TLDR Crypto Daily Update 2022-06-24

Solana crypto smartphone 📱, Coinbase adds Polygon & Solana networks ☀️, AVAX native BTC support 🪙

Innovation & Launches

Avalanche Bridge Launches Native Bitcoin Support; AVAX Surges 7.4% (1 minute read)

Avalanche has added support for native bitcoin in its cross-chain bridge. Users can now bridge native bitcoin to the Avalanche DeFi ecosystem through the Core wallet. They can deposit BTC into various pools in the Avalanche ecosystem to earn yields of over 17.5%. There is currently $2.68 billion in total value locked across the Avalanche ecosystem.

MATIC Jumps as Polygon Introduces Improved Privacy for DAOs (1 minute read)

Polygon has introduced a product that allows for more private voting in decentralized autonomous organizations. Polygon ID verifies user identities while allowing the user to remain anonymous. It uses zero-knowledge proofs, a cryptographic method that allows a party to prove that a statement is true without conveying additional information. Polygon's native MATIC tokens surged 25% after the launch.
Guides & Resources

dappKit (Website)

dappKit is a software development kit for web3 apps. It allows developers to create NFTs, crypto tokens, DeFi platforms, and DAOs in minutes. dappKit features project templates, simple integration with any smart contract, and much more. It is free to use.

A brief look into 2nd generation AMMs (10 minute read)

Uniswap V2 is the most forked protocol ever, but its shortcomings have created a new generation of automatic market makers (AMMs). This article presents a brief overview of the popular 2nd generation AMMs in the market. These new markets generally improve on capital efficiency and trade execution for large trades. The article covers Uniswap V3, Curve V2, Time-Weighted Average Market Makers, Replicating Market Makers, covered calls, options pricing, and much more.

In this thread, I cover what is DyDx, their decision and the massive impact for both Cosmos & Ethereum roll-ups (3 minute read)

dYdX is a decentralized exchange for perpetual contracts, a special type of futures contract. It allows traders to maintain custody of their assets without trusted intermediaries. The exchange is currently deployed on Starknet, but it recently decided to move to the Cosmos ecosystem. Cosmos provides performance, decentralization, and sovereignty. The move is a signal to other teams in the crypto space that Cosmos is the best place to build.

If Tether falls, FTX and Coinbase will let their users pay the price (18 minute read)

Tether is a stablecoin that is supposed to be backed by collateral. Stablecoins are important to the crypto economy as they provide an easy on/off-ramp to fiat currency within the crypto ecosystem. Tether has a well-documented history of not having fully backed reserves. If its peg ever slips, holders could be left with tokens worth less than a dollar each, and exchanges will likely do nothing about it.

Convex Finance: Investigation is still ongoing, but a quick update for the community (1 minute read)

Convex Finance's DNS was recently hijacked, causing some users to approve malicious contracts for some interactions on the site. The funds on these contracts are unaffected. Convex has remediated the issue and is investigating the incident. A list of five addresses affected by the attack is available in the thread.

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