TLDR Crypto 2022-07-07

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.

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.

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.

Ethereum's Sepolia testnet has successfully switched from proof-of-work to proof-of-stake. There is only one more testnet to merge before the Ethereum blockchain attempts the Merge. The Sepolia went to proof-of-stake around 17:00 UTC. No significant glitches have been reported.

Every token except for BTC and ETH continues to bleed out as both institutional players and retail buyers attempt to lower their risk. Money flowing into non-major cryptocurrencies is down 78% and Uniswap users are down 70%. New money is still coming in via NFTs. The average wallet age is much younger for NFTs.

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.

The hackers have been identified as the North Korean group Lazarus.

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.

Alameda Research, who extended a $500 million line of credit to Voyager Digital last month, owes $377 million to Voyager Digital.

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.

It was the largest transaction in Shiba Inu history.

UPRISE is a Korean robo-advisor algorithmic trading platform that got liquidated in a short bet on LUNA during its collapse.

This Twitter thread talks about governance aggregators, the future of DAO governance, and the marketplace for governance.

StellarSOL is a browser extension that enables online shopping with Solana.