⚡ SEC Sues Binance, Atomic Wallet Hack Explained, J.P. Morgan Blockchain Update, and more!
Discover the latest and greatest Crypto & Web3 products
💡 Intro
🥳 Happy Monday!
Apple’s WWDC Metaverse updates were the focus of Crypto Twitter today until the big SEC x Binance announcement dropped.
This sent crypto down, with BNB being down the most.
We’ll keep you updated as the story progresses, as this has big potential implications for Binance as a crypto exchange.
🌎 Reminder on Discord:
As mentioned Friday, we’re thinking of opening a free community discord to all TFC readers around crypto tools & questions involving them.
Some of you mentioned you’d like a place for Web3 builders of products/tools during the bear market, and thats a great idea too! We’re adding that to the list below.
This Discord would be open to All TFC readers and would:
Give an outlet for questions about tools in real time.
Picture this: A space where you can shoot your time sensitive questions about crypto tools and get real-time, accurate answer from the community.
This could be about anything - a security tool you're in dire need of, or a niche crypto tax tool that can specifically handle NFTs on BTC.
Be a place for talking & networking with other Web3 power users.
Give a resource for tutorials / help with using tools, which can be challenging.
Connect Bear Market Builders of tools/products in Web3.
We’re going to post this Tuesday as well so everyone sees it.
👉 If you like this idea, reply to this email with a simple “Y” so we know people are interested! If enough people reply, we’ll bring this to life.
J.P Morgan Pilots Blockchain-Based Platform Allowing Interbank Settlement of USD Transactions: J.P. Morgan is working with 6 Indian banks on this.
According to a company spokesperson, the advantage of blockchain-based settlements over traditional mechanisms is the platform allows banks to process instant transactions 24 hours a day, seven days a week.
J.P. Morgan has been heavily investing in blockchain efforts for the past year, with their Onyx platform already doing over $700 billion in short-term loan transactions since its launch in 2020.
Atomic Wallet Hacked and $35M In Customer Funds Stolen: Over the weekend, users reported missing funds which were a result of a vulnerability in Atomic Wallet’s code.
Investigations are still ongoing into what exactly happened, but initial reports make it seem like a malicious update was pushed in Atomic Wallet’s code.
Atomic Wallet is no small wallet, with over 5M active users worldwide.
👉 Important Takeaways:
Open Source Extensions > Closed Source Extensions:
Open source applications in crypto are *typically* safer than closed source (meaning you can’t read the code easily).
Atomic Wallet is closed source, hence why the malicious update couldn’t be caught after deployment.
This is because the code can be publicly audited if it’s Open Source.
Having all of your crypto in one wallet is risky:
Even well intentioned dev teams make mistakes sometimes.
Spreading funds out across different wallets is safer.
There were no new funding rounds announced today.
👉 Brought to You by Cryptosteel: the premier backup tool for your cryptographic private key or seedphrase.
The Cryptosteel Capsule is a pocket-sized stainless steel device designed to securely store keys or seedphrases (its a physical set of steel letters)
RabbitHole
"Earn tokens by using crypto applications"
Type of Product: Rewards
Purpose of Tool: RabbitHole is a platform that incentivizes users to participate in various crypto networks and earn tokens. It addresses some of the challenges faced by crypto networks, such as the lack of incentives for testing functionality or how a network works for new users. RabbitHole offers a curated list of tasks for each application, providing a guide rail and understanding of how a crypto network works by actually using it.
One of the older quest/rewards platform in Web3, RabbitHole just launched a site-wide update that makes fees lower for users doing quests on it.
It’s a good platform for earning tokens/rewards while you explore new protocols.
Quest Terminal: A tool that enables easy deployment of high-velocity airdrops to protocol participants with real-time metrics on quest performance. This data empowers quest creators to optimize and iterate on their designs for maximum impact.
Unique Token Rewards: Crypto networks can reward users with unique tokens or rewards for interacting with their smart contracts and testnets, encouraging participation in the development and growth of these networks.
Game-Like Elements: By introducing game-like elements on top of existing contracts, RabbitHole provides an easy onboarding experience for new users to learn how to use crypto-enabled applications while having fun.
Empowering Quest Creators: Quest creators are empowered to make informed decisions about their quests' design by leveraging insights into participant behavior provided by RabbitHole's real-time metrics.
Team / Funding / Backers / Other Info: On June 6th, the Optimism Bedrock upgrade will be implemented, which is expected to reduce protocol costs and security fees by 47% on the Optimism Mainnet. As a result of this upgrade, completing RabbitHole quests will become more cost-effective for participants.
Link to product | Link to TFC listing
GasHawk
“Save on Ethereum gas fees. For FREE."
Type of Product: ETH Gas Fees
Purpose of Tool: GasHawk is a free and automated system that helps you save up to 95% on Ethereum transaction fees. It works by taking signed transactions, holding them in a queue, and forwarding them to the mempool once gas fees are low. This way, users can save money without any custodial risks.
A cool tool that we recently came across, it allows you to schedule transactions for when gas fees are low, saving you on gas costs.
Note: we haven’t tried this tool out yet (just found it yesterday), but are planning on trying it this week. If you try it before us, let us know!
Non-custodial savings – You retain full control over your funds at all times with no need to entrust anyone else with your private keys.
Automated process – Once set up, GasHawk will automatically submit your transactions when the gas prices are optimal for savings.
Flashbots Protect option – If you have a TX that is susceptible to frontrunning or other MEV (maximal extractable value), you can opt for Flashbots Protect which will keep it private until picked up by an enabled validator.
High cost savings – On average, users can expect to save 25 - 30% on their gas costs with GasHawk.
Team / Funding / Backers / Other Info: Gashawk is one of the projects by Corpus Ventures, along with Tokenize.it and DM3 (decentralized messenger tool).
Christoph Jentzsch Co-founder and CEO of corpus.ventures
Benjamin Jentzsch Head of Finance
Johannes Pfeffer Co-founder and lead product manager at corpus.ventures
Jork Leonhardt Co-founder of corpus.ventures, responsible for operations
Steffen Kux Co—founder, researcher, and developer at corpus.ventures
Link to product | Link to TFC listing
Webstudio
“Build website 3.0 without code!"
Type of Product: Web3 Website Builder
Purpose of Tool: Webstudio is a NoCode website builder that allows users to create, publish, and host powerful websites quickly and easily. It features 250+ UI blocks and 10+ pre-built templates powered by TailwindCSS. Plus, it provides cryptographic security with its unique identifier for each website using a cryptographic key for provenance. With Web3 native interactions, you can build decentralized applications (dApps) directly on your site and interact with blockchain protocols.
Very cool platform for creating fast Web3 sites, they have demos on their Twitter feed that show exactly how the platform works.
It allows you to drag and drop components (similar to Webflow or Bubble) and build Web3 sites fast.
Web3 Button - a new feature which is a drag-and-drop block to call smart contracts easily without coding. You can use it to mint NFTs or create your own personal website with a Web3 touch. Marketplaces are coming soon!
Tailwind CSS Blocks & Templates: Featuring 250+ UI blocks and 10+ pre-built templates designed with TailwindCSS for custom designs that look great on any device or screen size.
Co-pilot for Layout Creation: An AI-assisted tool simplifies layout creation with user-friendly design commands so you can quickly start creating sections without coding hassle.
Provenance through IPFS hosting: Each version of the website has its own cryptographic provenance identifier guaranteeing content authenticity, ownership integrity, and long term availability resistant to any single point of failure.
Native Web3 & Smart Contract Interactions: Build dApps directly on your site & interact in a simple way with any EVM based network from your own website
Team / Funding / Backers / Other Info: Webstudio is a startup founded by Ex-Amazon engineers and Ex-Microsoft customer success professionals with Giancarlo Sanchez as its founder. Karen Layrisse serves as the CSM/Community Management at Webstudio. Protocol Labs, IOSG Ventures, and Outlier Ventures provide backing for the company.
Link to product | Link to TFC listing
Wallet as a Service by Coinbase Cloud
"Start building your dapp with Coinbase Cloud”
Type of Product: Wallet as a Service
Purpose of Tool: Coinbase Cloud Wallet as a Service is an enterprise-grade platform designed to provide businesses with the tools they need to securely and easily integrate web3 wallets into their applications.
Launched recently 2 weeks ago, this offering from Coinbase is just one of many MPC updates that are now appearing in the market.
It provides users with access to their wallets through simple authentication, such as a username and password, while leveraging multi-party computation (MPC) technology to secure user assets by dividing, encrypting, and distributing keys across multiple parties.
Seamless User Experience - Users can create, access and restore their wallets with authentication as simple as a username and password.
Control Your Keys - Users have full control over their assets and can export their keys off platform at any time.
Native Integration - Our APIs allow developers to build native wallet capabilities into their application while maintaining a cohesive user experience.
Built for Scale - Coinbase has a proven track record in providing secure, scalable and user-friendly gateways to web3 for millions.
Team / Funding / Backers / Other Info: Coinbase Cloud's a platform by Coinbase with blockchain infrastructure for building crypto projects, offering products like Wallet as a Service. Coinbase as a whole is an online platform that's secure for buying, selling, transferring, and storing cryptocurrency.
Coinbase also announced that it will be introducing Bitcoin and Ethereum futures contracts for institutional investors today June 5th. These products will be offered through the Coinbase Derivative Exchange, which is regulated by the CFTC. The exchange promises lower fees in comparison to other US-regulated derivatives exchanges.
Link to product | Link to TFC listing
Solana | Communications Manager | Link to position
OKX | Data Analyst - Trading Team | Link to position
Illuvium | QA Web Tester | Link to position
Evmos | Software Engineer, Full Stack | Link to position
Chainflip Labs | Senior Full Stack Engineer for Web3 | Link to position
Paxos | Product Manager – Tokenization | Link to position
LayerZero | Business Development Representative - Defi | Link to position
Chiliz | Twitter Specialist | Link to position
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Disclaimer: None of this is to be deemed legal or financial advice of any kind. Always DYOR!