TLDR Crypto Daily Update 2022-08-04

BTC-backed stablecoin 🪙, ETH Classic skyrockets 📈, Solana hack explained ☀️

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Markets & Business

Ethereum Classic up over 150% in July as ETH 2.0 draws closer (2 minute read)

Ethereum Classic is one of the top performing digital assets of the last month. Interest in the asset increased after the date for the Merge was revealed by developers. Ethereum mining requires specialized hardware that can only be used for mining ETH. Miners on the Ethereum network can easily switch to Ethereum Classic to continue mining after the Merge.

Solana’s Latest $6M Exploit Likely Tied to Slope Wallet (2 minute read)

The closed-source Slope wallet may be responsible for the latest attack on the Solana network. At least $6 million worth of tokens have been stolen from more than 9,000 hot wallets. The attack was likely a hack of Slope's centralized servers, where private keys may have been stored as plain text. The Slope Wallet for iOS and Android uses Sentry for event logging but it isn't configured to scrub sensitive information, resulting in mnemonics being leaked.
Innovation & Launches

Galoy Brings U.S. Dollars To Bitcoin’s Lightning Network (3 minute read)

Galoy Inc. is adding bitcoin-backed synthetic US dollars to its offerings. Stablesats offers a stable dollar balance backed by bitcoin through inverse perpetual swaps. Users can pledge their bitcoin as collateral to a centralized exchange to purchase these derivatives contracts. They will retain a stable dollar balance even as bitcoin rises or falls.

Starbucks to unveil its web3-based rewards program next month (4 minute read)

Starbucks will reveal its web3 plans at its Investor Day event on September 13. The company announced its plans to enter the web3 space earlier this year. Its NFTs will be digital collectibles that provide their owners with access to exclusive content and other perks. They will build on the current Starbucks Rewards engagement model. The NFTs will likely be multi-chain or chain-agnostic.
Guides & Resources

Here’s a breakdown of the dominant contract codes on Ethereum (4 minute read)

Over 44 million contracts have been deployed to Ethereum since genesis. Around 70% of live contracts are copies from 15 templates. This Twitter thread provides an analysis of the dominant contract codes. It presents statistics as well as an explanation of what the contracts do.

Tough day for everyone on Solana today, but here's a breakdown of what we know (6 minute read)

This Twitter thread presents a breakdown of the recent attack on Solana wallets. It provides a timeline of events, a summary of the damage, the addresses that the stolen funds were sent to, and theories on how the attack occurred. The attack affected wallets from many providers over different operating systems and devices. Many reports suggest the exploit involved mobile wallet seed creation and Slope wallet.

Senate Bill Would Give CFTC ‘Exclusive Oversight’ of Bitcoin and Ethereum (4 minute read)

The Digital Commodities Consumer Protect act of 2022 will streamline regulations, provide more protections for consumers, and lessen regulatory pressures on exchanges that aren't trading securities. It outlines definitions for a new category of commodities and mandates entities that deal in digital commodities to register with the CFTC. The rules would hold digital commodity platforms to the same standards as traditional financial institutions. Many more details about the bill are available in the article.

College textbook maker Pearson eyes NFTs to claim a cut of second-hand sales (2 minute read)

Pearson wants to use NFTs to participate in every sale of its textbooks. Some of its textbooks can be resold up to seven times in the analog world, but Pearson only profits from the first sale. The company already offers a $15 per month subscription service for its textbooks. It started to focus on digital textbook sales in 2019 to diminish the secondary market.

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Quick Links

On Crypto Bridges (8 minute read)

This article discusses how bridges work and their importance, drawbacks, and future.

Today we release the first version of the 'Lido Node Operator Portal' (1 minute read)

The Lido Node Operator Portal is a platform that consolidates all the information and resources related to being a Lido Node Operator in one place.

Here's why a PoW ETH fork is a non-event (4 minute read)

A proof-of-work fork for Ethereum would create a ghost chain with no legitimacy.

Alchemy Integrates Astar Network to Support Web3 Developers in Polkadot Ecosystem (1 minute read)

The integration will allow developers to build projects on the Astar network through Alchemy's API.

Binance Taps Co-Founder Yi He to Head $7.5B Venture Arm (1 minute read)

Yi is very aggressive and Binance will be making quite a lot of investments in the near term.

Planet of the Bored Apes: Inside the NFT world’s biggest success story (27 minute read)

This article tells the story of the people behind the Bored Ape Yacht Club NFT project.

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