Markets & Business
Crypto exchange FTX has ‘a few billion’ to support industry, Bankman-Fried says (3 minute read)
Sam Bankman-Fried, CEO of FTX, says he and his company still have a few billion to help struggling firms during the crypto downturn. The bailouts are aimed at protecting customer assets and stopping the contagion from spreading through the market. Bankman-Fried has previously used his own cash to bail out failing crypto companies. His net worth was around $24 billion earlier this year, but that figure has been cut in half due to the crypto crash.
Crypto broker Voyager Digital files for bankruptcy following the collapse of Three Arrows (2 minute read)
Voyager Digital filed for bankruptcy on Tuesday, about a week after Three Arrows Capital (3AC) defaulted on a loan provided by the broker. The firm has around $1.3 billion worth of crypto assets on its platform, $110 million in cash and crypto assets on hand, and $350 million in an account for customers. 3AC owes Voyager more than $650 million. The bankruptcy filing will allow Voyager to reorganize its debts while still remaining operational. Details about Voyager's proposed course of action are available in the article.
Innovation & Launches
Shiba Inu Plans to Launch Stablecoin, Reward Token, Collectible Card Game (2 minute read)
A lead developer behind SHIB has teased plans for a decentralized stablecoin, a reward token, and a collectible card game for its metaverse. The SHI stablecoin will be created by independent developers to avoid the issues found in other projects. More information will be available closer to its launch later in 2022. The TREAT reward token will be tied to the Shiba Collectible Card Game and help provide balance to the SHI stablecoin.
Guides & Resources
Ethereum Proof-of-Stake (10 minute read)
A consensus mechanism defines how a distributed network of nodes decides on the current state of the network. A proof-of-stake (PoS) Ethereum will give block producing power to whoever locks up their native tokens proportional to how many tokens they have staked. This article explains Ethereum's consensus mechanism after the Merge. It gives a detailed description of Ethereum's PoS consensus model and how it deals with malicious attacks. It also discusses anti-PoS talking points and the practicalities of liquid staking and running nodes.
How do real-world assets make their way into DeFi? (1 minute read)
This Twitter thread looks at MakerDAO's recent proposal to add a 100 million DAI debt ceiling participation facility proposed by the Huntingdon Valley Bank (HVB) as a new collateral type in the Maker Protocol. The proposal will give HVB the ability to post real-world assets as collateral. It will benefit MakerDAO by producing yield and by further diversifying its backing reserves. The integration between MakerDAO and HVB is a model that can scale to other banks. Many more details about the proposal are available in the thread.
Binance Extends Zero-Fee Bitcoin Trading Globally (1 minute read)
Binance is cutting BTC trading fees to zero worldwide from July 8, the exchange's five-year anniversary. Trading fees will be eliminated across 13 stablecoin and fiat combinations. The change will remain in place until further notice. Coinbase shares fell 9.7% on the day Binance announced its removal of trading fees on bitcoin spot pairs in the US two weeks ago.