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This week in crypto…

Everything you need to know to stay on top in Web3

💰 A million dollar bet

Former CTO of Coinbase Balaji Srinivasan made a bet on Friday that BTC would reach $1M per coin in the next 90 days. In his tweets, Balaji claims that banks and regulators have lied to their customers and that we’ll face hyperinflation of the US dollar soon.

The bank chaos over the last month has certainly had an effect on the crypto market - Bitcoin has soared 30% and more and more crypto voices are propping it up as an alternative to fiat. As always, we advise you to do your own research and be careful in these volatile markets. Oh, and if you want to dive deeper into Balaji’s reasoning, check out this interview he did with Bankless yesterday.

💙🧡 New token on the block

Arbitrum, a layer 2 solution on Ethereum, recently announced the launch of their DAO governance for the Arbitrum One and Arbitrum Nova networks, alongside the launch of $ARB. Airdrop claims begin tomorrow and you can check your eligibility here. Be careful out there - airdrops are a prime time for scams.

🖼️ Magic Eden expands to Bitcoin

Magic Eden, the biggest NFT marketplace on Solana that later expanded to Ethereum and Polygon as well, has now announced they’re adding Ordinals support. Bitcoin NFTs have been steadily gaining traction, with Yuga’s launch a big boost to the ecosystem last month. Magic Eden promises to make the experience of buying and selling Ordinals user-friendly and lower the barrier for Ordinals trading.

TLDR: What is composability in blockchain? 🤔

In software development, composability refers to the ability to combine code, components, and different applications to create new software products.

And while Web2 is composable to an extent, Web3 allows for much more composability. 🔥

Why?

Most blockchains and protocols are permissionless and open-source. Because of that, smart contracts and dApps act like building blocks that work together seamlessly, allowing devs to create more complex applications with existing code. 💯

Any and all smart contracts and dApps created on Ethereum are inherently compatible and composable. For example, imagine that you have a smart contract that allows users to lend and borrow cryptocurrencies. Another smart contract might provide insurance for these loans. These two smart contracts can be combined to create a new dApp that allows users to lend and borrow cryptocurrencies with insurance protection.

Composability is a big factor for the innovation and growth in the space, allowing devs to build together and support the entire ecosystem.

Are there any drawbacks to composability?

There can be. Composability can introduce new risks, as vulnerabilities in one smart contract can potentially affect other smart contracts that depend on it. It’s essential for devs to carefully audit and test smart contracts before integrating them into their own dApps. ✅

Further reading:

⭐️ What Is Composability?​

⭐️ Composability Is Innovation​

⭐️ What Is Composability in DeFi?​

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See you next week!

​Dusanka​