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TLDR Crypto 2022-04-14

ETH Merge postponed πŸ“…, why good project β‰  good token πŸͺ™, Vitalik Q&A πŸ‘¨β€πŸ’»

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Innovation & Launches

Ethereum Merge Pushed to Q3 as 'Final Chapter' of Proof of Work Looms (2 minute read)

The Ethereum merge has been delayed until the latter half of 2022. There is still no firm date set. Ethereum's switch to a proof-of-stake consensus model is a fundamental change that will make Ethereum mining obsolete. A recent shadow fork of the Ethereum mainnet has revealed various bugs. The Ethereum upgrade has already been pushed back several times, but development is almost complete.

Tether’s USDT Stablecoin Enters Polkadot Ecosystem With Kusama Launch (2 minute read)

Tether is launching on Kusama, a scalable network of specialized blockchains that serves as Polkadot’s canary network. The addition of USDT to Kusama will benefit Polkadot and it shows that there is interest in making it available on the Polkadot ecosystem. Important protocol upgrades and other innovations are always tested first on the Kusama network before being added to the Polkadot ecosystem.

Terra's Anchor Protocol to Launch on Polkadot DeFi Hub Acala (1 minute read)

Terra's decentralized finance protocol Anchor is coming to Polkadot's Acala network. Anchor is a savings and borrowing protocol currently ranked third by total value locked. Terra and Polkadot will set up liquidity pools for their stablecoins on Acala. Acala will integrate with cross-chain bridge Wormhole to allow users to bridge their assets between the Polkadot and Terra ecosystems. The partnership is expected to grow the decentralized stablecoin market.
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Guides & Resources

Thread on valueless governance tokens and how to avoid them (3 minute read)

Just because a protocol is valuable, it doesn't mean its governance token is valuable. Many retail investors are looking for future cash flow. A valueless governance token only gives its users voting rights and no future cash flow. Three things to look at in a token to see if it has value are fee accrual to token, its value capture mechanic, and valuable governance. Traders can avoid buying valueless governance tokens by making sure a token has at least one of the three.

HOW TO FIND & TRACK FRONT-RUNNERS (2 minute read)

An Ethereum address recently bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing before it was published. It is unknown whether the trader was acting on leaked information or trading on insider information. This Twitter thread discusses a method for spotting these kinds of trades in the future using tools like Nansen. It includes screenshots of the trades.

Why I’m bearish on real-world assets in DeFi lending protocols (1 minute read)

Integrating real-world assets with DeFi lending protocols will mean integrating with real-world legal systems. Dealing with real-world assets is expensive, slow, and unreliable. This will mean huge ongoing costs, a lack of transparency, inefficient execution, and a lack of reliability for DeFi protocols that want to use real-world assets. The success of DeFi will come from serving the crypto-native economy and moving away from the old systems that DeFi was supposed to replace.
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Miscellaneous

Atoms, Institutions, Blockchains (27 minute read)

This article discusses how blockchains are a source of hardness that will make it possible for us to build complex global coordination tools like law, governance, and money. Human civilization depends in part on our ability to make the future more certain in specific ways. These hard points are necessary to coordinate at scale. Blockchains are a source of hardness that are credibly neutral and trustless and they enable systems to exist that would not otherwise be possible.

What are some decisions or tradeoffs in Ethereum protocol design that you would want to see explained better? (Twitter Thread)

In this Twitter thread, Vitalik Buterin asks followers what decisions or tradeoffs in Ethereum protocol design they want to be explained better. Most replies are about gas fees.

Crypto firm Tether to further reduce holdings of commercial debt in stablecoin reserves (2 minute read)

Tether is planning to reduce its holdings of commercial debt in its reserves. It was revealed last year that Tether held a large amount of short-term corporate debt. This raised concerns about the stablecoin and what it was actually backed by. Tether had already reduced the amount of commercial debt to just over 30% of its reserves by the end of 2021, down from more than 44% in the third quarter. Tether's Chief Technology Officer has pledged further transparency but did not specify what else the company may disclose.

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