Is There Innovation Coming to Solana?
Open Forum with Ava Labs | Web3 privacy | Jerome Powell’s Senate Hearing | Aave V3 and GHO Stablecoin | Evolution of ETH
Attention degens, this is your Daily Bolt briefing.
Our team has compiled the latest updates and developments to ensure your comprehensive awareness of the whole crypto ecosystem, from Avalanche to ZK rollups: and everything in between.
With 731 podcasts covered so far, we're committed to keeping you informed. Not to mention our Breakdowns and Timelines, reserved for deeper research on the ins and outs of a project, as well as their extensive history…
Stay alert for further updates if you're interested in staying ahead of the game.
Over and out.
Key Discussions Happening Today
1/ Avalanche - In The Lab: Open Forum with Ava Labs
Preview: Ava Labs team discuss the latest trends on gaming and NFT ecosystem while emphasizing controversial topics in these sectors. Click here to listen to the full episode.
Length: 55 mins | OUR NOTE: 4 mins
Here are some key takeaways:
The Game Developers Conference (GDC) is coming up and it will feature both traditional Web 2 gaming companies like Activision and Microsoft Xbox, as well as Web 3 game companies.
There is anticipation for upcoming releases in the gaming space on Avalanche in the next few weeks.
Blockchain provides two key benefits for gaming companies: increased liquidity and composability with other financial primitives.
2/ Interop Summit - Zooko, Howard Wu, Elena Nadolinski & Guy Zyskind
Preview: Red Sheehan, Guy Zyskind, Elena Nadolinski, Howard Wu & Zooko Wilcox talk about Web3 privacy, mass adoption & more. Click here to listen to the full episode.
Length: 30 mins | OUR NOTE: 6 mins
Here are some key takeaways:
What’s missing in the ecosystem today is the private by default concept.
Crypto right now is inherently unsafe for people to use without privacy preserving technologies.
Most of the (Zero-Knowledge proofs) provers are running industrialized operations at this point and most of them use GPUs, FPGAs and starting to contemplate ASICs now.
3/ Blockbytes - Daily Live Show - Mar. 7, 23
Preview: Austin Rampt, Clay Kilgo and Corval discuss Jerome Powell’s Senate hearing, Algorand hack, Binance, SEC and more. Click here to listen to the full episode.
Length: 44 mins | OUR NOTE: 2 mins
Here are some key takeaways:
The indictment over Binance is that programmers in Shanghai had control over the software code that supported Binance U.S.'s users' digital wallets.
This investigation seems to be a coordinated attack towards Binance.
Andrew Kang tweeted about the end of the Echo Bubble which is essentially a mini bull run but it's not driven by new money.
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4/ Subli Optimism Series - Aave V3 and GHO Stablecoin with Marc Zeller
Preview: Subli hosts Marc Zeller to discuss Aave V3, the GHO stablecoin and the partnership between Optimism and the Base. Click here to listen to the full episode.
Length: 75 mins | OUR NOTE: 6 mins
Here are some key takeaways:
Aave's front-end interface is not very conducive to directional trading or leverage, which are outside of its current comfort zone.
However, there are many different integrations of Aave, such as InstaDApp and DeFi Saver, that can be used to interact with the platform.
Optimism is building a super scalable, efficient USDC-based layer 2 using the OP Stack
5/ 0xResearch - The Evolution of Ethereum with Tim Beiko
Preview: Tim Beiko joins the pod to discuss insights on Ethereum's governance, client diversity, MEV burn, and more! Click here to listen to the full episode.
Length: 84 mins | OUR NOTE: 6 mins
Here are some key takeaways:
Frax's CPI-pegged stablecoin and governance token, which just launched staking on February 20th has already locked down 35% of the circulating supply for an average lock time of two years. The APY is around 200%, and FPIS has a market cap of $40 million versus Frax shares at $800 million.
The Ethereum community has the final say on upgrades, and a proposed upgrade will only be implemented if the majority of network nodes run the upgraded software.
There are several communication channels for Ethereum upgrades, including the Ethereum Foundation blog, client team release pages, GitHub, Discord, and newsletters.
On the Revelo Intel platform, we’ve summarized these 5 episodes and in total, would have saved you: 7 hours and 28 minutes!
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Note of the Day
Here’s one of the Notes we released today (in text and audio):
Unchained Ep. 463 - Kyle Samani Explains the Recent Outage of Solana
In this episode of the Chopping Block, Haseeb, Tom, Tarun, and Kyle, Co-Founder of Multicoin Capital and Scion of Solana talk about the FTX and Paxos story. They also talk about the recent outage that happened in Solana while upgrading.
Read our notes below to learn more.
ETH Denver
Haseeb
Base is built on the Optimism Stack.
Base is not having a token.
In the initial blog post of Coinbase, they claimed that there was going to be 20% of the fees are going toward Optimism but they removed that and change it to “some percentage”.
Base
Tom
There are pockets of talent in Coinbase.
The Coinbase wallet is amazing.
Base’s team is trying to target the mass market retail people.
Tarun
Cosmos was always the place where people will build special-purpose blockchains for particular applications.
All roll-ups want to get to a decentralized sequencer.
Haseeb
Almost every single exchange launched its own blockchain.
Coinbase is showing that they are better because they don’t have a native token.
Optimism has fraud proofs.
If someone is mad at Binance because they got rug pulled, they can only yell at Twitter.
If someone is mad at Coinbase they can sue Coinbase.
Kyle
Coinbase can slowly try and move its revenue from CeFi to DeFi without actually taking on the risk of running DeFi.
FTX & Paxos Story
Haseeb
In 2021, FTX had a revenue goal of hitting a billion dollars but they are $50 million short of that goal.
Sam instructed Nishad to transfer money from Alameda to FTX.
Kevin Zhou is an active trader in market-neutral strategy.
Half of his funds are at FTX, he recently ended up liquidating his fund.
It was a really rough year for many fund managers.
BUSD is like 90% of the revenue of Paxos.
Paxos already said in the press that they are going to fight.
NYDFS did not say Paxos to shut down BUSD, they just want Paxos to stop minting it while Paxos is fixing other stuff
Kyle
At this point, the happenings on FTX were very clear that it is a fraudulent scheme.
As long as someone is not acting in bad faith then things seem to generally be okay.
Tarun
There was a Tech growth stage investment like SAS investment that really decayed in 2022. FTX was like the pin there’s no growth investing right now.
Merging the node of clients and then merge validation is much easier compared to merging DAOs.
Two DAOs need to vote on economic substance changes that are more contentious.
Investment banks are not too close to the FED.
Solana Outage
Haseeb
Solana had a 20hr outage.
The root cause of the outage is still unknown but the outage happens during the protocol update.
Kyle
Solana is going well, it feels like an unforced error probably due to the upgrade.
Solana Labs moved as quickly as possible.
Solana Labs have known that there’s been a huge amount of memory leaks.
Solana Labs put a blog post that they need to re-prioritize engineering efforts around stability as opposed to speed.
The impact of the recent outage is less on the community and more on Solana Labs.
Nothing has changed in the last 48 hrs.
Tarun
Schisms like Solana prioritizes safety over liveliness and Ethereum prioritizes liveliness over safety is a sort of untrue statement.
Exciting things on Solana
Kyle
Hivemapper is a new business model for gathering data to build a map.
In Hivemapper, they will have a dashcam on their cars and when they drive around that they can use to collect images and upload them to build a map, unlike Google which has google street view cars.
Hivemappers started shipping their dash cams to consumers last November.
Hivemappers have 10,000 total contributors who have contributed to the Hivemapper App.
Helium is migrating to Solana this coming March 27th.
Wormhole
Haseeb
Wormhole got hacked for $350 million.
There was a long investigation into where the hacked funds go and it turned out that about $150 million of the funds were in an Oasis contract.
With the help of the admin key, they can actually hotfix a way to take the money out of the contract.
Jump Crypto approached Oasis about the hacked funds inside the contract but Oasis told Jump crypto to get a court order to make them do it.
Oasis basically conspired with Jump to contort the hack of the hackers and take the money out.
This is a very interesting reverse hack.
Tom
It is very rare to see a multi-sig without a time lock.
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Great summary on all things happening as ususal !