EthHub Weekly #82
Devcon 5, PayPal drops out of Libra, Coinbase launches USDC rewards program, InstaDApp raises $2.4M and much more!
|Anthony Sassano||Oct 7, 2019|| 2|
🇯🇵 Devcon 5!
It’s finally here! Eric and I are both in Japan for Devcon 5 in Osaka. We’re super excited to speak to as many Ethereans as we can so if you’re attending the event, be sure to come find us for a chat (and a free sticker)!
Just a note: there won’t be a weekly recap podcast episode this week but there will be an extended one next week where Eric and I will recap our Devcon 5 experiences!
Have a great week everyone!
News of the Week
PayPal is leaving Facebook's Libra stablecoin project. The global payments giant becomes the first founding member of Libra to officially depart the project.
A PayPal spokesperson said that the payments firm “made the decision to forgo further participation” in the Facebook-initiated crypto project, to instead “continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations.”
On Thursday, The Financial Times reported that PayPal was the only firm of the 28 inaugural members of the Libra project that did not attend a key meeting in Washington to discuss how Libra would address increasing opposition from global regulators.
In addition to PayPal, Other payments giants - Visa, Mastercard, and Stripe - are also reportedly hesitating to officially sign on to the Libra project.
Apple CEO Tim Cook has spoken out about whether his company would launch a cryptocurrency, and the answer is a firm no.
In an interview with Les Echos newspaper, Cook argued that private companies shouldn’t be competing with states on monetary control, stating:
“No. I deeply believe that money must remain in the hands of states. I am not comfortable with the idea that a private group creates a competing currency. A private company does not have to seek to gain power in this way.”
The comment may be a dig at Facebook, which is developing a stablecoin payments project called Libra– slated for a 2020 launch – that has been under fire from regulators worldwide over its potential risk to financial stability and national monetary policies.
Former employees of JPMorgan, Intel and TrustToken have unveiled a dollar-backed stablecoin with a twist: revenue sharing for the institutions that use it.
Their new company, Global Currency Organization (GCO), developed the USD Digital (USDD) token. It aims to break through with exchanges, traders and OTC desks looking for a stablecoin product but unwilling to develop one themselves.
A novel fifty-fifty revenue sharing model incentivizes that adoption, GCO says, and USDD’s placement on the ethereum blockchain provides users with transparency.
“It’s the best of both worlds,” said CEO Joe Vellanikaran. “They get the stablecoin, and they get the revenue that GCO shares with them.”
InstaDApp, the DeFi portal that aggregates the major protocols using a smart wallet layer and bridge contracts, has raised $2.4M from Pantera Capital, Naval Ravikant, Balaji Srinivasan, Coinbase Ventures and more.
The MyDeFi app got an update this week and now has a new section named ‘Tools’ that will help you find the best lending rates from Compound, dYdX and bZx as well as sourcing information on the most profitable liquidity pools from Uniswap. The app also got a fresh new design.
Ethereum infrastructure provided Infura is now officially part of ConsenSys. Before the acquisition, the company was a ‘Spoke’ in the ConsenSys mesh which means that it was only part-owned by ConsenSys.
In this 1 year anniversary edition of his newsletter, Ben recaps the interop lock-in, gives his thoughts on the roadmap for Eth2, and provides some research-related resources & updates.
This month, Making Maker is all about preparedness: Prepare for the “new Oasis,” start planning to upgrade from Single-Collateral Dai to Multi-Collateral Dai, and, of course, getting ready for Devcon 5 in Osaka, Japan.
Various updates from the PryLabs team including that the testnet is now back online, big improvements in BLS, round robin sync, archival node functionality and much more.
The aim of the program is the encourage more tech entrepreneurs to start crypto projects and to help crypto builders navigate the idea maze. Sign-ups are open now.
The Lighthouse team gives us an update on their time at the Eth2 client interop summit, their experience with multi-client testnets, updates to their documentation and more.
Oasis Trade represents the first step toward creating an all-in-one decentralized finance (DeFi) hub whereby users can trade crypto assets, earn savings by locking up Dai in the Dai Savings Rate (DSR), and access Multi-Collateral Dai CDPs.
You can now use the USDC and DAI stablecoins to mint and redeem Sets on the TokenSets website. You can also now track your Sets using the Delta portfolio app!
This new webapp helps liquidity providers understand each and every pool on Uniswap in order to determine where the best returns are.
UMA Protocol’s BitDEX is a decentralized BitMEX that has no central operator, doesn’t use on-chain price feeds and introduces the concept of “priceless financial contracts”.
Eligible U.S customers can now start earning 1.25% APY rewards on every USD Coin (USDC) that they hold on Coinbase.
Whiteblock gives their own recap of the Eth2 interop lock-in event covering both the goals & outcomes of the event plus next steps for the team.
Nuo upgraded their margin platform and now supports 30+ margin trading pairs, long or short ETH/WBTC, the ability to add any token as collateral and more.
SKALE, the Ethereum scalong solution, has raised $17.1M from Winklevoss Capital, Arrington XRP Capital, ConsenSys Labs, among others.
Kybers monthly recap giving us an update on new fiat-to-crypto functionality added to KyberSwap, new DeFi integrations, KNC updates and much more.
Morningstar’s system for rating bonds will be placed directly on the Ethereum blockchain to possibly enable a migration of the $117 trillion debt securities industry.
Matic Network is a Layer 2 blockchain platform using the Plasma framework. This week, they released the 2nd iteration of the Matic mainnet.
Decentralized identity project uPort has rebranded with a brand new logo and website.
Community Member Spotlight
This week we’re highlighting the great work of Lefteris Karapetsas!
Lefteris is a long-term Ethereum core developer residing in Berlin. He’s also working as a developer on the Raiden Network as well as Rotki - an opensource portfolio tracking, analytics and crypto tax reporting app.
Keep up the great work Lefteris!
Proof of Stake’s Security Model is Being Dramatically Misunderstood (recommended read)
The Collapse of FairWin’s ~$125m Ponzi Scheme (recommended read)
AZTEC Protocol: Bringing Privacy to Ethereum - Into the Ether
Ethereum’s Serenity (ETH2.0) Developer Experience - Hashing It Out
Defending ProgPoW with Kristy-Leigh Minehan - POV Crypto
Ether: A New Model for Money - David Hoffman (highly recommended watch)
Meme of the Week
Vitalatte, anyone? I’ll see myself out.
Looking for Work?
Top jobs listed on Cryptocurrency Jobs this week:
Product Designer - dYdX
Executive Assistant - OpenLaw
Senior Frontend Developer - Dolomite
Visual / UI Designer - Immutable Games
+100’s more on the Cryptocurrency Jobs website!
Protect Your Crypto
Buy a hardware wallet: