A $160m hack, Solana L2s, & the next big crypto narrative❗
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Welcome to the #28th edition of DeFi Fridays!
Access all the previous editions here.
101 today:
Major happenings in the ecosystem: Solana’s L2 scaling, Wintermute hack, and the Cardano Vasil upgrade!
A topic we explain: Short explanation of blockchains, coins and tokens for the newbie!
This week's good reads: Mathematical analysis of arbitrage and the Next Big Crypto Narrative👀
A Topic we explain:
The basis of the web3 world is the blockchain that hosts it and the tokens that transfer the data.
Here is what these terms mean:
Blockchain: A blockchain is a collection of different computers (nodes) that exchange data. The underlying technology of a blockchain is the same for each node. Traditional computer networks had a central node that managed all the different operations of the network. A blockchain is decentralized. It means there is no centralized authority to govern the blockchain.
Coins: A coin is a cryptocurrency that is native to the blockchain. The Ethereum blockchain's native coin is called 'Ether'. The coin is used as an exchange of value for any transaction on the blockchain. Coming back to the Ethereum example, any transaction on the Ethereum blockchain can be completed with ETH.
Tokens: Tokens are secondary cryptocurrencies that perform secondary functions on a blockchain. A token can be used for transactions, governance, identity, setting standards, or simply as a store of value. Different types of tokens are made to serve that particular function.
In a web3 environment, the value of the ecosystem is measured by how well these entities interact. If the blockchain can support good development, then better tokens follow soon!
Major News in the Ecosystem:
🔰Solana and Cosmos are creating Nitro, the first L2 scaling solution for Solana
⚠Wintermute’s DeFi operations were hacked for $160 million
🔰Cardano’s Vasil hard fork upgrade was a success
💎 Wait for Brew Findouts💎
In this edition - we’ve found a few not-so-hidden gem for our readers. 💎
Let’s be honest, markets make a lot of noise. And the web3 market is no less. Scrolling away on #cryptotwitter will make sure you know that. And so, we have brought you a source that separates insights from the noise.
Investrly is a newsletter publication on substack that empowers its readers to invest early in Web3 and learn & earn through their newsletter & podcast.
Find their recent edition here.
More Good Reads:
✍️Mathematical analysis of arbitrage
✍️The Next Big Crypto Narrative
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That’s it for today, folks. See ya next Friday. 🧢
Disclaimer: Nothing included in DeFi Fridays should be taken as financial advice.