TLDR Crypto Daily Update 2022-06-06

Chainlink on Solana ☀️, Bored Ape Discord hacked 🐒, evaluating tokens in bear market 🐻

Innovation & Launches

Chainlink Price Feeds Now Live on Solana (1 minute read)

DeFi developers on Solana can now use Chainlink's price feeds in their products. Solana is the first non-Ethereum Virtual Machine chain supported by Chainlink. The integration with Solana will help Chainlink's price feeds obtain data at high speeds and low costs. There will be seven price feeds available at launch. Chainlink plans to offer more price feeds and services to developers after the initial launch.
Guides & Resources

Metaverse Land: What Makes Digital Real Estate Valuable (12 minute read)

This article discusses the value of digital real estate in the metaverse. Digital spaces have been popular since the early internet. People use digital spaces to create opportunities not available in the physical world. Digital asset paradigms like NFTs now allow individuals to uniquely own specific pieces of digital real estate. Metaverse platforms are creating worlds with limited 3D space that people can purchase. The value of land in these spaces is affected by location, size, proximity to other businesses or amenities, and other factors, just like in the physical world. What matters is how people will use the space, how well-suited the digital space is to those activities, and how valuable those activities are to users.

Mental models for L1 and L2 (10 minute read)

web3 database technology requires trust with third parties to work. Cryptocurrencies replace trust in third parties with an open-membership group that validates and protects a database's integrity and content. This group is made up of proposers, those who propose updates to the database, and verifiers, agents who check the validity of updates proposed to the database. This article looks at layer 1 and layer 2 systems to understand the fundamentals of database security and trust.

Understanding @ethereum's Economic Model Post Merge (4 minute read)

Ethereum economics post-Merge will be driven by ETH token issuance to validators and fees generated by the Ethereum network. ETH issued per validator is diluted the more Ethereum is staked to the network. Around 30% of fees generated by the chain go to validators, and the rest are burned. At the Merge, stakers will be earning around 9% and ETH will be roughly 0.7% deflationary. After the Merge, the staking rate is likely to go up while the reward drops to around 5%. ETH can be deflationary even at low levels of on-chain activity.

One of the largest pieces of crypto legislation will be introduced this Tuesday (4 minute read)

A piece of legislation for integrating cryptos into the financial system will be introduced on Tuesday. It will include definitions of which coins are commodities, which coins are considered securities, stablecoins, and NFTs. It will also include a CBDC framework. The bill heavily favors Bitcoin, with nearly every other cryptocurrency being labeled as a security, including Ethereum. It is unlikely to be approved until 2023 and there will likely be opposition to the bill.

What Are Blockchain Layers? (1 minute read)

Layer 0s allow for entire blockchains to be built on them. They can be used for mining, data validation, currency swapping, and building blockchains. Layer 1s are the base network and its underlying infrastructure. They are used for validating and finalizing transactions without the need for another network. Layer 2s sit on top of layer 1 networks and are used to solve the issues with transaction speeds and scalability that layer 1s face. Layer 3s are the decentralized apps that people interact with.

Here's a framework for evaluating possible bear market winners & losers (4 minute read)

This Twitter thread offers a framework for evaluating tokens to see whether they are worth keeping or dumping. Protocols are businesses, so they should be generating revenue through fees or other means. They should have a treasury that is managed properly. Locked up funds create lower selling pressure and show user confidence in the protocol's long-term future. A proper use case for the token needs to exist. There should be an actively updated roadmap that shows where the business is going. Successful protocols will breed copycats. Look for competitive advantages that are hard to replicate. Projects with vetted teams backed by prominent venture capital funds have less chance of being abandoned.

An interactive reference to Ethereum Virtual Machine Opcodes (Website)

This site contains an interactive reference to Ethereum Virtual machine Opcodes. It lists the codes with their names, minimum gas costs, stack inputs and outputs, and a short description. A more detailed entry about each code can be revealed by clicking on the code. A playground example is available for most entries.

Bored Ape Yacht Club Discord reportedly compromised in $250,000 NFT phishing attack (2 minute read)

A hacker used the official Bored Ape Yacht Club Discord to promote a fake giveaway, resulting in 32 NFTs worth approximately 200 ETH being stolen. Yuga Labs is still investigating the incident. One BAYC and two Mutant Ape tokens were stolen in the scam. The hackers gained access to the Discord by obtaining the login credentials of a community manager.

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