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.
Innovation & Launches
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.
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.
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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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.