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The biggest crypto news and ideas of the day August 30, 2021 Sponsored by Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf COMMUNICATION BREAKDOWN: Ethereum experienced a chain split last week after a number of network validators failed to update their software. The team behind Geth, the most popular client on the most popular blockchain, issued an emergency hotfix to repair a security vulnerability – only not everyone got the message. Some of Ethereum’s largest miners were running outdated code, leading to two different versions of the blockchain. The situation resolved once everyone updated their code. DOUBLE TROUBLE: DeFi lending pool Cream Finance suffered its second flash loan attack of the year, with more than $25 million worth of AMP tokens and ETH drained from its vaults. The attack leveraged a flash loan, a problematic way to borrow from a protocol without posting collateral. Cream lost $37 million in the attack earlier this year.
HOT STREAK: Solana’s SOL token crossed the $100 mark on Monday, drawing a three-figure price for the first time. The programmable blockchain’s native currency has seen two weeks of growth on the back of growing Solana-native NFT and DeFi ecosystems, pushing it into the “top 10” crypto assets by market cap.
NEW PLATFORMS: Another crypto firm is getting into NFTs. Nasdaq-listed crypto mining firm The9 Limited announced it will launch an NFT “trading and community platform” called NFTSTAR in Q4. Meanwhile, international banking group Standard Chartered (SC) is linking up with supply chain fintech Linklogis in China to create a blockchain-based trade finance platform.
–D.K.
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What others are writing... Off-Chain Signals USDC issuer Centre announces new team to create “global network of stablecoins” (The Block) Bored Ape Yacht Club sold $96 million of Mutant Ape NFTs in an hour, CryptoPunks hit $1 billion in total sales, an abandoned, early version of EtherRock has a bug that lets anyone mint a free NFT WSJ feature on “influencers” who move markets in crypto and beyond–D.K.
A Message from BlockBank Looking for a crypto wallet with DeFi and CeFi coupled with banking and debit cards? Look no further, V2 of BlockBank’s super application launches this fall, offering access to: Custodial and non-custodial wallets Digital bank accounts Physical & Virtual Debit cards Robo Advisor Access to dApp BlockBank has already obtained licenses for Estonian virtual currency service provider, and Australian digital currency exchange and payment service provider.
Putting the news in perspective The Takeaway Why This Crypto Market Isn't Like the Others This morning, hedge fund manager John Paulson gifted us with a lovely rendition of a classic tune titled “Crypto Is Fundamentally Worthless.” Personally it’s hard to top Jamie Dimon’s version, but it’s nice to be revisit the classics.
–David Z. Morris
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