TLDR Crypto Daily Update 2022-09-09

re:meme on-chain memes 🖼️, US proposes PoW ban 🪙, Sui valued at $2B 💰

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Markets & Business

Crypto Terra Luna Classic Surges as Traders Speculate on New Supply Burn Rule (2 minute read)

Luna classic has surged in price over the last week. The Luna classic community recently approved a proposal that introduces a 1.2% tax rate on every transaction on the blockchain. The tax will take effect on September 20. While the tax can't be enforced on trades within centralized exchanges, some exchanges plan to voluntarily adopt it. Binance is adding LUNC/USDT to its trading pair list.

Web3 Infrastructure Startup Mysten Labs Hits $2B Valuation (2 minute read)

Mysten Labs has closed a $300 million funding round and is now valued at more than $2 billion. The Series B round was led by FTX Ventures. Mysten is building its own blockchain called Sui. Venture capital-backed blockchain startups have raised nearly $12.8 billion this year.
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Innovation & Launches

Crypto Exchange Binance to Issue 'Soulbound' Tokens to Users Who Complete Know-Your-Customer Checks (1 minute read)

Binance plans to issue a soulbound token on the BNB blockchain to its users who complete know-your-customer requirements. Soulbound tokens are unique and non-transferable tokens that represent social identity. Users who receive Binance's soulbound tokens will be allowed to participate in projects and earn rewards. Users who prefer to stay anonymous can opt out of the token.

Introducing re:meme – the on-chain database and source to publish, create, remix, and trace the origins of memes (3 minute read)

re:meme is an on-chain meme remixer built on top of the Lens Protocol. Its app allows people to upload meme templates that other people can build on using an easy-to-use image editor. The on-chain protocol allows meme templates to be traced back to their origins. re:meme's custom Lens collect module on Polygon allows for the collection and ownership of publications as memes. Meme owners will have the ability to change the monetization parameters of their memes.
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Guides & Resources

RainbowKit shipped support for "Compact Mode" (1 minute read)

RainbowKit now has support for Compact Mode. Compact Mode offers a more minimal UI with less educational content. Screenshots showing the difference between Wide and Compact Mode are available in the thread.

Ethereum Scalability: Why Everyone Should Be Thinking About Fuel (5 minute read)

Fuel is a modular execution layer that delivers the highest flexible throughput for the Ethereum ecosystem. It features fraud-provable trust-minimized light clients and trust-minimized liquidity bridging. Fuel is changing how developers build decentralized apps. This article discusses the challenges with Fuel and what its modular architecture enables. A link to a developer guide for building on Fuel is available.
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Miscellaneous

White House Suggests Banning Proof-of-Work Mining Used By Bitcoin (2 minute read)

The White House Office of Science and Technology has released a report that claims bitcoin mining negatively impacts the environment. It hints at possible executive orders and legislation to limit or eliminate proof-of-work mining. The report claims that bitcoin mining adds stress to the power grid and raises the average electricity cost for consumers. Some of the report's cited resources have been criticized for being biased and spreading misinformation.

Coinbase employees and Ethereum backers sue U.S. Treasury over Tornado Cash sanctions (3 minute read)

Two Coinbase employees and four other plaintiffs are suing the US Treasury over the sanctions placed on Tornado Cash. Coinbase is paying the legal fees for the case. The company believes that the government overstepped its authority by placing sanctions on code. The plaintiffs' case argues that the definition of 'persons' in sanction law doesn't cover open source software code. Federal lawsuits typically take a long time to resolve, but Coinbase expects a decision to be made fairly quickly as there is no money involved and the case turns on a straightforward statutory and Constitutional challenge.

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Roll Upgrades Ethereum Social Token Platform With Memberships, Staking (4 minute read)

Roll's social tokens offer a way for web creators to construct and monetize communities of fans.

Algorand upgrade boosts speed, adds trustless cross-chain communication (2 minute read)

Algorand's latest update increases transaction speed, processing capacity, and cross-chain functionality.

Inside the World's First No-Coiner Conference (8 minute read)

The two-day Crypto Policy Symposium in London was a historic gathering of crypto skeptics.

SBF on how crypto might be regulated (1 minute read)

The CFTC will likely regulate spot and futures for non-security tokens and the SEC will likely regulate spot and issuance of tokens that are securities.

US Treasury to Recommend Issuing Digital Dollar if in National Interest (4 minute read)

The US Treasury Department will advise the federal government to press forward on work to issue a digital dollar.

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