TLDR Crypto Daily Update 2022-08-18

Coinbase insider trading 🎩, Optimism flash crash 📉, Merge misconceptions 💡

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Markets & Business

Token Front-Running Was Common at Coinbase Crypto Exchange, a New Study Argues (2 minute read)

A study by researchers at the University of Technology Sydney found that insider trading occurred on up to 25% of new crypto listings at Coinbase between September 2018 and May 2022. Over four wallets were involved with suspicious trading. The four wallets identified earned 1,003 ETH from their trades. A former Coinbase product manager and two others were charged with wire fraud and insider trading in July.

Optimism Token Flash Crashes 10% on False Rumors of a Major Hack (1 minute read)

Optimism's token crashed briefly on Wednesday after false rumors of a major hack spread on Twitter. The team insists that there was no hack. They claim that the $450 million worth of tokens was sent to investor wallets. The token quickly bounced back to slightly below its pre-crash level after the team's response. Optimism will announce large planned transfers ahead of time from now on.
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Innovation & Launches

EOS Network Foundation Members Switch Support to Crypto Protocol Antelope After Hard Fork (3 minute read)

The EOS Network Foundation (ENF) has chosen Antelope as the underlying protocol for EOSIO-based blockchains. Antelope is an open framework blockchain that uses a Delegated Proof-of-Stake model. Members of the ENF include EOS, Telos, Wax, and UX Network. A hard fork of the EOSIO blockchain will occur on September 21.

Introducing CoCo: a CCo DAO (3 minute read)

CoCo is a community of artists, creators, collectors, and others that aim to set the standard for community-driven storytelling through NFTs. It will invest in and collect, contribute to the governance of, and assist with the creation, promotion, and recognition of CCo projects. CCo NFTs have no intellectual property rights reserved by their creators, allowing holders and the public to have the creative and commercial freedom to add new narratives and build, experiment, remix, and play with the media.
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Guides & Resources

The Merge (11 minute read)

The Merge is when the existing execution layer of Ethereum joins its new Proof-of-Stake consensus layer. It will eliminate the need for energy-intensive mining and increase scalability, security, and sustainability. This article discusses the Merge, what to do to get ready for it, and misconceptions about the upgrade.

How could the merge lead to "base layer" censorship? (3 minute read)

Proposer Builder Separation (PBS) is a solution to MEV issues post-Merge. With PBS, validators don't order blocks or extract MEV themselves. Instead, there will be a market where outside actors produce complete blocks. This can result in scenarios where validators could choose to not include blocks that have specific transactions. If enough validators take the path of censorship, a soft fork may occur, and then entities like Circle will have to choose which chain to support.
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Miscellaneous

Former WeWork CEO Adam Neumann's New Real Estate Company Is Planning A Digital Wallet That Stores Crypto (4 minute read)

Former WeWork CEO Adam Neumann's new real estate venture, Flow, intends to launch a digital wallet that can store crypto and other currencies. Flow-managed apartments will not accept cryptocurrencies for rent. Plans for the wallet were confirmed by a company spokesperson after a recruiter erroneously advertised for a crypto-related role. Flow may be planning a tokenized rewards program that involves cryptocurrency.

US Federal Reserve Minutes Show More Rate Hikes Coming, Concern About Stablecoin Risks (3 minute read)

US Federal Reserve governors discussed the financial stability of digital assets in a recent meeting of the Federal Open Market Committee (FOMC). Some FOMC members called for stronger oversight and regulation for crypto-related institutions. The meeting notes show that interest rate increases are anticipated in the coming months. The Fed plans to continue to hike interest rates until inflation lowers to 2%. Interest rates have been raised four times this year.

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Quick Links

Genesis cutting 20% of Workforce as CEO Michael Moro Exits (2 minute read)

Genesis is suffering from major losses related to the collapse of Three Arrows Capital.

Introducing Mainstream (3 minute read)

Mainstream is a modular end-to-end platform for governance participation.

Google Parent Alphabet Ranked Biggest Blockchain Sponsor with Investment Outlay of $1.5B (2 minute read)

Alphabet has invested at least $1.5 billion in various blockchain companies since September last year.

Crypto Investing Giant Paradigm Leads $20M Round for Fractional NFT Protocol (2 minute read)

Fractional, which is rebranding as Tessera, is a protocol that enables collective ownership and governance of NFTs.

If you run a business that generates revenue in crypto, please read this (2 minute read)

This Twitter thread covers whether to hold income in ETH or stablecoins, bookkeeping basics, and basic tax information.

Absolute Beginner's Guide to Running DeFi Front-Ends Locally (5 minute read)

This guide teaches readers how to run front-end interfaces for decentralized apps locally.

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