Gramajo
Welcome to another edition of the Weekend Degen Report.
What to expect: 1046 words a 6-minute read.
TLDR: Scams EVERYWHERE. Eth decentralization at risk. Bastien pushing boundaries on ERC-6551. IRL Monster collectible
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GM GM. On June 12th, i’ll be dropping my latest podcast episode with . I am currently formulating what a weekly or biweekly podcast episode similar to this newsletter would look like. The style, format, etc without it being an exact copy of this newsletter.
For those that are on that churn/credit card game and don’t commute too often. The Gemini credit card has 10% back on gas on up to $200 dollars. So you can get $20 in eth or btc a month just for using it for gas. If eth and btc go up then the rewards rate is higher. Just an idea for all. I do something similar with Fold and paying my mortgage with them and on most months I can get about $100 in BTC sometimes a bit more. When the price of btc was 60k the rewards essentially tripled for me off of something I have to do anyways.
Another wild week in the space. Let’s start with the bad before the good. It appears Atomic Crypto Wallet may have been compromised. About 35m has currently been stolen and it appears to be continuing. It does not seem be a phishing attack either but more info is yet to come out.
Another situation is brewing in the background as well. The perfect blockchain will encounter a trilemma at some point where a decision between security, decentralization, and scalability will be made. BTC focuses on security and decentralization, Solana focused on scalability and security. This is not to say one is choice is better than another, but balance is required/desired. Why do I bring this up? Currently Lido governance layer has gone past 32% in staking/validation. Vitalik has stated in the past that he would like no validator to go past 15%, we have now double that. What does this all mean? The closer we get to 50% the easier is for one actor to go rogue and fuck with our moneys. Or even if we don’t approach 50% that quickly, more than 30% staked eth, if anything were to happen to Lido, we could run into issue. Consolidation of this much power, voting, eth, etc is not healthy. BTC has shown in the past, that the more decentralized you are the harder it is for any adversary to take you out (just ask China).
There are rumors that Binance had layoffs or as CZ is saying, this is par for the course activity. With everything else going on from money being stolen, crypto companies going down left and right. Ledger debacle, it is starting to feel a bit hard to know where to keep your money.
If somehow you have not lost your money then you can still lose it to regular scams haha. This story is wild, an “artist/hopeexist” was basically stealing art and pretending to have some type of cancer. It takes a special type of person to pretend to have cancer to get ahead.
But don’t worry Degens, grifters are everywhere and even VCs aren’t safe. Moonpay execs pocketed over 150m from a Series A round (grifters everywhere).
Okay enough bad stuff. Some of you may know that I enjoy watching Formula1 and Formula1 has now started minting NFTs with your tickets. This could be pretty awesome for those that attend the 1st Las Vegas or Miami Grand Prix imo. This is similar to the NFL but in case many of you didn’t know Formula1 is one of the biggest sports in the world watched internationally and now picking up steam in America.
ERC-6551 was announced earlier this year. And it is token bound accounts. Imagine an NFT that can also act as a wallet. Interesting idea and Bastienjpg took this idea and ran with it HARD. Bastien recently announced The Garage using this tech and it is amazing. An empty garage (for now) with 1/1 art that will be added over time. Bravo on the idea Bastien! The use cases for Erc 6551 are New but with Bastien you’ll be in great hands.
Lastly, fellow reader/shithead/supporter of my newsletter recently won a local tournament with a decent size pot and is now headed to Vegas. Like a true weekend degen. Congrats Johan!
For this section I’ve determined I’m going to spend more time on art and less on pfps. The Doomed which is a grail for me, sold for 18eth. Which is robbery and was in fact robbery. Two rabbles traded hands this week. #5 sold for 25eth and #7 for 21eth.
Fellow Alphadoggg memember Xeno is dropping an ordinal project (auctions start today) and it is similar to squiggles but onchain. The project has been getting a ton of hype even in this bear market.
I am looking forward to seeing another Monster come to real life. This tweet from Life Of Muga, gives us a preview of what is to come. Physicals, NFTs and collectibles is a match made in heaven. I am hoping I can bribe my way into one haha.
Speaking of Des Lucrece, I am looking forward to seeing the evolved form of this ultra spawn.
With the current Des Lucrece burn, this remix of a classic meme by Rezva gave me a really good chuckle.
Hope you all have a great week!
CIAHOAD-Rick James
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