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LESSON OpenSea, the world’s biggest NFT marketplace with $100M in daily volume, just learned a painful lesson — inside information can lead to unscrupulous trading by employees.
PROFITS Devin Finzer, OpenSea’s co-founder and CEO, said in a blog post Wednesday that an employee purchased “items” ahead of their public listing on the auction site’s front page. With prices for CryptoPunks, Art Blocks Curated and other hot NFTs soaring, “frontrunning” public buying could generate substantial profits for an insider privy to non-public information.
BEHAVIOR “This is incredibly disappointing,” Finzer wrote. “We want to be clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough third party review of this incident so that we have a full understanding of the facts and additional steps we need to take.”
CONFIDENTIAL OpenSea pledged to conduct an independent investigation of the matter. It also introduced policies barring employees from buying or selling NFTs that it’s featuring or promoting, and it prohibited team members from using “confidential information” to buy or sell NFTs on any marketplace.
NEWS At 2:01 AM New York time Wednesday morning, the Solana blockchain went live once again, according to @SolanaStatus.
COMMUNITY “The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25,” the platform reported. “Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.”
DETAILS The Solana team has not released a technical post-mortem on the outage but some additional details have emerged. For example, founder Anatoly Yakovenko tweeted that a bot network chasing an initial DEX offering (IDO) was an issue in the outage. He did not identify the IDO, but he did say it was on Raydium, an automated market maker.
TLDR Not only is DOGE a very good boy, its coin is about to be very smart, too — as in, smart contract-ready. Flare is a startup launching its canary network in the coming days, and it’s going to bring smart contract functionality to DOGE. It will also bring it to XRP, Stellar (XLM) and Litecoin (LTC), with more to come. To watch for exact timing, interested users should watch the Flare Network Twitter and website.
SO WHAT “[DOGE] really is the people’s coin,” Hugo Philion, a co-founder of the Flare Network, told The Defiant. “It has a huge community. Flare is Ethereum for all the layer1s that were left behind.”
MINING The deal is sweetest for XRP holders. Anyone who held XRP on Dec. 12, 2020, will be airdropped SGB, the coin of this new blockchain, Songbird. XRP holders are getting 30% of the total initial supply of 100B tokens. Another 22% will be distributed via liquidity mining over the next seven to eight years to those who move assets from compatible chains onto Songbird.
Tyler Hobbs, the artist behind the popular generative NFT series Fidenza has slammed a Solana-based project for utilizing his code to produce knock-off artworks without his approval.
Alternative investment firm SkyBridge Capital hopes to expand its crypto offerings, filing for a crypto-focused exchange-traded fund (ETF) on Tuesday and revealing plans for an Algorand fund at this week’s SALT conference in New York.
Getting tokens into the right hands in a fair, efficient and targeted way should be a top priority for founders in crypto. Not only does this impact who governs your protocol, a token that begins as a potential security can also become credibly decentralized over time, potentially shielding founders from regulation in a space where precedents are still rare.
Thanks to Reddit’s r/Ethereum community, I’ve had the privilege of following Vitalik Buterin’s career from early on, which is why I’ve taken a certain pride in watching his legacy grow.
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🧑💻 ✍️ Stories in this newsletter were written by Brady Dale, Edward Robinson and Owen Fernau and edited by Bailey Reutzel and Edward Robinson. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr.