TLDR Crypto Daily Update 2022-03-30

$600M ETH hacked πŸ’°, Polygon Identity 🧍, πŸŒ‰, understanding Curve Wars πŸ’‘

πŸš€
Innovation & Launches

OpenSea Confirms It Will Start Listing Solana NFTs in April (2 minute read)

OpenSea has released a short teaser video revealing that it plans to add Solana NFTs to its marketplace in April. Solana is the second-largest NFT ecosystem behind Ethereum. The network offers faster, cheaper, and more energy-efficient transactions than Ethereum. OpenSea has been planning to add Solana to its marketplace since before January. The teaser video from OpenSea is available in the article.

Introducing Polygon ID (2 minute read)

This Twitter thread introduces Polygon ID and explains how the technology will be used in web3. Polygon ID is a self-sovereign identity solution powered by zero-knowledge cryptography. It features complete user privacy, scalable on-chain verification, and an open attestation ecosystem. Polygon ID allows users to prove access rights on web3 while giving them control over their personal data.

Binance Upgrades Blockchain Bridge to Connect DeFi and CeFi (1 minute read)

Binance has launched the second iteration of its cross-chain protocol. Binance Bridge 2.0 will be compatible with more blockchains, feature a better experience, and decrease maintenance costs. It will allow users to bring unlisted tokens onto the BNB Smart Chain as wrapped tokens. There will be an automated circulation control system for wrapped tokens. Users will be able to access traditional centralized finance and decentralized finance via the Binance app.
πŸ’‘
Guides & Resources

Ronin hack explained (1 minute read)

Hackers have stolen $600 million worth of ETH from the Ronin network. Ronin is an Ethereum side-chain that is secured by nine validators. Only five validators are required to perform a 50% attack on the network. The hackers accessed a system that operates four of the nodes and then found an exploit to access another node. The ETH was sent to FTX. Ronin is working with government agencies and FTX to recover the funds. Screenshots of the transactions are available in the thread.

Ever heard about the Curve Wars? Wondering what's that all about? (5 minute read)

This Twitter thread discusses the Curve Wars and provides some tips on how to profit off them. The DeFi world revolves around liquidity and incentives. Protocols incentivize liquidity providers with rewards to attract more liquidity. Curve is a decentralized exchange with low trading fees, low slippage, composability, and token rewards. CRV token holders can earn rewards by locking in their tokens. Stakers are able to vote on which pools rewards are allocated to. This has resulted in protocols looking to control as much of the staked tokens as possible.

DeFi learners, ICYMI, my 3-part series on @CurveFinance and the Curve Wars is now complete (Twitter Thread)

This Twitter thread links to a three-part series on Curve Finance and the Curve wars. The first part is on understanding Curve, a DeFi application that provides a specialized trading market. Part two discusses the Curve governance token and staking system. The final part introduces the Curve Wars, a battle for stablecoin liquidity.

The roads not taken (14 minute read)

The Gasper Proof-of-Stake that Ethereum will soon implement is a complex but very powerful system. It features very strong single-block confirmations, economic finality, very predictable rewards, and support for a very high validator count. Developing a system with these properties is difficult and has taken years of research, failed experiments, and a huge amount of effort. This article discusses Ethereum's choice to develop a complex Proof-of-Stake when a simpler version would have sufficed and considers what would have happened if the network had chosen a different path.
πŸ¦„
Miscellaneous

Tracking Luna Foundation Guard’s Bitcoin Purchases (2 minute read)

The Luna Foundation Guard (LFG) recently announced that it plans to purchase $10 billion or more of bitcoin to act as a reserve for the UST stablecoin. CoinDesk and other blockchain services have confirmed the foundation's address. Anyone can view the activity of the address using a block explorer, a full node, or by following a Twitter bot created to track the balance of the wallet. LFG Has purchased almost 28,000 bitcoin so far. If the plan is successful, UST will become a stablecoin backed by a fully transparent asset.

Keep Up With Crypto in Just 5 Minutes

Kepp Up With Crypto in Just 5 Minutes

Cut through the noise with our daily newsletter, get links and summaries of the newest innovations, tools, and launches in the crypto ecosystem

Join 120,000 readers for one daily email
Links
Sponsor
About
Contact
Privacy
Terms 
Disclaimer
TLDR Media, LLC
515 W 18th St. Unit 621
New York, NY, 10011
TLDR Media, LLC
515 W 18th St. Unit 621
New York, NY, 10011