Bridging the Gap 24/03
Welcome to another series of Bridging the Gap. Get ready to dive into the latest updates and developments in the crypto space, let's begin!
Market
The worldwide crypto market cap is now $1.18 trillion, up 1.41% from the previous day.
The overall cryptocurrency market volume over the last 24 hours is $55.77B, a 16.97% decrease.
The total volume in DeFi is presently $4.44B, accounting for 7.96% of the total 24-hour volume in the crypto market.
The overall volume of all stable coins is now $51.24B, accounting for 91.88% of the total 24-hour volume of the crypto market.
Bitcoin's dominance is presently 46.31%, up 0.18% from the previous day.
Top News
Do Kwon Arrested in Montenegro
So it looks like the authorities have managed to track down and arrest Do Kwon in Montenegro. He was about to board a flight to Dubai when he was arrested along with another guy named Han Chang Joon. Do Kwon, who is the CEO and co-founder of Terraform Labs, has an unfulfilled warrant of arrest in his native nation, South Korea. Interpol, released a "red notice" in September, following a request from South Korean authorities.
Skull of Satoshi
Greenpeace USA aimed to convey a strong message with their latest artwork titled "Skull of Satoshi," which highlights the significant amount of non-renewable energy that is consumed by cryptocurrencies. The artwork has received a combination of positive and negative responses, particularly from Bitcoin enthusiasts who are critical of the message it portrays.
Certainly, a few individuals used their creativity and transformed this supposedly powerful image into a meme.
Binance Spot Trading Outage
Binance, a platform for trading cryptocurrencies, had to halt its spot markets for a duration of two hours on Friday due to the emergence of a bug that was linked to the feature of trailing stop loss.
What is a trailing stop loss?
A trailing stop is a market order that gradually reduces a position in response to a series of price triggers as the asset's price declines. Crypto exchanges often face periods of downtime during times of high trading volatility.
Cross-Chain Corner
Across
Across Protocol recently announced the Across Universal Bridge Adapter (UBA).
Rango
Last Friday, Rango announced that RocketX has integrated their SDK for cross-chain swaps. What does this mean for the users? Well according to their tweet this means that RocketX users can now swap any token on any blockchain with 270+ CEX & DEX options in one simple UI.
SpaceFi
DeFi Spotlight
Uniswap V3 Deployment
Uniswap, the world's largest decentralised exchange by trading volume, is preparing to debut its V3 iteration on Avalanche, an Ethereum-compatible Layer-1 blockchain with over $1.5 billion in total value locked in. LayerZero was selected as the Avalanche deployment bridge because it supports both the Ethereum and Avalanche networks. Uniswap Labs, a16z, and Coinbase are among the LayerZero backers.
Ecosystem Update
ARB Airdrop Pushes Arbitrum To Its Limit
Almost four hours have passed since the launch of ARB, and nearly half of the over 600,000 qualifying wallets have already claimed the long-awaited token from Arbitrum. These eligible wallets make up approximately 50% of the 1.15 billion tokens that can be claimed, and at midday New York time, the ARB token is trading at $1.30. On Thursday morning, the high level of activity briefly overwhelmed the capacity of the Arbitrum network, causing the claims website to crash. Additionally, the transaction fees on the blockchain, which are usually around $0.10, surged by 30 times to over $3.
zkSync launches Alpha Mainnet
zkSync opens the gates for the world’s first zkEVM Mainnet, they are now open and can be used by the public in a permission-less manner. The team has undertaken extensive testing, undergone several top-tier security audits, organized public contests and bug bounty programs, and established independent monitoring and risk management systems. This has paved the way for developers, projects, and users to utilize the potential of zkEVM by building on it and transferring funds across different networks.
Learning Bridge
This newsletter section will focus on providing guidance and assistance to newcomers in the crypto industry. You are welcome to share our Substack with anyone who may find it useful!
What is Bridging?
Well, where do we start?
Bridging is probably one of the most important feature in DeFi. Bridging in DeFi (Decentralized Finance) refers to the process of transferring digital assets (such as cryptocurrencies or tokens) between different blockchain networks. DeFi platforms often use different blockchains, and bridging enables users to move their assets seamlessly between these different networks. Bridging can be done through various methods, including cross-chain bridges, atomic swaps, and sidechains. The goal of bridging is to increase interoperability and liquidity across different blockchain networks, allowing users to access a wider range of decentralized financial services.
You with me so far?
So let’s use Manhattan Bridge as an example, according to Google this bridge connects Chinatown in Lower Manhattan and Downtown Brooklyn. So lets say that the blockchains represent the location, you represent the digital asset and the bridge represents the Manhattan Bridge.
Chinatown in Lower Manhattan = Ethereum
Downtown Brooklyn = Binance Smart Chain
You = Digital Asset (Tokens - BSC, ETH, etc.)
Manhattan Bridge = Bridge Network
Manhattan Bridge can connect you from Chinatown to Downtown and move you back and forth from different locations. Crypto bridges like Bridge Network enable digital assets to move back and forth between different systems.
Reading Recs
What is Bridging? The DeFiant - A Step-by-Step Guide to One of the Most Important Features in DeFi.
Best DeFi Wallets from The DeFiant
What is a Token Burn? from Decrypt - Burning tokens involves indefinitely removing a digital asset from circulation and reducing its supply.
Blockchains are cities - Medium