TLDR Crypto Daily Update 2022-06-29

Secretly insolvent exchanges 🏦, Chainlink on Robinhood 🔗, asset bubble aftermaths 📉

Innovation & Launches

Dynamic has announced a $7.5M seed round led by a16z crypto (2 minute read)

Dynamic is a web3-first multi-chain authentication and authorization platform. Its SDK allows developers to implement login, onboarding, and authorization in minutes. Dynamic's developer dashboard makes it easy to enable additional chains, manage users, implement onboarding flows, set up access lists, block wallets, and more. A short video overview of Dynamic's developer dashboard is available.

Zigazoo, a Social Network for Kids, Raises $17M to Further Web3 Ambitions (2 minute read)

Zigazoo is a social network for kids to interact directly with creators and brands in the kids' media space. It recently raised $17 million in a Series A funding round led by Liberty City Ventures. Zigazoo's app lets users make and share video responses to challenges from children's brands and talent. It also allows users to buy, sell, and trade NFTs.
Guides & Resources

Goldfinch Deep Dive (8 minute read)

Goldfinch is a decentralized credit platform that enables loans without requiring on-chain collateral. It uses a 'trust through consensus' mechanism that allows lenders to directly evaluate the credit worthiness of potential borrowers. Goldfinch's system creates a more equitable distribution of capital to underserved markets where borrowers have solid performance histories but struggle to raise capital. This article explains how Goldfinch's mechanism works.

I feel like Taro is very under-understood, under-appreciated and under-hyped (3 minute read)

Taro is a Taproot-powered protocol for issuing assets on the Bitcoin blockchain that can be transferred over the Lightning Network. It allows every Lightning node to be an exchange. The protocol allows anyone to issue new cryptocurrencies that are instantly tradable across a wide and cohesive network. Taro could achieve more for Lightning than ERC20 did for Ethereum.

The Market for Promises (9 minute read)

Every financial asset is a promise to give someone something.

Anchorage Digital Announces Ethereum Staking For Institutions (2 minute read)

Anchorage Digital will keep funds safe for institutions by holding their crypto in cold wallets.

A Cosmos Thesis: Why Sovereign Chains? (4 minute read)

With Cosmos, a sovereign layer 1 blockchain can operate at the speed it needs for custom tasks.

How will Solidity devs choose between the 20+ major EVM implementations that are out there? (3 minute read)

The Ethereum Virtual Machine (EVM) is the dominant smart contract execution architecture and Solidity is the dominant smart contracting language. There are now a lot of EVM-compatible chains that compete through fees, developer experience, security, throughput, values, ecosystem, and rewards. A typical strategy for many networks is to pump their tokens, create giant ecosystem funds to attract developers, use their treasuries to buy traction, then repeat. Despite these incentives, blockchains are not able to compete with Bitcoin and Ethereum on values.

A thread on asset bubbles and $BTC (2 minute read)

Asset bubbles happen when investors overpay for assets using borrowed money. Market crashes trigger a cascading series of margin calls where investors are forced to sell as liquidity disappears. This results in a fearful market where no one wants to invest. It could take years before an asset returns to new highs. Investors are typically better off moving to better opportunities rather than fixating on gains that were lost. There can be massive rallies even during huge bear markets.

Crypto exchange CoinFlex is raising $47 million through a new coin after a major investor fails to pay debt (3 minute read)

Coinflex is issuing $47 million worth of a new token to help restart withdrawals for its customers.

Final Toncoin Mined Ahead of Transition to Proof-of-Stake (1 minute read)

Toncoins will now only enter circulation via proof-of-stake validation.

Axie Infinity NFT game reopens transactions months after $625 million theft (3 minute read)

Players can now use the Ronin bridge to make deposits and withdrawals.

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