August 12, 2021 / Unchained Day to day / Laura Shin

Day to day Bits ✍️✍️✍️

The Poly Network hacker has returned nearly the total $600M in funds they stole earlier this week.
TaxBit, a crypto tax map company, closed a $130M Series B at a valuation of $1.33B.
Soccer neatly-known person Lionel Messi’s contemporary contract with Paris St. Germain involves cryptocurrency fan tokens.
Ethereum burned over $100M price of ETH in its first week following its London strengthen.
Marketing consultant Anna Eshoo penned a letter to Speaker Nancy Pelosi advocating to amend the crypto tax provision in the infrastructure invoice.
Kryptoin filed for an Ethereum ETF on Thursday.
Dune Analytics, a blockchain analytics company, raised $8M in funding by a Series A.

What Attain You Meme?

What’s Poppin’?

Call it a fad, name it a bubble, NFTs are still here, and the headlines are no longer getting any less head-scratching. One caught my attention this week as especially, shall I roar, *attention-grabbing.*

Working example: EtherRock #65 sold for roughly $228K the day outdated to this afternoon. Simply a pair of hours earlier EtherRock #40 sold for around $150K.

EtherRock is an early NFT mission consisting of 100 NFT pictures depicting, nicely, the same rocks — every with its own (a minute) sure color. The rep map, indubitably, namely explains that the pet rock-impressed mission serves “NO PURPOSE” outdoors of being in a position to be bought and sold.

The mission, which launched in 2017, used to be, ahem, unearthed correct over every week ago by Ethereum customers. Enthusiasm for the early-NFT mission used to be rapid to earn on: after minting half of of the rocks over a 3 year span, the final 50 rocks were minted in a single day, with every subsequent mint growing extra costly than the closing, as a result of the invent of EtherRock’s nicely-organized contract.

The day earlier than this day’s gross sales are the culmination of a busy week of buying and selling for EtherRocks. The first colossal buy occurred closing Friday, for 15 ETH ($45K). Since then, primarily based completely completely on the EtherRock Twitter feed, nearly a quarter of the series has been bought on the secondary market. At publishing time, the very most realistic rock sale sits at 96 ETH ($300K+).

What a time to be alive.

Instantaneous Reads

Alex Gladstein on Cuba and Bitcoin:

a16z’s Chris Dixon on Web 3:

Kevin Werbach, a Wharton professor, on DeFi and guidelines:

On The Pod…

Poly Network, a substandard-chain DeFi protocol, recently suffered a $600M hack — the supreme DeFi exploit in crypto ancient past. Mudit Gupta, security researcher and SushiSwap dev, breaks down the assault, explaining the design it occurred, why the hacker is returning the funds, and what Poly Network need to still create next. Repeat highlights:

how Poly Network works
what particular mechanism the hacker attacked on Poly Network
why many folk (including myself) had never heard of Poly Network earlier than the hack
how “keepers” failed to present protection to Poly Network
why a failed transaction used to be the main to pulling off the hack
what SlowMist claims to own found about the hacker
what may presumably well maybe moreover be motivating the hacker to come the stolen funds
how the hacker is speaking with Poly Network
why Tether used to be in a position to freeze funds whereas USDC and BSC allowed the hacker to get away with their tokens
how Poly Network need to still address negotiations with the hacker

E-book Exchange

My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Huge Cryptocurrency Craze, is now accessible for pre-present now.

The book, which is all about Ethereum and the 2017 ICO mania, comes out Jan. 18. Pre-present it this day!

You must always buy it here: http://bit.ly/cryptopians

96 ETH for a Pet Rock