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TLDR Crypto 2022-08-02

ETH proof-of-work fork ⚑, ETH flips BTC options 🐬, frustrating parts of crypto 😩

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Markets & Business

Ether Flips Bitcoin in Options Market for the First Time (3 minute read)

ETH has overtaken Bitcoin in the options market for the first time on record. The value of ETH options contracts open on Deribit, the world's largest crypto options exchange, was 32% higher than in open Bitcoin options trades. Traders are piling into ETH calls in the hope that the Merge will cause a 90% reduction in ETH issuance and bring a store of value appeal to the cryptocurrency. ETH also recently passed Bitcoin as the most traded coin on Coinbase.

CryptoPunk Ethereum NFT Sales Jump 248% After Tiffany Launch (2 minute read)

Tiffany & Co. recently announced an exclusive offer for CryptoPunks NFT holders to transform their NFTs into bespoke pendants. NFTiff is a collection of 250 digital passes that CryptoPunk holders can mint for a custom pendant and an NFT. The pendants will be in 18k rose or yellow gold. NFTiff NFTs will launch on August 5 with a floor price of 30 ETH each.
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Innovation & Launches

FTX US Plans to Enter Equity Options Market after Stock Trading Expansion (2 minute read)

FTX is interested in entering the equity market, but no specific timeline has been released. The launch of options is subjected to regulatory review. Options have been a very lucrative business for exchanges such as Robinhood. FTX US recently launched zero-commission stock trading in all 50 states. The company is expecting to incur some losses in the initial stages of its stock trading program but it plans to recover the losses through its other services.

Prominent Chinese Ethereum Miner Wants to Resist Merge, Create Fork (3 minute read)

Chandler Guo, a well-known crypto miner, has launched a campaign to fork Ethereum to create a Proof-of-Work version. Guo was a major proponent of creating Ethereum Classic in 2016. The transition to Proof-of-Stake will leave miners with costly and now potentially useless specialized hardware. Guo's plan will require an immense amount of economic and technical support. The forked coin would be an entirely distinct network with no assumed value, infrastructure, or utility.
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Guides & Resources

Airdrop Strategy: Aptos Edition (4 minute read)

Aptos is a new blockchain that focuses on scalability developed by people with ties to Diem/Novi, Facebook's dead crypto project. It has its own programming language and it can handle up to 160,000 transactions per second. Aptos launched its developer testnet in March and it recently moved into its incentivized testnet phase. This Twitter thread contains several strategies for receiving airdrops on the Aptos network.

30-year-old billionaire Sam Bankman-Fried has been called the next Warren Buffett (11 minute read)

Sam Bankman-Fried (SBF), the multibillionaire entrepreneur who founded Alameda Research and FTX, has been swooping in to save struggling crypto startups during the latest crypto winter. This article features an interview with SBF where he talks about his investments, the future of crypto, and his endgame for FTX. It includes a list of the businesses that SBF or his companies have bailed out or invested in recently.
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Miscellaneous

Coinbase Prime Adds Ethererum Staking for US Institutional Clients (1 minute read)

Coinbase Prime has added Ethereum to its list of staking options for US domestic institutional clients. The service will give institutions another way to gain exposure to the crypto market. Coinbase Prime also offers staking for Solana, Polkadot, Cosmos, Tezos, and Celo. Users' keys will be held in Coinbase's cold storage custody vault. Staking transactions will have to complete consensus before they are executed.

What I'm frustrated by in crypto (15 minute read)

Very few applications in crypto actually have product-market fit. They aren't really solving problems and most users are just using tokens to speculate and gamble. This article looks at the different aspects of the crypto world and the problems they are facing in attracting retail users. People will onboard to blockchains when there are applications that actually solve problems for them.
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Quick Links

The right to never be forgotten (10 minute read)

Most people are perfectly comfortable with living their lives publicly and online, but they don't like their activities being made public.

SushiSwap 'Head Chef' May Pocket a Third of All Tokens Paid to Staff (7 minute read)

The decentralized exchange is now voting on whether to hire Jonathan Howard as its 'Head Chef'.

The Nomad bridge was just exploited for 165m (3 minute read)

Users with funds in Nomad, Evmos, Moonbeam, or Milkomeda are advised to swap out of nomad assets and use a different bridge to bridge back to Ethereum or another chain ASAP.

Outserv (GitHub Repo)

Outserv allows users to run GraphQL Search APIs over any blockchain data ten times faster than existing mechanisms.

MakerDAO’s Quest for β€˜The One, True DAI’ Drives Development of New Feature (3 minute read)

Maker Teleport will make it possible to instantly move DAI directly between select layer 2 networks.

The future of maximal extractable value (39 minute read)

This article discusses how MEV has evolved and looks at how it may change in the coming years.

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