Silvergate May be Poorly Capitalized, Reevaluating Strategy in Light of 'Regulatory Challenges' (2 minute read)
Silvergate, one of the most well-known crypto-friendly banks, informed the U.S. Securities and Exchange Commission that it is unlikely it will be able to file its annual report on time and may be "less than well-capitalized". In conjunction with this, the Company announced it is currently reevaluating its business. Shares dropped after the news and analysts have downgraded the stock, citing limited visibility and the potential for shocks from broader markets to erode capital. Silvergate works closely with some of the biggest market makers and exchanges in the industry and makes it easy for them to move funds around quickly, so the Company plays an important role in the space. |
MakerDAO's Plan To Enable MKR As Collateral For DAI Draws Comparisons To UST (4 minute read)
MakerDAO's proposed plan to allow users to borrow its DAI stablecoin against its MKR governance token has raised concerns in the crypto community due to the similarity to the mechanism behind Terra's UST stablecoin which spectacularly collapsed last May. The idea makes some uneasy as MKR is much more volatile and illiquid than other collateral assets, raising the risk of bank runs. However, only users who delegate their MKR tokens to an active participant in the Maker protocol's governance will be allowed to use the feature, and MKR will not entirely back DAI. |
Polygon ID Open Source Release Brings Better Digital Trust for All (7 minute read)
Polygon ID has released its self-sovereign identity infrastructure stack, enabling developers to build trust and verification solutions while maintaining user privacy. It offers a suite of tools, such as Verifier SDK, Issuer Node, Wallet SDK and Wallet App, that are made available under the open-source AGPL license. These tools can be used by developers to build solutions for a wide range of use cases, such as KYC, passwordless login, undercollateralized lending, and portable avatars and reputation. Many companies, such as Blockchain Lock, Bloock, Clique and Kaleido, have already begun to use Polygon ID to facilitate various services. |
Chainlink's New Platform Lets Web3 Projects Connect to Web 2.0 Systems Like AWS and Meta (3 minute read)
Chainlink has launched Chainlink Functions, a self-service, serverless platform that enables developers to connect their decentralized apps to any Web 2.0 API. Featuring customizable computations, the platform will support popular programming languages like JavaScript. It will also offer integrations with services like AWS Data Exchange, AWS Lambda, and Meta, so developers can automatically trigger on-chain actions from off-chain activities. Chainlink Functions is currently in private beta mode on Ethereum and Polygon testnets. |
Demystifying Exploitable Bugs in Smart Contracts (Github Repo)
This project is aimed at providing a valuable resource for Web3 developers and security analysts by helping them understand exploitable bugs in smart contracts. Most exploitable bugs are functional in nature and can't be detected by general oracles like reentrancy. The project plans to compile an extensive list of vulnerability detection techniques that prioritize the development of semantical oracles for smart contracts sourced from a variety of materials. It also highlights two research papers, "Finding Permission Bugs in Smart Contracts with Role Mining" and "AChecker: Statically Detecting Smart Contract Access Control Vulnerabilities", that try to address access control issues. |
'Account Abstraction' Supercharges Ethereum Wallets: Dummies Guide (11 minute read)
The announcement of "smart accounts", or "account abstraction", at WalletCon in Denver this week will allow crypto wallets to have all the features of a bank but without having to trust one. The new ERC-4337 standard transforms a crypto wallet into something much more powerful, allowing for two-factor authentication, the setting of monthly spending limits, and autopay of bills and subscriptions. Smart accounts appeal to new users by allowing them to open their wallets with just a fingerprint scanner and make transactions safer on smartphones by storing cryptographic keys on their phone's hardware security module. Though Ethereum's gas fees might make it prohibitively expensive to use smartphone wallets with the protocol, they are more than low enough on other EVM blockchains and L2s for it to work. |
The Original King of Crypto Is Back (30 minute read)
If you're into crypto and not familiar with Arthur Hayes, you should be. He was one of the original faces of the burgeoning crypto industry and became one of its main characters before he got sidelined. While he has never been accused of taking anything that did not belong to him, he was charged with violating banking law and failing to guard against money laundering. He recently served a 6-month house arrest and has since moved to Japan, dreaming up his next move in the crypto world. This article provides an in-depth look at his journey from his university days through his time in the crypto industry as a founder of the famed exchange, BitMEX, and beyond to how he's now seeking to help catalyze a movement from TradFi to crypto. |
Nouns DAO and the Philosophy of Governance (20 minute read)
The Stanford Blockchain Review breaks down how Nouns DAO is pairing a unique form of generative art with a governance system using a fork of Compound Governance. It provides a democratic system where each Nouner has a fractional say in how the DAO spends its treasury funds, proportional to the number of NFTs they own. This reimagines the idea of "civil society" by dragging dated democratic institutions into a decentralized digital dimension. The governance model of Nouns DAO offers the dual mandate of promoting democratic DAO governance and meaningful decentralization through leveraging the communicative and solidarity-giving power of art. |
The Decade Long Thesis For Digital Assets, v2.0 (9 minute read)
It's easy for crypto natives to cite idealistic reasons the world should adopt crypto, such as the Sovereign Individual thesis. In reality though, this argument currently appeals to only a small portion of the population. This article dives into some of the more practical reasons people will adopt crypto in the near, medium, and long-term. |
Part-Time Degen (6 minute read)
In this guest post, Ben Roy, an investor and active crypto participant provides 8 lessons he has learned after spending three years in the crypto market. |
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