Monday, Apr 18th 2022

Crypto Three Things (4/18)

Commentary

“Whatever you're meant to do, do it now.” —Doris Lessing

1) Amazon CEO Andy Jassy is optimistic about crypto and NFTs, but says that Amazon is “not probably close” to adding crypto as payment. In the same conversation, Jassy suggested Amazon might sell NFTs in the future. Given Amazon recently went on a crypto hiring spree, we take Jassy’s comments to suggest that a broader embrace of digital assets is near on the horizon for Amazon—even if crypto payments may not be.

2) Robinhood’s CEO Vlad Tenev floated Dogecoin as “the Internet currency,” in a long Twitter thread calling for improvements to block size and block time. Elon Musk then suggested that bringing the block time down from one minute to six seconds might be one way for $DOGE to “keep pace” with the internet. Dogecoin has long been a point of contention in crypto circles, rising from a joke crypto to adoption by Tesla, AMC, GameStop, Nordstrom, and more.

3) Credit-focused stablecoin protocol Beanstalk was drained of $182M in a flash-loan attack on Sunday, the second 9-figure DeFi hack in less than a month. The hacker borrowed enough governance tokens to vote and approve any proposal, in an attack that wiped out all of Beanstalk's collateral and caused its BEAN stablecoin to collapse by 86% from its $1 peg. Publius, the group behind Beanstalk, said the project is unlikely to survive as it has no venture backing to recoup its losses.

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