👨⚖Do Kwon Faces Arrest Warrant - TWJ #229
The moon boy saga might finally come to a close.
Hi folks,
At this point, we’re all aware that the merge is the act of merging the existing Ethereum network with a Proof-of-Work (PoW) consensus with an existing parallel chain that has been running with a Proof-of-Stake (PoS) consensus called the Beacon Chain. It will transition the Ethereum network from PoW to PoS.
Why it matters: Ethereum is the most utilized blockchain with more than $30 billion of value built across decentralized applications built on top of it. ETH is also the second largest crypto asset with close to $200 billion in market capitalization.
The merge will also prove that it is possible to maintain and upgrade a massive decentralized network, further proving that the vision of web 3.0 is feasible.
In today’s issue:
The crypto market is up with its total market cap above ~$1 trillion. Ravencoin (RVN) has been the worst performer in the top 100 in the past 7-d. US inflation print in August is 8.3%
In other news, Do Kwon faces an arrest warrant, BTC mining difficulty reaches ATH, and Compound Treasury debuts crypto loans for institutional clients.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Do Kwon Faces an Arrest Warrant
The godfather of Terraform Labs, the entity that obliterated multi-billions in value will potentially face jail. A court in South Korea has issued an arrest warrant for him. Kwon is currently located in Singapore.
⎆BTC Mining Difficulty Reaches ATH
BTC mining difficulty reached an all-time high.
Bitcoin’s mining difficulty increased by 3.45% at block height 753,984 to 32.05 trillion hashes.
This is the second significant recent increase. On Aug. 31, the difficulty jumped by 9.26%.
⎆Compound Treasury Debuts Crypto Loans for Institutional Clients
Compound is expanding its institutional arm with a new offering that enables institutional clients to borrow USDC using crypto as collateral. The loans will be open-ended tenures with no set repayment timetable. This will attract a 6% interest rate.
👨🏻💻Decentralized Finance (DeFi)
Kujira Launches Stablecoin USK
StarkWare Introduces Cairo 1.0
Muffin Live on Mainnet
Shell v2 Live on Arbitrum
Optimism Launches Bedrock Alpha Testnet
Arrakis V2 and Arrakis PALM are Coming
Synapse New Design
Secret Chain is Halted
KKR Puts Portion of Private Equity Fund on Avalanche Blockchain
Maker Raises Staked Ethereum Limit to Reduce Reliance on USDC
🏛Governance - Active Proposals
Gitcoin - Gitcoin // Radicle Public Goods Alliance
PoolTogether - PTIP 81 - Extend ETH/POOL LP on Uniswap V2
Tribe NopeDAO - Veto for TIP_123: Deprecate Optimistic Governance and the Tribal Council
Yam Finance - Contributors comps for August
🦮NFT & Metaverse
Mean Girls Set to Make Web3 Comeback as “Crypto-collectibles”
Ubisoft Cools off on NFTs and blockchain, Says It’s in ‘Research Mode’
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Doodles - $54M Unknown Round
Synquote - $2.8M Seed Round
Goldsky - $20M Seed Round
Alchemy - $12M Venture Capital Fund
⚖️Regulatory Update
FTC Moves to Join Crypto Lender Celsius’ Bankruptcy Case
Uruguay’s Executive Branch Proposes Crypto Bill for Central Bank
Justin Trudeau Attacks Opposition for Recommending BTC as Inflation Hedge
📚Noteworthy Reads
Ouroboros Capital’s Read on How To Build A Successful Convex
Anon753’s Read on Money: The bubble that never pops
Jake Chervinsky’s Thread on OFAC FAQs to Tornado Cash Sanction
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.