TLDR Crypto Daily Update 2022-10-03

Solana goes down β˜€οΈ, Celsius CEO's $10M cashout πŸ’°, USDC the money platform of the future πŸͺ™

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Markets & Business

Celsius founder took out $10 million before pausing withdrawals and filing for bankruptcy (2 minute read)

Celsius founder Alex Mashinsky withdrew $10 million from the company just weeks before it froze withdrawals for customers. The crypto lender paused all withdrawals and froze customer accounts back in June. It filed for bankruptcy in July with approximately $4.7 billion owed to its customers. Mashinsky confirmed the withdrawal but said that he still has $44 million in assets frozen alongside other customer funds. The Vermont Department of Financial Regulation claims that Celsius was running a Ponzi scheme.

Uniswap Labs eyes over $100 million in new funding (2 minute read)

Uniswap Labs is in the early stage of putting together a funding round at a valuation of about $1 billion. It has engaged with several investors, including Polychain and one of Singapore's sovereign funds. The talks have not reached their final stages yet, so the terms of the deal may change. Uniswap plans to expand its offerings with several new products, including a feature that will allow customers to trade NFTs on Uniswap from a number of marketplaces.
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Innovation & Launches

Introducing Blowfish, the Security Service Your Web3 Wallet Needs (2 minute read)

Blowfish is a firewall technology that protects web3 users by identifying malicious transactions in real time. Its simple-to-use API can help protect against phishing, dApp-level DNS hijacking, software supply chain attacks, and more. It provides users with real-time warnings and human-readable transaction context. Blowfish has prevented over 11,000 wallet-draining transactions since teaming up with Phantom.

Enclave Markets (1 minute read)

Enclave Markets' technology can be used to create fully encrypted exchanges. Orders on these markets are completely private to prevent market manipulation. Assets are always under the customer's control and only belong to the customer. Enclave's technology is now in production on Enclave Cross.
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Guides & Resources

A Guide to Exploring the Starknet Ecosystem (4 minute read)

Starknet is a permissionless decentralized ZK-rollup that operates as a layer 2 network over Ethereum. It allows dApps to achieve unlimited scale without compromising Ethereum's composability and security. This article explores the Starknet ecosystem. It covers wallets, bridges, projects, games, and more.

ERC-4337 (4 minute read)

ERC-4337 achieves account abstraction by replicating the functionality of the transactions mempool in a higher-level system. It provides a decentralized fee market for user operations going into smart contract wallets. This Twitter thread talks about ERC-4337 and the problems it solves. Not all problems can be solved with token standards. Some problems require a consensus changing proposal.
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Miscellaneous

Solana back online after latest outage (2 minute read)

Solana suffered an outage on Friday night that stopped the blockchain from processing transactions. The issue was caused by a single misconfigured node that created a fork, which resulted in validators getting stuck on the wrong fork. Validator operators successfully completed a cluster restart and restored the network on Saturday. Solana has dealt with multiple outages already this year.

Coinbase pauses transactions in US to address bank transfer issues (1 minute read)

Coinbase is having issues processing withdrawals and deposits involving bank accounts in the US. The exchange has temporarily stopped transactions for US users. Coinbase is working on a fix, but there is no timeline for when the problem will be fixed. Users can still use a debit card or PayPal to purchase crypto.

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Quick Links

Using ZK Proofs to Fight Disinformation (6 minute read)

This article discusses using zero-knowledge proofs to verify the legitimacy of images.

Winklevoss Offers MakerDAO Deal But Christensen May Be Underwhelmed (4 minute read)

Gemini is offering to pay Maker a 1.25% annual interest rate on deposits of GUSD if they hold 100 million GUSD in their Peg Stability Module.

Crypto is Quietly Thriving in Sub-Saharan Africa (3 minute read)

Sub-Saharan Africans are conducting 80% of the world's crypto retail payments under $1,000.

The Dollar Can Be a Protocol for the Future of Money (5 minute read)

US currency can become its own extensible platform through programmable stablecoins.

Binance CEO wrestles with the 'Chinese company' label (13 minute read)

Despite abandoning China shortly after its founding, Binance has been portrayed by critics as a tool of the Chinese government.

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