Markets & Business
SBF told Elon Musk he would pay up to $15B for a stake in Twitter. Here’s why (3 minute read)
Sam Bankman-Fried's rejected offer to purchase a stake in Twitter is linked to his belief that social media is one of the killer apps for crypto. A decentralized social media protocol would allow people to own their data and move between platforms without losing anything. While Bankman-Fried doesn't think FTX would run its own social media network, the company would like to help develop one as a technology partner.
Innovation & Launches
Visa Planning to Launch Its Own Cryptocurrency Wallet (2 minute read)
Visa has filed two trademark applications that suggest that it is considering a foray into the metaverse and also looking to launch its own cryptocurrency wallet. The company has been a supporter of crypto for years and it has partnered with many crypto firms to offer credit and debit cards tied to crypto payments. It partnered with FTX earlier this month to roll out cryptocurrency debit cards in 40 countries.
Guides & Resources
How Elon Musk Could Put More Crypto Into Twitter (3 minute read)
Blockchain-based identity verification tools or NFT passports could help prevent bots and spam accounts on Twitter. Twitter could implement a token-based voting system so that users can have more say over what happens on the platform. While Elon Musk has mocked NFTs in the past, expanding NFT features on the platform could help users gain greater ownership over their content. Accepting cryptocurrencies for tipping could help Musk turn Twitter into a superapp.
The leading rollups are still WAY more centralized than people realize (3 minute read)
Arbitrum and Optimism currently make up 80% of the total rollup market. While they significantly reduce gas fees, neither rollup has a fully-baked fraud proof system. They also have centralized sequencers that can theoretically slow down transactions or reorder them. Rollup creators should be more upfront about rollup risks and limitations. They currently do not have the same security guarantees as Ethereum.
Dogecoin Replaces Cardano as 6th Largest Cryptocurrency (2 minute read)
Dogecoin's token price has rallied to six-month highs. It has now replaced Cardano as the sixth-largest cryptocurrency in the world. DOGE's market cap currently exceeds that of more than 120 members of the S&P 500. The rally may be related to Elon Musk's purchase of Twitter. Musk has suggested using DOGE to limit spam and bots on Twitter in the past.
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