EthHub Weekly #185
Sorare raises $680 million, DAI now live on Arbitrum, Polygon launches bug bounty, cBridge 2.0 introduced and much more!
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✊ Why We DeFi
So China has been cracking down hard on crypto-related activities over the last few months and the latest crackdown means that mainland Chinese investors can no longer trade their fiat for crypto. Of course, this has led to many in the community pointing out that no one can stop you from trading on truly decentralized exchanges on Ethereum (such as Uniswap). But this is exactly why we DeFi and why we continue to push ahead on pursuing maximum decentralization even it comes with short-medium term pain (such as high gas fees) - it’s worth it in the end.
Have a great week everyone!
News of the Week
Crypto exchange Coinbase has dropped plans to launch its crypto lending product, dubbed Lend, in light of the SEC's view that it would constitute a security, per an update to its original announcement blog post.
The original link to the offering no longer works, and instead routs to Coinbase's main page.
Coinbase, which announced plans for Lend in June, said that it was later warned by the SEC that such a product would violate securities law. Just a few weeks ahead of its planned launch, the SEC sought a set of records from the exchange, and required testimony from its employees, according to Coinbase CEO Brian Armstrong.
The People's Bank of China has issued a new document where it lays out how it is toughening measures to keep cracking down on crypto trading activities.
The Chinese central bank said in an announcement on Friday that all services that let you exchange fiat currencies and crypto assets or between crypto assets themselves are now treated as illegal activities.
Such treatment will target over-the-counter services that are still available on Huobi, OKEx and Binance, which allow Chinese users to exchange their fiat yuan into crypto assets in order to participate in crypto trading activities.
Further, the notice specified that offering crypto derivative trading services is also an illegal business in China, even for overseas exchanges that make the service accessible to Chinese residents. It remains to be seen, however, if Huobi, OKEx and Binance will discontinue their OTC services.
Altair goes live on eth2 on October 27th, latest client diversity metrics, surveys, explainers and more in this eth2 update.
Updates on a couple of EF-supported projects.
Lobby Wiki is the Wikipedia for Web3. The goal: learn anything from blockchain to bonding curves with just one click.
Sorare, a soccer-focused NFT trading platform, has announced a $680 million Series B fundraise led by SoftBank.
Users are now able to trade, lend, provide liquidity and yield farm with DAI on Arbitrum One.
Polygon Bug Bounty is live on Immunefi with a maximum bounty of $2,000,000 per critical bug found.
Verifier upgrades and bug mitigations, increased transaction cap, zk.money private key changes, UI updates and more.
The bridge will enable fast and low-cost transfers between Centralised Finance (CeFi) and Decentralised Finance (DeFi), while skipping Layer-1 (L1) Ethereum all together.
The new version of the Celer cBridge comes with an even better user experience (lower costs), simple and efficient LP experience, generalized SDK for cross-chain NFT and power.
Alchemix is now using Keepers to automate some of their key smart contract functions plus they have sponsored new price feeds for ALCX/USD enabling apps across DeFi to support the ALCX token.
Olympus Pro is a service for protocols looking to utilize bonds in their emissions programs with low overhead and maximum impact.
In order to enshrine Gnosis Protocol as a community owned project, the team are proposing to launch the GPT governance token. They consider the GPT as an essential tool to ensure the Protocol is not captured by rent seeking players, that it stays neutral and true to the values and needs of its traders.
7 tokens are included in this new product from the Index Coop including LINK, RENFIL, GRT, BAT, LPT, OCEAN and NMR.
You can now use Synapse to move ETH to and from Arbitrum within minutes.
The vaults that live in the LABS section are not the usual Yearn Vaults. Yearn vaults were created with the idea of being "up-only" and that users could withdraw at any time.
The 1inch decentralized exchange aggregator is now on the Arbitrum One network and supports top DEXs such as Uniswap, Balancer, SushiSwap and more.
Updates on layer 2 Uniswap, dev guides, EIP-1559 support and more in this product update from Uniswap.
Smart collateral allows users to use interest-bearing tokens as collateral while interacting with the protocol.
Shell Protocol v2 will come with a new trade logic layer that determines swap rates as well as an accounting layer that tracks balances and transfers tokens.
Supply Shocks - The Daily Gwei
Decentralize Everything - The Daily Gwei
Phisher Watch: Airdrop Scams - Dan Finlay
What is zkSync? - Argent Blog
A Possible BTC Future - Gavin Andresen
What Happens If Beacon Chain Consensus Fails? - Adrian Sutton
On Nathan Schneider on the Limits of Cryptoeconomics - Vitalik Buterin
Tim Beiko & Danny Ryan: Eth1, Eth2, and the Merge - Into the Bytecode
Defining the Metaverse - Bankless
Hermez: ZK Technology for Scaling Ethereum - Epicenter
Meme of the Week
Looking for Work?
Top jobs listed on Cryptocurrency Jobs this week:
Community Manager - Aragon
Technical Writer - ChainSafe Systems
Senior Solidity Engineer - Maple Finance
Community Manager - Perpetual Protocol
+1000’s more on the Cryptocurrency Jobs website!