TLDR Crypto Daily Update 2022-06-01

Optimism airdrop 🪂, Polkadot integrates Lido 💧, Shiba Inu founder disappears 🐶

Innovation & Launches

Ethereum’s Ropsten Test Network Ready for Merge ‘Dress Rehearsal’ (2 minute read)

Ethereum's longest-running Proof-of-Work test network Ropsten is transitioning to a Proof-of-Stake consensus mechanism. It will be the first 'dress rehearsal' for miners for the Merge event expected to happen in August this year. The transition to PoS for Ropsten will happen a few days after an update to its beacon chain that will be implemented around June 2. Two more testnets will be transitioned to PoS before the focus will shift to the mainnet.

Ethereum Scaling Solution Optimism Airdrops Tokens to 249K Wallets (3 minute read)

Optimism has launched the airdrop of its new OP governance token. The tokens were airdropped to wallets that used the network before June 23, 2021, repeat users, those who participated in DAO governance on Ethereum, people who have donated to Gitcoin, and others. Nearly 249,000 wallets were eligible for the airdrop. Many eligible users have been unable to claim their tokens due to immense demand. Future airdrops are planned.

Polkadot’s Moonbeam Adds Liquid Staking Giant Lido (2 minute read)

Moonbeam, a connectivity layer between the Ethereum blockchain and Polkadot services, is working with staking derivatives platform Lido to bring liquid staking to Polkadot. Liquid staking allows stakers to receive a staked IOU token that can be invested to earn yield in DeFi apps. The Lido integration will allow Polkadot holders to stake their assets in the form of xcDOT and receive stDOT. Both tokens are XC-20 tokens and are compatible between the Ethereum Virtual Machine and the Substrate framework that powers Polkadot.

Zcash’s NU5 Upgrade Goes Live, Boosting Privacy and Removing ‘Trusted Setups’ (3 minute read)

Zcash's NU5 upgrade was activated on the mainnet on Tuesday. The upgrade includes updates to Zcash's consensus node software, an ECC (Electric Coin Company) wallet prototype, ECC wallet software development kits, shielded-by-default transactions, unified addresses, and the removal of trusted setups. It also introduces a new mechanism to verify transactions more efficiently. More details about the update are available in the article.
Guides & Resources

Predicting ETH Volatility Using Squeeth (7 minute read)

Squeeth is a new DeFi product that is similar to an option without an expiry date or a strike price. It increases liquidity in the options market and could be used to hedge Uniswap LPs, ETH/USD options, and predict the volatility of ETH in the short term. This article looks at the effectiveness of using Squeeth to predict the future volatility of ETH. The price of Squeeth tracks the historical volatility of ETH and it is a good predictor for how far the price of ETH has deviated from its mean. Squeeth is a strong indicator for the volatility of ETH.

Building a DAO to Learn in Web3 (17 minute read)

This article aims to shed some light on the nuances of starting and running a DAO. It follows a developer's experiences of setting up a small DAO amongst friends. The article discusses how the basic DAO bylaws were created, how and why they chose Telegram as a communication platform, launching the DAO, its governance structure, how the treasury was managed, accounting, and more. A list of DAO creation tools is available at the end of the article.

Shiba Inu founder Ryoshi deletes posts, articles sparking FUD within the community (2 minute read)

The anonymous founder of Shiba Inu, Ryoshi, has deleted all of their social media and article posts. Shiba Inu's project lead wrote a Medium post to combat the FUD around Ryoshi's disappearance. The post highlights Ryoshi's vision and updates the community on the project's progress. It does not explain Ryoshi's disappearance or the timing of the action. A link to the full post is available in the article.

Binance-Supported Deal for Forbes to Go Public Via SPAC Is Called Off (1 minute read)

Forbes has canceled its plans to go public through a special acquisition company (SPAC). The decision was likely made due to poor performance from several recent SPACs. Binance had announced in February that it was making a $200 million strategic investment in Forbes. Both parties have the option to walk away from the deal. Binance will review its options and work with the leadership team at Forbes in the months ahead.

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