TLDR Crypto Daily Update 2022-09-16

Merge aftermath Ξ, Nitro's Solana L2 ,β˜€οΈ, protocol specific stablecoins πŸͺ™

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Markets & Business

The Ethereum Merge Is Done, Opening a New Era for the Second-Biggest Blockchain (11 minute read)

The Ethereum Merge is now complete. Ethereum should now consume 99.9% less energy. The upgrade will make the blockchain more secure and scalable. ETH's token price remained largely flat after the Merge. Ethereum developers will now focus on implementing sharding, a method that will lower transaction times and fees on the network.

Ethereum Already Showing Signs of Increased Centralization (3 minute read)

Over 40% of Ethereum's blocks were added by Coinbase and Lido in the hours following the Merge. Seven entities own more than two-thirds of the stake on Ethereum's Proof-of-Stake network. Validators will have trouble writing transactions to Ethereum's ledger if a single entity ends up controlling more than 66% of staked ether. The high capital requirement for staking makes it difficult for people to become validators on their own. Centralization opens up the Ethereum blockchain to risks such as transaction censorship.
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Innovation & Launches

Introducing Nitro 🚦 (2 minute read)

Nitro is a layer 2 for Solana that combines Solana's execution environment with Cosmos and the IBC ecosystem. It features Sealevel VM support, which allows Solana dApps to access the broader Cosmos and IBC ecosystem. Nitro has sub-second finality and can handle 20,000 transactions per second. Existing Solana smart contracts can be deployed on Nitro with no changes.

Ribbon Lend (2 minute read)

Ribbon Lend allows depositors to lend unsecured to institutional market makers of their choosing with high liquidity. With Ribbon Lend, users are able to receive high yields from unsecured lending with no lockups and built-in insurance. Only borrowers with the best credit rating can create pools on the platform. Ribbon Lend will be launched at the end of the month.
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Guides & Resources

A 🧡 on the $ETH Merge (4 minute read)

This Twitter thread discusses the Ethereum Merge and makes a case for why Ethereum will overperform as an asset in the long term. The energy-saving narrative that comes with the Merge will be profound in mainstream media. Lower issuance and the removal of miners dumping their ETH into the market will massively reduce the supply of the token. Stakers are less likely to dump their rewards as they gain more by continuing to stake. Over time, demand for ETH will overpower supply.

Protocol-Specific Stablecoins (3 minute read)

Stablecoins have the greatest product-market fit of any crypto. Many protocols have started creating protocol-specific stablecoins to increase revenue, value accrual, and the utility of their governance tokens. Protocols that issue their own stablecoins increase barriers to competition and decrease their susceptibility to forks or vampire attacks. There are risks to creating protocol-specific stablecoins that could result in large losses.
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Miscellaneous

Vitalik Buterin Says Ethereum Merge Cut Global Energy Usage by 0.2%, One of Biggest Decarbonization Events Ever (3 minute read)

The Ethereum Merge lowered the world's energy consumption by 0.2%. It may be one of the single biggest decarbonization efforts in history. The Merge cut Ethereum's energy use by 99.988% and carbon-dioxide emissions by 99.992%. Miners that were mining ETH prior to the Merge have switched to other Proof-of-Work-based digital assets.

Terra: Will Do Kwon Get Extradited From Singapore to South Korea? (2 minute read)

An arrest warrant has been issued by South Korea for Terraform Labs founder Do Kwon. Kwon is currently in Singapore and will likely not hand himself over to South Korean authorities. There is no extradition treaty between Singapore and South Korea. The two countries will have to mutually come to an agreement for Kwon to be extradited. Kwon will likely face serious difficulties if he attempts to travel outside of Singapore.

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Quick Links

The Spectacular Collapse of Cryptokitties, the First Big Blockchain Game (8 minute read)

This article discusses the slow death of NFT project Cryptokitties.

Ex-Citadel execs raise $50M for high-frequency crypto trading platform (2 minute read)

Portofino is a high-frequency trading platform for digital assets.

FTX Is in the Lead to Buy Crypto Lender Voyager Digital’s Assets Out of Bankruptcy (2 minute read)

An auction was held this week through a bankruptcy court for Voyager Digital's assets.

Interest in Ravencoin explodes as Ethereum miners flock to mine RVN instead ETH (2 minute read)

Miners have flocked to Ravencoin due to Ethereum's transition to the Proof-of-Stake consensus algorithm.

How Frax is leveraging full-stack control to support the $FRAX stablecoin (2 minute read)

Fraxswap is a live implementation of a time-weighted automated market maker and Fraxlend allows users to create a borrowing market between any pair of ERC-20 tokens that have a Chainlink data feed.

Why is $LUNC pumping? (1 minute read)

LUNC is pumping due to a recently passed proposal to burn 1.2% of all LUNC transactions.

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