Join Illuminate/22 by Moonbeam, a virtual conference to celebrate multi-applications on Moonbeam (Sponsor)
It’s been a busy year of crypto conferences and meet-ups around the world! Many crypto friends and projects have been reunited after a long period of staying at home. However, our team wanted to find a way to connect with our extensive global community and ecosystem all in one place to showcase prominent projects building a multi-chain future with us.
This is why we are thrilled to announce Illuminate/22, a virtual conference to celebrate a vibrant ecosystem of projects building multi-chain applications. Illuminate/22 brings together an extensive community of Web3 builders and crypto enthusiasts in 2 full days of talks and presentations from over 40 blockchain industry leaders and top developers in the space. Some of the speakers are Robert Habermeir (Polkadot Co-Founder), Bruno Škvorc (RMRK Founder), Derek Yoo (CEO of PureStake and Moonbeam Founder), Sergey Gorbunov (Axelar Founder), with more to come.
>> Explore the latest Web3 multi-chain trends only at Illuminate/22 | Register Now →
Markets & Business
Tensions Between Crypto Giants FTX, Binance Spill Into Public View (5 minute read)
Sam Bankman-Fried and Changpeng Zhao engaged in open warfare on Twitter over the weekend. CZ announced on Sunday that Binance was poised to sell its FTT holdings for risk management purposes. He tweeted that the company would not support people who lobby against other industry players behind their backs. SBF claims that Binance is trying to go after FTX with false rumors. Investors are concerned that any large selling orders of FTT could cause the token's price to plummet.
Solana Falls and Speculation Centers on Links to Sam Bankman-Fried’s FTX, Alameda (2 minute read)
Alameda Research's second-largest holding after FTT is Solana's SOL token. The firm holds $292 million of unlocked SOL, $863 million of locked SOL, and $41 million of SOL collateral. The SOL is at risk of being liquidated if Alameda needs the funds for whatever reason. SOL's price recently spiked 15% following a partnership announcement between Google Cloud and Solana, but its price has tumbled back down again since.
Innovation & Launches
Vitalik reveals a new phase in the Ethereum roadmap: The Scourge (2 minute read)
Vitalik Buterin has added a new stage to the Ethereum technical roadmap called the Scourge. The Scourge aims to ensure reliable and credibly neutral transaction inclusion and avoid centralization and other protocol risks from MEV. Ethereum has experienced a higher degree of centralization and censorship following the Merge. 73% of blocks generated on November 3 were OFAC compliant.
BlockFi is back in the crypto yield business (1 minute read)
BlockFi has introduced a new digital assets interest product for accredited investors. It features competitive interest rates on 15 digital assets and no minimum investment. BlockFi agreed to pay a $100 million penalty to the SEC earlier this year for offering and selling its BlockFi Interest Accounts product. Many regulators say that crypto lending products are securities and should be regulated as such.
Guides & Resources
Investors Withdraw Millions From FTX as Binance Begins Liquidating FTT Token (3 minute read)
FTX saw $451 million in stablecoin outflows over a week after Binance declared that it was liquidating its stash of FTT. Binance saw net inflows of more than $411 million over the same period. The mass exiting of tokens from FTX is due to a recent report about Alameda Research's financial status, which raised concerns over a possible liquidity crisis at the firm. Alameda Research's CEO claims that the firm has over $10 billion of assets that weren't reflected in the report.
Here's how it all went wrong for SBF and FTX (6 minute read)
Sam Bankman-Fried's reputation was damaged after an interview revealed that his political intentions may be different from what was first thought. The community reacted strongly after it was revealed that a significant portion of Alameda's assets was made up of FTX's centrally controlled token. FTT's token price dumped as a result. Alameda and FTX are rumored to be on the brink of insolvency.
Well Binance and FTX are officially at war with each other (4 minute read)
This Twitter thread covers the complete history between Binance and FTX, how they got to this point, and why it is important. The conflict has been brewing since 2019, when Binance made a strategic decision to invest in FTX. Binance chose to divest from FTX after it sensed that the exchange was becoming a threat. The exchange war could end up with FTX's insolvency, which would be a catastrophe for the crypto industry given the size of the exchange.
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