molecule provides novel incentives for collaboration, investment, and risk-sharing. It enables communities to choose which projects get funded and later own the therapeutics. Decentralized science could create a shift in access to therapeutics similar to what DeFi did for traditional finance.
Guides & Resources

Is the bottom in? (5 minute read)

This Twitter thread compares the last bearish phases in the crypto market to the current situation to see if the bear market has reached its bottom yet. It presents data from previous bear market bottom zones with metrics. BTC has always bottomed at around 70-85% from its top price except for the drawdown in 2011. It is still far too soon to tell if the market has reached the bottom yet. The current macroeconomic situation makes everything more uncertain.

Here are a few thoughts and an attempt at bringing more clarity on $ATOM tokenomics and the overall role of The Hub within the Internet of blockchains (2 minute read)

Cosmos is home to more than 50 blockchains, all connected through Inter-Blockchain Communication. Interchain Accounts enable native composability between chains. Interchain Security allows smaller chains to lease security from The Hub. A well-performing ATOM token would make the Cosmos ecosystem and The Hub stronger and more secure.

Traditional Hedge Funds Are Trying To Short USDT (2 minute read)

Tether's CTO claims that traditional hedge funds are attempting coordinated attacks to try to short USDT. Despite Tether's efforts to collaborate with regulators and increase transparency, the company has been branded as the bad guy. Tether has never failed a redemption, even after processing many billions of dollars' worth of redemptions in recent months. USDT is the only stablecoin that has been proven under extreme pressure.

Harmony Hackers Begin Laundering Ethereum Stolen From Horizon Bridge (2 minute read)

The hackers sent around $36 million of ETH to Tornado Cash, a mixing service.

SmartContracts-audit-checklist (GitHub Repo)

This repository contains a checklist of things to look for when auditing Solidity smart contracts.

Dissecting the DAO: Web3 Ownership is Surprisingly Concentrated (9 minute read)

An analysis of major DAO governance tokens found that less than 1% of all holders have 90% of the voting power.

Yuga Labs Files Furious Lawsuit Against Guy Minting Copies of Bored Apes (2 minute read)

Ryder Ripps, an outspoken NFT critic, minted his own collection of Bored Ape clones as a stunt.

Solana’s Biggest DeFi Lender Almost Got Rekt. Then Binance Stepped In (6 minute read)

Binance managed to alert a whale on Solend that was on the verge of liquidation.

Defining "NFT" in historical context (15 minute read)

This article discusses NFTs, fungibility, tokens, and the history of the NFT community. It talks about what makes NFTs special, how NFTs transformed the digital art and collectibles market, and much more. The spirit of the NFT movement is decentralized collectibility. As long as an asset is able to be owned in a decentralized way, they qualify as part of the NFT movement.
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