TLDR Crypto Daily Update 2022-07-05

KuCoin insolvency rumors 🪙, largest DAO vote ever 🗳️, Three Arrows' NFT portfolio 🐒

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Markets & Business

Price of Bitcoin Exchange KuCoin's KCS Token Tanks Amid Insolvency Rumors (2 minute read)

KuCoin CEO Johnny Lyu has denied rumors that KuCoin would halt withdrawals because it was about to go bust. The exchange had no exposure to LUNA, Three Arrows Capital, Babel, or Celsius. KuCoin is one of the few platforms that are still hiring and launching new features. KuCoin's token was down over the week but it has started to recover.

Crypto platform Vauld suspends withdrawals, trading and deposits amid financial challenges (3 minute read)

Vauld has suspended withdrawals, trading, and deposits on its crypto lending and exchange platform due to financial challenges. The platform has processed $198 million in customer withdrawals since June 12. It is exploring restructuring options and seeking financial and legal advice from several consulting companies. Vauld intends to apply to the Singapore courts for a moratorium. It will make specific arrangements for certain customers who need to meet margin calls.
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Innovation & Launches

HTC launches metaverse phone with Ethereum, Polygon support (1 minute read)

HTC launched a metaverse phone that comes with a digital assets wallet and virtual reality headset pairing feature on Tuesday. The Desire 22 Pro will offer a rich metaverse experience without a VR headset through apps from HTC's metaverse arm Viverse. Users will be able to create virtual avatars and manage crypto assets on Ethereum and Polygon. The device will be available for purchase in Taiwan, Japan, and Europe.

Ethereum Difficulty Bomb Delayed to Mid-September (3 minute read)

Ethereum's developers have delayed the difficulty bomb by another 100 days. The delay is an acknowledgment that the Merge will take longer to complete. Rushing development for the Merge would be irresponsible. The developers are reluctant to announce a hard deadline for the Merge as the pressure could result in the team burning out or making bad decisions.
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Guides & Resources

Gas Optimizations in Solidity (GitHub Repo)

This repository contains a list of gas optimizations for Solidity. It covers gas saving patterns and gas costly patterns.

Last week saw the most participated / contentious vote in the history of DAO governance happening at @MakerDAO (2 minute read)

MakerDAO recently voted to remove an independent Lending Oversight (LOVE) unit that provided second opinions to MKR holders on complex lending collateral and process auditing and strategic oversight. LOVE's first meaningful assignment was to assess a loan for a startup that had many shareholders that were also large MKR whales. LOVE published a negative review for the loan, creating some conflict in the community. There was record participation in the vote to remove LOVE. The results of the vote were close and there were clear signs that some parties worked together.
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Miscellaneous

Multichain adds Rootstock to its blockchain bridge ecosystem (2 minute read)

Rootstock is the first Bitcoin-based sidechain to be integrated into the Multichain cross-chain platform.

Compound Finance published version III of the protocol last week (2 minute read)

Compound Finance has released its third version of its protocol. The new version introduces lending markets with single borrowable assets. Each market can be seen as a separate protocol instance with its own collateral and liquidation factors, which allows for the creation of tailored money markets. The project aims to enable more capital-efficient money markets by reducing overall risk.

Every AAA Game Studio will at some point execute an NFT Strategy (3 minute read)

Most gaming NFTs will be free quest or player rewards and trading will happen in USD, not crypto.

The first collateral integration from a US-based bank in the DeFi ecosystem is getting closer (1 minute read)

The Maker Governance voted to add a 100 million DAI debt ceiling participation facility proposed by Huntingdon Valley Bank as a new collateral type.

Three Arrows Capital allegedly owns Bored Apes, Cryptopunks, and other #NFTs worth over $7.3 million (1 minute read)

Three Arrows Capital (3AC) allegedly has an NFT collection valued at around $7.36 million. The firm recently filed for bankruptcy in New York, and the British Virgin Islands has ordered the firm to be liquidated. 3AC also received a default notice from Voyager Digital over a $650 million debt. Its founder is trying to sell his Singaporian mansion worth $35 million.

Crypto Lender Celsius Cuts 150 Jobs Amid Restructuring (1 minute read)

Celsius laid off around 150 employees as it faces possible insolvency.

Solana DeFi Protocol Crema Loses $8.8M in Exploit (1 minute read)

Solana-based liquidity protocol Crema Finance lost more than $8.78 million worth of cryptocurrencies in an attack over the weekend.

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