FULLSTACK WEEKLY 7.20.22
π Zhu Owes Billions, Nothing Phone is Dope, SUI Node, Inflation is Killing Us, Magic Eden Crushing. π
π¦ Market Recap
πΈ Hang Raise
π± Nothing Phone
π SUI Validator
π Inflation
π° ME v. OS
πTweet of the Week
7 Min Read
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Quick Market Recap
BITCOIN: +20.17%
ETHEREUM: +50.32%
BNB: +32.48%
XRP: +17.31%
ADA: +10.82%
SOLANA: +41.80%
DOGECOIN: +20.85%
POLKADOT: +9.99%
POLYGNON: +156.93%
AVALANCHE: +63.07%
TRON: +14.57%
UNISWAP: +89.93%
3AC Update
"The court documents revealed that 3AC owes its creditors a total of $3.5 billion to 25 different companies, including $2.3 billion to Genesis, a crypto trading and lending company under the Digital Currency Group umbrella."
HANG RAISES $16M
Hang recently a raised $16M round led by Paradigm to build what they call the Future of Memberships.
How do you build a community? How do you garner brand loyalty, and how do you incentivize community members to contribute? Hang thinks they have found the answers in NFTβs.
Hereβs the TLDR; You receive an NFT for buying products from certain brands, the more you spend, the more your NFT levels up, spending essentially pushes you into new echelons of perks, rewards, and status, much like airline miles.
According to Hang,
βEach NFT has an inherent identity and status, amplifying social incentives within the community.β
Nothing Phone (1) x Polygon
Let me start by saying, I donβt think Iβve ever wanted a piece of hardware more than I want this phone. It looks like a phone straight out of Tron, and I love Tron.
Nothing is partnering with Polygon to assist with their Web3 integration. The phone will include payments, crypto storage, and native access to dApps. You will also be able to track your NFTβs and show them off from your home screen. Similar to Solanaβs Saga, the team is out to lower the bar to entry, dApps people can use without knowing theyβre dApps is key to adoptions.
Whatβs most interesting to me is the integration with the Polygon ID blockchain identity system. The goal is to give users a decentralized, secure, and self-owned identity that can be used to verify their existence.
There has been a lot of hype around Polygon these days, first their partnership with Disney and now they have a Phone! Bullish on Matic.
SUI Validator
We talked about the new L1 SUI already, but we forgot to mention that itβs pretty easy to spin up a node. The team has hinted early adopters will be rewarded, and from what I understand building a node is imperative to becoming a validator when the time comes. A high IQ move might be spinning up a node early and playing the long game.
If SUI goes big, Iβll be sure to collect my clout by posting pictures of me swimming in all my SUI swag, while you toil in poverty.
Inflation
A short thread on the brutal facts surrounding inflation.
βFor each point inflation rises, the average investor loses around $34k.
The Fedβs most recent numbers show the average savings for 30-year-olds is $11,250. The median savings is $3,240.
For the age group that includes 40-year-olds, the average savings is $27,900. The median savings is $4,710.β
TLDR; Inflation is wreaking havoc on what little savings Americans have.
Full thread. π
Magic Eden Flippens Open Sea
Solana NFTβs have been on an absolute terror for a while now, but I didnβt think they would catch up to OpenSea so quickly.
The monthly trading volume now stands at $163M for ME v $167M for OS.
When it comes to active traders, ME pulled ahead over the last couple of weeks. Thereβs been a sharp decline in OS active traders, but this probably has something to do with Solanaβs low fees and the Solana ecosystem NFTβs being a bit more accessible in price.
In a recent announcement, OS said it would be cutting a fifth of its staff, and itβs no wonder, the chart below show OSβs fees being more than halved on an MoM basis.
Tweet of the Week
This is π stuff.
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