TLDR Crypto Daily Update 2022-09-22

Coinbase's dev platform 👨‍💻, next-gen stablecoins 🪙, behind the scenes of The Merge Ξ

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Markets & Business

Fed Hikes Rates to Highest Since 2007; Bitcoin Slides Toward $19K (6 minute read)

The Federal Reserve raised interest rates by 75 basis points on Wednesday. This is the third consecutive time this year that central bankers decided on a hike of that magnitude. The federal funds rate will rise to its highest range since late 2007. Rate increases are expected throughout 2023. The Federal Open Market Committee aims to bring inflation down to 2%.

Stablecoin Issuer Tether Ordered to Produce Documents Showing Backing of USDT (3 minute read)

A judge in New York has ordered Tether to produce financial records relating to the backing of USDT. Tether is required to produce general ledgers, balance sheets, income statements, cash-flow statements, profit and loss statements, and records of any trades or transfers of cryptocurrency. Tether has also been ordered to share details about the accounts it holds at various crypto exchanges. The company is being accused of using USDT to inflate the price of bitcoin.
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Innovation & Launches

Coinbase Cloud launches platform for web3 developers (4 minute read)

Coinbase Cloud has launched a free developer version of Node for developers building on Ethereum. Node allows developers to build and monitor their web3 applications from an easy-to-use platform with instant and reliable read/write blockchain access. It provides self-serve API access credentials, metrics dashboards, and developer resources. Coinbase is also launching Advanced APIs to simplify querying the blockchain and new NFT APIs.

Cardano (ADA)

Cardano's highly anticipated Vasil hard fork is scheduled to go live today. The upgrade is expected to enhance Cardano's smart contract functionality and add several features like reference inputs, reference scripts, diffusion pipelining, and more. Vasil will result in faster block validation and network syncing times. The upgrade has faced several delays, but the developers say that they were necessary to ensure the upgrade ran smoothly.
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Guides & Resources

The Next Generation of Stablecoins: Solving The Free Float Dilemma (6 minute read)

Stablecoins pegged to $1 are inflating in price and supply. They are only as stable as the currency they are pegged to. The next generation of stablecoins will gain their stability through a variety of mechanisms including indexes, seigniorage, interest rates, and game theory. This Twitter thread looks at several next-generation stablecoin projects and how they plan to maintain stability.

CoinFund’s Seth Ginns on why the crypto downturn has spared early-stage startups (3 minute read)

Early-stage web3 startups have shown remarkable resilience in their valuations despite the downturn in cryptocurrency prices. Late-stage startups have experienced large valuation cuts during the down market. The resilience in early-stage startups is being driven by successes from previous bull markets.
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Miscellaneous

Inside the Ethereum merge: Behind the scenes of the historic event, according to the people who made it possible (6 minute read)

For some outsiders, the Merge was just another software upgrade, but for the team responsible, it represents much more than a technological feat. The hugely important milestone for Ethereum took a lot of work and countless tests, meetups, and hackathons to complete. This article talks about how the scores of developers and researchers managed to connect and collaborate to build Ethereum and prepare for the Merge.

Bitcoin Depot’s multimillion-dollar plot to build a crypto ATM empire (4 minute read)

Bitcoin Depot is going public via a SPAC. The Bitcoin ATM company owns 20% of the roughly 30,000 crypto ATMs in the US. Bitcoin Depot may use the cash influx to purchase smaller players in the industry. The company has posted increased income year over year despite the market downturn this year. Bitcoin Depot aims to close the deal in the first quarter of 2023.

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Introducing Sound Protocol (7 minute read)

Sound Protocol allows anyone to mint Music NFTs using smart contracts.

Boba Network Becomes The First Layer 2 To Launch on Avalanche (3 minute read)

Boba Network is a layer 2 chain that leverages Optimistic rollups.

EU Finalizes Legal Text for Landmark Crypto Regulations Under MiCA (4 minute read)

A leaked draft of the text shows that the EU's Markets in Crypto Assets legislation could apply to algorithmic stablecoins and fractionalized NFTs.

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