TLDR Crypto Daily Update 2022-10-26

Cash App integrates Lightning Network ⚡, crypto winter hits Google 📉, second stablecoin war 🪙

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Markets & Business

Near Protocol’s USN Stablecoin Shut Down After Suffering $40M ‘Collateral Gap’ (2 minute read)

Decentral Bank is unwinding its Near-native USN stablecoin as it has become undercollateralized by around $40 million. USN minting has been permanently halted. USN can be redeemed for USDT through the USN Protection Programme. The USN Protection Programme is funded by a grant from the Near Foundation. It will be live for 12 months. Decentral Bank will donate $16.7 million in NEAR tokens to the Near community.

Crypto winter is hurting Google’s ad empire (2 minute read)

Google's chief business officer has blamed the company's slowdown in revenue growth in part on crypto companies and other financial firms who have reduced ad spending. The company's overall ad growth for the quarter was the weakest of any period since 2013, except for one quarter at the beginning of the pandemic. Google recently announced that it will accept payments in cryptocurrency for its cloud services starting in 2023, suggesting that the company sees clear opportunities for growth in the future.
Innovation & Launches

Filecoin launches Web3 data-storage solution for carbon offsets (2 minute read)

Filecoin Green, an initiative designed to reduce the environmental impact of Filecoin, has launched CO2.Storage, a web3 data storage solution. CO2.Storage allows carbon credit providers to store data through content addressing on Filecoin and the InterPlanetary File System. It is aimed at enabling transparency for carbon assets and it provides a storage solution for all types of digital environmental assets.

Cash App Users Can Now Send and Receive Bitcoin via Lightning (2 minute read)

Cash App users can now both send and receive Bitcoin using the Lightning Network. Users could previously only send Bitcoin. The Lightning Network speeds up Bitcoin transactions and reduces costs. Cash App has a $999 limit every seven days with the Lightning integration. The feature is available to all US customers, except those in New York.
Guides & Resources

Second Great Stablecoin War incoming! (3 minute read)

Binance started a war with USDC when it announced that it would convert users' USDC deposits into its own BUSD. The move has increased BUSD's market share from 10.01% to 15.48% and its market cap has risen by 3.3% over the last 30 days. Tether would be a much harder target, as it has 48% of the total stablecoin market. USDC is backed by some industry giants, so it will be a difficult battle for Binance.

Reddit's crypto wallet product (2 minute read)

Reddit's crypto wallet is built right into its mobile app along with the marketplace. It is called a 'vault' in the app. The app uses simple language to convey what it is without using blockchain jargon. Wallets are generated using a standard BIP39 mnemonic seed phrase, so it can be directly imported into other wallets. Screenshots from the wallet feature are available in the thread.

Lens Protocol Primer and Data Analysis (9 minute read)

Decentralized social media protocols provide a base layer that any developer can build on top of without locking users into a particular platform. This solves a lot of problems that currently exist with social media platforms. This article discusses decentralized social media protocols and how they can help drive positive social change. It also shows how data analysis can be done using blockchain data.

Bloomberg's Matt Levine Writes 40,000-Word Article on Crypto (3 minute read)

The only article in this week's Bloomberg Businessweek was an article on cryptocurrencies by financial columnist Matt Levine. It was the second time in the publication's 93 year history that it printed with a single story. Levine's article looks at the good and bad parts of crypto, the crypto financial system, and how crypto solves some old problems. This article contains an overview of the topics that Levine discusses.

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Quick Links

Compound Unanimously Votes to Pause Activity for 4 Cryptocurrencies (2 minute read)

Compound has paused activity for ZRX, BAT, MKR, and YFI.

Will Binance Still Back Elon Musk’s Twitter Takeover? ‘I Think So,’ CEO Says (2 minute read)

Binance CEO Changpeng Zhao says that the exchange will support Elon Musk's deal to purchase Twitter as long as Musk actually follows through.

Voltz Community is now On-Chain (2 minute read)

The Voltz community will use soulbound tokens as a mechanism to increase protocol activity, community engagement, and overall project contribution.

‘Basically a Savior’: Why Crypto Is So Popular in Turkey (7 minute read)

Turkey's inflation rate recently surpassed 83% and crypto represents freedom from inflation, the national currency, and the constraints of corporate life.

Polygon-Based DeFi Platform QuickSwap Closes Lending Service After Exploit (1 minute read)

QuickSwap suffered a flash-loan exploit on Monday that cost the platform over $220,000 worth of tokens.

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