Daily Crypto NewsEDITION #292, 02 May 2022

Gem City launches its blockchain

Hey Moni Maker 👾

Today, the Gem City DAO has decided that it is worth launching a millionth chain to offload the main blockchain. The launch will take place at 4 pm in Gem City.

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$ELFIN Public Sale on Tokensoft 14:00 UTC

1) https://rift.finance/

DeFi borrowers know the pain. High volatility and overpriced management are really killing us... FujiDAO is here to help borrowers! The guys have created a DeFi borrow aggregator that optimises the cost to the users. The protocol constantly monitors the market, and when it finds the best option, it refinances the whole debt pool. 

The project has a user-friendly UX and saves time and money. Recently Fantom Foundation audited FujiDAO, yo. 

You can DYOR yourself here at the link

Press: Overall TVL is dropping. Deus Finance has been hacked. Where can you farm stablecoins? Digest knows! 

Let's read it! 

The interesting Twitter thread we found here. Yuga Labs, aka the creators of Bored Apes Yacht Club and Otherside, was lamenting a little. They had mint, but Ethereum failed again and f@cked up. So we have to launch our own chain. Quote: 

We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.

On Saturday, the Solana network lay down for seven hours due to the fault of NFT's mint toolkit. Candy Machine, which is the name of the problem, generated 4.000.000 transaction requests and 100 gigabits of data per second, and somehow it knocked out the validators.

Validators though quickly self-organized in Discord and started thinking about implementing code that would block transactions from Candy Machine and I whether such a thing is even acceptable, however it was Saturday night  and 2/3 consensus of course would not be gained.

Eventuall, the Ether Killer rate went down, but then went back up again, as well as the network functionality, and Solana developers will have to work hard to figure out how it could have happened.

Well, there's been a lot of hype around Coinbase's launch of its own NFT trading platform, and here the guys presented us with a beta version on April 20. Let's see what the results are.

In that time, users traded 100 ETH or about $300,000. In comparison, Opensea on Thursday had a trading volume of $94,000,000. On the other hand, they say that only about 600 well-to-do mates are trading, with approximately 4,000,000 users waiting in line.

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