TLDR Crypto Daily Update 2022-06-30

Coinbase Solana staking ☀️, crypto winter predictions ❄️, DAO Bounty Hunters 👨‍💻

Innovation & Launches

Meet ‘Frequency,’ Polkadot’s New Decentralized Social Media Parachain (2 minute read)

Frequency is a parachain on the Polkadot ecosystem dedicated to decentralized social media. Previously known as the Decentralized Social Network Protocol, Frequency will use a token staking model that lets users earn 'capacity', which allows them to send messages. Stakers will be able to vote for different applications. Frequency chose to use Polkadot as it allows the network to manage costs through the parachain lease system.

Polygon Deploys Custom Blockchain Scaling Solution 'Avail' (1 minute read)

Avail is a scaling system for blockchain apps by Polygon. It allows developers to access blockchain data off-chain and update, fork, and change their applications. Avail uses advanced mathematical techniques to determine the authenticity of blockchain data without relying on node operators to verify the data. It can be deployed on any Ethereum Virtual Machine-compatible blockchain.
Guides & Resources

Crypto winter is here (1 minute read)

Crypto will go even lower until people become indifferent and crypto no longer makes headlines. This process will take many months. The market will likely improve in the second half of 2023. Winters are when companies innovate and take market share. Crypto will rebound when retail discovers novel apps and use cases.

On-Chain Forensics: Demystifying stETH's "De-peg" (27 minute read)

Many traders have built up leveraged stETH-ETH positions on Aave, putting them at risk of liquidation if the price ratio deviates too much from its 1:1 peg. This article looks at the stETH/ETH depeg and the events leading to it. It covers how the depegging started and how it affected firms like Celsius and Three Arrows Capital. The depegging of UST and the collapse of the Terra ecosystem was likely the main cause for stETH's depeg.

Lido Community Signals Intent to Keep Ethereum Staking Uncapped (3 minute read)

99.8% of the Lido community has voted against limiting Lido's Ethereum staking service.

The Ethereum Virtual Machine may be more important than the blockchain itself (8 minute read)

This article discusses the Ethereum Virtual Machine (EVM), why it is important, how it affects the blockchain ecosystem, other types of networks, and more. The EVM is an open-source blockchain-based software that allows developers to create decentralized applications. Many protocols feature EVM compatibility. The permissionless onboarding of users and open source nature of the EVM improves the value of all EVM chains. EVM is years ahead of its competing ecosystems and this will drive adoption and network effects.

Fracton Protocol: Fractionalize all the blue-chip NFTs for everyone (2 minute read)

Fracton Protocol aims to solve poor liquidity and high NFT prices by introducing meta-swap, NFT liquidity pools, and derivatives.

The BFF Perk Shop (1 minute read)

The BFF Perk Shop is an innovative web3 commerce experience that lets BFF NFT holders unlock exclusive access, free products, experiences, and more.

Bitcoin is the only coin the SEC Chair will call a commodity (3 minute read)

SEC chairman Gary Gensler said that the only token he would call a commodity is Bitcoin. Commodities can be traded by anyone, while securities can only be traded by accredited investors unless they are on public markets. Ethereum was seen as a security on launch, but some think that it has now become a commodity. An executive order from President Biden largely leans on the Treasury and a few other agencies for sorting out cryptocurrency policy.

What It’s Like to Work as a DAO Bounty Hunter (7 minute read)

This article features an interview with a full-time DAO bounty hunter.

Chainlink’s Smart Contract Products Go Live on Fantom (1 minute read)

Chainlink’s Keepers and Verifiable Random Function will allow developers to build more sophisticated DeFi applications.

Polkadot Chief Gavin Wood Announces Blockchain Governance Upgrade (3 minute read)

Polkadot has upgraded its decision-making process to be more inclusive and decentralized.

Keep Up With Crypto in Just 5 Minutes

Kepp Up With Crypto in Just 5 Minutes

Cut through the noise with our daily newsletter, get links and summaries of the newest innovations, tools, and launches in the crypto ecosystem

Join 120,000 readers for one daily email
515 W 18th St. Unit 621
New York, NY, 10011
515 W 18th St. Unit 621
New York, NY, 10011