October 27, 2022 / Unchained Daily / Laura Shin
What’s Poppin’?
Venture Capital Firm a16z Loses Billions Amid Market Conditions
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.
Sushi DAO Votes to Split Into 3 Legal Entities in Cayman Islands and Panama
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.
‘Monkey Drainer’ Steals 700 ETH In Phishing Attack
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.
Binance Launches Oracle to Connect Smart Contracts With Off-Chain Data
by Samyuktha Sriram
Binance has launched a native oracle solution that connects real-world data with smart contract platforms.
JPMorgan’s Onyx Is Working on Web3 Digital Identity
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
