⚔️Epic DeFi Arbitrage Season, 👾IOTA out, and more!
Hey everyone, it’s Colin again! Welcome back to Crypto Twitter TLDR, a newsletter that brings you the juiciest tweets from Crypto Twitter twice a month.
Here’s what happened on Crypto Twitter at the end of February.
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⚔️🛡️DeFi systems get battle-tested by savvy arbitrageurs
Arbitrage was the talk of Crypto Twitter in February, as carefully executed flash loans and trades across DeFi protocols like bZx’s Fulcrum resulted in huge trading profits for market manipulators. While there was initially panic that this may have been the result of a hack, many ecosystem members came to see the events as both a critical learning experience for the nascent DeFi ecosystem as well as a demonstration of the current state of interoperable protocol capabilities.
bZx @bzxHQ1/ Due to the complexity of the transaction, providing a comprehensive accounting of the losses will require additional time. This was not a simple Uniswap attack, and we do not use Uniswap as an oracle.
bZx @bzxHQWe have released our official report detailing the nature of the attack, our response, and how we will move forward. We hope this will shed some much needed light on the incident. https://t.co/JNLoTqX8RA
👾👾IOTA remains down
Internet-of-Things focused token project IOTA has been shut down since early February. @ercwl had an informative-yet-devastating thread about the state of affairs for the IOTA project and went into detail on all the mess pertaining to the Founders’ attempt to claim ICO funds, the client hack, and what’s likely to happen to token holders going forward.
Come-from-Beyond @c___f___bI notify the #IOTA community that I no longer work with David Sønstebø and am contacting my lawyers to get my 25 Ti from him. He refuses to transfer the iotas to make me act for his own benefit and against mine.
🤔🆒Other Developments / Quick Updates
Shocking $3M+ BCH miner sweep that went fairly under-the-radar:
Heated monetary policy discussion between BTC and ETH supporters:
Josh Stark @0xstark@mflaxman 0. In short, both bitcoin and ethereum’s monetary policy is “minimum necessary issuance” - it’s just that Bitcoin hasn’t admitted that yet
CZ & Binance launch Binance Cloud, a whitelabel exchange solution:
Binance @binance#Binance Announces B2B2C Cloud Solution for Launching Digital Asset Trading Platforms An exchange-specific cloud solution, Binance Cloud provides partners & customers with a means to easily set up a digital asset trading platform in their local markets. https://t.co/ThQyrwePlh
👏👏👏Random / Funny / Interesting Stuff
Ending this one as we always do with an assortment of random tweets from around CT. Hit me with feedback on this week’s letter (@goltra) and see you next time!
Carl Zha @CarlZhaOnline classes in China due to #coronavirus lockdown means you can just relax https://t.co/dzeXsmYiTY