Welcome to Two Weeks in Crypto Drama! I skipped a week cuz was patiently waiting for The Pump™. Got a hint form CT on Thu, levered 100x like a real man, and got liquidated on Fri. Now Cobie is scared, Queen of Crypto is slapping devs, and we’re all poor. Thanks Ledger…
From now on I’m taking my all investment advice from NFT-Twitter. They know how to make meaningful investments.
Another meaningful investment seems to be virtual land in yet-to-be-built metaverse. So everyone aped into Yuga Labs Otherdeed NFT sale - a marvelous failure by a $4 Billion company - and burned $172 million in gas fees. During the peak an ETH transaction costed 8000 GWEI and many apes lost thousands of dollars without successful mint. An incompetent Web3 unicorn couldn’t hire decent devs to optimize their contracts. To be fair, apes are apes and this may not have helped. NFT-verse should just accept their faith and move to Layer-2.
While unqualified apes fantasize over their own chain, qualified ones at Solana cannot keep theirs up. The chain they built for throughput couldn’t handle… wait for it… throughput. Bots pre-mint spamming Candy Machine took the network down for 7 hours. I guess it wasn’t business hours.
Another algorithmic stablecoin $FEI got close to depegging. This time due $80M hack from Rari Capital’s Fuse pools. Reimbursement discussions are happening, and there’s a $10M bounty. $10M was also lost in Saddle Finance hack.
While DeFi devs get hacked by others, NFT devs self-own.
An OG DeFi builder Andre Cronje ragequit crypto a month ago. Now “his chain” FTM tanked. And Andre went to The Chopping Block to save his lasting legacy.
In the unexpected section we have Snowden as one of the Zcash founders and IMF dropping a report including DeFi.
In the education section we have a thread on DyDx, a post on how we get to $1M BTC, how to welcome normies into NFT’s, and that there really are stupid questions. Also, if you escrow man’s money, you should also roast him constantly.
Luckily some things in this volatile world are constant. ZachXBT continues doing gods work and managed to recover $50k from stolen SOL. Floyd “punch-my-face” Mayweather keeps on rugging. And no week goes by without some apes getting hacked.
That’s it for this week, enjoy the weekend 🧉