TLDR Crypto 2022-08-03

Solana wallets hacked ☀️, Magic Eden Ethereum NFTs 🖼️, Robinhood lays off 23% 📉

The new Ref farming contract (Sponsor)

The new Ref farming contract features a Global Booster Token that allows users to gain more rewards on all forms of multi-seeds, and seed locking, which allows users to gain more rewards on all farms with locked seeds. The contract also has dynamically adjusted reward rates, increased multi-token capacity, an option to reboot farms, and a more user-friendly storage policy. Learn more.
Markets & Business

Solana Wallets Targeted in Latest Multimillion Dollar Hack (3 minute read)

Funds from hot wallets on the Solana network are being drained without users' knowledge or permission. The attackers have so far stolen at least $5 million worth of SOL, SPL, and other tokens. The issue is likely not related to any single wallet and could be related to transactions on Magic Eden's NFT marketplace. The vulnerability may not be limited to only the Solana blockchain.

Robinhood cutting about 23% of jobs (2 minute read)

Robinhood will reduce its headcount by approximately 23%. The layoffs will affect workers in operations, marketing, and program management. Robinhood had laid off 9% of its workforce in April. Its latest earnings report showed an increase in total net revenue from the first quarter but a decline in monthly active users and assets under custody.
Innovation & Launches

NFT Exchange Magic Eden Expands to Ethereum (2 minute read)

Magic Eden is going multi-chain by integrating Ethereum-based NFTs into its platform. Ethereum NFT creators will be able to benefit from the marketplace's minting toolkit, whitelisting tools, and marketing support. Magic Eden is developing a cross-currency trading product that will allow users to purchase NFTs in either ETH or SOL. The company plans to add at least two more chains in the future.

Ankr Introduces Token-Staking Toolkits for Yield-Hunting Communities (2 minute read)

Ankr has released several software development kits that will allow developers to offer token staking and yield farming on their projects and platforms. The SDKs will be initially offered on the Ethereum, Polygon, BNB Chain, Avalanche, and Fantom networks. Ankr will charge developers a cut of staking fees. These fees will be partially shared with all Ankr token stakers once Ankr staking becomes possible.
Guides & Resources

How exactly did the Nomad hack happen? (3 minute read)

Nomad was recently hacked for $150 million. The hack was possible due to a fatal flaw within the Replica contract, which allowed the hackers to spoof messages. The flaw was implemented during a routine upgrade. It allowed the attackers to replace addresses in working transactions and rebroadcast them.

Understanding The Merge, Surge, Verge, Purge, And Splurge (6 minute read)

This Twitter thread discusses the next steps in Ethereum's development: the Merge, Surge, Verge, Purge, and Splurge. It goes into depth about each stage, what it entails, and how it benefits the network. Ethereum aims to minimize trust assumptions and provide in-protocol stability post-Merge. The network upgrades will result in a highly secure, robust, and scalable infrastructure for decentralized apps.

Crypto Intelligence Firm Messari Acquires Web3’s Version of Crunchbase (1 minute read)

Messari has acquired data company Dove Metrics. Dove Metrics tracks crypto-funding rounds and the investments of venture capital firms, hedge funds, and investment DAOs. The acquisition will enable Messari to offer new datasets and tools. Users will be able to monitor the projects and technologies that investors are backing in real-time.

MicroStrategy Replaces Saylor as CEO With Company's President, Saylor to Become Executive Chairman (3 minute read)

Michael Saylor has handed the CEO role at MicroStrategy to Phong Le, the company's president. Saylor is now the company's executive chairman. He will focus on MicroStrategy's bitcoin acquisition strategy and related advocacy initiatives. Le is not expecting any imminent strategy changes for the company. MicroStrategy currently owns around 130,000 bitcoin.
Quick Links

A playbook on how to decentralize off-chain activities (6 minute read)

All activity in the aggregate should be considered when determining decentralization.

ConnectKit (Website)

ConnectKit is a React component library for connecting wallets to dApps.

The way we're distributing value in web3 is flawed (4 minute read)

Tokens are poorly designed and apply the same financial incentives and power structures of tradfi and web2.

An overview of Scroll's architecture (6 minute read)

Scroll is a zk rollup built upon a zkEVM.

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