TLDR Crypto Daily Update 2022-03-14

BAYC buys CryptoPunks πŸ’, the big Tether short πŸ“‰, proposed Anchor yield cut βš“

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Innovation & Launches

Now You Can Try 'Teleporting' Bitcoin for Greater Privacy With CoinSwaps (4 minute read)

Teleport is a project that aims to improve Bitcoin privacy by making transactions invisible. It implements a privacy technique called CoinSwap that makes private transactions look the same as regular transactions. Many other privacy protocols use CoinJoin. CoinJoin transactions are obvious when viewed on the blockchain. Teleport is still in testing and the project is not yet ready for real funds.

LootLARP is 'embedding' NFTs into physical objects for a real-life role-playing game (4 minute read)

LootLARP is an organization that creates physical elements and designs gameplay for Loot. Loot is an NFT collection that was released last August. The collection consisted of bags of randomized adventure gear. LootLARP has an app that scans NFTs, tracks player data, and displays quests. This article looks at LootLARP and how Loot NFTs are being used to create a real-world web3 game.

Bored Ape Yacht Club creator buys CryptoPunks and Meebits (4 minute read)

Yuga Labs, the creator of Bored Ape Yacht Club, has acquired CryptoPunks and Meebits from Larva Labs for an unknown sum. The company plans to foster a community of builders to create derivative works around the two projects by granting intellectual property and commercialization rights to NFT owners. The deal includes more than 400 CryptoPunks and 1,700 Meebits. Yuga Labs has been growing rapidly and is reportedly approaching a valuation of $5 billion. The acquisition is a sign that the NFT space is professionalizing and consolidating.
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Guides & Resources

The Eth2 Book (Book)

This book is an introduction to Ethereum as it will be when Eth2 goes live. It gives a complete overview of consensus, blockchains, and the way that Ethereum applies these concepts. The book is still a work in progress.

An artist’s guide to surviving NFTs (19 minute read)

The world of NFTs is a rapidly evolving landscape but it provides many opportunities for artists who are up for the challenge. This guide aims to give artists a few principles and frameworks to navigate the world of NFTs. It provides tips on how to navigate the complexity of sales and marketing as an artist and discusses currency, value, how to target an audience, and more.

What is Web3.js - An Introduction Into the Web3.js Libraries (16 minute read)

Web3.js is a collection of libraries that allow you to interact with a local or remote Ethereum node using HTTP, IPC, or WebSocket. It allows developers to create websites or clients that interact with the blockchain. This article teaches readers how to install and run web3.js with examples. It covers how to use web3.js to check account balances, read data from smart contracts, and create Ethereum transactions.
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Miscellaneous

A $4 Billion Hedge Fund Is Shorting Tether's Stablecoin (2 minute read)

Fir Tree Capital Management is shorting Tether due to regulatory scrutiny and fears over ties to the Chinese debt market. It has constructed a way to short the stablecoin with minimized risk and high potential to generate profit. The hedge fund is betting that it can make a profit within 12 months. It believes that some of Tether's assets are linked to the China Evergrande Group, which is facing more than $300 billion in liabilities. In August of 2021, a report found that Tether has a total backing of $62.7 billion, with just under half of it made up of commercial paper.

Evmos Looks to Get Back on Track After Failed Launch (4 minute read)

Evmos launched their mainnet last week with bugs that required it to be paused for maintenance several days later. The Evmos chain allows for cross-blockchain transactions between Ethereum and Cosmos. The social media backlash to the launch was harsh, but there is still a thriving market for Evmos tokens. The Evmos team is now deciding whether to start the chain from scratch or to attempt to salvage the chain history. There is no timeline yet for the relaunch of the chain.

Polychain, Arca Propose Anchor Protocol Yield Cut (5 minute read)

Polychain Capital and Arca have proposed yield cuts to the Anchor Protocol. Anchor, the largest decentralized finance lending protocol on the Terra blockchain ecosystem, currently offers a 19.5% yield on UST, a rate that is seen by some as unsustainable. The proposal includes downward rate revisions every 30 days for higher deposit amounts. Over 70% of Anchor token holders have voted so far, with the majority against the proposal. Voting will end on Wednesday.

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