TLDR Crypto Daily Update 2022-07-14

Celsius bankruptcy 🏦, Polygon joins Disney accelerator 🚀, StarkNet announces token 🪙

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Markets & Business

Embattled crypto lender Celsius files for bankruptcy protection (3 minute read)

Celsius has started the process of filing for Chapter 11 bankruptcy protection. It currently has $167 million in cash to support operations as it restructures to maximize value for all stakeholders. The company had more than 100,000 creditors with almost $12 billion in assets under management in May. It is currently being investigated by several state regulators. Celsius customers may have to wait years to see their money again and may only be entitled to pennies on the dollar.

Polygon Joins Disney’s ‘Accelerator Program’ to Develop AR, NFT and AI Experiences (1 minute read)

Polygon, along with six other companies, has been selected to participate in Disney's 2022 Accelerator program. The program is looking to develop new technologies with augmented reality, NFTs, and artificial intelligence. Participating companies will receive guidance from a dedicated executive mentor and Disney's senior leadership team. Polygon is the only blockchain-native platform in the program.
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Innovation & Launches

Snap eyes adding NFTs as AR filters in Snapchat (2 minute read)

Snap is exploring ways to let artists create and mint NFTs and then import them into Snapchat as Lenses. It is set to start testing with a limited set of creators in August. Snap doesn't plan to charge creators for showing off their digital collectibles, but it is considering ways for artists to monetize their work. The company recently launched a premium subscription service, Snapchat Plus.

StarkWare Confirms Long-Rumored StarkNet Token (1 minute read)

StarkWare has confirmed the creation of a StarkNet token. The token will be required for governance, participation in StarkNet's consensus mechanism, and the payment of transaction fees on StarkNet. An initial 10 billion tokens has been minted and will be allocated to core StarkNet contributors. The ERC-20 tokens will be available in September.
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Guides & Resources

The U.S. dropped a massive bill that could change Crypto (4 minute read)

This Twitter thread covers the new Lummis Gillibrand Bill, web3 frameworks, Chris Dixon's policy discussion, and NFT law. The new bill effectively divides digital assets into commodities, securities, and ancillary assets. It is good for crypto as most crypto will be commodities and be regulated by the CFTC. The bill also allows for innovation and clears up many issues.

MEV 2.0: The Rise of MPSVs (17 minute read)

Maximal Extractable Value (MEV) has experienced several major innovations since 2017, but it still ignores the user. Proof of Stake opens the door to include users in MEV solutions. This article introduces MEV Profit Sharing Validators (MPSVs), a concept that would fully democratize MEV. It allows users to earn a portion of MEV profits because of their choice of where to stake. MPSVs could transform the MEV market into a perfectly competitive market structure.
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Miscellaneous

Brands 3.0 – Turning Customers into Owners (6 minute read)

web3 is shifting brand engagement to being more symbiotic. It presents a new opportunity for brands to engage in a more cooperative and bidirectional way, turning customers into contributors, stakeholders, and co-creators. This article talks about brands in the past, the future of brand engagement, and how web3 will transform brands. web3 will bring to life long-lasting brands with dynamic governance, insights, and loyalty based on reputation that create new forms of engagement and experience economies.

Meet the newest crypto builders from web3 accelerator Alliance DAO’s demo day (9 minute read)

Alliance DAO's demo day saw a new wave of crypto projects and teams join its web3 accelerator and builder community. The program has cohorts three times a year for 10 weeks. Only 16 teams graduated from the program out of the 24 teams that were admitted. This article presents a breakdown of the 16 startups and their projects.

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Survey reveals high penetration and adoption of crypto in Saudi Arabia (2 minute read)

Around 14% of the adult population aged between 18 to 60 in Saudi Arabia either currently own cryptocurrencies or have traded in the past six months.

UN Says Developing Nations Should Ban Bitcoin Ads, Regulate Crypto Wallets (5 minute read)

The UN believes crypto could threaten the monetary sovereignty of developing nations.

Why Digital Fashion Matters (4 minute read)

Digital identities are an extension of our self-expression.

Here's why I believe the future will be multi-chain & why @chainlink CCIP will play a crucial role in this future (2 minute read)

All blockchains eventually run into physical limitations and users want a seamless experience.

Wealth is a claim on other people's time (3 minute read)

Everything around you depends on the labor of other people.

Rare CryptoPunk Sells for $2.6M as Collection Continues Resurgence (2 minute read)

Punk 4464, the 32nd-rarest punk in the CryptoPunk collection, was sold for 2,500 ETH on Tuesday night to NFT whale zoomc.

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