20 April

Good read.

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“COVID-19 emphasizes the need to transact from anywhere, quickly. Since stablecoins are programmable, their future counterparts will change how we think about money itself.

Just how Synthetix gives people exposure to gold and other communities, there will be a growing list of local and regional stablecoins that will give community members exposure to their local economies.

Programmable stablecoins will enable further experimentation around incentivizing spending during recessions. Direct cash rebates and negative interest rates (or demurrage) become possible on a much bigger scale than previously.

Finally, people will begin to experiment with how money itself is created. Much like how money was backed by gold, new stablecoins can be backed by tokenized resources that we want to see more of in the world (e.g., tokenized rainforests). When picking between two stablecoins, you may soon be able to choose between, say, helping to solve global warming, or contributing to it.”

“Today, we’re extremely proud to announce that community governance has replaced the administrator of the Compound protocol. From this point forward, all changes (from supported assets, to system parameters) will originate from COMP token-holders.

COMP token-holders can delegate voting authority to any address. Anyone with a good idea can marshal support to change the protocol; we’re curious and excited to see how the ecosystem evolves.

After the governance system has been publicly tested, and is operating in a reliable, distributed manner, we’ll remove the last governance failsafe — our ability to disable community voting in an emergency — and begin distributing the remaining COMP to Compound protocol users.”

See Also: Governance Dashboard

Programmatic traders and market makers now have a DEX to deploy their algorithmic or high-frequency trading strategies. High speeds, low (or no) fees, free cancels. Trade via the API like you are on a CEX, but with 100% Ethereum security guarantees for your assets.

With the API release, there is now a home for fast, cheap, ‘true trading’ in the Ethereum DEX landscape.”

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“We are pleased to announce a new tool that allows users to upload files to IPFS and save the IPFS hash to their ENS records all directly from the ENS Manager.

This greatly simplifies the process and makes it even easier for people to launch decentralized websites.

“The core benefit to employing rollups is lower gas costs for users, which translates to more transactions per second (several hundred TPS at least) for the network as a whole.

Cheaper transactions also means that certain applications that would otherwise be too gas intensive to even be possible, like privacy solutions that employ complex cryptography, now become feasible. Thus, while rollup itself doesn’t inherently offer privacy benefits, it’s a fitting substrate on which to build privacy preserving technology. Likewise, rollup doesn’t inherently increase transaction latency (speed), but gives a nice environment on which channels, which can offer virtually instant transactions, can be built.

From the perspective of a user, interacting with a dApp—DeFi or otherwise—on a rollup will feel nearly identical to using it were it on layer 1. Popular wallets like Metamask and the Burner wallet can be supported, as can block explorers to monitor rollup-chain activity.”

Good read.

“Bailouts send a signal to the market that alters corporate behavior, encouraging rent-seeking behavior and rewarding excessive risk taking.

[Additionally], the virus will not leave society unchanged once it is eliminated; it will fundamentally change the nature of many industries for the foreseeable future. Bailouts ignore this, vainly attempting to preserve the economy in amber, laboring under the misapprehension that society’s pre-virus resource allocation is optimal for the post-virus world.

Corporate destruction and reorganization under well-understood bankruptcy processes would allow our resources to be deployed in a fundamentally more productive manner, rather than simply entrenching the existing corporate balance of power.

By selectively bailing out industries that might otherwise be justifiably shrinking, consolidating, or chasing efficiencies, the government attempts to dictate market outcomes. There’s a better way: Let the free market, not the state, price these companies, and let capital flow only to those evaluated as solvent.

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“A secretive yet reportedly highly lucrative hedge fund now has the green light to invest in Bitcoin (BTC) futures markets. Bitcoin futures have been witnessing a return to form after suffering reduced participation in previous weeks.

Renaissance’s $10 billion hedge fund recently gained notoriety in the press, having gained 24% year to date despite the tumultuous volatility plaguing traditional markets over coronavirus.”