AWS shuts down cryptocurrency exchanges, and Sushi’s CTO resigns

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The crypto industry was rocked by an AWS outage, Delong stepped down as Sushi‘s CTO, and Coinbase launched a cryptography library.

Fear not, young degens, despite the fact that the markets are down and technical indicators based on AWS are malfunctioning. Fundamental news and the spirit of Wagmi are as plentiful as ever. So keep reading to find out everything you need to know about this week’s major events.

The AWS outage emphasizes the importance of truly decentralized exchanges

An Amazon Web Service outage this week had substantial cascading impacts on the global supply chain and delivery business, as well as hours-long operating interruptions at dYdX, a decentralized exchange, and Binance.US and Coinbase, two leading centralized exchanges.

AWS is the largest cloud service infrastructure in the world, offering a variety of services such as network servers, storage capacity, remote computing, and mobile development, to mention a few.

According to Synergy Research Group data released this year, the IT giant controls 33% of the cloud infrastructure industry, followed by Microsoft and Google with 20% and 10%, respectively.

The incident’s specifics were kept under wraps, but “several AWS APIs in the US-EAST-1 Region,” which is based in Northern Virginia, were having connectivity issues, according to the company’s service status page.

dYdX complained about increased latency across the network, as well as website loading issues, in a Twitter statement sent on Tuesday and into the early hours of Wednesday, before admitting its overreliance on centralized servers, one of which is AWS.

DappRadar data shows that dYdX is the 13th largest decentralized finance application built on the Ethereum Network, with daily trading volume of around $1.5 billion. In September of this year, dYdX set a new transactional record by surpassing Coinbase’s volume in a single day, at $4.3 billion versus $3.7 billion.

Many early crypto users consider decentralization to be a critical component of the industry’s architecture. The so-called blockchain trilemma, named by Ethereum co-founder Vitalik Buterin to imply the requirement of sacrificing one side of the triad to experience the benefits of the other two, includes the former, along with security and scalability.

Many crypto exchanges stress security and scalability in the goal of broad acceptance, yet many function with mostly centralized, Web 2.0-style structures as a result.

Joseph Delong’s tenure as SushiSwap’s CTO comes to an end

SushiSwap’s chief technology officer, Joseph Delong, announced his departure from the decentralized exchange this week, promising to honorably transmit the proverbial baton along with required accounting and information data to the next leader.

In an open Twitter thread, Delong explained his departure, blaming internal disagreements and a lack of an united vision for the project, saying:

I wish Sushi the best and am disappointed that it is in such jeopardy both internally and externally. Without a fundamental structural shift, the current upheaval is unlikely to result in a settlement that leaves the DAO as much more of a shadow than it once was.

Delong has worked as a blockchain engineer and developer in the Web 3.0 field. Delong, who formerly worked at ConsenSys as a senior software engineer, joined SushiSwap as chief technology officer in January 2021, following Chef Nomi’s notorious departure months before.

Delong has led SushiSwap to the 12th ranked position in nominal total value locked value (TVL) with $2.85 billion in the past year, but the company has also faced challenges such as strict whitelisting acceptance on layer-two protocol Optimism, a $3-million supply chain exploit on launchpad MISO, and, most recently, a rumored $1 billion smart contract vulnerability.

To encourage creativity, Coinbase has opened a cryptography library

Coinbase, one of the most popular cryptocurrency exchanges, announced the debut of Kryptology, an open-source library-themed platform aimed at providing developers with a set of “safe, audited, and easy-to-use application program interfaces (APIs).”

Coinbase explained its plans for the library in an official blog post, stating that the library will help to support the continuous development of this long-standing technology:

While encouraging more innovation is our major goal, we also want Kryptology to raise the bar for what constitutes a reliable and usable cryptographic library.

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