TLDR Crypto Daily Update 2022-07-27

SEC investigates Coinbase πŸ§‘β€βš–οΈ, how macro impacts crypto  🏦, Alchemy's web3 SDK πŸ‘¨β€πŸ’»

In Q2 of 2022, 815,329.164 $REF buybackπŸ”₯ (Sponsor)

Every swap executed on Ref Finance generates revenue for the protocol. 100% of this fee is used to buy back REF tokens, of which 75% is transferred to the xREF staking contract and released over time and 25% is allocated to a community/provision treasury. Ref has bought over 815,329 REF in Q2 this year, and over 611,496 REF has been rewarded to stakers. Learn more.
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Markets & Business

Tether’s recovery of an $840mn loan scrutinised in Celsius bankruptcy (3 minute read)

Tether recovered an $840 million loan to Celsius by selling the bitcoin Celsius pledged as collateral before it filed for bankruptcy. Celsius' lawyers are now questioning in court whether Celsius can recover the value of the loan as the liquidation was made within 90 days of the filing. This area of bankruptcy law is unclear and the answer could affect Tether's reserves.

Crypto exchange Coinbase is reportedly facing an SEC investigation over securities (3 minute read)

Coinbase is facing an investigation from the US SEC over whether it allowed users to trade unregistered securities. The SEC started taking a closer look at the exchange after it added over 100 additional tokens to its platform. Coinbase is confident that its diligence process keeps securities off its platform. The investigation is separate from the SEC's case against Coinbase's former product manager and two other people for insider trading.
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Innovation & Launches

Introducing Web3 Subscriptions (3 minute read)

Mirror has launched a web3 subscriptions feature that allows users to subscribe to any Mirror publication with their wallets and receive email notifications when new content is posted. This will allow creators to start building wallet-based communities that can be used across web3. Creators will be able to make gated content or reward followers with NFTs or airdrops. Wallets are evolving into a way for people to communicate, interact, and follow each other on web3.

ENS name wrapper is almost here (2 minute read)

The ENS name wrapper grants the ability to turn any .eth name into an ERC1155 NFT. This enables a parent domain to restrict transfers, further subdomains, and text records. Each of these rights can be enabled or disabled permanently and irrevocably. Example use cases are available in the thread. The ENS name wrapper will be released soon.
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Guides & Resources

How Does Macro Impact the Crypto Markets? (12 minute read)

This article looks at monetary policy and how it has been affecting crypto in recent times. Monetary policy is a major driver of financial markets. Large-caps like Bitcoin and Ethereum are becoming more intertwined with wider financial markets as cryptocurrency matures as an asset class. This means that the fundamentals and events that affect the stock market are likely to move crypto markets as well.

How to set up a Gnosis Safe (4 minute read)

A Gnosis Safe is a multi-sig wallet for NFTs and ERC-20 tokens with configurable policies for how transactions are made. Every transaction with a Gnosis Safe wallet requires two or more signatures. Wallets can be swapped out if they become compromised. Gnosis provides a web UI and mobile app for users to watch their funds and configure safes. A tutorial on how to set up a Gnosis Safe is available in the article.
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Miscellaneous

Has Curve V2 lost the great DEX battle to Uniswap V3? (2 minute read)

This Twitter thread takes a look at Curve and Uniswap and how they perform in various markets. Curve and Uniswap are both still dominant players but in different markets. Uniswap is leading in volatile pairs, but Curve is winning the synthetic market. They are at a standoff in the stablecoin markets.

Comparing the Profitability of DEXs (6 minute read)

The recent bear market has shifted projects to more sustainable profit models as retail interest wanes. This article looks at several Ethereum and Solana decentralized exchanges and compares them based on their profitability. It examines whether protocols are making more money than they are paying out, at which token price would each protocol break even, how much token holders would receive if they were paid a proportional share of the protocol's profit, and how much profit each protocol can generate using its total value locked.

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Quick Links

CFTC Announces New Tech Innovation Office to Oversee Crypto (2 minute read)

The Commodities and Futures Trading Commission could soon be responsible for more crypto oversight in the US.

With serious runway concerns brewing, what's in store for the future of $LDO and $ETH? (5 minute read)

This Twitter thread covers a recent event with Lido, the effect the event had on ETH, and why DAOs are fundamentally flawed.

100x faster EVM traces with Python (6 minute read)

This article presents an introduction to evm-trace, a Python library for working with Ethereum Virtual Machine traces.

We finally released the Alchemy Web3 SDK (2 minute read)

The Alchemy Web3 SDK allows developers to fetch NFTs, get floor prices, fetch transactions, subscribe to Websockets, and interact with smart contracts.

FatManTerra announces class action lawsuit against Terraform Labs, Do Kwon, Jump Capital (2 minute read)

FatManTerra has announced a class action lawsuit through US solicitors in an attempt to recoup UST investments.

US Senators Push Bill to Make Small Crypto Transactions Tax-Free (1 minute read)

The bill would exempt US citizens from reporting transactions less than $50 or trades in which they earn less than $50.

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