Innovation & Launches
Facebook begins testing NFTs with select creators in the US (2 minute read)
Facebook has launched digital collectibles support with select creators in the US. The new feature will allow creators to show off NFTs on their profiles under a new tab. NFT art on Facebook will show a digital collectibles label. There will be no fees for posting or sharing digital collectibles. Digital collectible posts won't be able to be turned into ads for now.
$USN v2.0 has just been announced (4 minute read)
USN 2.0 was developed to make NEAR's USN truly stable under both bull and bear markets. It will be released in two phases. In the first phase, USN will be backed 1:1 with USDT and offer a sustainable yield obtained through NEAR staking rewards. Non-stable assets will be added in phase two. Yield offered in the first phase will adjust depending on market conditions. 1 USN can always be minted and redeemed for 1 USDT via the main on-chain contract.
Guides & Resources
Mapping contagion in crypto (4 minute read)
This Twitter thread looks at how the contagion in crypto started, how the giant crypto institutions fell, in what order, and why. It covers what happened to Grayscale BTC, Terra, Celsius, Three Arrows Capital, Voyager Digital, and other firms. There are still many things that could happen to make the market worse.
Quick thread on inflation (2 minute read)
This Twitter thread looks at the types of inflation that the Fed can and cannot deal with, and the size of each. Excess demand-side inflation has been more persistent while excess supply-side inflation has been larger. The Fed can't do much about excess supply-side inflation, but there is a lot of excess demand-side inflation for it to tame. While there is no reason to be bullish in the immediate-term, there are reasons to be bullish with a longer-term view.
OpenSea data breach causes massive leak of users' email addresses (2 minute read)
An employee of Customer.io, an email management platform used by OpenSea, has leaked the list of OpenSea customers' emails to an outside party. The breach affects all users on OpenSea's platform and newsletter. OpenSea has advised customers about potential phishing attempts. It has contacted law enforcement about the breach and an investigation is in progress. Some users have already reported an increase in spam emails, phone calls, and text messages.
Grayscale Sues SEC Over Bitcoin ETF Application Rejection (2 minute read)
Grayscale Investments filed suit against the US SEC barely an hour after its application to convert its flagship Grayscale Bitcoin Trust product into an ETF was rejected. The SEC cited concerns about market manipulation, Tether, and the lack of a surveillance-sharing agreement between a regulated market of significant size and a regulated exchange. Grayscale argues that the SEC has approved some Bitcoin futures ETFs, which indicates that the underlying market must be seen as reliable.