TLDR Crypto Daily Update 2022-10-25

Apple app store NFT rules πŸ“±, Twitter's crypto wallet πŸͺ™, Reddit NFTs surge πŸ“ˆ

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Markets & Business

App Store guidelines updated with new rules for apps with NFT and ad managers (2 minute read)

Apple has updated its App Store guidelines to include specific mentions of apps with NFTs and new rules for advertising management apps. The guidelines now state that NFTs must be sold through the App Store's in-app purchase system and not through other purchasing mechanisms. NFT ownership can not unlock features or functionality within an app. Ad managers no longer need to use the App Store's in-app purchasing system.

Reddit NFTs Surge as Polygon-Based Avatars Reach Millions of New Users (4 minute read)

Last week, a Reddit executive revealed that users had created over 3 million Polygon wallets to hold the nearly three million Reddit NFT avatars in circulation. The avatars are being sold on secondary markets for up to $24,150. Some of the avatars were premium NFTs purchased from Reddit for up to $100 each, but many more were airdropped for free. Polygon's MATIC token's price rose over the weekend along with the hype around the Reddit NFTs.
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Innovation & Launches

Vertu’s Luxury Web3 Phone Tops Out at $41,000 (3 minute read)

Vertu's Metavertu device is a web3 phone that can run its own blockchain node and turn media into NFTs with a single click. The phone features a 6.67-inch AMOLED display, a Qualcomm Snapdragon 8 Gen 1 CPU, a three-lens camera array, and a 4,600mAh battery. The entry-level model has a carbon fiber finish, 12GB RAM, and 512GB internal storage at $3,600. The top model has 18GB RAM and 1TB storage and comes wrapped in Himalaya Alligator leather, 18K gold, and diamonds, It will cost $41,000. Both models sport a ceramic frame and sapphire glass screens.

Twitter Working on 'Wallet Prototype' that Supports Crypto Deposit and Withdrawal (1 minute read)

Twitter is working on a wallet prototype that supports crypto deposits and withdrawals. Evidence of the project was discovered by a Hong Kong-based app researcher and reverse engineer with a great track record of finding evidence of upcoming products and services.
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Guides & Resources

Industrial farming airdrops (3 minute read)

Some operations are sybilling crypto projects and netting upwards of $500,000 for each big airdrop. The process of Sybil attacking protocols involves distributing crypto assets to multiple addresses, on-chain preparations, state-of-the-art practices, withdrawing tokens, operations, and planning for future airdrops. This Twitter thread discusses the process in detail. Crypto projects should start taking sybil resistance more seriously.

ZkSync: A Peek into the Future of Ethereum (9 minute read)

zkSync is a zero-knowledge rollup from Matter Labs that is mostly used for token swaps or transfers. It doesn't currently support smart contracts, leaving it with limited utility. Matter Labs plans to launch its alpha zkEVM on mainnet on October 28. The launch will be limited to pre-registered developers. The first team to fully launch a zkEVM could capture a significant first mover advantage.
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Miscellaneous

MakerDAO Community Approves Proposal to Place USDC in Coinbase's Custody Platform (1 minute read)

MakerDAO will place up to 1.6 billion USDC into Coinbase Prime. Coinbase Prime is Coinbase's institutional custody service. 88% of community votes were in favor of the proposal. The investment will earn Maker a 1.5% reward.

MakerDAO Members Support Founder's 'Endgame' Plan to Break Up into MetaDAOs, $2.1B of Transfers (4 minute read)

MakerDAO community members have voted to break up the DAO into smaller, more decentralized units called MetaDAOs. They also voted to move 1.6 billion USDC to Coinbase Prime to earn a 1.5% yield on its assets and 500 million USDC to hedge funds Appaloosa and Monetalis. Maker will start accumulating stETH and diversify its assets from USDC. The vote to break up MakerDAO into MetaDAOs faced opposition from venture capital firm Andreessen Horowitz.

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Quick Links

Retrospective: hacks in web3 (1 minute read)

This resource lists DeFi hacks and their root causes.

Ethereum Derivative Hits Market as Concerns Mount Over β€˜Significant Risk’ (4 minute read)

DeFi developers should be cautious about innovating derivatives based on liquid staking as the goal of staking is to promote the security and health of the Ethereum network.

Aptos Names is launching on Aptos mainnet (2 minute read)

This Twitter thread presents a step-to-step guide on how to become eligible for a future airdrop.

Dogechain Token Price Triples in 7 Days (2 minute read)

Dogechain community members are voting on a proposal that will determine whether the total supply of the token will be reduced by 80% throughout all allocations.

Near Foundation Urges Winding Down of USN Stablecoin, Sets Aside $40M (2 minute read)

USN has become undercollateralized, so the Near Foundation has set aside $40 million to fund a USN Protection Programme.

Robinhood's Crypto Customers Can Now Trade Aave and Tezos (1 minute read)

Robinhood now offers 19 crypto tokens for trading on its app.

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