TLDR Crypto Daily Update 2022-10-28

Google blockchain node hosting 💻, FTX stablecoin 🪙, largest BTC miner bankruptcy warning 📉

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Markets & Business

Bitcoin Miner Core Scientific's Stock Price Plunges 70% on Bankruptcy Warning (3 minute read)

Core Scientific, one of the world's biggest Bitcoin miners, may be facing bankruptcy due to depleting cash resources. The company is exploring a number of options. It will not pay any of its debts due over the next few days. Core Scientific has been severely impacted by the decrease in the price of bitcoin, increasing electricity costs, an increase in the global bitcoin network hash rate, and litigation with Celsius.

Dogecoin surges 35% as Elon Musk's Twitter deal approaches close (4 minute read)

Dogecoin is up 35% since Monday. The price of the token often moves with comments made by Elon Musk. Twitter is rumored to be prototyping its own crypto wallet. The platform has a tipping feature that allows users to send creators BTC and ETH. It is debatable whether Dogecoin holds any value.
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Innovation & Launches

Google Cloud gets into web3 act with managed blockchain node service (3 minute read)

Google is launching Blockchain Node Engine, a fully managed node-hosting service for web3 development. The service minimizes the need for node operations so developers can focus on building apps. It will initially only support the Ethereum blockchain. Blockchain Node Engine is now available in private preview.

Crypto Exchange FTX Is Working on Creating a Stablecoin (1 minute read)

FTX is working on creating a stablecoin. The exchange is currently thinking about the best partner to work with. An announcement about the project will come soon. FTX has made several large acquisitions during the current bear market. While Sam Bankman-Fried owns a 7.6% stake in Robinhood, FTX is not interested in acquiring the entire company.
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Guides & Resources

The Sushiswap Case (3 minute read)

Sushiswap is a decentralized exchange that siphoned over 50% of Uniswap's liquidity at launch. This Twitter thread presents both the bull and bear cases for the SUSHI token. While the Sushi team is constantly shipping updates and the protocol has a toe in every aspect of crypto, it has wasted immense amounts of capital and developer time on failed initiatives. Sushi's comeback will depend on it creating a more capital efficient AMM, getting its treasury and spending in line, successfully capturing the omni-chain DEX market, and redesigning its tokenomics to attract new investors.

OFAC compliant blocks went from 48% to 64% in 11 days (1 minute read)

OFAC-compliant blocks went from 48% to 64% in 11 days. The cause for this can be seen by looking at top entities and only measuring Flashbots' MEV-boost relay block space distribution. The number of censored blocks will likely be higher if Coinbase or Bitcoin Suisse activates MEV-boost using any OFAC-compliant relay.
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Miscellaneous

A record 55,000 Bitcoin, or over $1.1 billion, was just withdrawn from Binance (3 minute read)

Bitcoin has returned to six-week highs. Over 55,000 Bitcoin left Binance on October 26. The recent outflow of Bitcoin from exchanges beats all other buying sprees on record. There is still a lack of evidence of Bitcoin bottoming. The US Federal Reserve meeting on interest rates could cause another drop.

Twitter Users to Buy and Sell NFTs Through Tweets (2 minute read)

Twitter is working with Magic Eden, Rarible, Dapper Labs, and Jump.trade to enable users to buy, sell, and display NFTs through tweets. NFT Tweet Tiles place NFTs inside a separate panel within a tweet with a button that directs visitors to a listing on a marketplace. It currently only accepts Ethereum NFTs. The integration is still in testing.

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Teleport Creators Raise $9M to Build Decentralized Uber Rival on Solana (3 minute read)

The TRIP protocol can power an array of blockchain-powered ridesharing apps.

LooksRare Offers Zero Royalty Trading, Shares Protocol Fees With Creators Instead (5 minute read)

LooksRare will no longer support creator royalties by default, but it will share 25% of the LooksRare Protocol fee with creators/collection owners.

web5 is happening (5 minute read)

Zion v2 is a decentralized web platform from Block that links users via a decentralized identifier, granting individuals absolute and irrevocable custody over their data.

Aptos Token Rebounds After Upstart Blockchain's Dismal Debut (2 minute read)

Aptos' APT token has almost recovered to its original launch price.

THORChain Suffers an Outage Due to Software Bug (1 minute read)

The THORChain blockchain was halted on Thursday due to a software bug caused by a unique transaction type.

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