Blur's war on OpenSea 🖼️, Tether gains $1B 🪙, Sushi Studios launches 🍣

Blur has seen rapid growth in trading volumes in recent months as the competition between the two platforms intensifies. 

Sign Up|Jobs|Advertise|View Online TLDR Together With Daily Crypto Update 2023-02-16 Brand new crypto tax software that actually works launches just in time for tax season (Sponsor) Last tax season, Yash and Andrew paid $500+ on crypto tax products that didn't work. It was such a nightmare, they set out to build Awaken. Awaken has the best support for tokens, NFTs, wallet transfers, staking, bridging, LPing, and much more. Here's proof. Awaken lets you do your taxes 3x faster than other products. When you label 1 transaction, 30+ others can automatically be labeled for you. Awaken's user interface is "cleaner than a freshly rugged wallet." (Yash insisted on having us include this). Claim up to $50 of free credits (first 400 signups) 📈 Markets & Business Tether USDT Gains $1 Billion as Paxos Burns Over $1.8B of Binance USD Stablecoins (2 minute read) Tether's USDT market capitalization has grown from $68.5 billion to $69.5 billion, the highest level since last June. The growth in USDT's value has been fuelled by investors fleeing BUSD, which has come under regulatory scrutiny. BUSD's market capitalization dropped by more than $1.8 billion to $14.3 billion. Paxos will cease minting BUSD after February 21 due to orders from the NYDFS. The SEC is preparing to sue Paxos for issuing unregistered securities. Paxos' other stablecoin, USDP, has so far been able to avoid regulatory scrutiny. Blur Escalates Royalty Battle With OpenSea, Recommends Blocking Platform (2 minute read) Blur launched in October with a royalty-optional model and expanded royalties to permission NFTs in November. Now, to collect full royalties, creators must blocklist OpenSea, which enforces full royalties for new projects. Artists cannot receive royalties from both OpenSea and Blur at the same time because of conflicting rules. Blur has seen rapid growth in trading volumes in recent months as the competition between the two platforms intensifies. 🚀 Innovation & Launches Launching Sushi Studios (2 minute read) Sushi Studios, formerly known as Sushi Labs, is a framework that facilitates horizontal product development without encumbering the Sushi DAO Treasury. Historically, Sushi has relied on Treasury grants for the development of products such as Shoyu, Kashi, and MISO, but this system limits the distribution of Sushi and its innovative spirit. Sushi Studios seeks to address this issue and empower the ecosystem with new and innovative products. It will aid in the distribution of the Sushi brand, grow ecosystem value, and promote decentralized product innovation. Ordinal Theory and the Rise of Inscriptions (11 minute read) An unexpected trend has emerge on the Bitcoin network in recent weeks: the permanent and immutable inscription of data into the blockchain, including images, audio clips, and even a version of the video game Doom. This has sparked a great deal of discussion and debate about the non-monetary applications of Bitcoin blockspace. This report looks at the fundamental properties of Ordinal Theory and Inscriptions and how this trend is being expressed within Bitcoin on-chain data. 💡 Guides & Tutorials Invariant Testing WETH With Foundry (43 minute read) This guide provides an introduction to invariant testing, a new feature in the Foundry toolkit. It covers everything from the ground up using Wrapped Ether as an example. Invariant tests can help detect invalid assumptions, complex edge cases, and unexpected interactions in a smart contract system. All the code examples from this guide are available on GitHub. DeFi Hacks Reproduce - Foundry (GitHub Repo) This repository contains a collection of 167 reproducible DeFi hack incidents. Users will need to install Foundry to follow the examples. Links to lessons on web3 cybersecurity are available. 🦄 Miscellaneous Stanford Research Director, Former Dean Revealed to Be Bankman-Fried's Bond Signers (2 minute read) A federal judge has ruled that the names of Sam Bankman-Fried's bond co-signers should be revealed. Bankman-Fried's lawyers had filed a notice to appeal a decision to reveal the names, but they did not file the actual appeal. The signers were Andreas Paepcke and Larry Kramer, who put up $200,000 and $500,000 respectively. Paepcke and Kramer are both from Stanford University, where Bankman-Fried's parents are instructors. Can Blur Kill OpenSea? (7 minute read) Gas fees surged yesterday as users raced to claim the highly anticipated airdrop from NFT marketplace Blur. This article looks at Blur's strategy and how it plans to compete with OpenSea. The launch of BLUR is an attempt to gain decentralized governance coordination and market share from OpenSea and other competitors. BLUR's three-phase gamified airdrop has increased its profile and made the marketplace a serious rival to OpenSea. ⚡ Quick Links Lido DAO's Governance Token LDO Jumps on Treasury Proposal (2 minute read) The proposals will determine whether the DAO should sell or stake the 20,304 ETH it holds in its treasury, diversify its stablecoin holdings, and sell its protocol surplus of staked ETH. With Crypto, for every strong project there may be a scam or rug pull waiting to happen (5 minute read) This Twitter thread contains a guide on how to spot red flags for new projects and protect yourself against bad actors. SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms (3 minute read) The new rule expands the SEC's existing regulations that say an investment advisor needs to keep customers' money and securities with a qualified custodian to include crypto assets. Blur Foundation Tokenomics (2 minute read) This article details how BLUR tokens will be minted and distributed. 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 If you don't want to receive future editions of TLDR Crypto, please click here to unsubscribe.