Markets & Business
Circle’s USDC Stablecoin Has Lost All Its Post-Terra Gains (3 minute read)
USDC's market cap is at the lowest it has been since January this year. It has lost 12% of its market cap since Binance announced its decision to stop supporting competing stablecoins. USDC experienced a surge after Terra's UST lost its dollar peg earlier this year. Binance has gained 12% in market cap since it said it would begin automatically converting competing balances to BUSD.
Ethereum Supply Turns Deflationary—But Price Still Struggles (3 minute read)
ETH supply has dropped by over 4,000 tokens since Saturday. The network burned more tokens in gas fees than it produced through staking. There was no corresponding price boost. A token project called XEN Crypto accounted for a large portion of recent gas fees on the Ethereum network. XEN's price rocketed from a fraction of a cent to $1.04 before dropping back down to a near-zero fraction of a cent. People have accused the project of being a Ponzi scheme.
Innovation & Launches
Crypto and Payments Firm MobileCoin Launches Stablecoin (5 minute read)
Mobilecoin is launching a stablecoin called 'Electronic Dollars' in collaboration with stablecoin platform Reserve. eUSD is fully collateralized with USDC, USDP, and TUSD. Transactional data will be encrypted using end-to-end zero-knowledge encryption. Only transacting parties will be able to see their own transactional data. All of the on-ramps and off-ramps have full KYC and AML, but tokens will be available for purchase at exchanges.
Ethereum Scaling Tool Polygon Launches its zkEVM Public Testnet (2 minute read)
Polygon's zero-knowledge EVM public testnet is live. A mainnet launch is planned for early 2023. Developers should be able to move smart contracts from Ethereum to the ZK rollup without any hiccups. The rollup aims to address scalability issues and make transactions faster and cheaper. Aave, Uniswap, and Lens will be among the first protocols to make use of the zkEVM testnet.
Guides & Resources
Is Money Just A Game? (10 minute read)
Many rich people view money as a game. Money is an information processing and distribution system. The capitalist system uses price signals to communicate what is needed. Paying attention to these signals will help you figure out what to change. Usually, the answer will be to add skills in different areas to differentiate yourself from the market. Someone who has unique skills in an in-demand field can basically name their rate.
The Web3 & Blockchain Stack (1 minute read)
This Twitter post contains an infographic that shows the different technologies and development tools within web3. It covers layer 1 and 2 blockchains, authentication and identity, smart contract languages, file storage, and blockchain oracles.
Bitcoin Mining Surges to a Record as Merge Opens Up Capacity (3 minute read)
The amount of computing power dedicated to mining Bitcoin has surged following the Ethereum Merge. Data centers are able to host more Bitcoin mining machines as Ether miners unplug their rigs and free up rack space. Higher levels of computing power mean lower mining rewards for miners. Bitcoin miners use specialized computers to mine Bitcoin. They are unable to use the graphics cards used to mine Ether.
This Site Is Helping People Check How Much People Lost In Celsius Network (3 minute read)
A site called Celsius Networth allows users to quickly search through all of the names recently published in a court filing. It shows the full names of creditors as well as all of the tokens they held on the platform. The front page of the website shows the top losers of the Celsius bankruptcy. The Celsius filing showed that the top 3 executives of the Celsius network withdrew a combined $42 million right before the company halted withdrawals.
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