TLDR Crypto Daily Update 2022-10-19

House sold on OpenSea ๐Ÿ , Aptos flounders ๐Ÿ“‰, Bluesky's social protocol ๐Ÿฆ

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Markets & Business

Digital Platform Sells House as an NFT on OpenSea (3 minute read)

Roofstock, a digital real estate platform, has sold a single family home in South Carolina for $175,000 on OpenSea. The sale was settled using USDC financed by USDC Homes. The NFT for the home will sit in a multisig escrow wallet until the buyer pays back their loan with interest. USDC Homes offers financing options with a loan-to-value ratio of up to 80%. The sale brings up concerns about what will happen if the NFTs are lost or stolen.

New Blockchain Aptos Unveils Controversial Tokenomics, APT Incentive Plans (2 minute read)

Aptos has published a summary of its token distribution and incentive plans. The initial total supply at the mainnet launch was 1 billion, with around half of that distributed to community members and the rest to core developers, the Aptos Foundation, and private investors. 125 million APT from the Aptos Foundation fund will be used to support ecosystem projects, grants, and community growth initiatives. Tokens held by private investors and core contributors are subject to a four-year lockup schedule.
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Innovation & Launches

Bored Ape Co-Founders Want โ€˜Othersideโ€™ Metaverse to be โ€˜Web3-Native Robloxโ€™ for Adults (4 minute read)

Yuga Labs is betting big on video games with NFT assets. It plans to reveal its Otherside Metaverse game through multiple 'trips'. Yuga Labs aims to make Otherside a semi-decentralized web3 native version of Roblox for an adult audience. The company raised $450 million in its first funding round earlier this year, giving it a $4 billion valuation.

Bluesky is building a social protocol (2 minute read)

The Authenticated Transport Protocol, or AT Protocol, is a new federated social network. It allows users to move accounts between providers without losing any data. Users can choose which algorithms to use to determine what shows up on their feeds. The AT Protocol supports other services through an interoperation framework.
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Guides & Resources

Joseph Delong's Guide to Developer Success in Web3 (2 minute read)

Developers should first learn Go or Rust if they want to create protocols or Solidity if they want to become a DeFi/smart contract developer. DeFi/smart contract developers should also become familiar with ERC20, ERC721, ERC1155, EIP712, ERC165, proxy patterns, and the OpenZeppelin contract set, as well as a development framework like Hardhat, Foundry, Dapptools, or Truffle. It is much easier to get hired after getting connected to teams. Joining communities can be difficult but a pull request on GitHub can help.

Aptos is broken (2 minute read)

Aptos promises 100,000 transactions per second in its finalized version, but it currently only processes around 4 TPS. A majority of those transactions are validators communicating, setting block checkpoints, and writing metadata to the blockchain. The team shut down its Discord after launch and has only reopened a few channels. A majority of tokens are either staked or ready to be dumped on retail investors.
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Miscellaneous

Buterin advocates for censorship tolerance in special cases (3 minute read)

Vitalik Buterin says that slashing should only be considered for massive reorganization of other people's blocks and should not be used on solo validators that choose to censor blocks. Validators may be required to censor blocks due to local laws and they shouldn't be punished for that. Some people disagree with this view as they believe that no level of censorship should be tolerated. Around 50% of the blocks produced over the last seven days were OFAC-compliant.

Lido Co-Founderโ€™s Comments Spark Debate Over Decentralization of Ethereum (4 minute read)

Lido co-founder and chief technology officer Vasiliy Shapovalov angered enthusiasts and several prominent Ethereum influencers by saying that staking hardware should be professionally managed. Shapovalov says that solo providers are not rational and that there should be even higher barriers to entry to become a validator. Critics say that the comments went against the decentralized ethos of Ethereum. Some node operators spend only 10 minutes a week maintaining their nodes.

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Quick Links

Hours After the Mainnet Launch, Aptos Is the New Meme Coin in Town (3 minute read)

Aptos' low transaction performance, at an average of 4 transactions per second, has made it the butt of jokes on social media.

Aave Releases Technical Details Of GHO Stablecoin (3 minute read)

Aave has released a technical paper on its upcoming GHO stablecoin along with the results of its first security audit.

Meta Platforms Follows Blockchain Firms in Joining Cryptographic Privacy Group MPC Alliance (1 minute read)

The MPC alliance, made up of 59 members, is a nonprofit group focused on cryptographic privacy and security.

Terra Co-Founder Do Kwon Still Says He's Not on the Run (1 minute read)

Do Kwon claims he moved to Singapore before the collapse of the Terra ecosystem and that none of his funds have been frozen.

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