Hello.
Actually, we weren't expecting to release the second issue of this newsletter. More precisely, we were thinking with what motivation we would release it. Of course, the cryptosphere kept moving. The industry, hosting extremely-nonsense events such as the complete bullshit around Frog Nation, and the fall of OHM, keeps helping us improve our imagination. We are in such a cycle where shitty situations create strong imagination, strong imagination creates new ideas, new ideas create another shitty situations, shitty situation creates strong imagination, and so on. At some point, while most things becoming ridiculously absurd in the cryptosphere, there's another side of the coin that keeps building, developing, and diversifying. Some idealists obsessed with creating social value continue to be the light in this darkness and to guide us out of our blind ignorance.
Let's take a look at what we have in this issue then.
What's Cooking?
IreneDAO
Social media influencer, Irene Zhao, decided to act upon one of her followers to turn her Telegram stickers into an NFT. When IreneDAO NFTs were designed, it painted a picture of social frenzy. With the NFTs of IreneDAO that generated 2.300 ETH revenue in 10 days, we got introduced to the concept of SimpFi.
Together, we will keep an eye on these and will see if SimpFi will open a door of income for the creators in this sector. Eric Wall's remarks on this issue are worth reading.
And of course, it had to be none other than Gabriel to mock this as the leading figure of the bacchanalia in the deep jungle we call CT.
$TEC Launch
It is easy to mint gazillions of tokens in a few seconds if your intention is to pull the rug and scam people on any evm chain; however, when your intention is to build a sustainable token economy to fund public goods, well, things are a bit complicated. And this is exactly what Token Engineering Commons is trying to achieve.
With a mission to “advance the field of token engineering in a regenerative way”, TEC has already been working on several stuff to make it easier for others to create similar economies and interact with the token economy in a truly trustless way. So far, TEC has experimented in and developed:
- Gravity - A conflict management cycle for DAOs.
- Augmented Bonding Curve - A modified token bonding curve that generates continuous funding for open organizations that produce and maintain public goods.
- EVMcrispr- A library to generate EVMscripts for DAOs to modify themselves, changing their properties, or even their own code.
- Token Engineering Academy - Providing lectures, workshops and seminars for those interested in the emerging field of token engineering.
And this is just the beginning as Token Engineering Commons Economy has just gone live with the augmented bonding curve on 25th of January. And you know what? They have over 1 million solid xDai in their Garden’s common pool, waiting to be utilized to fund public goods. And these funds will now be allocated using conviction voting with $TEC tokens, which you can get either through the ABC or on Honeyswap. Oh, and don’t forget to join the conversation and get involved in a T.E.A.M. on Discord and Discourse.
Anything else?
Aave Governance v3
Aave is getting ready deploy on Optimism and Arbitrum. https://governance.aave.com/t/arc-aave-governance-v3/6980
You can try v3 in all testnets.
BitDAO 🤝 zksync
BitDAO has allocated 200M for the zksync ecosystem.
Scandal DAO
Ohm, Ohmies, and finally hitting the bottom.
When brilliant ideas are limited to a problematic area of practice; in other words, when the strategy is "all or nothing", what we had to watch was the devil take the hindmost.
There's no doubt that Protocol Owned Liquidity and Bonding are rather brilliant ideas and there was a high chance of encountering problems as they were implemented for the first time. And it's expected that these brilliant ideas will definitely continue to be experimented even after they go downhill. And we are sure that gigabrains will come together and find a better solution to implement this in the future.
There's no doubt that Protocol Owned Liquidity and Bonding are rather brilliant ideas and there was a high chance of encountering problems as they were implemented for the first time. And it's expected that these brilliant ideas will definitely continue to be experimented even after they go downhill. And we are sure that gigabrains will come together and find a better solution to implement this in the future.
0xSifu turned out to eb Michael Patryn and the Frog Nation bubble burst
Daniele Sesta definitely answered the question of how to create a scandal by backing the infamous scammer when 0xSifu turned out to be Michael Patryn, who disappeared with 169 million dollars after staling from the Canada based exchange QuadrigaCX in 2019. By the way, let us remind you 0xSifu was the CFO at Frog Nation.
After this incident, Frog Nation tokens such as SPELL, TIME, and ICE crashed; MIM reserves dissolved and the ratio in the MIM-3crv pool was 72% to 27%. Even Alameda had to leave the pool with a loss of 91 million dollars because of this imbalance.
While all these events were unfolding, 0xSifu had chosen to busy himself with other things instead of issuing a statement.
However, Dani could not stand the backlash and announced that 0xSifu resigned from his position.
And a snapshot vote was created to remove 0xSifu from the treasury multisig, resulting in another incident to the series of absurdities.
Probably one of the most interesting things that happened during all this drama was Andre Cronje, whom Dani calls as his partner, donated 20 ETH to zackxbt.eth who exposed the scandal.
Oh, life threats to Dani are really heartbreaking.
Surely, the impending doomsday is coming step by step.
What have we learned from all this? Considering the awful scam days in 2018, we clearly see that we have not learned anything at all at this point. Scammers keep disguising themselves, adapt their names to the zeitgeist and appear before us again to get all the undeserved attention time and time again.
Tools
Snapshot X
Snapshot, the go-to voting system for DAOs, announced their new product Snapshot X. This product, which will run on a Layer 2 zk-Rollup promises to be cheap and fast. We'll see.
Game Changer
#GIVback & Gitcoin
Giveth's #GIVback program is an excellent idea of social benefit that aims to transform contribution to projects adding social value into an economic value.
The operating principles of the system are rather simple. Donate to verified projects on Giveth, and 100% of your donation directly go to the project. In return, you get $GIV from Giveth.
Social value generation depends on people working hard to provide and protect our collective needs. In this social contract, everything collapses if one party starts exploiting the other. Giveth offers its solution to exactly this problem. Even dreaming of a world where everyone benefits from creating value is beautiful on its own.
https://twitter.com/Givethio/status/1486364927816343556
More details about #GIVbacks https://www.youtube.com/watch?v=Hv6NM-i_zo8&feature=youtu.be&ab_channel=1Hive
2021 annual evaluation report of Gitcoin, the resource allocation and grant center for the development of decentralized web, indicated rather striking results. 4 grant rounds were held with 4 times more funds than the previous year with more than 12 million dollars of grants. Since its foundation, a total of 60 million dollars of resources have been allocated to teams.
Thematic DAOs
Spice DAO
It all started when a rare copy of the storyboard of Dune project, which was created but failed to be realized by Alejandro Jodorowsky, for 3 million dollars at an auction by the DAO. Alright, we love Jodorowsky. However, the problem was that when Spice DAO announced they bought the copy, they stated that they would make it public to the extent permitted by law, create an original animation series and get it streamed, and would support derivative works. You can hear the shitshow rumbling, eh?
While these kids think of doing all these things with all their naivety, sadly, they had to learn that the intellectual property rights legislation works differently. During the discussions of the next steps upon learning the sad truth, they even thought of turning the book into a jpeg NFT and burn it afterward.
Fortunately, they changed their mind later, and now they are planning to keep the book in a secure warehouse with proper insurance. Also, they haven't given up the idea of creating the animation series and holding a writing competition.