Degen StuffEDITION #305, 19 May

Gem City switches to Proof-Of-Gem

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Hey Moni Maker 👾

Today, Gem City has once again decided to switch to Proof-Of-Gem. Recall that last time; the transition was postponed by a day, a week, and three years. The developers explained these postponements by the bull market. We understand them. They have plenty of time now.

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Satori - derivatives are waiting for us!

George Wu, CTO and co-founder of Satori, was once sitting and looking at the market: all traders are trading derivatives, but Polkadot doesn't have them. So George and his team decided to make a platform for trading derivatives on DOT. What's more interesting: the guys made a hybrid order book and AMM model to unite users. The goal is that institutionalists and everyone else can use derivatives on one platform with a simple UI. 

The guys recently raised $10 million from Jump Coinbase Ventures, Polychain and others.   

There are only 10k people in Discord, so we suggest DYOR and get in - here.


Ethereum doesn't want to work 

Well, Ethereum Foundation developer Preston Van Loon delighted us yesterday with some news on Twitter. He says that first, the Ropsten public test network should go through a "merge", and then they will take over the Ethereum mainnet and move it to proof-of-stake. Btw, the Ropsten "merge" should be soon - 8 June. 

How is the testing going in general: 

Part 1: First, the developers create a genesis version of the consensus layer 

Part 2: Then the network (in our case, Ropsten) goes through a merge 

Proof-Of-Stake is supposed to scale Ethereum, making it faster, cheaper and greener. Read more about Proof-Of-Stake, mergers and Ethereum here - click


Top 5 crypto narratives from a16z

- middle of cycle 4 of "price-innovation."

Guys quote Benjamin Graham and advise building new in the market because of how much people missed out on projects after the dot-com bubble burst. 

- web3 is more profitable than web2

Earnings in Meta and Ethereum NFT: $1b vs $3.9b. Moral: you can make more dough in web3 than in web2

- cryptocurrency has an impact on the world

It's Flowcarbon, which makes "carbon credits available". Also, about DAO and NFT: the former brings people together from all over the world, and the latter makes money from content.

- Ethereum is the leader, but there are competitors

They call Ethereum a leader and think about Solana, Avalanche, etc. They have all chances to succeed. And bridges - it's gotten easier to live with many chains. 

- Yes, it's still early days

7-50 million Ethereum users. That's as many internet users as there were in 1995. Early, still early.

You can check out the presentation


Ledger infiltrates Web3

Hardware wallet Ledger has decided to look at security after the data leaks (maybe). The guys are releasing their browser extension to interact with Ledger Nano X.

Ledger Connect, which is the extension's name, will do away with third-party wallets and will add a feature called "Web3 Check," which will alert you if the site you want to connect to looks weird.

You'll still need Ledger Live and the hardware wallet itself to send transactions and manage accounts. So, decide to send, connect via Ledger Connect and sign the transaction from your Ledger.


Do Kwon, open the door

Strange news comes from the camp of former Ether killer Terraform Labs. The media reports that several of the project's lawyers are leaving it. You might ask, what's that got to do with lawyers? Here we're wondering the same thing.

It would seem like a fiasco for technicians, analysts or anyone else, but the lawyers leave. They have stronger instincts than anyone else. Apart from the lawyers leaving Terra, the rest of the team "remain firmly committed to the project's mission".

Do Kwon here recently stressed that: "The Terra community is my family" and "I will always be here, no matter how hard things get." Sadly, the family is thinning, and the lawyers realise that they won't be able to take out the lawsuits. There is a lot of media coverage about them - e.g. here.  


Universal Music Group releases NFT

The major music label behind Taylor Swift, U2, Kendrick Lamar and BTS will allow artists to add NFT to the new version of LimeWire for Web3.

LimeWire, still recently announcing its own marketplace on Algorand, has signed an agreement with Universal Music Group. There are plans to launch a music-oriented marketplace, NFT, on the same blockchain. A launch campaign will start at the end of the month, and then it will be up and running soon.

In short, LimeWire's plans are clearly far-reaching. It's far from certain that celebrities will immediately launch their NFTs there, but at the very least, it's worth watching!   



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