🌪 CloneX NFTs Sell Out in Auction Roiled by Attacks and Controversy
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TOO MANY ATTACKS On Nov. 29, RTFKT Studios was all set to begin the public sale of its CloneX avatars. Then the attacks on its website started. At just after midnight on Nov. 30, the metaverse-first design outfit hit the pause button. “Minting will start tomorrow,” the firm tweeted. “Apologies for this fck up, we had way too many attacks.”
MYSTERY The sale resumed as promised and quickly sold out, according to a message in the team’s Discord. Yet some users are skeptical that an attack ever occurred. Such is life in the wildlands of NFT auctions these days — under digital assault one minute, selling out a hot avatar the next, then mystery around whether an attack occurred at all.
HYPE With the metaverse entering a phase where activity must match the hype, investors are eyeballing sales like RTFKT’s for such strangeness. And the money involved is massive.
THREE DAYS Ethereum has made another leg up against Bitcoin, with the ETH/BTC chart tagging its highest level since May 2018. On Dec. 1, ETH traded for 0.0837 BTC after rallying 12% over three days to test prices not seen since May 2018. The move coincides with combined total value locked (TVL) of the DeFi sector posting a new record high of $277.6B, according to DeFi Llama.
BULL MARKET However, Ether is still down 52.4% from its June 2017 high of 0.176 BTC. Ether also posted a secondary top at nearly 0.123 BTC when the bull market ended in January 2018. The current bull cycle has seen Ethereum steadily gain 423% over Bitcoin since hitting a local low of 0.016 BTC in early September 2019. Ethereum has recently been range-bound between roughly 0.058 BTC and 0.083 BTC since quickly rallying by 174% during April of this year.
BURN Compared to the previous cycle, commentators, including Anthony Sassano, the host of The Daily Gwei, have argued that the Ethereum market exhibits much stronger fundamentals owing EIP-1559’s introduction of a burn mechanism to Ether’s fee market, plus surging on-chain activity from the DeFi and NFT sectors.
The problem of aggregation, where rational actions at the individual level lead to an irrational outcome at the collective level, is prevalent in macroeconomics and financial markets. A bank run is a classic example.
The solution in TradFi is often centralized agency in the form of (government) institutions, powered by a countervailing incentive structure. In regards to the example of a bank run, individuals are rationally motivated to withdraw their deposits in a mad dash for the exit, despite having this action exacerbating the effects at the collective level.
As a response to this problem of aggregation – the FDIC was instituted as a countervailing agency, incentivized by the need to provide stability to the banking system. Similarly, in the spring of 2020, the Federal Reserve was a neutralizing force against the rational behaviour of investors fleeing the market. The Fed’s agency is motivated by its mandate for macroeconomic stability.
Meet with DeFi & Crypto companies including BitPay, BlockFi, Circle, Novi, Onyx, Ripple, Zero Hash (and many more!) plus the fintechs, networks and solution providers making DeFi & Crypto plays, including Finastra, Fiserv, JPMC Merchant Services, Mastercard, Veem & Visa (to name just a few!). Plus investors, banks, tech cos and many others.
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It is with great excitement that we announce the launch of Perpetual Protocol v2, dubbed ‘Curie’, to Optimism mainnet! While this release marks the culmination of months of hard work from our team, we’re just getting started and we’ve got a lot of exciting developments planned for the future.
Rocket Pool is live on mainnet! Slowly rolling out its staking pools, Rocket Pool is opening up its decentralized ETH staking product to the world. Core team members Darren Langley and Dave Rugendyke join to talk about the past, present, and future of the protocol.
On November 30, the Department of Justice announced that Jeremy Spence pleaded guilty to commodities fraud in operating "cryptocurrency funds" that were, authorities say, Ponzi schemes that lost investors a total of $5 million.
Cryptocurrency exchange Crypto.com agreed to buy North American Derivatives Exchange (Nadex) and Small Exchange Inc. to expand its presence in the U.S.
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Tutorial: The Degen Savings Portfolio Featuring Abracadabra, Curve and Convex Curve is now the largest DeFi protocol with $22B in Total Value Locked across seven blockchains.
Zero-Knowledge Pioneer StarkWare Launches Layer 2 Rollup Network StarkWare, the team that pioneered zero-knowledge-based rollups in 2018, has launched the mainnet alpha of StarkNet — the team’s much anticipated Layer 2, zero-knowledge (ZK) rollup network.
A Big Test for DAOs: Honing New Compensation and Contribution Practices As we usher in a new era of work via DAOs, many projects face a similar challenge of determining a scalable formula for compensating their contributors. What works when there are only five core contributors may not work as the community grows, and the best way to measure and reward contributions in one DAO may not be right for another.
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