October 27, 2022 / Unchained Daily / Laura Shin
What’s Poppin’?
The bear market is taking its toll on VCs as well. The first crypto fund that was launched by venture capital firm a16z has lost 40% of its value in the first half of the year, and investors are concerned.
by Samyuktha Sriram
On Oct. 26, SushiSwap’s DAO approved a proposal to divide into three legal entities to provide more flexibility in governance while mitigating risks.
by Samyuktha Sriram
The “Monkey Drainer” phishing scammer stole 700 ETH worth $1 million on Wednesday. Blockchain data monitored by on-chain experts suggest that funds stolen by this address exceed $3.5 million.
by Samyuktha Sriram
Binance has launched a native oracle solution that connects real-world data with smart contract platforms.
by Samyuktha Sriram
JPMorgan’s blockchain unit Onyx released a video outlining plans for a digital identity solution for users to access web3 and DeFi protocols.
In Other News… ✍️✍️✍️
- The rally in the crypto markets wiped out almost $1 billion in short positions.
- The Monetary Authority of Singapore proposed restrictions on the use of credit or leverage when trading cryptocurrencies.
- Two Solana DeFi projects reopened after getting funds back from Mango Markets, the protocol exploited for over $100 million.
- The community of decentralized exchange Pancakeswap voted in favor of deploying on recently launched blockchain Aptos.
- Lens Protocol, a platform to create decentralized social networks, suffered technical issues due to high gas limits on Polygon.
- Merit Circle DAO passed a proposal to burn $170 million worth of MC tokens.
Today in Crypto Adoption…
- Consumer credit reports firm Equifax and Oasis Labs partnered to facilitate decentralized identity management.
- Switzerland-based crypto bank SEBA will offer custody of blue-chip NFTs.
The $$$ Corner
- Bloomberg Beta, the early-stage venture firm backed by Bloomberg, led a $6.2 million round for Origami.
- Bitcoin derivatives exchange Kollider raised $2.35 million in a seed round led by Lemniscap.
What Do You Meme?
Recommended Reads
- “The hunt for the dark web’s biggest kingpin” by Andy Greenberg
- Jason Choi on Aztec Network and privacy
- Messari on decentralizing the code collaboration stack
On The Pod…
Eric Wall, crypto blogger and investor, and Udi Wertheimer, a recovering Bitcoin maxi, discuss everything about Bitcoin Maximalism, whether BTC can survive, and whether Ethereum constitutes a threat to Bitcoin. Show highlights:
- how Eric and Udi got involved with Bitcoin
- what Bitcoin was like in the first days
- how Bitcoin maxis appear to have a script to engage in discussions
- the philosophy behind Bitcoin maximalism
- why Eric believes Bitcoin maximalism is like a “weird cult”
- how Eric thinks that the BTC community has an unspoken rule forbidding criticisms
- whether Bitcoin has lost intellectual power
- why people have recently been turning away from Bitcoin maximalism
- why the poor Bitcoin culture doesn’t mean it’s the end for Bitcoin, according to Eric
- the perception of the Lightning network and how people are not interested in faster blockchains
- whether Bitcoin should increase the use cases of the blockchain, like DeFi, NFTs, and stablecoins
- El Salvador’s adoption of BTC and whether it had an impact
- what happens to internet subcultures and how the behavior of Bitcoiners could be predicted
- whether Ethereum is a threat to Bitcoin
Book Update
My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, which is all about Ethereum and the 2017 ICO mania, is now available!
You can purchase it here: https://amzn.to/3CvfrbE