Innovation & Launches
The Ethereum Name Service is Adding Layer 2 Support (3 minute read)
The Ethereum Name Service (ENS) is adding Layer 2 support to reduce gas fees. The current system can get expensive very quickly. The changes will make it possible to resolve ENS domains without the Ethereum network, securely fetch any data offchain, and resolve wildcard domains. ENS aims to launch an integration with Layer 2 near the end of Q2.
US Banks Form Group to Offer USDF Stablecoin (2 minute read)
A group of institutions backed by the Federal Deposit Insurance Corp. plans to offer a new stablecoin called USDF. Founding members of the group include Synovus, New York Community Bank, and Sterling National Bank. USDF will be a bank-minted alternative to USDT and USDC. It will operate on the Provenance blockchain and be redeemable for cash from any of the group's members. USDF aims to address the consumer protection and regulatory concerns of nonbank-issued stablecoins.
ERC-4626: DeFi's Newest Money Lego (4 minute read)
ERC-4626 is a proposed Ethereum token standard for resolving design types for tokens that print money. The proposal offers a general way for platforms to build assets that reward users. It simplifies parts of the DeFi stack by creating a shared interface for tokens held in vaults, saving developers time and money. Standardizing tokenized vault strategies will create a better experience for both users and developers.
Guides & Resources
Arming Part-Time Contributors in Web3 (4 minute read)
At the moment, the concept of a DAO is miles ahead of the actual experience of one. While many new participants want to contribute to projects, most end up doing very little after buying tokens. Contributors may be put off by disorganized Discords, insufficient software, a lack of communication, or delayed payments. DAOs need a healthy group of contributors to live up to their potential. The way to get contributors involved in projects is through setting up the right tools and incentives. Layer3 is developing a platform that will allow contributors to engage with DAOs on an adhoc basis to apply their skills while receiving token compensation in a fast, streamlined way.
Introducing Marmite: Hassle-free Solidity gas cost comparisons (2 minute read)
Marmite is a Hardhat plugin that helps developers perform gas cost comparisons among different Solidity code snippets. Developers are able to write different implementations of Solidity code directly in contracts and obtain gas cost comparisons among them. It can handle complex setups with multiple contracts deployed. All Solidity versions are supported.
What Is Yield Farming? The Rocket Fuel of DeFi, Explained (18 minute read)
Yield farming is when investors put crypto temporarily at the disposal of a startup to earn more cryptocurrency. Liquidity mining is when a yield farmer gets a new token as well as the usual return in exchange for the farmer's liquidity. By being creative, yield farmers can find ways to stack yields and earn multiple governance tokens at once. This article explains yield farming, the technologies that make it possible, strategies for yield farming, the risks, and more.
DeFi Alliance Becomes ‘Alliance DAO’ After $50M Raise From 300 Web 3 Leaders (2 minute read)
DeFi Alliance has rebranded itself as Alliance DAO. 300 contributors provided $50 million in funding to the project, which previously served as an incubator for platforms such as Sushi and Olympus DAO. It is unknown what the name change will mean for the organization. A liquid token will start trading within a year. Only vetted individuals will be able to purchase the token on release.
North Korea stole a record $400 million in cryptocurrency last year, researchers say (2 minute read)
North Korea stole nearly $400 million in cryptocurrency in 2021. The country has long relied on its hacker corps to steal money from financial institutions around the world. It has been increasingly focused on companies that handle and trade cryptocurrencies in recent years. Last year, the country successfully breached at least seven cryptocurrency exchanges. It strategically launders small amounts of its hacked cryptocurrency to take advantage of price increases.
What works (and doesn’t)
Dirt, an entertainment newsletter founded in late 2020, has announced plans to become a DAO. DirtDAO plans to let its community vote on pitches for future Dirt long-form stories. It will conduct its first vote on January 14. This article features an interview with Dirt's co-founder Kyle Chayka where they discuss the promise and limits of using DAOs for journalism. The biggest benefit of using blockchain for journalism is its record-keeping, as it makes it easy to see who is supporting the project and also how these supporters vote for stories.