TLDR Crypto Daily Update 2022-08-08

Near protocol wallet breach ๐Ÿ”’, Solana's gamed metrics โ˜€๏ธ, understanding Web3 dApp architecture ๐Ÿ‘จโ€๐Ÿ’ป

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Markets & Business

The Fake Team That Made Solana DeFi Look Huge (4 minute read)

A network of 11 developers who collaborated around a Solana stablecoin exchange called Saber was actually just two brothers. The story reveals how less than a handful people can profoundly distort cryptocurrency markets. Dylan and Ian Macalinao created protocols that stacked on top of each other, resulting in a boost to Solana's total value locked. The scheme likely helped boost Solana's token price in the latest bull run.

Vitalik: Centralized USDC could decide the future of contentious ETH hard forks (3 minute read)

Stablecoins will become significant deciders in future contentious hard forks. Hard forks occur when there is a change to a protocol that effectively results in two versions. Ethereum's move to Proof-of-Stake will result in two chains, each with its own copy of all tokens on the chain before the fork. This will force stablecoins to choose which chain to support. Centralized stablecoins will be more of a concern for future hard forks.
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Innovation & Launches

Halliday Raises $6 Million for 'Buy Now, Pay Later' Ethereum NFTs (3 minute read)

web3 startup Halliday aims to change how gamers buy and use digital assets in virtual worlds. It recently raised $6 million in a seed round led by Andreesen Horowitz. Halliday will allow gamers to purchase NFTs over time. The service will allow users to access their NFTs before they are paid off. Users who default will have their rights to access their NFTs revoked. Halliday will launch its beta with a blockchain game in the next few weeks.

Beanstalk Celebrates Anniversary With โ€˜Safe Replant and Unpauseโ€™ Months After $182M Exploit (1 minute read)

Beanstalk has rebooted on the one-year anniversary of its launch. The protocol was hacked for $182 million almost four months ago. Beanstalk maintains the value of its BEAN stablecoin using algorithms. The $182 million exploit was among the largest of all time.
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Guides & Resources

A complete guide to Web3 Architecture (3 minute read)

This Twitter thread presents an overview of web3 architecture and how decentralized applications work. It discusses decentralization, smart contracts, the Ethereum Virtual Machine, storage, querying data, and scaling.

What We Can Learn from Decentralized Community Building (28 minute read)

Users are opting to spend their time in digital places that offer better user experiences and more autonomy, influence, economic incentives, connection, and fun. This article looks at best practices from a wide range of decentralized projects to present insights into how to build a decentralized community. The projects include funding platforms, NFTs, trading protocols, and games.
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Miscellaneous

Near Protocol Discloses Wallet Breach That May Have Exposed Private Keys (3 minute read)

Near Protocol has disclosed a security breach that it discovered in June. The exploit could have resulted in third-party services gaining access to users' seed phrases. It was reported to Near on June 6 by security firm Hacxyk. The issue was resolved on the day it was reported and there was no indication that any damage was done to users. Users who previously selected the email recovery option on Near are advised to transfer their assets to a new wallet, just to be safe.

After some reflection, here's my take on a eth pow fork (1 minute read)

Many people have predicted for years that miners would fork Ethereum to extract the final drops of value from their investments. There is very little chance any stablecoin will honor redemptions on this fork. Other forks usually occur from an actual divide in the community, but the community has no reason to stay on Proof-of-Work. ETHPOW will be a giant retail trap and people are trying to talk it up for their own self-interested reasons.

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Quick Links

Autonomous Worlds (12 minute read)

This article is part one of a series that discusses Autonomous Worlds, digital worlds built on blockchains.

Data Provider DeFiLlama De-emphasizes Double-Counted Crypto Deposits After Saber Revelation (1 minute read)

DeFiLlama has switched off its default display of protocols' double-counted crypto assets, lowering some blockchains' total value locked by billions of dollars.

A DAO That Literally Wants to Party on The Moon Just Sent a Viral YouTuber to Space (3 minute read)

MoonDAO sent YouTuber Cobby Cotton to space using funds from its crowdfunding campaign, which has so far raised more than $8 million.

SushiSwap โ€˜Head Chefโ€™ Narrowly Wins Vote (7 minute read)

Members of the SushiSwap community voted to elect Jonathan Howard as its chief executive by a slim majority of 53%.

Cosmos without Tendermint: Exploring Narwhal and Bullshark (6 minute read)

This article discusses a proof-of-concept that replaces Tendermint with Narwhal and Bullshark while targeting compatibility with the Cosmos SDK stack.

Arbitrum To Launch Nitro Upgrade on August 31 (2 minute read)

Nitro will bring faster transactions, lower fees, and a better user experience for building applications.

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