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TLDR Crypto 2022-05-31

Smart L2s ⚑, new NFT scam πŸ–ΌοΈ, Tron TVL surges πŸ“ˆ

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Innovation & Launches

Tron Becomes DeFi’s Third-Largest Blockchain Thanks to Terra-Like Stablecoin (2 minute read)

Tron is now DeFi's third-largest blockchain in terms of total value locked. Its bullish activity was primarily driven by the launch of its new algorithmic stablecoin that promises double-digit returns. USDD works in a similar way to UST, where users can swap 1 USDD for $1 worth of TRX. Several Tron-based projects are offering more than 20% per year returns. USDD's market cap is currently above $602 million, up from $90 million when it launched on May 5.

Kava Onboards Sushi With $14M in Developer Incentive Funding (1 minute read)

Kava and Sushi have partnered together and allocated $14 million in funds for its developer incentive program that will take the form of Sushi and Kava rewards. Sushi is a multichain decentralized finance platform. Kava is a proof-of-stake blockchain built on the Cosmos SDK that tries to combine the Ethereum and Cosmos chains into a single network. Deploying Sushi on the Kava Network will allow DeFi users to use new DeFi products that provide high-yield farming with maximum efficiency and speed. It will allow Sushi users and developers to have access to the entire market value of Ethereum and Cosmos from a single network.
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Guides & Resources

LooksRare V.S. X2Y2: Who Will Unseat the Monopoly by Issuing Token? (9 minute read)

OpenSea is planning to go public, despite collectors and crypto communities asking for a token drop instead. Several competitors have sprung up to try to unseat the leading NFT marketplace by issuing a token. This article looks at two marketplaces, LooksRare and X2Y2, and compares them to see which marketplace has the potential to take over the number one spot.

Exploring the latest NFT scam (4 minute read)

A new NFT scam involves victims receiving an NFT airdrop from an unknown collection into their wallets with a 1 WETH offer. The fake WETH offer allows users to approve the collection for sale, but the offer will revert when users try to accept it. This will waste gas, and the revert message directs users to a phishing site. Details about how OpenSea's smart contracts work and the mechanisms behind the scam are available in the thread.

Thread on everything you need to know about Smart L2s (3 minute read)

Metis DAO recently introduced a new Ethereum layer 2 scaling solution. The Metis Smart L2 rolls up batches of transactions and posts the transaction data with its Merkle Tree Roots (MTR) to Memolabs. It also posts the transaction batch MTRs and State Roots on L1. MTRs are similar to identifier tags. Any transaction data that is altered in Memolabs would be noticed immediately by the L1. After Ethereum Sharding goes live, the Metis DAO L2 will move back to being an Optimistic Rollup that is able to handle over 100,000 transactions per second. More details about how the Metis DAO layer 2 scaling solution works is available in the thread.

On VCs in web3 (3 minute read)

The US Securities and Exchange Commission has rules against selling unregistered securities to regular people. These rules do not apply to accredited investors, who can buy unregistered securities with effectively no restrictions. This results in many crypto startups looking to venture capital firms for funding. The venture capital firms who know about crypto show up in a lot of deals as most other firms are clueless.

We're open-sourcing the NFT AMM smart contract code that powers the new sudoswap marketplace (2 minute read)

sudoswap is a digital marketplace with zero fees. Its automated market maker smart contract allows liquidity providers to create pools that hold NFTs or tokens so that traders can swap with those pools. Deploying a new pool costs around 180,000 gas, excluding the gas for NFT transfers. Existing pools can be reused for the same collection. The code that powers sudoswap is now available on GitHub under an AGPL v3 license. More details are available in the thread.
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Miscellaneous

@HopProtocol is setting new airdrop standards, and the sybilooors stand no chance! (3 minute read)

Hop Protocol's recent airdrop was unique due to the Hop team's plans to identify Sybil attackers to exclude them from the drop. Sybil attackers are those who create many pseudonymous identities or addresses to gain an unfair advantage. The Hop team spent two months crunching data to identify 10,000 Sybil attackers out of the 45,000 eligible addresses in the airdrop. It also invited the web3 community to help identify attackers, giving them 25% of the saved tokens as payment for their services. Sybil attackers who self-reported also received the bounty. The approach will be adopted by other projects, starting with Optimism.

Terra’s Mirror Protocol Allegedly Suffers New Exploit (1 minute read)

Mirror Protocol, a DeFi application built on Terra, has allegedly suffered an exploit that has drained over $2 million so far. The exploit was caused by a bug in the LUNC pricing oracle and could potentially drain all liquidity pools on Mirror. Mirror Protocol is a platform that allows users to create and trade assets that mirror the price of stocks. It suffered another attack in October 2021 that drained $90 million.

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New York, NY, 10011