by Shun Kakinoki · Dec 05, 2021
📆 This Week in Web3 #006 📆 🤌 BTC/ETH 3 Year high 🤌 Badger $120 million hack 🤌 1inch Series B 🤌 Layer Zero Demo 🤌 Solana $2.6 billion bug 🤌 Square rebrands as Blocks 🤌 Starkware mainnet alpha 🧵 Details 🧵
1/ BTC/ETH hits 3 year high BTC/ETH is a ratio of the top two crypto pairs, and hits a 3 year high. It means that ethereum is gaining value more so than bitcoin. It's a great indicator for the "Flippening" as some have speculated.
2/ Badger DAO Hack The hack is said to have suffered through a frontend security exploit. Ironic that some hacks are only made possible through traditional web2 exploits. Only permit erc20 approvals of the range you are comfortable with! https://ambcrypto.com/heres-how-badgerdaos-120-million-exploit-played-out-rekt-explains/
3/ 1 inch network $175 million Series B It's announcing a division to serve to institutional customers. Serving institutional may become a larger trend in the long term - especially as regulations tightens up.
4/ Layer Zero demo Just raised a $100 million dollar round led by Sequoia and FTX. Sequoia is now heavily getting into crypto! Great to see the founder going through what's special about the protocol below. https://twitter.com/PrimordialAA/status/1465758429952155649?s=20
5/ Solana $2.6 billion bug Crazy that the bug was not patched for months! Shows that all software is not invincible, including blockchains. The below blog explains the extend of the bug in the post below.
6/ Square rebrands as Blocks Potentially start of a new trend...? web2: flat design web3: 3d design https://twitter.com/blocks/status/1466154290137894912?s=20 7/ Starkware mainnet Starkware just announced its alpha mainnet! Built on cairo, and uses it to deploy smart contracts. There's also a plugin to compile Solidity to Cairo. https://medium.com/starkware/starknet-alpha-now-on-mainnet-4cf35efd1669
📝 Also, some interesting resources I came across 📝
ENS & wallets can be used to unlock homes! https://twitter.com/hm0429/status/1465241679800111107?s=21
Extremely bullish about social tokens - looking back at history. https://twitter.com/realnatashache/status/1465516941758578695?s=21
Be careful of erc20 approvals https://twitter.com/CryptoCatVC/status/1466380960648380419
Check the ETH/BTC ratio everyday - it's a beautiful website too! https://ratiogang.com/ Sam Altman tweeted about starting a web3 investment DAO. https://twitter.com/sama/status/1467188724370849792?s=20
🧑💻 For developers, some web3 repos I found to be fun and interesting 👩💻
Open zeppelin contracts for StarkNet, written in Cairo https://github.com/OpenZeppelin/cairo-contracts
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Every Sunday, I send out an exclusive email with the three coolest things I’ve discovered that week in the world of web 3.0.