CFTC Adds Execs from Circle, Ava Labs and Fireblocks to Tech Advisory Group (3 minute read)
In a seemingly positive development for the crypto space, the Commodity Futures Trading Commission (CFTC) is forming a Technology Advisory Committee (TAC). Members of the committee include Ava Labs founder Emin Gün Sirer, Circle vice president of global policy Corey Then, and FireBlocks co-founder and CEO Michael Shaulov. The committee is meant to help the CFTC understand what kind of effects certain innovations in financial services and markets might have. It will also help guide the Commission's thinking around technology-related issues and advise on tech investments. This TAC reveals a different approach by the CFTC than some other U.S. agencies such as the SEC, which seem to have taken a more hostile approach. |
Decentralized Borrowing Protocol Liquity's LQTY Token Soars Amid USDC Chaos (3 minute read)
Liquity, a decentralized borrowing protocol, has seen an influx of interest in the past couple weeks, especially since the depegging of USDC over the weekend. The main driver of this interest is likely the fact that users can take out loans denominated in LUSD, the protocol's dollar-pegged stablecoin, using ETH as collateral. Instead of being subject to a variable interest rate on these loans, users simply pay a one-time fee. Wallets holding LUSD have increased 10% since March 6, and LQTY, which allows stakers to capture fee revenue generated by the protocol, has risen almost 50% in that same timeframe. |
Multi-Message Aggregation (MMA) Design (GitHub Repo)
Multi-Message Aggregation (MMA) is a solution for cross-chain message passing, allowing messages to be sent from one source chain to multiple destination chains. It prevents vendor lock-in, enhances security beyond any single bridge, and requires a quorum of different bridges to execute the message at the destination chain. MMA can be used for governance contracts on Ethereum calling remote functions of contracts on other EVM chains, and each dApp must deploy its own set of contracts. |
Crypto's Latest Stablecoin, Called HOPE, Started by Ex-Babel Finance CEO Flex Yang (2 minute read)
Flex Yang, former CEO of Babel Finance, has launched the HOPE stablecoin and a DeFi protocol tied to it. HOPE coins will allow users to interact with the ecosystem's DeFi apps, including HopeSwap, an automated market-making protocol, HopeConnect, a set of derivatives trading app, HopeLend, a non-custodial lending platform, HopeEcho for creating synthetic assets, and third-party DeFi apps. Governance of the stablecoin will later be handed over to a DAO. |
Crypto Twitter Lists to Help You Do Your Own Research (2 minute read)
Twitter is one of the best resources for both keeping up with current news in crypto and diving deep into research on specific topics in the industry. This thread provides a curated list of lists to help you find the best accounts to follow and covers different sectors like alpha/calls, DeFi, NFT, trading, research, L2s, airdrops, and education. |
A Guide to How the New Avocado Wallet Works (4 minute read)
This thread explores how Instadapp's new product, Avocado, could revolutionize how users interact with dApps by introducing one-click transactions, app pre-approvals and limits, 2FA protection, and enabling deterministic smart contract wallets that the user owns. Avocado is a blockchain aggregator with its own RPC that allows users to pay for transactions with USDC on any supported chain. It has a number of key roadmap upgrades, including a mobile app and browser extension. dApps integrated with Avocado will even be able to earn 10% of the gas fees. The company is backed by notable investors and has a current market cap of $18M. |
In About-Face, Crypto Exchanges Abandon Support for STG Token Reissuance (2 minute read)
Crypto Exchanges Bitfinex and Binance have withdrawn their support for Stargate Finance's plans to reissue STG tokens due to a dissenting opinion from FTX liquidators arguing the re-issuance violated a stay in FTX's bankruptcy case. Bitfinex and Binance are revoking scheduled STG contract swaps, as well as providing users with a contract address to verify the validity of their STG tokens, and Binance is offering to swap new tokens back to old tokens. |
Euler Finance Incident Post-Mortem (5 minute read)
This article looks into the Euler Finance incident that occurred on March 13th, where an attacker created "bad debt" by donating units to the reserve balance, thus creating a vulnerability in the protocol. It goes on to explain the attack scenario, details of the vulnerability, the root cause, and other flaws that made the attack possible. The source of vulnerability was never in the scope of any audits conducted by Omniscia, although it was audited by Sherlock in July 2022 with an active coverage policy with Euler at the time of exploit. |
A Closer Look at Some Projects that Raised Capital in February (3 minute read)
February saw $870m raised in Crypto, the most since November last year. 13 of those projects are highlighted in this thread. These projects range from AI-powered crypto search engines, NFT derivatives platforms, anonymized DEXs, NFT lending protocols, browser extensions, wallet firewalls, web3 studios, decentralized lending platforms, link-based wallets, and trusted blockchain protocols. |
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