TLDR Crypto 2022-08-22

FTX financials leaked 💰, CryptoPunks flip Bored Apes 🐬, Ethereum vs. US censorship 🛡️

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Markets & Business

FTX grew revenue 1,000% during the crypto craze, leaked financials show (4 minute read)

FTX's revenue went from $89 million to $1.02 billion in 2021. The exchange was founded three years ago at a time when Coinbase and Binance were solidified as the world's largest trading venues. It has been building out a fleet of global subsidiaries. While the exchange has been ramping up its retail efforts, it is still mainly a place for more sophisticated traders using derivatives. More details about FTX's financials are available in the article.

CryptoPunk Ethereum NFTs Floor Price Flips Bored Apes for First Time In 5 Months (3 minute read)

CryptoPunks was the top NFT collection for a brief moment on Sunday morning. The Bored Ape Yacht Club collection has held the top spot all year. Yuga Labs bought the rights to CryptoPunks in March so it owns both collections. The flip happened due to Bored Apes losing value faster than CryptoPunks.
Innovation & Launches

Ripple Unveils Crypto On-Demand Liquidity Service in Brazil (2 minute read)

Ripple has introduced a crypto on-demand liquidity service in Brazil in partnership with Travelex Bank. The service uses XRP to accelerate the transfer and exchange of fiat currencies between countries. Travelex will use the service for payments between Brazil and Mexico. It is working to extend the service to the US and Asia. Many Brazilian companies already use Ripple's cross-border payments system, RippleNet.

On Solving Problems On-Chain (7 minute read)

The UNIC Open Metaverse Initiative is launching a university course that will be 100% on-chain. It will be free to join and attend. Students who want a certificate of completion will be able to mint a certificate NFT for 0.25 ETH. The course will start on October 3. Links to the course and more information about the course instructors and content are available.
Guides & Resources

Diving into which zkEVM will win the market (2 minute read)

The best zkEVM in terms of market success will be the most Ethereum-compatible implementation that reaches the market fastest. Ethereum compatibility is important as most active users are on EVM-compatible blockchains. It allows ecosystems to develop much faster. zkEVMs with close-to-Ethereum compatibility will likely end up with the majority of the ZK Rollup market share.

The bring-your-own-application paradigm of decentralization (4 minute read)

The bring-your-own-application paradigm of decentralization packages IPFS applications so that users can lock down specific versions of decentralized apps. It involves minting an NFT that pins its metadata on IPFS immutably and that metadata is pinned immutably to a specific version of the app which the user trusts. The paradigm allows users to get around potential censorship. More details about BYOA are available in the thread.

Can Ethereum Fight Back Against the US’ Sweeping Censorship Attempt? (5 minute read)

An Ethereum User Activated Soft Fork could potentially sidestep censorship. The Merge may make a UASF feasible due to slashing, which is a method of punishing validators that misbehave. Validators that get slashed will have to either reverse their behavior or leave the network. It would be difficult for most users to create a UASF and large corporations may activate their own soft forks.

Getting rug pulled sucks! Thonic wants to give retail investors access to better research (Sponsor)

Too many crypto investors buy and sell based on FOMO and hunches. Thonic’s token-backed platform gives retail investors access to the same insights financial analysts rely on. The project is getting attention and was recently featured on Yahoo Finance. Find out first when the presale launches.

Stablecoin issuers hold $80bn of short-dated US government debt (2 minute read)

Stablecoin issuers now hold $80 billion worth of short-term US government debt. They account for 2% of the market for Treasury bills, more than the proportion owned by Berkshire Hathaway. Treasury bills are considered to be ultra-low risk assets. Regulators have called for reserve disclosure requirements for stablecoin issuers, so operators have promised to improve transparency.
Quick Links

FTX’s money isn’t insured, FDIC says (3 minute read)

FTX received a cease-and-desist order from the Federal Deposit Insurance Corporation after it made false and misleading statements that suggest that its assets are FDIC-insured.

Different attack vectors against Ethereum's censorship resistance following the Merge upgrade (1 minute read)

Concerns about Ethereum's censorship resistance stem from the repercussions of recent sanctions placed against Tornado Cash.

Tokenomics 101 Aave (2 minute read)

The AAVE token is mainly used for governance, safety, and liquidity incentives.

One of the most egregious "DAO/DeFi" situations I've ever seen (3 minute read)

This Twitter thread discusses Fei Protocol's plans to repay its victims after a hack.

Aztec Network privacy DApp Banned by FTX (2 minute read)

FTX blocked for being a mixing service.
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