TLDR Crypto 2022-10-04

The United Nations Conference on Trade and Development says that the US Federal Reserve risks causing significant harm to developing countries if it persists with rapid rate rises. Each percentage point rise in the Fed's key interest rate is estimated to lower economic output in poor countries by 0.8% over the subsequent three years. The current course of action risks tipping the world into a global recession. Fed Chairman Jerome Powell says that the central bank takes account of the impact its policies have on the rest of the world. The Fed will continue to lift interest rates to bring inflation under control.

Binance destroyed $1.8 million worth of LUNC, about 0.08% of the total supply of the token, in the week since it implemented its burning mechanism. The token almost doubled in price last week after the announcement of the scheme and became the third most traded asset on the platform after bitcoin and ether. Some traders have criticized the burning scheme, saying that it has had almost no impact on the total supply of the token.

Chainlink Staking allows stakers to stake LINK tokens in smart contracts to back certain performance guarantees around oracle services. It will enable Chainlink decentralized oracle networks to scale and service a broader range of applications. The initial beta version of Chainlink Staking will launch on the Ethereum mainnet in December. An access eligibility app is now available for community members to see if they qualify to participate in the early staking phase of the beta.

LayerZero's omnichain messaging infrastructure allows fungible tokens to be securely transferred across chains without the need for wrapping, middlechains, or liquidity pools. This allows tokens to remain in their native form, with balances modified seamlessly across other networks. LayerZero is integrating with Circle Pay to allow users to seamlessly transfer USDC across chains with low fees, low friction, and low risk with a single click. A demo is now available on testnet.

SeaDrop is the open, permissionless registry that powers OpenSea's partnered drops on EVM blockchains. It streamlines minting and handles technical aspects like payment, allow-listing, and token-gating for drops. SeaDrop gives creators more flexibility and control over important elements of the minting experience, such as start time, end time, price, number of tokens per stage, and maximum tokens per wallet. It is now open source, so anyone can build tokens that integrate into SeaDrop's flexible and secure logic.

This article looks at some of the forgotten or underrated advantages of rollups. Rollups offer higher transactions per second than layer 1s as they only need to do liveness, while layer 1s need to do both liveness and safety. Rollups only need one honest party to remain safe, live, and censorship-resistant. There are still many valid use cases for app-specific layer 1s, but fractal scaling is the best approach to massive scale for most projects in the long term.

Kim Kardashian has agreed to pay more than $1 million to settle SEC charges against her. Kardashian promoted a crypto asset on Instagram without disclosing that she was being paid for the promotion. She fully cooperated with the SEC to avoid a protracted dispute. The agreement allows Kardashian to move forward with her other business pursuits, but she will not be allowed to promote crypto securities for three years.

Jared Grey has been elected as CEO of Sushi by the Sushi community. Grey was the former CEO of DeFi platform EONS and crypto exchange Bitfineon. He aims to bolster engagement on Sushi and improve the exchange's internal organization. Last year, Sushi's de facto CEO left for an external advising position and its Chief Technology Officer left to serve in the same role on NFT lending platform Astaria.

Changpeng Zhao, the founder of Binance, does not believe that Tether is actually redeemable for dollars.

The Moonbirds DAO, which will launch in early 2023, will enable creatives to further the Moonbirds ecosystem, reputation, and lore.

Sam Bankman-Fried says that the goal of the acquisition is not to make money buying assets at cents on the dollar but to get money back to customers.

The original STARK token launch was planned for September, but it has been postponed.