TLDR Crypto Daily Update 2022-10-14

Inflation crashes crypto ๐Ÿ“‰, shorting NFTs ๐Ÿ–ผ๏ธ, Tether exits commercial paper ๐Ÿ’ธ

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Markets & Business
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Innovation & Launches

Sujiko Protocol (2 minute read)

Sujiko Protocol is a next-generation decentralized NFT trading platform. It supports perpetuals that track the index price of NFT collections and features up to 10x leverage, low swap fees, and low slippage. Sujiko Protocol allows its users to short major NFT collections. Users can earn passive income by providing liquidity.

Stablecoin Issuer Tether Cuts Commercial Paper Holdings to Zero (2 minute read)

Tether has reduced its commercial paper holdings to zero. It has replaced those holdings with US treasury bills. US treasury holdings accounted for 58.1% of the company's total portfolio as of September 30. Tether said that it would bring its commercial paper holdings down to zero by the end of the year due to concerns over the stability of the Tether ecosystem and USDT.
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Guides & Resources

The Binance Research team had a closer look at Arbitrum. Here's what we found (2 minute read)

Arbitrum is a layer 2 solution designed to boost the speed and scalability of Ethereum smart contracts while adding additional privacy features. It allows developers to run unmodified EVM contracts and transactions without compromising on layer 1 security. Arbitrum's ecosystem has been on a consistent rise throughout the year. Centralization is still an issue, but most layer 2s are currently exposed to some form of centralization risk.

Quick breakdown of what happened today on Mango Markets (3 minute read)

The Mango Markets exploit involved an oracle price manipulation attack on the MNGO market. The attacker pumped the price of the MNGO token and then used the tokens as collateral on Mango Markets to borrow all assets on the platform and leave it in deficit. They were able to withdraw roughly $116 million of assets. This Twitter thread looks at the movement of the exploited funds to find out who might be responsible for the hack.
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Miscellaneous

Bitcoin Becoming Less Volatile Than Stocks Raises Warning Flag (3 minute read)

Bitcoin is becoming less volatile than stocks. Bitcoin attracts many speculators who trade for the thrill of the swings. The low volatility may cause them to move out of Bitcoin. This could cause prices to drop.

When it comes to oracles, you just have to make up your own damn mind (4 minute read)

Oracles can only report the current price of a token. Risk engines have to look at this information and then determine whether a position is safe. Attacks like the recent one on Mango Markets could be prevented by having risk engines follow a conservative set of rules. This Twitter thread discusses FTX's risk engine and how it protects FTX from oracle price attacks.

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Quick Links

With more than $3B already stolen, 2022 is on pace to become cryptoโ€™s โ€˜biggest year for hacking on recordโ€™ (2 minute read)

October is now the biggest month in the biggest year ever for crypto hacking activity and there is still more than half of the month to go.

Coase in the 21st Century: Building A Contributor DAO (10 minute read)

A contributor DAO allows like-minded individuals to make contributions through a unified brand while preserving their independence and ownership.

Apps as Sovereign Communities (5 minute read)

Apps are far more likely to attract people interested in creating sovereign communities than protocols.

Why MEV Matters and Other Post-Merge Revelations (6 minute read)

The Merge set the stage for changes that will ultimately enable the recirculation of hidden value throughout the Ethereum ecosystem.

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