TLDR Crypto Daily Update 2022-05-09

Luna crash+UST depegs πŸŒ•, OpenSea Discord hacked 🌊, Google Cloud web3 team ☁️ Β 

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Innovation & Launches

Google's cloud group forms Web3 team to capitalize on booming popularity of crypto (3 minute read)

Google's cloud unit is forming a team to build services for developers running blockchain applications. It aims to make Google Cloud the first choice for developers. Many customers have asked Google to increase support for web3 and crypto-related technologies. Google is looking at integrating cryptocurrency payments for customers. Its cloud computing business is growing faster than its core advertising unit.

Meta’s Instagram to Support NFTs From Ethereum, Polygon, Solana, Flow (1 minute read)

Instagram is planning NFT integrations for Ethereum, Polygon, Solana, and Flow. It will support widely used wallets such as MetaMask. Users will be able to prove NFT ownership, show them on their profiles, and tag the creators who made them. Users will not be charged for posting or sharing NFTs. Instagram has over one billion monthly active users.

UST Stablecoin Briefly Loses Peg, Luna Drops 10% (2 minute read)

TerraUSD (UST) briefly lost its dollar peg on Saturday before bouncing back. It was not the first or largest depeg in the stablecoin's history and it did not cause Terra to tap into its Bitcoin reserves. The de-pegging started with a series of major withdrawals from Anchor Protocol, followed by withdrawals from liquidity pools on Curve. Some people claim that the depeg was a coordinated attack, but the founder of Terraform Labs has denied these claims.
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Guides & Resources

How ERC-4626 Could Fuel the Next Wave of DeFi (3 minute read)

The Tokenized Vault Standard (ERC-4626) allows all yield-bearing ERC-4626 vaults to work with each other. ERC-4626 vaults are classified as transferable and non-transferable. Transferable vaults issue a representative ERC-20 token to the user that represents the fraction of the vault pool owned by the user. Non-transferable vaults don't use tokens. The standard opens up new possibilities for interoperability and compatibility between different protocols and blockchains.

A 🧡 on @LooksRareNFT's new V2 Listing Rewards and why you should be paying attention (3 minute read)

LooksRare NFT marketplace recently allocated 250,000 LOOKS to be paid out daily to incentivize people to list their NFTs. Users can earn points every 10 minutes for every item listed above the floor price. At the end of the day, users' points are added up and weighed up against the total amount of points from everyone else earning points on the platform, and then the LOOKS tokens are distributed according to the percentage of points each person contributed to the total. This can result in hundreds of dollars in rewards per day just by listing NFTs on the platform.

Here are the challenges and secrets that a lot of project founders face, but refuse to talk about (2 minute read)

This Twitter thread discusses problems that many project founders face but don't talk about. Founders face many issues, such as a lack of time, problems with cash flow, conflicts within the team, contract development, and finding the right advisors, to name a few. These problems can be hard to foresee, and they can cause teams to give up before even minting.

Here are the challenges and secrets that a lot of project founders face, but refuse to talk about (2 minute read)

This Twitter thread discusses problems that many project founders face but don't talk about. Founders face many issues, such as a lack of time, problems with cash flow, conflicts within the team, contract development, and finding the right advisors, to name a few. These problems can be hard to foresee, and they can cause teams to give up before even minting.

A brief history of tokenized domain names on ENS and Namecoin 🧡 (3 minute read)

The first-ever NFTs were domain names on the Namecoin blockchain. Namecoin attempted to bring human-readable domain names to the blockchain and it was the only other blockchain that Satoshi worked on besides Bitcoin. Vitalik Buterin released Ethereum's whitepaper in 2014. Buterin noted the importance of Namecoin domains in the whitepaper due to their non-fungibility. The Ethereum Name Service minted its first domain in 2017. The first Ethereum NFT profile pics were created roughly around the same time.

A brief history of tokenized domain names on ENS and Namecoin 🧡 (3 minute read)

The first-ever NFTs were domain names on the Namecoin blockchain. Namecoin attempted to bring human-readable domain names to the blockchain and it was the only other blockchain that Satoshi worked on besides Bitcoin. Vitalik Buterin released Ethereum's whitepaper in 2014. Buterin noted the importance of Namecoin domains in the whitepaper due to their non-fungibility. The Ethereum Name Service minted its first domain in 2017. The first Ethereum NFT profile pics were created roughly around the same time.
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Miscellaneous

How $50 Million in Loans Nearly Crashed Fantom (5 minute read)

A large holder of Fantom tokens took out a massive loan last week and nearly crashed the network. The whale deposited $50 million worth of tokens on a DeFi protocol to take out loans for two other tokens in a way that made them levered and illiquid. As the market dropped, the protocol started liquidating the whale's position, which caused the price of Fantom tokens to plummet. Transaction fees on the chain soared as people tried to sell their tokens to prevent further losses. While the network recovered, the event highlights a legitimate risk that can happen to many blockchains.

OpenSea’s official Discord compromised in a phishing attack that stole at least $18k worth of NFTs (3 minute read)

A bot on the OpenSea Discord made a fake announcement with a link to generate free YouTube Genesis Mint Pass NFTs, resulting in around $18,000 of NFTs being lost. The announcement claimed that OpenSea and YouTube had formed a partnership and were planning to release 100 free NFTs with 'insane utility'. 13 NFTs from five sources were transferred to the attacker's wallet around the time of the attack. OpenSea was able to remove the links as soon as they were posted so the attack had limited impact.

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