TLDR Index
TLDR Crypto

TLDR CRYPTO 2023-07-28

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01MARKETS & BUSINESS

CRUNCH

Sequoia is scaling back two of its funds as it, along with everyone else, continues to adjust to a challenging environment for crypto. The firm's crypto fund is shrinking from $585 million to $200 million, while its ecosystem fund, a fund of funds, will be pared down from $900 million to $450 million. This reallocation is part of Sequoia's continued response to the tectonic shifts in the market over the past year or so. It is also another example of the dire state of the venture and startup scene in light of interest rate hikes and concerns about the economy.

archive.ph2 min read

DEVELOPERS

Amazon has expanded its Amazon Managed Blockchain (AMB) services, adding two new tools. These new tools aim, much like Amazon’s AWS business does in Web 2.0, to simplify core elements of the web3 development process. One of the tools, called AMB Access, expands Amazon’s RPC node offerings empowering developers with highly scalable node access. The other tool that is being rolled out, AMB Query, allows developers to tap into data from the Bitcoin and Ethereum blockchains via an API. While sentiment around the space is at a low, developments like this and Google’s recent acknowledgment of its commitment to the space show that these companies likely see a lot of potential in serving the crypto industry.

coindesk.com2 min read

02INNOVATION & LAUNCHES

BEAM, THE EASIEST WALLET EVER

Beam has launched a self-custody wallet aimed at simplifying crypto transactions. The wallet will be built on both Optimism and Base, unifying blockchain tech with user-friendly web experiences similar to Venmo or Cash App. The platform will offer unique features like straightforward onboarding processes, stable and low fee transactions, and easy recovery methods using Twitter and standard passwords. Beam is also rolling out innovative technologies like Supersends and Beam Names to facilitate cross-chain transactions and user-friendly interactions.

echo.mirror.xyz8 min read

TBTC REDEMPTIONS ARE LIVE ON MAINNET

Threshold Network has launched tBTC redemptions, a novel mechanism enabling what the team claims as trustless bridging of BTC to tBTC on the ETH network. This allows users to trustlessly move BTC to ETH to leverage DeFi functionality on the chain. When users want to move their tBTC back to BTC and off of ETH, they are able to do so without any reliance on or permission from centralized entities.

blog.threshold.network4 min read

03GUIDES & TUTORIALS

SIMPLE SECURITY TOOLKIT

Smart contract development is different from software development. If you make mistakes, there can be extremely serious and immediate consequences. For this reason, the Nascent team has created a Security Toolkit that includes practical guides and checklists for smart contract development. The Toolkit aims to help organizations build secure codebases, prepare for external audits, and ultimately roll out safe smart contracts. The Nascent team likened this toolkit to a pilot’s safety checklist or a physician’s checklist before a medical procedure.

github.comGitHub repository

HOW WORLDCOIN IS LEVERAGING ZKPROOFS

This Twitter thread explains how Worldcoin recently registered a set of "identity commitments" - cryptographic proof that one possesses a private key for one of the registered identities. This unique zkProof doesn't reveal specific identities, ensuring privacy. Along with the proof, a public message or "signal" can be attached, e.g., claiming a grant or casting a vote. Since these zkProofs are anonymous, it's impossible to trace them back to an individual. The verification of zkProofs occurs on-chain on Optimism, and Worldcoin uses the Semaphore protocol to further protect privacy.

twitter.com2 min read

04MISCELLANEOUS

ENTERING A GOLDEN AGE OF DECENTRALIZED STABLECOINS: WHAT'S NEW?

This blog lays out how the stablecoin market has been seeing significant and sustained innovation with several projects launching new features and making considerable strides. Synthetix is rolling out v3 that could potentially drive sUSD's market cap up, and Liquity is launching its v2 offering a solution to scale stablecoins. Lybra Finance's eUSD stablecoin, a fork of Liquity, is becoming a serious contender to LUSD, with new versions promising omnichain functionality and minting via various collaterals. Meanwhile, MakerDAO's Dai and Frax are undergoing significant transformations, boosting their appeal. Last but not least, Aave's GHO and crvUSD have maintained dominant positions in the DeFi market.

ignasdefi.com17 min read

SOLANA’S COMPRESSED NFTS OPEN DOORS TO NEW DISTRIBUTION MODELS

Co-founders of the Solana-based NFT marketplace Tensor, Ilja Moisejevs and Richard Wu, have been promoting compressed NFTs as a cost-efficient method for digital asset creation. This new process considerably reduces the data needed to mint an NFT through "state compression", making these NFTs affordable and thus expanding the potential market. They believe one of the big unlocks of this innovation is that it allows more room for consumer apps to experiment and find novel use cases for NFTs.

blockworks.co3 min read