TLDR Crypto 2022-10-12

Google will use Coinbase to let some customers pay for cloud services with cryptocurrencies in 2023. Google Cloud now accounts for 9% of Alphabet's revenue, up from less than 6% three years ago. Coinbase will move its data-related applications to Google from Amazon Web Services. Google is considering adding digital currencies to its balance sheets through Coinbase Prime.

The SEC began investigating NFTs in March to determine whether any projects go against federal securities laws. While Yuga Labs is included in the investigation, the agency has not accused the company of any wrongdoing. Yuga Labs says it is committed to fully cooperating with any inquiries. The SEC has chosen to regulate by enforcement rather than clarify its position on which cryptocurrencies are securities.

OpenSea has launched natively on Avalanche. Users on the Avalanche marketplace will be able to settle NFT transactions in under a second with low transaction fees. The marketplace launched with 10 featured Avalanche-based projects. Avalanche added OpenSea due to demand from its community and business partners.

The MetisDAO Foundation has released Smart L2, an Optimistic rollup technology that addresses scalability for business. Optimistic rollups trust that transactions are valid. People watching the network have a week to challenge potentially fraudulent transactions. If a transaction is challenged, the rollup runs a fraud proof to verify the transaction. Metis’ new Smart L2 Optimistic Rollup makes it easier for validators and proofs to find, challenge, and approve transactions.

There are over 128 million repositories on GitHub. This Twitter thread presents a list of 10 repositories for web3 and blockchain developers. The repositories on the list contain resources, developer roadmaps, and example projects.

One of the major shortcomings of Ethereum is its complicated user experience. EIP 4337 is a proposal for making the user experience better through account abstraction. Account abstraction lets people use Ethereum without knowing the underlying processes. This Twitter thread explains in detail how EIP 4337 brings account abstraction to Ethereum and the benefits that it will bring to users.

Cosmos allows app developers to build custom chains and share network security. The recent release of ATOM 2.0 attempts to make ATOM similar to a reserve currency for the system. This article contains an interview with Cosmos developer and founder of Osmosis, Sunny Aggarwal. In the interview, Aggarwal discusses his views on the ATOM 2.0 announcement, Cosmos' value proposition, and political map memes.

Apple's 30% tax on developers has turned web3 startups against it. Major NFT marketplaces only allow users to browse listings through their apps to avoid the fee. Magic Square is building an app store that lets developers list projects vetted by a DAO. Instead of taking a tax on in-app purchases, the marketplace will take a 10% cut from developers' campaign budgets. 250,000 people have signed up to test Magic Square's upcoming beta.

The multi-prover approach uses multiple proofing systems to create a much more resilient network.

wstETH liquidity providers were able to earn incentive-subsidized annualized rewards as high as 40% on Monday.

The European Central Bank has broken down the task of developing the Digital Euro into smaller decisions.

There are over 4,000 active DAOs with treasuries totaling around $20 billion.

Central banks aren't going bankrupt, but they are currently facing some interesting issues.