TLDR Crypto Daily Update 2022-10-07

MakerDAO buys US treasuries ๐Ÿ’ธ, crypto exchange fee wars ๐Ÿ“‰, Binance Smart Chain hacked ๐Ÿšจ

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Markets & Business

Crypto Exchanges Cut Fees to Gain Market Share From Rivals (7 minute read)

Crypto exchanges are cutting fees to capture market share from rivals. Exchanges have had to get bigger or diversify into other revenue streams to make up for lost revenue as margins become tighter. Binance lost revenue when it launched zero-fee trading for spot bitcoin but it more than made up for it with user growth and revenue from other token trading and services. Its fee cuts puts pressure on other exchanges to follow suit. Binance's bitcoin and ether spot-market trade volume this year exceeds the other 11 major exchanges combined.

MakerDAO just executed the first DAO balance sheet investment in US Treasuries and Corporate bonds (3 minute read)

MakerDAO currently holds around $4 billion in stablecoins. Its assets come from its highly efficient decentralized exchange. The reserves on the exchange are investable assets. MakerDAO will invest $500 million from these reserves into a specific bond strategy composed of US Treasury and Corporate bonds. There are more ongoing proposals that seek to further invest these reserves into different bond-linked strategies.
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Innovation & Launches

ConsenSys and Bankless Announce the First Ever DAOlationship (5 minute read)

ConsenSys and Bankless DAO have announced plans to develop the world's first DAOlationship. A DAOlationship is a mutually beneficial undertaking between a traditional organization and partner DAOs that provides partner DAOs with talent and supports the traditional organization's employees in exploring the broader DAO ecosystem. ConsenSys created the DAOlationships program to improve the Ethereum and DAO ecosystems. The program will revolutionize the way brands onboard into DAOs.

Lidoโ€™s stETH Token Expands to Layer 2 Networks Optimism and Arbitrum (4 minute read)

Lido will support a wrapped version of its staked ether token on Arbitrum and Optimism. stETH tokens represent ETH tokens staked on Ethereum's network. wstETH (wrapped stETH) will allow stETH holders to use Arbitrum and Optimism for faster and cheaper transactions. Lido currently holds around 29% of all staked ETH.
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Guides & Resources

Introducing Noir, the universal language of zero knowledge (5 minute read)

Noir is a Rust-based domain-specific language for creating and verifying zero-knowledge proofs. It allows developers to easily write zk applications compatible with any proving system. Noir abstracts away the cryptographic complexity of zk while retaining the power and flexibility of other circuit-building languages, allowing any developer to build zk apps. Links to sample implementations are available.

Ethereum's New โ€˜Stakingโ€™ Model Does Not Make ETH A Security (12 minute read)

Some people think that Ethereum's new staking model will result in ETH being deemed a security under US security laws. This article explains why the adoption of a Proof-of-Stake consensus mechanism doesn't make ETH an investment contract. ETH must pass all four prongs of the Howey test in order to be classified as a security. Staking fails to satisfy the test because there is no common enterprise and validators never rely on the effort of others.
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Miscellaneous

Coinbase CEO Proposes Pegging Stablecoins to Inflation and Not to Fiat Money (4 minute read)

Coinbase's CEO Brian Armstrong has proposed developing stablecoins whose value is linked to the Consumer Price Index rather than fiat money. Stablecoins designed this way would allow tokens to retain their purchasing power. The proposal was made during a streamed conversation about the launch of Coinbase in Australia. A video of the stream was published on YouTube on Wednesday, but it has now been placed in private mode.

Due to irregular activity we're temporarily pausing BSC (2 minute read)

The Binance Smart Chain has been temporarily paused due to a potential exploit. Binance says that all funds are safe. The company is now investigating the vulnerability.

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Quick Links

Water Labbu Malware Targets Scammers to Steal Their Ill-Gotten Crypto (3 minute read)

A hacker is estimated to have made at least $316,000 by stealing crypto from scammers.

EU announces ban against Russian Crypto Assets & Services (2 minute read)

The EU has announced a complete ban on Russian crypto payments to European wallets.

Decentralized Social Network's DeSo Token Rallies Amid Stablecoin Plans (2 minute read)

Decentralized social network DeSo plans to issue its own stablecoin to facilitate payments in its ecosystem.

Terra Founder Do Kwon's Passport 'Invalidated' (2 minute read)

Do Kwon has 14 days to return his passport to South Korean authorities.

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