TLDR Crypto Daily Update 2022-10-31

SBF's $15B Twitter offer 🐦, Visa's crypto wallet πŸͺ™, Dogecoin surges πŸ“ˆ

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Markets & Business

Crypto Exchange Binance Is Creating a Team That Aims to Help Twitter With Things Like Bots (1 minute read)

Binance is forming a team to investigate how blockchain technology could be used to help Twitter. The crypto exchange is an equity investor in Elon Musk's Twitter deal and it appears to be seeking an active role in how Twitter is run. One of the team's areas of focus will be the proliferation of bot accounts on the platform. The effort is still in its early stages and plans are still being worked out.

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.
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Innovation & Launches

Ethereum Scaling Platform zkSync v2 Goes Live Amid Controversy (3 minute read)

Matter Labs launched zkSync on Friday. The rollup allows people to transact quickly and cheaply without sacrificing security. zkSync's features are extremely limited for the time being. The network is not yet open to external projects.

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.
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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.
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Miscellaneous

Ethereum Vitalik Buterin Speaks Against Crypto ETF, Calls for More Regulation (2 minute read)

Vitalik Buterin recently shared his views surrounding crypto regulations in a Twitter thread. In the thread, Buterin showed support for laws that make it easier for the industry to reach mainstream adoption and criticized rules that intrude on how the blockchain works. Buterin also discusses DeFi KYC and how the crypto market needs to mature.

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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Ethereum Co-Founder Vitalik Buterin Tees Up 3 Reasons Crypto Beats Gold (2 minute read)

Gold is inconvenient and difficult to use and it doesn't support safe storage options like multisig.

Polkadot Privacy Project Manta Network Eyes Crypto’s Largest Trusted Setup Ever (5 minute read)

A trusted setup ceremony will be used to launch Manta Network's private payments app, MantaPay.

MakerDAO Splits in Two Over Founder’s 'Endgame' Proposal (6 minute read)

Recent proposals to restructure Maker have resulted in two opposing factions forming within the DAO.

Uniswap v3 TWAP Oracles in Proof of Stake (19 minute read)

This article looks at the difficulty, potential cost, and likelihood of oracle manipulations on Uniswap V3 in a Proof-of-Stake environment.

Dear Elon, This Is How to Decentralize Twitter and Give the Internet Back to Everyone (3 minute read)

A decentralized Twitter would fundamentally change the relationship between users and platforms.

Stablecoin Issuer Frax Finance Unveils Ether Staking Service With a Dual Token Model (3 minute read)

Frax Finance's two-token model supposedly allows users to earn above-average staking yields.

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