TLDR Crypto Daily Update 2022-02-08

AAVE's social network πŸ‘ͺ, calculating ecosystem market cap πŸ’°, SushiSwap's future 🍣

Innovation & Launches

RSS3 aims to be the decentralized information processor of Web3 (2 minute read)

A technical whitepaper laying out plans for RSS3 was released this week. RSS, or Really Simple Syndication, is an information distribution protocol that has been widely adopted across the internet. RSS3 will update RSS for web3. It will involve a source data file that can be updated and used to broadcast web activities. Users will be able to control what activities are broadcasted. It will take six to eight months for the developers to build its RSS3 nodes.

Google Cloud Adds Crypto Mining Malware Threat Detection Service (1 minute read)

Google Cloud is adding Virtual Machine Threat Detection (VMTD) to detect malware that mines cryptocurrency on a compromised account. 86% of malicious actors use compromised Google Cloud accounts to mine cryptocurrencies. VMTD will also protect customers against data exfiltration and ransomware attacks. The feature is now being rolled out as part of a public preview and will be integrated over the next few months.

DeFi’s Aave Launches Web 3 Social Media Platform β€˜Lens’ (2 minute read)

Lens is a web3 social media protocol from Aave that allows anyone to create a non-custodial social media profile and build new social media applications. The protocol can be used to create NFT-based profiles with revenue-sharing and governance features. It will be built on Polygon, a blockchain protocol that just raised $450 million in a token sale. Developers who want to build applications on Lens may be eligible for a grant. Lens will be released in Q1 2022.
Guides & Resources

The Market Cap of the Ethereum Ecosystem (7 minute read)

The Ethereum ecosystem's total market cap is the total value of all assets on Ethereum, including ETH, tokens, NFTs, and synthetic/derivative assets. Ecosystem total market cap is a useful metric to measure the value of any asset in crypto. This data is difficult to find, despite all the data providers and analytics solutions available for Ethereum. This article discusses the creation of a dashboard for the Ethereum ecosystem's total market cap. In January 2022, the Ethereum ecosystem's total market cap was roughly $585 billion.

New Paradigm for NFT Collateralized Lending - The Lending Pool (14 minute read)

The current valuation of NFT collateralized lending projects is less than $100 million, a small amount compared to the billions currently in the NFT market. The gap between the project valuation and the market size represents a huge opportunity. This article discusses the NFT lending market, why the current peer-to-peer model doesn't work, why lending pools are the future, and projects in the space. Future projects will likely use a blend of both P2P and lending pool models.

A Walk Through the Dark Forest (11 minute read)

Maximal/Miner Extractable Value (MEV) is a measure of the profit a miner can make through their ability to arbitrarily reorder transactions within the blocks they produce. Miners can reorder transactions based on who is paying the most in gas, a fact which many users take advantage of. It is possible to monitor transactions waiting to be processed to find profit opportunities. This article discusses several strategies for exploiting MEV opportunities for profit, the threats posed by MEV, and how researchers will mitigate the risks MEV poses to Ethereum and its users.

Crypto Firms Launch Coalition to Crack Down on Market Manipulation (2 minute read)

A group of cryptocurrency companies has launched a coalition to crack down on crypto market manipulation. The Crypto Market Integrity Coalition is made up of companies like Circle, Anchorage Digital, and Huobi Global. It is calling for companies to sign a pledge of market integrity that recognizes the potential for fraud in the crypto market while signaling the need to protect consumers. The crypto industry has faced various regulatory controversies and there have been calls for stricter rules from regulators and politicians worldwide.

Assange DAO Has Now Raised More Ethereum Than ConstitutionDAO Did (2 minute read)

AssangeDAO is an organization formed to raise funds to free Julian Assange, who is currently fighting extradition to the US. The DAO launched in December in response to a UK court overturning a ruling that barred Assange's extradition to the US. It started fundraising on February 3 and has raised more than 14,329 ETH (around $44.8 million). The DAO includes members of the Assange family and notable contributors like Vitalik Buterin. It plans to bid on an NFT with the proceeds from the auction going to a foundation for Assange's legal defense.

Proposal Imminent to Transform SushiSwap Into On-Chain DAO (5 minute read)

SushiSwap, DeFi's second-largest decentralized exchange by volume, may soon become an on-chain DAO following a proposal called Poke Bowl. The change would allow token holders to vote on decisions for the company. It could help salvage SushiSwap by creating clear leadership. Sushi recently lost about half of its developers due to controversy regarding the protocol's direction. Some members have pushed back against the Poke Bowl proposal, saying that the project should not rush into new projects right now.

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