TLDR Crypto Daily Update 2022-08-17

Jump's new Solana validator β˜€οΈ, Celsius CEO's crazy trading πŸͺ™, investing traps to avoid πŸ’‘

Link3 is a Web3 social network of verifiable identities (Sponsor)

Web2 social media feels hollow. In a supposedly hyper-connected world, we still find it difficult to connect and trust the other person behind the screen.

Link3 is a social network that promotes trust with verifiable connections and adds meaningful context to online identity. Built on top of CyberConnect's decentralized social graph protocol, Link3 aggregates both on-chain and off-chain data to give a holistic picture of users’ identities through connections, assets, credentials and community involvement.

Read the blog to learn about the mechanics of Link3, its benefits, potential use cases for individuals and organizations, and how you can get an invite.

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Markets & Business

Celsius CEO personally directed crypto trades months before bankruptcy (3 minute read)

Celsius CEO Alex Mashinsky reportedly took control of trading strategy at the firm in January due to rumors that the US Federal Reserve planned to hike interest rates. He personally directed individual trades and overruled financial experts in an attempt to protect the company from anticipated declines in the market. His decisions resulted in huge losses for the company. Celsius has a debt of around $2.8 billion and is on track to run out of money by October.

Colombia to Introduce Central Bank Digital Currency (2 minute read)

Colombia is considering a central bank digital currency. The country's new president has shown an interest in digital assets and has said that the country should mine Bitcoin using renewable energy instead of producing cocaine. Columbia is becoming increasingly crypto friendly. It released draft rules for crypto companies that want to operate in the country last month.
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Innovation & Launches

Unstoppable Domains Streamlines Use of Web3 Identities Through iPhone App (1 minute read)

Unstoppable Domains is releasing an iPhone app that will allow users to connect their profiles to crypto wallets and log into more than 180 decentralized applications. It will make blockchain-based applications accessible and transferable across a handful of protocols. An Android app will be launched at the end of the year. Unstoppable recently raised $65 million in a Series A funding round led by Pantera capital.

Jump Crypto Picked to Revamp Solana to Make Blockchain More Reliable (3 minute read)

Jump Crypto is seeking to boost Solana's throughput and reliability by building a new validator client. A validator client is software that helps secure a blockchain. Jump plans to propose significant upgrades to Solana's core software. Its contributions to the network will be an important step in Solana's continued decentralization and help it scale to billions of users.
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Guides & Resources

Here are the 9 most common traps to watch out for (3 minute read)

Being overconfident can ruin a portfolio. This Twitter thread talks about common traps to watch out for when doing due diligence on potential investments. While it is preferable for investments to have attributes such as being backed by venture capital, having doxxed founders, and being audited, these factors only increase the chances of a good investment and do not guarantee one.

Ethereum Scalability: The Roadmap to 100k Transactions per Second (5 minute read)

Ethereum is currently a primitive blockchain that aims to evolve into the backbone of the internet. This Twitter thread discusses how Ethereum plans to scale to 100,000 transactions per second. It covers the Merge, proto-danksharding, enshrined Protocol-Builder Separation, and danksharding. The endgame for Ethereum is to have execution and user interaction pushed out to layer 2s and beyond, with the mainnet providing economic security and neutrality.
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Miscellaneous

Coinbase Plans to Halt Ethereum Deposits and Withdrawals During the Merge (2 minute read)

Coinbase will temporarily suspend Ethereum-based deposits and withdrawals during the Merge upgrade. The suspension will impact all on-chain ETH and ERC-20 token movements. It will help the exchange ensure that the upgrade is properly reflected within its internal systems. Trading of assets already at the exchange is not expected to be impacted. Users should be wary of Merge-related scams. More details about Coinbase's Merge plans are available in the article.

Compound Labs Deploys Smart Contracts for USDC Market on Ethereum (1 minute read)

DeFi lending protocol Compound Labs has announced the first smart contract deployments for Compound III, its multichain strategy for deploying on all EVM-compatible networks. The contract will create a USDC market on Ethereum. It will allow users to supply WETH, WBTC, LINK, UNI, and COMP as collateral for borrowing USDC. There will be a minimum borrowing size of 100 USDC and a target reserve pool of 5 million USDC.

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Bankrupt Crypto Lender Celsius Gets Cash-Injection Offers, Approval to Sell Mined Bitcoin (1 minute read)

Celsius has received several cash-injection offers and a judge has approved the company's plans to sell the bitcoin that it mines to help fund operations.

10 research tools that are not that well known (3 minute read)

The tools include EtherDrop Bot, Wallet Tracker Discord, Token Unlock Dashboard, and OpenBB Terminal.

ERC721K: Dynamic On-Chain Images and Metadata (2 minute read)

ERC721K is a framework for constructing, rendering, and evolving NFTs using composable SVGModules and real-time DataStreams.

Acala Stablecoins Near $1 Peg After Community Burns 1.2B aUSD Minted by Exploiters (2 minute read)

aUSD has almost recovered its peg after Acala passed a community vote to burn the 1.2 billion aUSD tokens minted by exploiters.

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