TLDR Crypto Daily Update 2022-06-20

Solana's new fees β˜€οΈ, Solend seizes whale funds πŸ‹, Maker blocks Aave deposits πŸ›‘

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Innovation & Launches

Solana’s New Gas Fees Won’t Make the Network 'Expensive,' Says Co-Founder (6 minute read)

Solana has introduced three new upgrades to help mitigate the impact of in-demand apps and services. The new fee prioritization approach will increase fees for specific decentralized apps when they are in high demand. Surging fees for one app will not affect other apps on the wider Solana network. Solana will integrate Google's QUIC protocol, which will increase network speed and allow the network to throttle bots. The third upgrade throttles network traffic depending on how much Solana is staked. Staked nodes will have priority access over unstaked connections. They will not be able to block other staked users from participating in the network.
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Guides & Resources

Here's a thread on Synthetix atomic swaps (1 minute read)

Synthetix is a protocol that allows the creation of synthetic assets, offering exposure to real-world assets on the blockchain. A new update allows Synthetix to do atomic exchanges by checking the live price on Uniswap and comparing it to Chainlink. Everyone can now use Synthetix to get good price execution on ETH, USD, and BTC as long as there is enough liquidity in the Curve pools. Synthetix Is now doing over $100 million in volume daily.

A 🧡 on $METIS and why you should pay attention (4 minute read)

Arbitrum and Optimism both have systems that result in them becoming essentially centralized operators. METIS addresses this issue by allowing its community to run nodes for its sequencer pool, making it more decentralized. The protocol uses Memo Labs as its storage layer to cut transaction fees down to $0.01, making it the cheapest rollup in the market. METIS supports an EVM-equivalent development environment. More details about the protocol are available in the thread.

Tetranode bought $ETH at $849 yesterday. You could do it too (2 minute read)

Liquity Protocol is a lending platform that issues LUSD with ETH as collateral. It features a Stability Pool that is used to liquidate risky loans. The Stability Pool allows LUSD depositors to participate in liquidations and profit from them. Stability Providers essentially buy discounted ETH with their LUSD when risky loans are liquidated. They also earn LQTY tokens on their deposits. The average 7-day APR on the LUSD Stability Pool is 751%.

Here's a thread 🧡 on what Blockchain Bridges are and how do they work (2 minute read)

Blockchain bridges enable the free flow of capital between blockchains. Blockchain interoperability has become a necessity, but every blockchain has a different architecture and consensus mechanism, making native communication difficult. Bridges assist by facilitating two-way asset transfers and enabling generalized cross-chain messaging. This Twitter thread discusses blockchain bridges and how they work. It covers the problems that bridges solve, the different types of bridges, and each design's strengths and trade-offs.
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Miscellaneous

Takeaways from a16z's state of crypto report (5 minute read)

This Twitter thread contains a summary of Andreessen Horowitz's (a16z) state of crypto report released last month. The 50+ slide presentation outlines our current position in the crypto lifecycle and what the future holds. It discusses NFTs, crypto's impact on the financial system, layer 2s, cross-chain bridges, DAOs, and more. Screenshots of slides from the presentation are available in the thread.

The ULTIMATE thread on what led to the downfall of 3AC, and what it means for the future of crypto (4 minute read)

Three Arrows Capital (3AC) managed an estimated $18 billion in assets at its peak. Due to a mix of poor risk management, greed, and recklessness, 3AC is now insolvent and this has severe ramifications for the entire crypto space. The fund borrows from almost every major lender and its inability to repay loans will kick off a domino effect on the market. This Twitter thread looks at how 3AC got to this point and the effects that its collapse will have on the market.

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