Autor Cointelegraph By Brayden Lindrea

Crypto winter? DeFi, Metaverse, and NFT job market still hot — Recruiters

Crypto winter? DeFi, Metaverse, and NFT job market still hot — Recruiters

Uverejnil používateľ | sep 1, 2022 |

The ongoing crypto winter has seen budgets and jobs slashed, but the search for top-tier talent hasn’t stopped across several Web3 verticals, according to some crypto recruitment firms.Speaking to Cointelegraph, Kevin Gibson, founder of crypto recruiting firm Proof of Search said that the majority of staff cuts in the crypto market have been from centralized exchanges, most notably the 18% staff cut at Coinbase in June, 10% cuts at Gemini in July, and the 5% cut at Crypto.com.Despite this, he said there is “still a great deal of demand” for crypto job seekers to get work with “Game-Fi, Metaverse, De-Fi and NFT-oriented companies.”Gibson explained that crypto job boards continue to be dominated by developer and engineer roles, adding there is also “a shortage of experienced CTO, CMO, and token experts.”Unfortunately several crypto exchanges announced big layoffs recently: – @coinbase 18%- @Gemini 10% – @cryptocom 5%- @BlockFi 20%Despite all this several of our hiring partners are still looking for devs: Rust, Solidity, React, NodeJS… ✉️ DMs are open! #hiring— CryptoCareers | Hiring Web3 Developers (@_cryptocareers) June 14, 2022Gibson added that venture capital firms have continued to deploy capital “to companies with solid business models which have seen sustained hiring activity despite market fluctuations.”These claims appear to be backed by a recent report from crypto analytics firm Messari, which showed that $30.3 billion was poured into crypto companies in H1 2022, which was more than 2021. While Web3 and NFT projects captured $8.6 billion of the total amount invested in the period.Founder of CryptoRecruit Neil Dundon told Cointelegraph that the majority he had seen came from “non-essential areas.”Dundon said however over the short to medium term, the crypto job market will “remain relatively stagnant for the time being until we get confirmation that we have exited the bear market,” despite there still being plenty of “great opportunities” out there for both crypto companies and job seekers. Related: How to start a career in crypto? A beginner’s guide for 2022But bear market or not, Dundon said that a crypto company’s ability to adapt to changing circumstances will go a long way towards success in this market. “Crypto is still a nascent industry the most important attribute to have when entering this space is a start up mentality. The ability to roll with the punches when things get a bit tougher or company direction changes. Building new things is not for the faint hearted.”Some of the world’s largest publicly traded companies have also poured funds into the crypto market in 2022. According to BlockData, Google, Samsung, Microsoft, PayPal, Morgan Stanley, and Goldman Sachs are among some of the companies to have participated in funding rounds.

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ETH products grow in August as BTC products dip: CryptoCompare report

ETH products grow in August as BTC products dip: CryptoCompare report

Uverejnil používateľ | aug 31, 2022 |

Ethereum investment products increased by 2.36% to $6.81 billion in assets under management (AUM) throughout August, outperforming Bitcoin products which saw a 7.16% drop off to $17.4 billion. The figures were contained in a new report by CryptoCompare. This was also reflected in the Bitcoin (BTC) and Ethereum (ETH)-product trading volumes, with Grayscale’s most notable Bitcoin product, GBTC experiencing a 24.4% drop in volume, while its Ethereum product, GETH actually increased 23.2%. CryptoCompare’s report suggeste the highly anticipated Ethereum Merge was the cause behind the change in trading volumes: Indeed, even at a more granular level, no Bitcoin products covered in this report saw AUM or volume gains in the month of August. We could be seeing interest move away from Bitcoin in the short term, as Ethereum-based products hold the attention with the much-anticipated merge on the horizon.Monthly AUM figures for digital asset investment products fell 4% overall, which was largely attributed to 6% fall from Grayscale’s GBTC product, as it accounts for $13.4 billion of the total $25.8 billion of digital assets under management (53.4%).The largest inflows came from products falling under the “Other” umbrella, representing non-Bitcoin and Ethereum products, which saw a 12.3% increase to $1.13 billion over the first three weeks, according to the  report.Monthly AUM figures for digital asset investment products have steadily dropped throughout the bear market. Source: Crypto Compare.Despite the bear market, a number of highly-regarded financial institutions have launched crypto investment products throughout the month of August. These products have come in the form of Exchange Traded Funds (ETFs), Exchange Traded Certificates (ETC), Exchange Traded Notes (ETN) and Trust products.Among the most notable was BlackRock’s private spot Bitcoin Trust, a move which brought about a “here comes Wall Street” response from former Grayscale CEO Barry Silbert. The launch of the Bitcoin Trust from the world’s largest asset manager came following its partnership with Coinbase to provide its clients with institutional trading services.Charles Schwab was another financial institution to make a play this month, having launched its own “Schwab Crypto Thematic ETF”, tickered STCE on the New York Stock Exchange, which provides exposure to a mix of mining and staking companies, along with several blockchain-based applications. Related: Institutions flocking to Ethereum for 7 straight weeks as Merge nears: ReportBetaShares launched Australia’s first Metaverse-focused ETF on the Australian Stock Exchange (ASX), along with a new Metaverse and nonfungible token (NFT) focused ETF launched by finance firm SoFi.

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Compound cETH market bricked by update — 7-day wait on vote to fix it

Compound cETH market bricked by update — 7-day wait on vote to fix it

Uverejnil používateľ | aug 31, 2022 |

Decentralized lending platform Compound has been plagued by a code bug in a recent governance proposal to update its price feeds. The code error has “temporarily frozen” the Compound ETH (cETH) market, causing cETH transactions to revert, but Compound Labs stated that despite the front end not working, “funds are not immediately at risk.”Compound Labs announced on Aug. 31 that the code bug came from Proposal 117: Compound Oracle Upgrade v3, which was implemented a couple of hours ago to update the oracle contracts on the Compound protocol to a new version that uses Uniswap V3 instead of V2 for price feeds. An hour ago, Proposal 117 was executed, which updated the price feed that Compound v2 uses.This price feed, while audited by three auditors, contained an error that is causing transactions for ETH suppliers and borrowers to revert.https://t.co/a2DFk7h0ET— Compound Labs (@compoundfinance) August 30, 2022In response to the cETH market temporarily freezing, Compound Labs said it aimed to revert to the previous price feed via Proposal 119: Oracle Update. The new proposal was created less than one hour after Proposal 117 had been executed, however it now needs to go through  seven-day governance process before taking effect. According to an update from Security Solutions Architect Michael Lewellen of OpenZeppelin, the code bug came from the “getUnderlyingPrice” function, which did not update the price of cETH tokens, which would return empty bytes and cause the call to be reverted. Read the following post for details on a Compound incident we are working to resolve for the cETH market. A fix is already underway and no funds are at risk at this time. The rest of the cToken markets on Compound V2 and all of V3 remain functional.https://t.co/CiSE3a99Wa— OpenZeppelin (@OpenZeppelin) August 30, 2022

Lewellen also reaffirmed that no funds are at risk:“The primary issue right now is a temporary denial of service for the cETH market which will be resolved by the new governance proposal. No funds are at risk at this time. The rest of the cToken markets on Compound V2 and all of V3 remain functional.”However, Lewellen added that “any users that deposited ETH and obtained cETH for opening borrow positions must be aware that they might get instantly liquidated whenever the fix proposal executes if by that time the price of ETH has dropped significantly.”But the CEO of Compound Labs Robert Leshner also added that users can still repay any debt and add collateral to avoid liquidation. Related: What is a smart contract security audit? A beginner’s guideCompound Labs noted the code bug came despite the oracle contract being audited from three separate smart contract auditing companies, with OpenZeppelin and ChainSecurity among the recent firms to have audited Compound’s smart contracts.Proposal 117 itself didn’t appear to be a controversial one, with all 696,665 votes from 245 different wallet addresses in favor of the price feed upgrade. Crypto investment firm Polychain Capital cast the most votes (306,146) in favor of the proposal.According to DeFi Llama, Compound is the third largest decentralized lending platform, with $2.67 billion total value locked (TVL). The news has not affected the Compound token, COMP, so far which is currently priced at $48.27.

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Ethereum scaling network Arbitrum set for major upgrade on Aug. 31

Ethereum scaling network Arbitrum set for major upgrade on Aug. 31

Uverejnil používateľ | aug 30, 2022 |

Ethereum layer-2 scaling solution Arbitrum is set to undergo one of its most significant upgrades on Wednesday, set to increase transaction throughput, slash transaction fees and simplify cross-chain communication between Arbitrum and Ethereum.Referred to as the “Nitro” upgrade, Arbitrum reconfirmed the date of the upgrade in a Twitter post on Aug. 29, confirming that the upgrade will take effect on Aug. 31 at 10:30 AM Eastern Time, while noting a two to four hours of network downtime period is to be expected.Reminder — Arbitrum One is upgrading to Nitro on Wednesday 8/31. There will be 2-4 hours of planned network downtime, starting 10:30 AM ET / GMT-4. 2️⃣ days until Nitro! — Arbitrum (@arbitrum) August 29, 2022Abritrum is an Ethereum layer-2 scaling solution that utilizes Optimistic Rollup technology to bundle large batches of transactions off-chain from Ethereum smart contracts and decentralized applications before submitting it to Ethereum. According to Offchain Labs’ GitHub account, Nitro will represent a “fully integrated, complete layer 2 optimistic rollup system” that builds on Arbitrum One with newly improved fraud proofs, along with updated sequencers, token bridges and calldata compression mechanisms.Offchain Labs is a blockchain-based company established in 2018 which builds a suite of Ethereum scaling solutions, with the Arbitrum One network being the most notable network deployed by the firm.Arbitrum is going to flip Solana. Aribtrum nitro is days away. It’s going to bring faster transactions, cheaper fees, and a better experience for builders.@arbitrum pic.twitter.com/95Edqn881u— Nick Ford (@CryptoWithNick) August 23, 2022

Offchain Labs also updated its ArbOS (Arbitrum Operating System) component, which is now rewritten in the software programming language Go. The new version will improve cross-chain communication between Arbitrum and Ethereum, as well as transaction batching and data compression, which will in turn minimize costs on the Ethereum mainnet.The document also stated that the state of Arbitrum One “will be migrated seamlessly” on to Nitro, which should, if executed correctly, rule out any possibility of a chain split.In an Apr. 2022 article, Offchain Labs said the Arbitrum Nitro upgrade would be “the most advanced Ethereum scaling stack” and that “Nitro will massively increase network capacity and reduce transaction costs,” stating: “Today, we throttle Arbitrum’s capacity, but with Nitro we’ll be able to release those controls and significantly up our throughput. And while Arbitrum today is already 90–95% cheaper than Ethereum on average, Nitro cuts our costs even further.”According to decentralized finance (DeFi) aggregator DeFi Llama, Arbitrum has $936 million total value locked (TVL) on the network spread across 111 different protocols, with GMX, Stargate, Curve and Uniswap among the most popular applications. 2022’s biggest crypto catalysts are mere days away:1) The @Ethereum Merge: Sept. 15 (21 days away)2) @Arbitrum Nitro: August 31 (7)Not familiar and need to catch up?Here are all my threads and Substacks in one place to get you up to speed. pic.twitter.com/Av34myVf6Y— DeFi Surfer , (@DeFiSurfer808) August 25, 2022

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Ripple counsel: SEC's shakedowns leave consumers holding the bag

Ripple counsel: SEC's shakedowns leave consumers holding the bag

Uverejnil používateľ | aug 30, 2022 |

Ripple Labs General Counsel Stu Alderoty has hit back at a recent opinion piece by Security and Exchange Commission chairman Gary Gensler, arguing that the regulator’s crypto market shakedowns aren’t protecting consumers. In an Aug. 28 opinion piece on the Wall Street Journal (WSJ) titled “The SEC Wants to Be America’s Crypto Cop,” Alderoty claimed the SEC is “pushing aside his follow regulators” instead of concentrating on providing regulatory clarity for crypto. He gave an example of the recent “shakedown” of BlockFi by the SEC, which led to the company ending “up on the auction block” and two other similar companies going “belly up,” arguing: “Consumers weren’t protected, they were left holding the bag.”The piece came in response to Gensler’s Aug. 19 article “The SEC Treats Crypto Like the Rest of the Capital Markets” which was also published on WSJ a defended the regulator’s crackdown on the crypto industry. The Ripple counsel however argues that the SEC hasn’t provided sufficient clarity over crypto regulation and instead declares itself as “the cop on the beat” for crypto. He claims the chairman is “pushing aside his fellow regulators” and “front-running” President Biden’s executive order which asks regulators to collaborate on crypto regulation. The executive order, Alderoty referred to is the “Ensuring Responsible Development on Digital Assets,” which was signed on Mar. 9. 2022 to ensure that both the SEC and Commodity Future Trading Commission (CFTC) coordinate and collaborate on establishing a crypto regulatory framework. However, Aldetory claims the SEC has neither abided by the executive order nor provided any “regulatory clarity for crypto” and is instead “protecting its turf at the expense of more than 40 million Americans in the crypto economy.”Gensler argued in his article that U.S. federal security laws were designed to protect investors and that “there’s no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology.” Related: SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTCBut many critics disagree, with Forbes writer Roslyn Layton suggesting in an Aug. 28 opinion piece that the SEC’s decision to double its Crypto Assets and Cyber Unit staff and the SEC’s “regulation by enforcement” approach as reasons for the contrary. Earlier in the month, U.S. Attorney John Deaton also claimed foul play, in that Gensler and the SEC were intentionally targeting cryptocurrencies, and that it has overstepped the mark on what they can currently do to regulate crypto:“It doesn’t take a constitutional law expert to understand that the SEC has limited jurisdiction over the crypto industry; barring congressional action, front line regulation of digital assets belongs with the Commodity Futures Trading Commission — the main regulator of investments that are not deemed traditional securities.”

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