Innovation & Launches
Circle Launches Euro-Backed Stablecoin (2 minute read)
Circle has announced a new digital asset called Euro Coin (EUROC), a stablecoin fully backed by Euro-denominated reserves. The new stablecoin will be launched on the Ethereum blockchain on June 30. More networks will be supported later this year. EUROC will be available on exchanges such as Binance.US, Bitstamp, FTX, and Huobi Global once trading begins. Developers can start integrating with the Euro Coin smart contract today.
Blockchain Security Firm Forta Introduces Native Token (2 minute read)
Forta, a blockchain security firm, has introduced a native token to provide an incentive to secure the network. The Forta network acts as a decentralized security camera and alarm system. It allows developers to write code to look for specific problems and send out alerts. The FORT token will be required for node runners to stake as a security measure. Node runners will suffer financial penalties if they have below-average performance or if they do something malicious. The FORT token will give holders the power to vote on governance proposals. There is no public token supply distribution plan yet.
Espresso Systems Launches Testnet of CAPE Privacy Product (2 minute read)
Espresso Systems has launched a smart contract app in testnet that lets asset creators define customizable privacy policies. Configurable Asset Privacy on Ethereum (CAPE) allows asset creators to determine who can see what information about asset holders and transactions under certain circumstances. CAPE may be useful for institutions that want to get involved with crypto but don't want to leak their data or strategies to the world. A wallet and GUI for CAPE is now available on Ethereum's Goeril testnet for users to start building.
Guides & Resources
veTokenomics Explained (8 minute read)
This article explains veTokenomics and the benefits and drawbacks of the model. The vote escrowed model of tokenomics locks tokens for a specific amount of time to incentivize long-term participation and reduce supply on the market. Users receive veTokens that give them governance rights for locking their tokens. veTokens are non-transferable and can't be sold. The model encourages users to commit their tokens in exchange for voting power.
One of the LARGEST Crypto Venture Capital firms is becoming insolvent (6 minute read)
Three Arrows Capital (3AC) is becoming insolvent. It is estimated that the firm has between $10 billion to $18 billion in assets under management. This Twitter thread gives an overview of the 3AC collapse, the history of the firm, and lessons learned from the situation. Even large Venture Capitals can make mistakes and fail to manage risks correctly.
22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (12 minute read)
Jeffrey Huang, also known as Machi Big Brother, is a former Taiwanese-American musician and tech entrepreneur. Huang has launched over ten failed pump and dump tokens and NFT projects. He also embezzled 22,000 ETH from Formosa Financial in 2018. This article presents an extensive overview, with evidence, of Huang's history in crypto, his involvement with Formosa, his other projects, and the other players involved.
Tron's TRX Bumps 27% as DAO Deploys $220M for Token Purchase (1 minute read)
Tron's TRX token rose up to 27% in 24 hours while its stablecoin inched closer to its $1 peg. TronDAO sent over $220 million worth of USDC to Binance to purchase TRX to create buying pressure among traders. Tron's stablecoin, USDD, fell to as low as 91 cents this week. Its mechanism is similar to that of Terra's UST. TronDAO seems committed to protecting USDD's peg to avoid a repeat of what happened to UST.