TLDR Crypto Daily Update 2022-08-24

Binance 0-fee ETH trades πŸ’±, DeFi credit scores πŸ’Έ, how USDC makes money πŸ’°

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Markets & Business

Binance Introducing ETH/BUSD Zero-Fee Trading (2 minute read)

Binance will allow zero-fee trading for the ETH/BUSD spot trading pair between August 26 and September 26. All users will be able to trade ETH/BUSD with no maker or taker fees. Trading volume on the pair will be excluded from the 30-day volume calculation toward the Trading Fee Level for VIP users. Maker volume on the pair will be excluded from the maker volume calculation for the Spot Liquidity Provider Program.

BendDAO Passes Emergency Changes Amid Liquidations (4 minute read)

BendDAO, a protocol that facilitates NFT-backed lending, has passed a proposal that will allow it to wind down its liquidation ratio gradually to 70% over the next several weeks. The protocol's current design doesn't allow for liquidations if the highest bid is below 95% of the floor price of the NFT collection, which put lenders in a position where they couldn't recoup any of their funds as there were no acceptable bids. Interest rates spiked on the protocol as lenders feared they would not be able to retrieve their funds. The borrowing rate has dropped to 70% from 100% since the proposal passed.
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Innovation & Launches

@THORSwap has integrated our own full-featured #Ethereum DEX Aggregator (2 minute read)

THORSwap is now a next-gen DEX for all ERC-20 tokens. It recently integrated its own full-featured Ethereum DEX Aggregator, which allows users to swap thousands of ERC-20 tokens across more than eight layer 1 blockchains in a single transaction from a self-custody wallet. THORSwap doesn't use bridges or wrapping. It focuses on optimizing deep liquidity without compromising on decentralization. A detailed video tutorial on how to use THORSwap is available in the thread.

Introducing ARCx Credit and the #DeFiCreditScore (2 minute read)

ARCx has launched ARCx Credit and the DeFi Credit Score. ARCx Credit is a decentralized credit market on Polygon that offers dynamic maximum-LTV loans on ETH collateral based on a borrower's DeFi Credit Score. DeFi Credit Score provides credit risk assessment for wallet addresses based on historical on-chain borrowing activity. The system will allow borrowers to progressively unlock greater capital efficiency on their crypto-collateralized loans. A link to the waitlist is available in the thread.
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Guides & Resources

A 🧡 on the biggest paradigm shift in how we will value crypto tokens going forward (3 minute read)

The Fat Protocol Thesis argues that blockchains retain almost all their value at the base protocol, not in applications. Blockchains lead to greater competition and reduced barriers of entry. Appreciating token prices draw more adopters and builders, which helps the network increase in value. Applications are starting to come into their own, creating direct cash flow and their own moats in liquidity and user retention. This means they have the potential to accrue more value than base protocols.

GameFi is set to become the next Hot Space in Crypto (5 minute read)

This Twitter thread summarizes a report recently released by CoinMarketCap that discusses the state of the GameFi industry and the top tokens, games, and chains to watch. Many industry veterans and funds are currently rushing to create a breakthrough crypto game. The top GameFi chains by volume are Ronin, BNB, and Harmony, while the top chains by transactions and average users are Wax and Hive. There is no dominant, go-to chain yet. Developers are increasingly aiming to create multichain ecosystems.
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Miscellaneous

USDC is cryptoβ€˜s silent money printing machine (3 minute read)

USDC may soon surpass Ethereum as crypto's highest revenue-generating project. The token is the definition of product-market fit. USDC's success is due to its credibility. Circle makes money from USDC by lending user deposits to the US Treasury at a rate of around 2.7%. The company plans to go public via SPAC at a $9 billion valuation on December 8.

Solana-based Projects Team Up to Make Cross-Chain Messaging Standard (2 minute read)

The Open Chat Alliance is a project that aims to create a transparent and interoperable standard for handling crypto-based messages across multiple platforms. It debuted on Tuesday with buy-in from 19 Solana projects. The alliance will form a communications standard that projects on different chains can use without the boundaries of separate protocols, wallets, or chains. Cross-chain technologies are vulnerable to attacks, so Open Chat Alliance's framework will be solely for messaging.

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Quick Links

Stablecoins (5 minute read)

This thread looks at 25 DeFi stablecoins to understand how they function and keep their pegs, what their use cases and risks are, and what makes them special.

Here's a thread 🧡 about ERC-4907 and how rentable NFTs work (1 minute read)

Utility NFTs can be rented from decentralized NFT leasing platforms like Double Protocol.

Y Combinator alumni raise $80 million for DAO to back crypto startups (4 minute read)

Orange DAO is a decentralized autonomous organization that brings over 1,000 Y Combinator alumni together to back web3 startups through an associated venture fund.

Here's everything you need to know about Trader Joe's new AMM (2 minute read)

Trader Joe's automated market maker, Liquidity Book, aims to solve the problems encountered by Uniswap V3.

The future of privacy tech: ZK-ZK-rollups (4 minute read)

ZK-ZK-rollups provide private transactions with low gas fees by performing all heavy computations on a layer 2.

Who will control crypto? (17 minute read)

People must understand the power of blockchain technology, otherwise state chains will become dominant out of convenience.

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