GM Brew Crew, you know that feeling when you catch a fish off the first cast? I bet you get that same feeling after this morning’s light roast. Let’s dive in ⬇️

On the menu today:

• 🌕 REDDIT TOKENS TO THE MOON

• ⚡️ BITCOIN LIGHTNING NETWORK LIVE ON BINANCE

• ⛓ CHAINLINK BRIDGES BLOCKCHAIN TO TRADFI

Today’s Charts:

🌕 REDDIT TOKENS TO THE MOON

The Reddit terms of service were updated over the weekend to now permit the trade of virtual items like avatars and community points, causing $MOON token to surge in value by over 100%.

What exactly shifted with the terms of service update?

Well, the update explicitly permits the trading of Reddit's tokenized Community Points.

So what are MOON tokens / How do they tie in / How do you earn them?

Moons ($MOON) are ERC-20 tokens given as rewards (community points) to users in the r/CryptoCurrency subreddit for their posts or comments. These coins can be freely traded, tipped, or used within the community for various purposes.

Furthermore, users have the option to store them in Reddit's Ethereum-based wallet called Vault; however, for now, it isn't the smoothest user experience to buy/sell, but there may be someone who can change that.

Kraken, the major crypto exchange, hinted 2 days ago on the r/cryptocurrency subreddit that they are considering listing the tokens, which would make it much easier to buy/sell them ⬇️

Heres a thread diving deeper into why this all matters ⬇️

⚡️ BITCOIN LIGHTNING NETWORK LIVE ON BINANCE

Binance, a prominent crypto exchange, has integrated the Lightning Network to enable BTC holders to deposit their assets, following in the footsteps of Kraken and Bitfinex. 

Binance's integration of the Lightning Network follows their previous announcement of setting up Lightning Network nodes last month, showcasing their dedication to embracing this second-layer solution.

What are benefits of the Lightning Network?

1. First, it is faster as transactions on the Lightning Network settle in under a minute, compared to 10 minutes for regular BTC transactions.

2. Second, it is cheaper as the base fee for Lightning Network deposits is only $0.04, compared to around $30 for regular Bitcoin deposits.

The Lightning Network currently has a capacity of $147 million with 69,395 different payment channels (via 1ml data). It feels like we talk about a company integrating the ⚡️ Network every other day…

⛓ CHAINLINK BRIDGES BLOCKCHAIN TO TRADFI

Chainlink has launched its cross-chain protocol, aiming to establish interoperability between traditional financial institutions and public/private blockchains.

The Cross-Chain Interoperability Protocol (CCIP) is now live on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism for early access users.

CCIP serves as an interoperability solution that empowers enterprises to transfer data and value between backend systems of diverse blockchain environments, regardless of whether they are public or private.

CCIP utilizes Swift's messaging infrastructure, a system employed by more than 11,000 banks worldwide to facilitate international payments and settlements, handling approximately $1.8 quadrillion in transactions in 2021.

If you need some pointers to spit game at the smart 12/10 in your computer science elective class, check out the thread below ⬇️

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.