TLDR Crypto Daily Update 2022-07-01

FTX-BlockFi potential deal πŸ’°, OpenSea leaks all emails 🌊, understanding crypto collapse contagion πŸ’‘

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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.
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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.
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Miscellaneous

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.

β€˜Gray Glacier’ Upgrade Goes Live on Ethereum Network (3 minute read)

Ethereum's Gray Glacier update's sole purpose is to push back the network's difficulty bomb by roughly 100 days.

OpenSea Disables Bored Ape Trading Amidst Singapore Court Case (2 minute read)

A Bored Ape owner put their NFT up as collateral for a loan but the lender foreclosed early and tried to sell the NFT.

Here are 10+ GitHub MEV codes/repos that you may find useful (Twitter Thread)

Links to GitHub repositories, articles, and Twitter accounts to follow to learn more about MEV.

Cryptocurrency brokerage eToro will walk away from its SPAC merger (Twitter Thread)

EToro's $8.8 billion deal was inked when stock prices for cryptocurrency exchanges were much higher.

Crypto exchange CoinFlex probably won't resume withdrawals Thursday as planned (3 minute read)

CoinFlex is in talks with several large funds interested in buying the $47 million in debt allegedly owed by investor Roger Ver.

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.

FTX Passed on Celsius After Seeing Balance Sheet (2 minute read)

FTX walked out on a deal to bail out Celsius as its balance sheet added up to a $2 billion hole.

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