TLDR Crypto Daily Update 2022-11-01

Decentralizing Twitter 🐦, existential threats to crypto πŸͺ™, can Web3 beat the cloud πŸ‘¨β€πŸ’»

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Markets & Business

Elon Musk, Twitter, Dogecoin, Bluesky, and the Decentralized Social Media Race (4 minute read)

Elon Musk has said before that he wants to put Twitter on-chain and make it open-source, accept Dogecoin for payments for Twitter services, and go after spam bots. Binance is creating an internal team to find ways that blockchain and crypto could be helpful to Twitter. Many other social networks have turned to decentralization technology. This is an indication of mainstream adoption.

Surging Popularity of Ethereum Staking Keeps Lid on Yields (2 minute read)

Ethereum staking has become so popular that yields are starting to drop. More stakers results in a lower percentage of the share of staking rewards. The staking yield post-Merge is around 4% to 5%, well below what was predicted. Investors are unable to withdraw their ETH until after Ethereum's next significant upgrade. More than 14 million ETH worth over $2 billion is currently being staked.
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Innovation & Launches

Andreessen Horowitz β€˜Temporarily’ Helping Elon Musk With Twitter (3 minute read)

A general partner at Andreessen Horowitz (a16z) recently shared a photo from Twitter's offices with a note saying that he was helping Elon Musk with Twitter temporarily. It is unclear how the companies are working together. a16z's interest in Twitter makes sense considering its other investments in web3 projects. Its presence at Twitter may push the social media platform in a more web3-friendly direction.

CZ Binance Conveys His Intention to Aid Twitter in Entering Web3 (2 minute read)

Binance invested $500 million in Elon Musk's Twitter acquisition. The crypto exchange is willing to help Twitter enter web3. Crypto will make it easier for the social media platform to charge for payments. Binance's CEO is a heavy Twitter user and he aims to make sure that the crypto community has a voice when it comes to discussions about free speech.
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Guides & Resources

Ethereum Dashboards (GitHub Repo)

This repository contains a collection of real-time data dashboards related to Ethereum. There are general dashboards, ecosystem health dashboards, staking dashboards, monetary policy dashboards, DeFi dashboards, MEV dashboards, Dune analytics dashboards, and NFT dashboards.

On How To Effectively End Crypto (5 minute read)

Crypto could be ended for decades if all fiat-to-crypto exchanges were banned in the US and EU. Governments could easily do this for a variety of reasons. Most people would not risk jail for decentralization. The US banned private gold ownership for nearly 40 years, so this kind of scenario is not completely unlikely.
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Miscellaneous

Can Web3 beat public cloud? (19 minute read)

web3 is not a viable alternative to the public cloud at the moment and it may never be. The infrastructure is still very underdeveloped and it is slow and expensive. This article talks about the experience of porting a service to Ethereum to understand how the technology works. The resulting service cost a hundred million times more to run on Ethereum than on AWS.

Can Crypto Buy a Seat in Congress? (6 minute read)

Crypto interests have managed to add serious dollars to help close primary races. Sam Bankman-Fried is the country's fourth-largest individual donor. The country's third- and fifth-largest individual donors also have crypto interests. Most of the donations are funneled through a small number of Political Action Committees. The crypto industry's involvement in US political campaigns shows how crypto is becoming a significant political force.

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Quick Links

Crypto Lender Hodlnaut Lost Nearly $190 Million in TerraUSD Drop (2 minute read)

Hodlnaut downplayed its exposure to Terra/Luna following its collapse in May, but it lost nearly $190 million from the incident.

FTX'ed: The Tangled Ties Of Celsius Network and Sam Bankman-Fried (10 minute read)

Celsius and Sam Bankman-Fried have a unique and multifaceted relationship, according to public records, media reports, and blockchain analysis.

Bitcoin Miner Argo's $27M Fundraise Falls Through; Shares Plunge (1 minute read)

Argo needs to receive financing or it will become cash flow negative and need to curtail or cease operations.

Dogecoin’s 102% Spike Steals the Spotlight as October Ends (2 minute read)

DOGE's current market cap is approximately $15.6 billion.

Generative Art NFTs Bring New Heat to Crypto Winter (5 minute read)

NFT collections created with AI-generated art have reignited interest in the NFT market.

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