TLDR Crypto 2022-04-04

Reddit has added Ethereum-based NFTs onto its platform. CryptoSnoo NFTs are solely for entertainment purposes and ownership of the NFTs does not grant commercial rights to the artwork. Four of the NFTs sold for between 70 to 175 ETH each. The NFTs were owned by Reddit, so the profits will likely be split between Reddit and OpenSea. A screenshot of the NFTs is available in the article.

Tezos has activated a major upgrade that replaces its current consensus algorithm with a new one called Tenderbake, which enables lower block times. The Ithica 2 update also prepares Tezos for rollups and Ethereum Virtual Machine compatibility. It reduces the requirement to become a network validator by 25% to increase network decentralization. The Tezos network had over 6.2 million smart contract calls in January.

OpenSea is allowing users to purchase NFTs with a credit card, debit card, or Apple Pay through a partnership with MoonPay. The move is likely aimed at bringing in more mainstream buyers. OpenSea generated over $5 billion in total trading volume in January. It recently announced that it will start listing Solana NFTs, but it hasn't confirmed when.

Most algorithmic stablecoins use a 'coupon coin' model where new stablecoins are issued when the price rises above the peg and bonds/coupons are sold when the price falls below the peg. The model incentivizes investors to exchange their stablecoins for coupons, reducing supply and restoring the stablecoin's peg. Several projects using this model have failed. This article looks at the Terra ecosystem and its algorithmic mechanism and explores the impacts of Terra's new direction towards partial-collateralization.

NEAR is a protocol that claims to deliver all of the core ideas of Ethereum 2.0. It is still small, with only 100 nodes, but there is a lot of potential. This Twitter thread introduces the NEAR protocol and suggests some strategies for capitalizing on its growth.

$15.6 million of cryptocurrency was stolen from Inverse Finance recently. This Twitter thread shows how the hacker accomplished the attack with screenshots of their transactions and activity.

The Discords of multiple major NFT projects were targeted as part of a phishing scam on Friday. The attackers attempted to trick users into clicking links to mint fake NFTs. Two wallet addresses have been linked to the attacks and are labeled on Etherscan. The wallets are linked to accounts that hold millions of dollars worth of cryptocurrency. Discord channels are common targets as Discord is central to many projects and communities.

This article presents an argument for being a Bitcoin maximalist. Assets like Bitcoin have real cultural and structural advantages that make them powerful assets. Many crypto assets are scams, which increases Bitcoin's value as an honest cryptocurrency. Bitcoin's focus on minimalism makes it better at the things it focuses on, like being a decentralized currency. The idea that Bitcoin is outdated and that it derives its value entirely from its past momentum is completely wrong.