Tuesday, February 28, 2023

NFT Volume Rebounding 🚀, A Sleeping Giant 💤, Vitalik’s UX Musings 💻

NFT trading volume on ETH hit its highest level since May this past week. 

TLDR

Daily Crypto Update 2023-02-28

📈

Markets & Business

Coinbase announces suspension of BUSD trading beginning March 13 (2 minute read)

Coinbase announced that it will suspend trading of Binance USD (BUSD) on March 13, citing its "listing standards" as the reason behind the decision. The suspension will apply to all Coinbase services, and users will still have access to their funds. The decision follows reports earlier in the month of a Wells Notice by the SEC and an order from the New York State Department of Financial Services to Paxos to stop issuing BUSD. Paxos is now apparently in constructive talks with the SEC.
NFT Weekly Trading Volume on Ethereum Rises to Highest Level Since May (2 minute read)

With arguably some of the best buy-side liquidity the NFT ecosystem has seen to date, NFT trading volume on ETH hit its highest level since May this past week. This spike in volume comes on the heels of Blur's token drop in mid-February, which rewarded activity on its platform. With another tranche of 300 million BLUR tokens to drop at some point, Blur has been dominating NFT trading volume since the airdrop. One of the main incentive mechanisms Blur is leveraging is bidding activity. This has led to unprecedented liquidity in NFT order books. One trading firm, Degenz Finance, took advantage of this liquidity last week, cashing out 72 BAYCs for ~$9.25m in a move that would have been nearly impossible before this bidding liquidity injection.
🚀

Innovation & Launches


Scroll's zk-EVM Layer 2 Goes Live on Ethereum's Goerli Testnet (4 minute read)

Scroll has launched its zk-EVM on the Goerli testnet in an alpha testing phase ahead of a planned mainnet launch late this year. The network uses zero-knowledge proofs to achieve scalability, while maintaining EVM compatibility, making it easy for developers to port applications over to the network. There are two main ways to develop zk-EVMs: leveraging a programming language designed for zero-knowledge proofs or using Solidity. Those that are built with zk-native languages are easier to build but make it more difficult for developers to port to. zk-EVMs built with Solidity are harder to develop initially but make it much easier for projects to port over to. Scroll hopes that by using the latter approach, they will achieve greater adoption. Scroll is one of several projects competing for zk-EVM adoption, but Scroll believes there is room for co-existence between these competitors.
Mitsubishi, Fujitsu and Other Tech Firms to Create 'Japan Metaverse Economic Zone' (1 minute read)

Nine Japanese companies, including Fujitsu, Mitsubishi and Mizuho, have teamed up to create RYUGUKOKU (TBD) - an interoperable metaverse structure - to help build the framework for corporations to adopt Web3 services. The platform will implement Auto-Learning Avatars, the Pegasus World Kit, and the Multi-Magic Passport to enable a personalized metaverse experience with identification and payment methods. The move is part of the Japanese government's digital transformation plan, which includes forays into NFTs and the metaverse.
💡

Guides & Tutorials

Binance Smart Chain: Sleeping Giant (4 minute read)

Binance Smart Chain is the most active smart contract platform and has the most users and developers, yet it has little mindshare in the crypto community and relatively few DeFi applications. This could be due to the low quality of protocols on the chain. Its lack of mindshare could also be due to Westerners not being quite as familiar with the chain and its protocols. Even so, user count and developer activity has remained incredibly high even in the bear market, suggesting the potential that exists there. This deep dive highlights some of the surprising levels of activity on the chain and why BSC may be a sleeping giant.
A Guide to the Upcoming Shanghai Upgrade and What it Means for Staking and DeFi (4 minute read)

The upcoming Shanghai Upgrade will allow validators to withdraw their staked ETH from the Beacon Chain, which could have a significant impact on withdrawal mechanics, staking derivatives, and DeFi markets. This thread dives into a few of the potential effects this could have on the markets. The upgrade could lead to increased participation in derivatives and ETH staking, improved liquidity for staking derivatives, and more profitable borrowing strategies. While this thread lays out some bullish dynamics for LSDs and how the upgrade could increase capital efficiency for DeFi users, macro sentiment will likely still play a large part in whether ETH stakers are looking to get risk-on or stay risk-off.
🦄

Miscellaneous

Some personal user experiences by Vitalik (8 minute read)

In this short essay, Vitalk walks through some of the UX issues he has faced as a crypto consumer over time. He's experienced it all: unreliable internet, UI glitches, broken social-recovery systems, confusing gas limits, and much, much more. Solutions such as EIP-1559 and Merge have been implemented to improve the user experience and increase decentralization, but there is still quite a bit left to be desired in crypto when it comes to user experience. While crypto natives are accustomed to these headaches, these issues can be extremely frustrating for non-crypto natives. Furthermore, Vitalik points out that good UX is not even about the average case but about the worst case, so even if only a small portion of users face UX issues, it could create meaningful roadblocks in terms of user adoption.
Don't Call It 'Crypto': How Some Blockchain and NFT Projects are Rebranding (6 minute read)

Crypto and associated buzzwords like "NFT" and "blockchain" have developed a negative connotation to some, so some companies are rebranding to more mainstream terms like "Digital Collectibles". Even if under a different name, Instagram, Square Enix, Riot Platforms and Reddit are still embracing these technologies, and experts believe that as people become more accustomed to them, the negative sentiment will subside. The article claims that in the long run, it will not matter what the technology is called. The crux of the matter is that while rebranding efforts can help, the key lies in informing and educating the public on the technology's value propositions.

Quick Links

Yuga Labs Announces Generative Ordinals NFT Collection on Bitcoin Blockchain (2 minute read)

Iconic NFT brand Yuga Labs is diving into the Ordinal fray, launching its own inscriptions on Bitcoin via the Ordinal protocol. The collection, named TwelveFold, will feature 300 generative art pieces with 3D elements and hand-drawn features.
Five Projects With Upcoming Catalysts (2 minute read)

This thread highlights five different projects (Synapse, Yearn, Manifold Finance, Pendle and Polygon) with upcoming catalysts.
Winning Dookey Dash Key Sold for $1.6M (2 minute read)

The 1/1 "Golden Key" NFT earned by Twitch streamer Kyle Jackson for placing first in Yuga Labs' "Dookey Dash" game was sold yesterday for 1,000 ETH.
Who Owns Your Bags? A List of the Biggest Whales in Some of the Top Performing Tokens (3 minute read)

This thread compiles a list of the biggest whales across 8 different tokens that have been central to the LSD, DEX, and Ethereum Layer 2 narratives: LDO, GMX, RPL, FXS, CRV, DYDX, SNX, and MATIC.
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Elon's ChatGPT rival 🤖, Linux for Apple Silicon 💻, how startups can use AI 💡

Elon Musk recently contacted AI researcher Igor Babuschkin to explore the development of an alternative to ChatGPT. 

TLDR

Together With Drata

Daily Update 2023-02-28

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📱

Big Tech & Startups

Elon Musk Reportedly Eyeing Development of ChatGPT Rival (2 minute read)

Elon Musk recently contacted AI researcher Igor Babuschkin to explore the development of an alternative to ChatGPT. Musk co-founded OpenAI in 2015. He was chairman until 2018 when he stepped down due to a conflict of interest. Musk approached Babuschkin, formerly of Alphabet's DeepMind AI, to form a research lab. The project is still in the early stages and there are no concrete plans to develop products. Babuschkin says he has not officially joined the project.
Mark Zuckerberg announces new team at Meta working on A.I. products (2 minute read)

Meta is creating a new product group focused on generative AI. It will combine several teams to build tools to be used inside Meta's products. These tools will include experiences with text, images, video, and multi-modal experiences. Meta's models are available to researchers and are smaller and less expensive to use than other competing models.
🚀

Science & Futuristic Technology

'We have made science fiction come true!' Scientists prove particles in a quantum system can be rejuvenated (5 minute read)

An Austrian and Spanish team have demonstrated that a process can be 'rewound' to restore the components of an atom to their previous state. The team published papers proving that it is possible to accelerate, decelerate, and reverse the flow of time within quantum systems. These physical processes have the same effect on all particles, regardless of their nature and interactions. The finding is not a time machine, as time passes regardless. If a particle is to be reverted to its state from five minutes ago, the process will take that same amount of time.
Augmented reality headset enables users to see hidden objects (6 minute read)

MIT researchers have developed an augmented reality headset that gives the wearer X-ray vision. X-AR uses computer vision and wireless perception to locate items that are hidden from view. It sends out RF signals, which can penetrate common materials, and then guides the wearer to the item using an AR interface. When tested in a warehouse-like environment, X-AR could localize hidden items to within 9.8 centimeters. The technology has potential applications in e-commerce warehouses and manufacturing facilities.
💻

Programming, Design & Data Science

Suspense (GitHub Repo)

This repository contains APIs to simplify data loading and caching for use with React Suspense. Suspense is a powerful feature that allows developers to declaratively specify loading states for parts of the component tree. It works best when deeply integrated into an application's architecture and combined with the transition API. Suspense makes the 'UI loading state' a first-class declarative concept in the React programming model, allowing developers to build higher-level features on top of it.
Remix Utils (GitHub Repo)

Remix Utils contains simple utility functions to use with Remix.run. Remix is a full stack web framework that provides a fast, slick, and resilient user experience. It leverages web standards, distributed systems, native browser features, and the Web Fetch API to provide snappy page loads and instant transitions. Remix can run on Cloudflare Workers, serverless, and traditional Node.js environments.
How does Datadog Kubernetes Monitoring work? (Sponsor)

Whether you're a mature Kubernetes shop or just beginning your move to containers, Datadog Kubernetes Monitoring can help you better understand and visualize your environment. Keep your Control Plane healthy, troubleshoot Kubernetes performance, autodiscover and monitor services, and autoscale workloads with any metric from your Datadog environment.

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🎁

Miscellaneous

Using Large Language Models Effectively (9 minute read)

Large Language Models have become increasingly popular since the release of ChatGPT. Many companies are now experimenting with potential use cases. This article looks at founders and executives who have deployed AI features on top of LLMs. It discusses eight key lessons for building with LLMS.
Could deep boreholes solve our nuclear waste problem? (17 minute read)

Deep boreholes are an alternative to underground mines for the disposal of spent nuclear fuel. This method has lower costs and environmental impact and would eliminate the need to transport spent fuel across the country. Each nuclear plant could have its own disposal borehole. While the capacity of boreholes is limited and some larger waste items would not fit, deep boreholes are still a viable solution for compact waste and spent fuel and could be a beneficial alternative to mined repositories.

Quick Links

Cloud servers — a new asset class for investment? (Sponsor)

In the first offering of its kind, IaaS provider NexGen is giving investors the opportunity to purchase its GPU cloud servers. The company is projecting 4-8% monthly returns. Get the info pack
Sqlite Index Blaster (GitHub Repo)

Sqlite Index Blaster is a library for creating huge Sqlite indexes at breakneck speeds.
Linux 6.2: The first mainstream Linux kernel for Apple M1 chips arrives (2 minute read)

Linux 6.2 adds upstream support for the Apple M1 Pro, M1 Max, and M1 Ultra chips.
Exclusive: These are Xiaomi's new Wireless AR Smart Glasses, and they look like they're from the future (5 minute read)

Xiaomi's Wireless AR Smart Glasses gives its users a wearable screen that floats in front of their faces without any wires.
Why didn't DeepMind build GPT3? (2 minute read)

OpenAI and DeepMind have different focuses and OpenAI had something to prove.
Snapchat launches an AI chatbot powered by OpenAI's GPT technology (2 minute read)

My AI is available as an experimental feature for Snapchat+.
👨‍💻

Jobs

Estenda Solutions, Inc. - Senior Software Developer (Fully Remote, $90,000 - $130,000)

Estenda Solutions, Inc. is hiring a Senior Software Developer to work on digital health projects for a digital health software development and consulting company.
NorthOne - Senior Software Engineer - Frontend (Fully Remote, $110,000 - $150,000)

NorthOne is hiring a Senior Software Engineer to help build the future of banking with a business banking and financial management platform for small businesses across America.
NorthOne - Engineering Manager (Fully Remote, $160,000 - $190,000)

NorthOne is hiring an Engineering Manager to build solutions for important problems facing small business owners for a business banking and financial management platform.

If your company is interested in reaching an audience of tech executives, decision-makers and engineers, you may want to advertise with us.

If you have any comments or feedback, just respond to this email!

Thanks for reading,
Dan

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Monday, February 27, 2023

Solana Slow Down 🐌, Making Markets 📈, Wormhole Counter-Exploit 🥷

Over the weekend the Solana blockchain came to a halt after a 'Forking' incident. 

TLDR

Daily Crypto Update 2023-02-27

📈

Markets & Business

Jump Crypto Just Counter-Exploited the Wormhole Hacker for $140 Million (4 min read)

Last year, in one of the biggest crypto loss events of the year, the Wormhole bridge was exploited for 120,000 ether or around $325 million. Jump Crypto replaced these funds to help make users whole, but efforts have continued since then by Jump Crypto, Oasis, and government authorities to recover the stolen funds. Last week, upon receiving an order from the High Court of England and Wales to take any necessary steps, to recover the funds, a counter-exploit was initiated. The counter-exploit was successful, and the parties were able to recover $140 million from the original exploiter's wallet. This action raised questions about what kind of precedent this action sets for government intervention even in non-criminal situations.
Solana Network Stumbles, On-Chain Trading Slows After 'Forking' Incident (2 min read)

Over the weekend the Solana blockchain came to a halt after a 'Forking' incident. At one point, the chain was only processing 93 TPS versus the 5,000 TPS it was processing just hours before. After hours of coordination between validators, the chain was back to processing transactions normally late Saturday night.
🚀

Innovation & Launches


Rollup provider Eclipse launches software to allow Solana apps to be compatible with Polygon (2 min read)

Eclipse is launching a Polygon Solana Virtual Machine (SVM) scaling solution, allowing applications to be compatible with Polygon and increasing throughput speed and interoperability across the crypto space. Rollups work by compiling a number of transactions into one bundle on an L1 blockchain like Ethereum or Solana, making it cheaper and faster. This will make it easier for developers building on SVM to migrate their applications between Polygon and Solana.
Worldcoin Edges Closer to AI-Driven Crypto Identity Device (6 min read)

After debuting its eye-catching technology, the Orb, in 2021 and garnering significant attention, Worldcoin is finally announcing its plans for a full launch in the first half of 2023. Its product suite includes a token, an app, and the Orb, which is used to capture biometric data. The goal of the Company is to provide a way for individuals to prove personhood via the biometric data it captures and will distribute tokens to those who participate. This approach is not without controversy, with critics pointing out that biometric data like this could be vulnerable to compromise.
💡

Guides & Tutorials

What are Market Makers and How Do They Actually Operate? (3 min read)

This thread breaks down the role of market makers in the crypto market; what market makers actually are, their business models, their strategies, and how they operate in both bull and bear markets. It also breaks down the ways in which market makers work directly with projects as advisers helping with fundraising, providing liquidity on DEXs, developing strategies for token prices, and helping with cashouts.
MEV Series Part I: Blockspace Markets Across Ecosystems (10 min read)

MEV is a well-known and heavily explored concept in the Ethereum ecosystem. From the coining of the term "MEV" in the Flashboys 2.0 paper in 2019 to the launch of Flashbots, a mature market for blockspace on Ethereum has emerged. On Solana and Cosmos, however, blockspace markets are comparatively less mature. This article takes a look at MEV developments on Solana and Cosmos to date and the similarities and differences they have with Ethereum.
🦄

Miscellaneous

A Simple Explanation of the EigenLayer whitepaper (5 min read)

The EigenLayer whitepaper was launched last week and this thread breaks it down in a simple overview. EigenLayer provides a way to convey Ethereum's security to dapps and protocols built on top of EigenLayer via restaking. Whereas current L2s and protocols mostly leverage Actively Validated Services (AVS) relying on their own token for security or using a permissioned approach, EigenLayer's use of restaking allows it to make use of Ethereum's security, making dapps and protocols built on top of it as secure as Ethereum. This thread also dives into EigenLayer's potential business models and other components of the whitepaper.
Why Is Arbitrum The Most Popular L2 Scaling Solution? (5 min read)

Blockcrunch breaks down why Arbitrum has been gaining traction and leading the way as a scaling solution. Arbitrum One is currently the number one L2 in terms of TVL, with 2 million active accounts and over 50% of the market value lock. It is also cheaper than Ethereum by about 100x. Arbitrum is now focusing on social and gaming use cases, and is working on launching Stylus, which will enable the use of more than EVM-based languages.

Quick Links

Proposal for Uniswap v3 to Deploy on Avalanche (6 min read)

Uniswap v3's Business Source License is expiring soon, so after April 1st, all BSL-protected code will be open source under GPL. Since Uni v3 isn't on Avalanche yet, this thread explains the logic behind the proposal to deploy there.
Speculators Push Price of Testnet Ether on Goerli Network to $1.60 (2 min read)

Last week, LayerZero launched a way for Goerli testnet ether to be swapped between mainnet and testnet, creating a market for the native currency of testnet. The pair Goerly ETH / USD pair traded all the way up to $1.60 over the weekend.
The Ultimate Form of Blockchain Gaming: Exploring 'Fully On-Chain' through Dark Forest & Loot (50 min read)

This article is a very deep dive into blockchain gaming, different types of blockchain games, and some examples of well-executed, fully on-chain games.
Telegram Channels to Follow to Stay on Top of the Markets (3 min read)

Twitter is a great resource to keep up with what's going on in crypto, but Discord and Telegram can also contain a wealth of information. The difficulty with things like Telegram is discoverability. This thread helps with that, running through some Telegram channels to follow to keep up with the space.
If you are in a hiring position, you may want to hire crypto talent through our free job board.

If your company is interested in reaching a crypto-savvy audience, you may want to advertise with us.

If you have any comments or feedback, just respond to this email!

Thanks for reading,
Dan

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Apple's moonshot team 📱, Meta's single GPU AI 🤖, what you missed in CS class 👨‍💻

Apple is renowned for its secrecy, but the company's Exploratory Design Group (XDG) is even more mysterious. 

TLDR

Together With Plaid

Daily Update 2023-02-27

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📱

Big Tech & Startups

Meta unveils a new large language model that can run on a single GPU (3 minute read)

Meta has announced a new large language model called LLaMA-13B that is 10x smaller than OpenAI's GPT-3 model but with reportedly better performance. LLaMA models range from 7 billion to 65 billion parameters in size, while GPT-3 has 175 billion parameters. Training of the LLaMA models was done using publicly available datasets. Meta hopes that LLaMA can be used for natural language research and to power applications such as question answering, natural language understanding, and reading comprehension. LLaMA-13B could pave the way for access to ChatGPT-like performance on consumer-level hardware.
Apple's Secret 'XDG' Team Is Working on More Than Just a Glucose Monitor (20 minute read)

Apple is renowned for its secrecy, but the company's Exploratory Design Group (XDG) is even more mysterious. The XDG is a startup-like operation within Apple made up of only a few hundred engineers and academics. It is well-funded so that staff are able to explore countless ideas. The group is currently researching glucose monitoring, new display technology, artificial intelligence, and AR/VR headset features to help people with eye diseases. This article explores XDG's structure and operations and takes a look at the technologies it is developing.
🚀

Science & Futuristic Technology

Planning for AGI and beyond (7 minute read)

OpenAI's mission is to ensure that artificial general intelligence (AGI) benefits all of humanity. AGI could increase abundance, turbocharge the global economy, and aid in the discovery of new scientific knowledge. It has the potential to give everyone incredible new capabilities and help with almost any cognitive task. However, AGI also has serious risks of misuse, mistakes, and societal disruption. OpenAI believes it is not possible or desirable to stop AGI development and the company is exploring how to get it right as we transition into a world with superintelligence.
SpaceX unveils next-gen Starlink V2 Mini satellites ahead of Monday launch (4 minute read)

SpaceX has announced that it will launch its next-generation Starlink V2 Mini satellites as early as February 27th. The mission, named Starlink 6-1, will carry 21 Starlink V2 satellites into low Earth orbit. The satellites will operate under SpaceX's Starlink Gen2 FCC license, which allows SpaceX to launch up to 7,500 of a nominal 29,998 satellites. Starlink V2 satellites reportedly offer almost 10 times more bandwidth than V1.5 satellites.
💻

Programming, Design & Data Science

The Missing Semester of Your CS Education (Website)

Computer Science classes often cover topics such as operating systems and machine learning, but they rarely teach proficiency with tools. This course gives students the opportunity to become proficient in the command line, text editor, version control systems, and more. The mastery of tools not only saves time but also opens up possibilities to solve complex problems. By investing in their tool proficiency, students can make the most of their education and career.
Konsta UI (GitHub Repo)

Konsta UI is a library of pixel-perfect mobile UI components built with Tailwind CSS. It includes iOS and Material Design components for React, Vue, and Svelte. All components are created using official design guidelines to ensure a native-like look and feel. Konsta UI is designed to be used with parent frameworks such as Ionic and Framework7.
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Miscellaneous

Meet the $10,000 Nvidia chip powering the race for A.I. (7 minute read)

The Nvidia A100 is a roughly $10,000 chip that has become a critical tool in the artificial intelligence industry. It is capable of performing many simple calculations simultaneously, making it ideal for training and using neural network models. Originally designed for 3D graphics in gaming, the A100 is now configured and targeted at machine learning tasks. Nvidia, which has 95% of the market share for graphics processors that can be used for machine learning, has seen its shares rise 65% so far in 2023. The company introduced the H100, an optimized successor of the A100, in 2022. The H100 is the first data center GPU to be optimized for transformers.
Report: More Twitter drama after Slack shutdown; employees play hooky (3 minute read)

Twitter's internal Slack channels and Jira tracking software were suddenly shut down on Wednesday. A Twitter employee had speculated that the company may have stopped paying their Slack bills. Twitter told employees that the Slack channel was down for 'routine maintenance'. A Slack spokesperson confirmed that Slack did not deactivate Twitter's workspace or user accounts.

Quick Links

Try Whisper with the latest in speech understanding from Deepgram (Sponsor)

Skip the pip-install and dependencies. We added the Whisper model to the Deepgram API so you can try out the latest in speech recognition quickly. Try it free.
LLM security (GitHub Repo)

A repository that demonstrates the consequences of giving large language models interfaces to other applications.
How to contribute to a project you have no idea about (7 minute read)

A guide for approaching unfamiliar projects that aims to help readers gain the courage to approach new programming challenges.
The Furniture Hustlers of Silicon Valley (17 minute read)

Liquidators are capitalizing on the wave of tech companies that are shrinking their physical footprints and shifting to remote work.
VR Startup Working on Tech to "Replay" Memories (2 minute read)

Wist Labs' software lets users replay their memories in the exact locations where they happened using augmented reality.
The Puzzling Gap Between How Old You Are and How Old You Think You Are (14 minute read)

There are good reasons why people feel younger than their actual age.
Scientist Says He's Invented a Cure for Hiccups (2 minute read)

The HiccAway is a fancy straw that provides the exact right amount of pressure to stop hiccups.
👨‍💻

Jobs

All in Bits - Sr. Backend Engineer (Fully Remote, $130,000 - $250,000)

All in Bits is hiring a Senior Backend Engineer to define requirements, iterate on software solutions, and deliver useful developer APIs for a company that empowers builders to launch sovereign blockchains and decentralized applications that are secure, scalable, and interoperable.
Driscoll's - Oracle Master Data Analyst (Fully Remote, $150,000 - $190,000)

Driscoll's is hiring an Oracle Master Data Analyst to be responsible for operations and analysis of multi-domain master data across different systems for the global market leader for fresh strawberries, blueberries, raspberries, and blackberries.
Robin AI - Engineering Manager (City of London, United Kingdom, $100,000 - $120,000)

Robin AI is hiring an Engineering Manager to build software and develop a machine learning service for a company that creates ground-breaking products that are transforming legal teams.

If your company is interested in reaching an audience of tech executives, decision-makers and engineers, you may want to advertise with us.

If you have any comments or feedback, just respond to this email!

Thanks for reading,
Dan

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