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Crypto && Coffee 123

Technology Recap:

Bitcoin:

  • Core Developer Alfred Hodler posted to the Bitcoin-Dev mailing list a proposal to BIP-47. BIP-47 allows a user to publish a payment code that anyone can use in combination with their own keys to create an unlimited number of private addresses that only the two know, aiming to avoid address reuse issues.

Ethereum:

  • Tim Beiko shares everything from the latest All Core Devs call with focus on the Gray Glacier upgrade which took place, Merge updates, testnet deprecation, EIP-4844 (proto-danksharding) which proposes an intermediate sharding specification for Ethereum, and more!

  • Ben Edgington shares that latest in Ethereum with focus on The Merge, mainnet Shadow Fork 7, Sepolia testnet, staking and more!

  • Erigon releases their latest Alpha release which now includes a ton of fixes for the Consensus Layer integration, re-enabling JSON streaming for debug_traceTransaction calls and more!

Other Chains: 

  • Aave creates an ARC for a new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, known as GHO.

  • Ren integrates Optimism which provides every asset that Ren supports such as BTC, ETH, and USDC full access to bridging to and from Optimism.

  • Aztec Connect is live on mainnet! Private DeFi comes to Ethereum for the first time enabling Aztec’s private zk-Rollup. Full thread here.

  • Arbiturm announces Arbitrum Nova, a new chain built on their AnyTrust technology that optimizes for ultra low-cost transactions, with strong security guarantees.

  • StarkNet prepares for a regenesis on Ethereum mainnet. This relaunch will bring a more mature version of StarkNet which will be as lean and secure as possible.

  • Electric Coin Company publishes v5.1.0 of zcash which aims to improve the validation performance of Sapling and Orchard transactions as well as incremental improvement for post-NU5 blocks.

  • MKR holders have approved the addition of HVBank, a 100M DAI debt ceiling participation facility proposed by the Huntingdon Valley Bank, as a new collateral type in the Maker Protocol.

  • Immutable introduces Arch v1.0 – ImmutableX’s NFT bridging protocol between Ethereum layer-1 and StarkWare’s Starknet layer-2.

  • Jito Labs announces the first Solana-focused MEV dashboard.

  • Exodus shares that users can now hold Monero on the Trezor Model T while using Trezor Bridge in Exodus.

  • Juno v8.0.0 is now live! The upgrade to support Inter-Chain Accounts was successful after some minor hiccups. This makes Juno an Inter-Chain Account host and will boost adoption!

  • Dune Analytics adds support for Arbitrum!

  • ENS registrations spiked this past week as people have started to see prominent ENS addresses selling for large amounts of Ether.

  • Aelin Protocol is partnering with BlackRock to launch DeFi’s first ESG capital pool.

  • EulerDAO is now live! Community members can claim any available EUL tokens from previous epochs, select a delegate and participate in the future of DeFi.


Hacks | Vulnerabilities | Exploits:
  • Yam Finance shares that there was a governance attack on the DAO which was thwarted. The attack came from an unverified contract which was deployed and submitted a governance proposal via internal transactions.

  • CZ of Binance posted a message regarding a potential exploit on Uniswap V3 on Ethereum…which actually was just a successful phishing campaign and Uniswap had no vulnerability/exploit.

  • Port Finance adjusted a race condition in their lending/borrow logic. The vulnerability which allowed users to withdraw collateral without repaying borrowed funds, could have – if executed, resulted in $20M-$25M in stolen funds.

  • Quixotic lost $185K after an upgraded smart contract failed to implement validation on a function which allowed attackers to force sell fake NFTs.


Mainstream Recap:
  • Voyager Digital becomes the latest high profile crypto company to file for bankruptcy. Voyager estimated that it had more than 100,000 creditors and somewhere between $1B and $10B in assets.

  • Porter Finance shuts down its bond issuance platform due to a lack of large inflows of lending demand for fixed income DeFi products.

  • Volt Capital jumps into the idea of a “modular blockchain” and the narrative around scalability and blockchain infrastructure.

  • ethOS launches the first build of ethOS, a crypto native mobile operating system.

  • On July 5th, 2022 Celsius Network paid off another $40.8M towards its bitcoin loan. Their liquidation price dropped to $2,722.06 which was fully paid out on July 7th, 2022.

  • Crypto exchange, Blockchain.com, faces $270M loss on loans to Three Arrows Capital.

  • Uprise lost ~99% of client funds while shorting LUNA futures.

  • The Block goes into detail on the Axie Infinity X Ronin attack that occurred back in March 2022.

  • Dive into how the food and drink sector is looking to earn big on NFTs and whether it’s the right move for every business.

  • Tom Walton-Pocock, the former CEO of zero-knowledge proof shop Aztec, is heading up Geometry. Geometry has come out of stealth mode and is a research/investment firm focused on zero-knowledge privacy tech. The firm is backed by Alan Howard.

  • Morpho announces an $18M funding round from a16z Crypto and Variant, with participation from 80 additional investors. Morpho is aiming to provide a groundbreaking lending protocol that combines the liquidity pool models used in Compound or Aave.

  • Multicoin Capital announces their latest venture fund, Venture Fund III, a $430M fund that invests $500K-$25M in early-stage opportunities all the way up to $100M+ for later-stage projects when combined with their evergreen liquid fund.

  • Solana developers Dylan and Ian Macalinao have debuted Protagonist, a $100M venture capital firm and incubator. The firm plans to invest between $1M-$5M across 20 to 30 portfolio companies.


This Week’s Cup of Coffee:

This week, we are headed to London, UK for a cup of Red Brick Espresso from Prufrock Coffee. This espresso blend is a mix of roasts from Costa Rica and Ethiopia. The blend yields flavors of chocolate, caramel, and hints of spice. Sip up and enjoy!!

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