TLDR Crypto Daily Update 2022-02-25

Invisible Friends 👻, Diem relaunches at $2B 🪙, FTX airdrops Ukraine 🪂

Innovation & Launches

Aligned Raises $34M to Build Custom Hardware for New 'AWS of Crypto' Service (2 minute read)

Aligned is the latest startup to offer crypto infrastructure as a service. The startup will focus on customized hardware optimized for a wide variety of crypto projects. It will offer solutions for mining and high-performance computing, staking and liquidity provisioning, and full-stack infrastructure for DeFi. The startup recently raised $34 million in funding to build specialized hardware for its clients.

Invisible Friends NFTs Soar 5,000% as Mint Goes Live (2 minute read)

Invisible Friends, one of the most anticipated NFT drops in the last few months, has gone live. The NFTs launched with a 0.25 ETH mint price. Prices quickly soared up 5,000% on secondary markets. The collection currently has a floor price of around 8 ETH. The project had 500,000 Twitter followers ahead of launch. Almost all of the collection has been minted, but the artwork has still yet to be revealed.

Ex-Meta Coders Raising $200M to Bring Diem Blockchain to Life (3 minute read)

Aptos, a company made up of the original creators, researchers, designers, and builders of Meta's Diem blockchain, is raising funds to complete the project without Meta. The original project was fatally crippled by regulatory blowback. Aptos will build a layer 1 blockchain that supports multiple applications. The team will not start the project from scratch, but it will shift its focus from cross-border payments to NFTs.
Guides & Resources

Understanding rollup economics from first principles (13 minute read)

Rollups are set to become Ethereum's preferred way of scaling. They are able to extend the protocol they build on while preserving most of its properties. This article discusses the economics of rollups. It identifies the parties interacting in the rollup system and looks at the various costs, revenues, and fees to find clues on how to navigate the design space.

Blockchain bridges (4 minute read)

This article discusses blockchain bridges, the different types of bridges, and the risks of using them. Blockchain bridges connect two blockchain ecosystems, facilitating communication between blockchains through the transfer of information and assets. They allow decentralized apps to access the strengths of various blockchains. This can result in lower transaction fees, more access to decentralized apps, and the ability to own native crypto assets from other blockchains.

CryptoPunks Owner Boasts of 'Rugging' Sotheby's, NFT Auction Canceled (2 minute read)

CryptoPunks collector 0x650d was set to sell their collection of NFTs with Sotheby's on Wednesday but pulled out of the auction instead. They tweeted their decision, claiming that they rug pulled the Sotheby's. The sale of 104 CryptoPunks NFTs was expected to bring in between $20 million to $30 million. 0x650d's tweets indicate that they may have pulled out due to the auction house's commission fees.

We just gave $25 to each Ukrainian on FTX (Twitter Thread)

FTX, a major cryptocurrency exchange, is giving $25 to each Ukrainian on its platform. The move follows Russia's invasion of Ukraine. Sam Bankman-Fried, CEO of FTX, announced the gift on Twitter with the words 'Do what you gotta do'.

Ukrainian central bank suspends electronic cash transfers, bolstering the use case for crypto (2 minute read)

The National Bank of Ukraine has ordered electronic money issuers to suspend cash transfers. The law likely refers to platforms similar to Venmo or PayPal. As a response, some Ukrainians have turned to cryptocurrencies. Many domestic buyers are paying a premium for USDT on Kuna, a popular Ukrainian crypto exchange. While USDT is generally stable, it is currently selling for higher prices due to increased demand.

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