🧐 LooksRare Team Reaps $31M Windfall as Token Plunges 70% From All-Time High
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TRANSFER LooksRare’s rise has been so meteoric that in just a few weeks its trading volume has outpaced mighty OpenSea. Now it appears the LooksRare team transferred roughly 10,500 wrapped ETH (wETH), worth more than $31M, to personal wallets, according to Zodd, who works for the NFT exchange. The wETH came from LooksRare’s 2% exchange fees, all of which go to LOOKS stakers.
PLUMMETED So what’s the issue? Partially it’s just that the team has made a lot of money in a short amount of time while the LOOKS token has plummeted 43% in the last week and has lost 70% of its value since its all-time high on Jan. 20.
RESPONSE “Think $500k per team member per month is a little much for the start of a project,” tweeted 0xb1, a well-known crypto investor, in response to Zodd’s explanation about the team earning so much wETH. Perhaps put some back into your token price.”
Token release schedule of tradable LOOKS tokens. Source: LooksRare
Ethereum Burn Rate
NEWS Declining activity in the NFT markets led to a plunge in Ethereum’s burn rate in February, according to Ultrasound Money, a data aggregator tracking activity on the Ethereum network.
MINTING Surging activity in the NFT markets has been a major catalyst for the recently record-breaking burn rate on Ethereum. Whenever complex tasks take place on the Ethereum network — minting NFTs, for instance — ETH is eliminated or burned in accordance with the EIP-1559 upgrade.
BOOM A recent boom in the popularity of NFTs has seen the sector’s leading marketplace, OpenSea, dominate Ethereum’s burn rankings in recent months, consistently representing more than 15% of all ETH destroyed. LooksRare, a recently launched rival, also contributed to the high burn rate, ranking fifth by ETH destroyed less than one week after launching.
This article was sourced via PubDAO, a decentralized newswire.
REAL WORLD A lot of people say crypto has no “real-world use cases”. “What can you buy with it?” someone will ask, at which point the other person will shrug back “JPEGs on the internet?”
ASSETS The truth is, you can use crypto to buy anything you want in the material world. You can even enjoy the same tax perks used by the wealthy when they buy things, by borrowing against your assets instead of selling them.
PURCHASES In this article, I’m going to show you how you can use all sorts of crypto assets to make real-world purchases while staying invested, minimizing your tax bill and generating cash flow. Does it really work? Yes, it does, and I’ll show you how.
DeFi 101: GameFi
In this primer, Kurt Ivy unpacks Axie Infinity’s gameplay, use of NFTs, and tokenomics.
ECOSYSTEM The Axie Infinity game is one of the biggest and most well-known Web 3.0 platforms, built on a blockchain and making use of Non-Fungible Tokens (‘NFTs’). The use of the Axie Infinity ecosystem has skyrocketed in recent times.
DISPLACEMENT The platform actually provided residents of the Philippines with a means of earning an income due to job displacement from the Covid-19 pandemic. They earned so much that the government declared that revenue generated from this platform was subject to income tax.
PLAYERS With nearly three million daily active players and $3.6 billion traded through its in-house NFT marketplace (as per its official webpage), it’s worth looking into Axie Infinity for the gameplay and the potential return on investment.
MARKETPLACE Axie Infinity is a Play-To-Earn game, built on a distributed ledger (aka a blockchain), where Axies are represented as NFTs, which are stored on a blockchain. Axies can be sold through the in-house peer-to-peer marketplace. The Axie game is built on the Ethereum blockchain, and the Axies are priced in ETH, the native cryptocurrency for Ethereum.
Oasis is the leading, scalable, and privacy-enabled, layer-1 blockchain. It’s one of the two most-invested-in blockchains, according to Messari and has an established partner ecosystem with Fortune 500 companies. With a $200 million Ecosystem Fund dedicated to helping projects build on the network and supported by top industry backers such as Pantera, Binance Labs, Dragonfly, Electric Capital and more, Oasis Network offers plenty of opportunities.
Oasis is ideal for DeFi due to its instant finality, 99% lower gas fees versus Ethereum, high throughput, privacy protection, and defense against MEV
You can now participate in DeFi on Oasis! The Wormhole Bridge and the new YuzuSwap DEX are both live on Oasis Network. YuzuSwap, the first Decentralized Exchange (DEX) built on Oasis Network offers the following:
Swapping between ETH-based and Oasis-based tokens
Liquidity pools and pairs
A voting system for governance of the funds collected with 20% of the transactions fees
🔗 A DAO that funds students to attend crypto events loses half its budget to risky management: The Block
Padawan DAO has lost half of its budget allocated to funding students to attend blockchain events through a risky approach to the management of the funds.
We like it when ARK Invests is bullish crypto. In their seminal 'Big Ideas' report for 2022, the ARK team predicts the price of $1M for Bitcoin.
When is DeFi truly decentralized? That question could soon be at the center of an SEC investigation.
🔗 Why Larry David was the perfect 'anti-sponsor' of FTX's Super Bowl ad, according to Jeff Schaffer: The Block
FTX knew that if it was going to cough up the cash for a Super Bowl spot it had to check a few boxes: represent its growing brand, reach new users and, oddly specifically, include comedian Larry David.
Trending in the Defiant
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Zero Knowledge Proofs Can Save the Metaverse From Becoming a Dystopian Surveillance State When it comes to the metaverse, one thing is clear: Big tech players are aggressively trying to grab market share.
🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.
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