TLDR Crypto Daily Update 2022-08-30

AVAX whistleblower tanks price πŸ“‰, Vitalik's ideas worth building πŸ‘¨β€πŸ’», y00ts tops NFT market πŸ–ΌοΈ

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Markets & Business

Ideas for things worth building (30 minute video)

This video from ETHGlobal features a talk from Vitalik Buterin titled 'Ideas for things worth building'. He discusses the future of Ethereum scaling, ZK apps, the Ethereum identity ecosystem, and much more. ETHGlobal was an event held in Mexico City that had over 580 attendees from 27 countries. Attendees had the chance to win over $150,000 in prizes.

Crypto Coin AVAX Drops 11% After Self-Described Whistleblower Says Avalanche Weaponized Litigation Against Rivals (2 minute read)

AVAX dropped in price after Crypto Leaks published a report claiming that Ava Labs and law firm Roche Freedman made a deal to trap rival companies under class-action lawsuits in return for AVAX tokens and corporate stock. Ava Labs' CEO has dismissed the claims. It is unknown whether both parties will now face legal scrutiny for their alleged actions. Binance was apparently one of the targets, even though the centralized exchange isn't one of Avalanche's direct competitors.
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Innovation & Launches

DeGods Have Ascended (4 minute read)

DeGods, a Solana NFT project that launched in October 2021, was recently the top daily NFT project in terms of trading volume. It also set a new floor price of 587 SOL on Magic Eden, making it the most valuable NFT profile picture project with at least 10,000 items. DeGods' creator plans to launch a new NFT collection called yoots on Friday. The project has already attracted an array of NFT influencers and celebrities.

Polkadot Parachain Moonbeam Integrates Cross-Chain Messaging Protocol LayerZero (1 minute read)

Moonbeam has integrated cross-chain messaging protocol LayerZero to facilitate web3 interoperability. Moonbeam already uses the Polkadot ecosystem's internal messaging service, but the LayerZero integration will offer a broader messaging service across various chains such as Ethereum and BNB Chain. The integration will encourage builders to deploy their applications on Moonbeam and help it become a hub of activity.
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Guides & Resources

Free-to-own - The new web3 model (2 minute read)

Free-to-own is a web model that aims to change game monetization. With the model, communities start with a free mint, community members own the NFTs they get, and the NFTs they own generate new NFTs. The model disincentivizes scam-like behavior and creates more investment from players. Limit Break, a company founded by Machine Zone co-founder Gabe Leydon, recently raised $200 million to create a blockchain game with the free-to-own model.

Here is a long thread to shed some light on Avalanche (1 minute read)

This Twitter thread looks at the current state of the Avalanche blockchain. Avalanche's total value locked has dropped to $2 billion from its peak of $12 billion. Its validator counts have been declining and fewer people are running nodes. Avalanche will lose the EVM battle to zk, sidechains, rollups, and Polkadot parachains.
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Miscellaneous

My response to the categorically false Crypto Leaks article and lies circulating about Ava Labs and myself (1 minute read)

This Twitter thread links to Emin GΓΌn Sirer's (Ava Labs' CEO) response to a recent Crypto Leaks article about Ava Labs. The article alleged that the company's executives paid a law firm to smear competitors using class-action lawsuits that would attract greater scrutiny from crypto regulators. The response denies all allegations made against the company. It says that the claims were made by a lawyer trying to impress a potential business partner by making false claims about his work for Ava Labs.

Decoding the Supply & Demand: $FRAX Flywheel (4 minute read)

The FRAX protocol has built an incentive system around the utility of its stablecoin. It offers better yield opportunities depending on the level of engagement within the protocol. This article covers the flow diagram for the FRAX flywheel, treasury inflow and outflow, and nuances related to the value accrual of FXS. It goes in-depth about the different channels used to accrue value to FXS and the fueling factors of the flywheel.

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Quick Links

Argentine Province Allows Millions to Pay Taxes Using Stablecoins (2 minute read)

The Province of Mendoza in Argentina now supports stablecoins as an option for tax payments.

Federal Reserve’s FedNow Real-Time Payments Set for Mid-2023 Debut (1 minute read)

FedNow will allow financial institutions of any size to facilitate instant payments, giving users immediate full access to funds.

Looks bare: OpenSea turns into NFT ghost-town after volume plunges 99% in 90 days (2 minute read)

OpenSea processed approximately 99% fewer transactions on August 28 than on its highest day of trading on May 1.

LayerZero Labs, an omnichain interoperability protocol, deploys to Moonbeam (1 minute read)

The integration gives developers a wider array of secure messaging features and adds to the cross-chain abilities of the network.

My opinion on testnets (1 minute read)

This Twitter thread briefly discusses the various types of airdrops and how testnet airdrops are different.

The Evolution of AMMs (18 minute read)

This article analyzes the history of automated market making and its effects on the crypto markets.

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