1confirmation Newsletter - Issue #70
Ray Dalio published "The World Has Gone Mad and the System is Broken" yesterday, which was widely shared in the crypto industry. The piece does not mention cryptocurrencies specifically but it presents a strong argument for why the world is moving from censorable, people-based money (fiat currency) to censorship-resistant, math-based money (cryptocurrency).
The paradigm shift that Ray references in the piece is well underway with Bitcoin leading and many other projects built with the same core values as Bitcoin (openness, transparency, censorship resistance) closely behind. It's always nice to see validation from one of the most influential macro investors in the world. 😀
Required reading this week
Ethereum is now unforkable, thanks to DeFi — medium.com
Leland Lee and Haseeb Qureshi explain why Ethereum will never again have a meaningful minority fork like ETC because of DeFi's dependency on fiat-based stablecoins like USDC.
Charting the course of Bitcoin, 11 years and counting — blog.coinbase.com
Eleven years ago, the Bitcoin white paper was published, forever changing technology, finance, and our relationship with money. Coinbase describes 11 quantitative indicators around Bitcoin’s continuous momentum and growing global utility.
An analysis of developer funding in Bitcoin — blog.deribit.com
Hasu and Derek Hsue examine the importance of funding open-source development, what funding mechanisms exist, and tradeoffs that each of them brings.
Exploring DeFi trading strategies: Arbitrage in DeFi — www.theblockcrypto.com
Alex Obadia dives into different types of DeFi trading strategies, such as yield arbitrage and cross-exchange arbitrage.
Uniswap: Liquidity for Real Estate — medium.com
The power of a trust-minimized decentralized exchange extends beyond cryptocurrencies. This week a piece of a home in Detroit was offered on Uniswap.
Optimistic vs. ZK Rollup: Deep Dive — medium.com
Alex Gluchowski does a deep dive into optimistic rollups and zk rollups, the two most promising L2 scaling approaches for ETH today, and compares and contrasts the different approaches.
1confirmation portfolio reading this week
Governance Poll: Migration Risk Construct Proposal — blog.makerdao.com
The Maker Foundation Interim Risk Team proposes setting the Stability Fee to 1% and Dai Savings Rate to 2% to incentivize a smooth transition from Single-Collateral Dai to Multi-Collateral Dai.
The DeFi Series — Statistics Around DAI Stablecoin — medium.com
Alethio discusses statistics measuring Dai stablecoin’s supply growth, liquidity, lending demand, and price volatility.
Polkadot, Substrate and Ethereum — medium.com
Polkadot announces an Ethereum to Polkadot bridge chain, and Parity is supporting Ethereum through an open-source EVM built on Substrate.
Harbor Now Has Both Broker-Dealer and Transfer Agent Licenses in the US — www.coindesk.com
Harbor secured a transfer agent license from the SEC, becoming the first blockchain company to be granted both the broker-dealer license and the transfer agent license.