TLDR Crypto Daily Update 2022-02-21

Wyoming stablecoin πŸͺ™, first multichain DEX πŸ’±, $1.7M OpenSea attack 🌊

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Innovation & Launches

First multi-chain DEX simplifies complex routes between blockchains (4 minute read)

Rango Exchange is a cross-chain DEX aggregator that uses algorithms to fulfill trade orders across blockchain ecosystems. It leverages over 27 blockchains and plans to launch support for over 20 more in 2022. The exchange has seen more than $1.2 billion in transactions over the last six months. Rango will launch an initial decentralized exchange offering in the first quarter of this year.

JPMorgan unveils research on quantum resistant blockchain network (2 minute read)

Quantum Key Distribution (QKD) blockchain networks are resistant to potential quantum computing-based attacks. QKDs use quantum mechanics and cryptography to allow parties to exchange secure data and detect and defend against third parties attempting to eavesdrop on the exchange. They are capable of supporting 800 Gbps data rates under real-world environmental conditions. Production-quality quantum computers will change the security landscape of technologies like blockchain, so it is important to develop secure blockchain infrastructure before they hit the market.

Wyoming Lawmakers Want State to Launch Its Own Stablecoin (3 minute read)

The Wyoming Stable Token Act will allow the state to issue its own stablecoin that would be pegged to the US dollar. The bill was proposed on Thursday. If passed, the state treasurer will have to launch the stablecoin by the end of the year or provide a report on why it is not currently feasible. It is not clear in the bill why the state needs its own stablecoin, but it makes sense given the state's increasing focus on crypto.
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Guides & Resources

PRD: DustSweeper (4 minute read)

DustSweeper is a service that allows users to swap small balance tokens for ETH without expensive gas transactions. Many Ethereum users have low-balance tokens from old trades, airdrops, and trying out apps. Cleaning out these wallets requires paying high gas prices. DustSweeper users just have to approve the tokens they want to sell and then bots execute the swap. The transaction fees are significantly smaller. A demo video showing how it works is available.

Inflation in GameFi and Traditional Game (9 minute read)

Inflation occurs when there is more currency circulating in the market with demand staying the same, resulting in a decrease in the currency's purchasing power. The consequences of runaway inflation have been seen in many market economies. This article discusses inflation in gaming and compares how traditional games and GameFi systems handle inflation. It covers how inflation control systems affect the gaming experience, GameFi inflation and its effects on the market, ways to curb inflation, and more.

Coinbase's "largest-ever bug bounty" (3 minute read)

Tree of Alpha on Twitter recently discovered a bug in Coinbase's advanced trading feature that allowed malicious actors to sell BTC, ETH, or other coins using tokens like SHIB. The exploit allowed Tree of Alpha to put in BTC limit sell orders using SHIB at a 1:1 ratio. It could have also been used to short orders to make the market freak out. The exploit was reported and Coinbase rewarded Tree of Alpha with a bug bounty of $250,000.
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Miscellaneous

Why El Salvador’s Wild Bitcoin Experiment Just Might Work (4 minute read)

Many people reacted skeptically when El Salvador made Bitcoin legal tender last September. The recent price tank cost the country dearly, making the situation look like a mess. However, locals are using the currency and the country's policies are working and attracting investment from Bitcoiners. While Bitcoin's volatility is having an impact on the locals, El Salvador's decision to accept the currency may have positive long-term impacts on the wealth of its people.

OpenSea CEO Devin Finzer Responds to $1.7 Million Phishing Attack (3 minute read)

Numerous NFTs with high prices have been lost in a phishing attack that targeted users on OpenSea. The wallet linked to the scam has been active since December and it is associated with a wallet that is a part of another OpenSea phishing scam. OpenSea has not identified where the phishing occurred. It is working with affected users to identify common websites they may have interacted with.

These crypto enthusiasts are trying to raise $4 billion to buy the Denver Broncos (6 minute read)

A group of crypto enthusiasts have formed a decentralized autonomous organization to buy the Denver Broncos. BuyTheBroncos will need to raise around $4 billion for the effort. Governor Jared Polis has shared his excitement about the project and has stated that he would be part of it. The DAO will be formed as a cooperative rather than an LLC, which will give its owner exemptions from SEC regulations governing investing in securities. It will join forces with traditional investors if it fails to raise the funds it needs. BuyTheBroncos will go live in the first week of March.

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