TLDR Crypto Daily Update 2022-08-31

OpenSea adds Polygon support 🖼️, Helium proposes Solana move ☀️, inside MakerDAO's dilemma 🪙

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Markets & Business

Market for Compound Ether Token ‘Frozen’ After Code Bug Kills Price Feed (1 minute read)

DeFi lending protocol Compound has suffered a critical failure that effectively halted the trade of Compound Ether. A bug in the code caused transactions for suppliers and borrowers of ether to revert. It was introduced during an update aimed at the price feed. The code for the update was audited by three separate teams. A fix will be implemented in the next proposal, which will take seven days to go into effect.

Solana-Based DeFi Protocol OptiFi Loses $661K in Programming Blunder (1 minute read)

OptiFi, a derivatives-focused DeFi platform on Solana, accidentally closed its mainnet due to a programming blunder and locked away $661,000 in USDC. OptiFi will return all users' deposits and settle positions manually. 95% of the total value locked on OptiFi belonged to one of its team members. This is one of the first cases where a programming error has resulted in the complete loss of customer assets.
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Innovation & Launches

BNB Chain Introduces Liquid Staking to Provide Crypto Users Access to More Income Streams (2 minute read)

BNB Chain has introduced liquid staking with Ankr, Stader, and pStake. Users who stake using liquid staking receive tokens with an equivalent value that are fully transferable. These tokens can be traded or unwrapped to reclaim staked assets. Liquid staking has become more popular as Ethereum moves towards becoming a Proof-of-Stake system.

OpenSea Adds Polygon Support to Expand Features, Accept MATIC (2 minute read)

OpenSea has integrated Polygon into its Seaport protocol. The platform will start using Seaport for all new listings and offers on Polygon. OpenSea plans to add Seaport support for Klaytn and other EVM-compatible chains in the coming months. Users are now able to use MATIC to list and buy on OpenSea. Gas fees for transactions on Polygon using OpenSea are paid in MATIC.
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Guides & Resources

Arbitrum Odyssey - Nitro Edition (14 minute read)

Arbitrum Nitro will make the Arbitrum network faster and cheaper to use. Users will experience a seamless transition when the upgrade is implemented on August 31. Arbitrum Odyssey is expected to resume shortly after Nitro is deployed. This article introduces many of the projects that are currently or will soon be on Arbitrum.

A thread summarizing the latest Maker Drama (7 minute read)

This Twitter thread tells the story of how Maker went from onboarding a US Commercial Bank to discussing how to depeg from the US dollar in less than two months. It covers the internal factions in MakerDAO and the impact of events such as the Huntingdon Valley Bank deal, the lending oversight vote, and the Tornado Cash sanctions. The events have caused the DAO to consider moving away from real world assets and become more decentralized.
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Miscellaneous

Everyone should be using multi-key smart contract wallets to self-custody the bulk of their crypto (2 minute read)

Multi-sig smart contract wallets are much safer than wallets like MetaMask or any hardware wallet. These wallets require at least two wallets to approve any transfer of funds. Hackers are unable to move funds if they steal only one wallet. Lost wallets can be replaced as long as the other signer wallets are still available. Examples of multi-sig smart contract wallets include Gnosis Safe and Argent.

Helium Developers Mull Migration of Crypto Wireless Network to Solana (4 minute read)

Helium's core developers have submitted a proposal to move the network from its custom blockchain to Solana. The developers believe that the move will improve Helium's speed, stability, and ability to serve more users. The HIP 70 proposal can be voted on by token holders between September 12 and September 18. There is no timeline for the migration. A link to the proposal is available in the article.

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Quick Links

IMO there's essentially no way to make the economics of an on-chain order book sustainable (2 minute read)

A general purpose chain can't profitably host an order book and the only solution is an order book-specific appchain with application aware pricing.

Maker's mission is to create an Unbiased World Currency (3 minute read)

This Twitter thread discusses how Maker plans to make DAI an unbiased world currency.

We are excited to announce Specular (2 minute read)

Specular is an EVM-native optimistic rollup that provides stronger security and decentralization properties than existing EVM-equivalent optimistic rollups.

NFT Collective Proof Raises $50M in Funding Round Led by a16z (1 minute read)

Proof's third NFT collection will be a 20,000 profile pic collection called Moonbirds Mythics.

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