Weekly Wrap & Cool Cats IRL

Last week the feed was full of Blast L2 links and this week, its seemingly full of Blast L2 FUD. With over $500 million deposited up in a 3/5 Ethereum multisig and funds moved to Lido before as much as a testnet is live, it's not surprising. More on that later...

The $ROOT token from Futureverse I mentioned last week, went live on several centralised exchanges and quickly settled at around 3c per token. This was down from about 10c in pre-launch OTC trading but much higher than the opening price of less than 1 cent. This week should see the launch of a native DEX on The Root Network which will enable native XRP trading.

In the world of NFTs, Cool Cats broke off of the chain and into the Macy's Thanksgiving parade. This was a long time coming and a result of a social media vote last year. There was also a digital collectible available by completing a game in OnCyber, but in a strange twist it is not an NFT. Or at least, not yet. And you have to sign up for a Macy's account to claim it. Either way, WLTC.

Onwards...

- @nuconomist

Paradigm Says Ethereum Layer 2 Blast Launch Crossed Lines - Decrypt

Last week the Blast L2 fundraiser kicked off to a strong start with over $500 million staked to date. However, the L2 hasn't actually been built or launched yet and all of the funds have been sent to a multisig wallet that has been investing in Lido stETH. This isn't a great look as Lido has been critisicsed as having too much of a centralising effect on the Ethereum network and these inflows are only growing that share. Additionally, an employee of Paradigm who financially backed Blast has come out saying that locking up funds for a long period before the L2 has launched sets a bad precedent.

Breaking Down the Bankless Backlash - CoinDesk

Bankless, the popular Ethereum podcast and media company have received backlash for being too close to (or was it not close enough to?) Bankless DAO. It all started when the DAO applied for $1 Million from Arbitrum to promote their L2. The Bankless founders argue the DAO is not their entity and had no knowledge of the proposal while also holding onto a significant portion of the DAO tokens.

NFT Market Cap (ETH): Ξ 6.4 Million 🔼 | $12.87 Billion (+0.60%)

Weekly NFT Volume (ETH): 68967 🔼 +51.19%

Weekly NFT Traders: 50503 🔼 +2.60%

Weekly NFT Loan Volume (USD): $113.3 Million 🔼 +11.73%

Weekly NFT Deposited as Collateral: 4541 🔼 +9.42%

Bored Ape Yacht Club: Floor: 30.89 ETH 🔼 | Volume: 15k ETH 🔼

Art as an Investment: A Conversation With DCinvestor - NFT Now

Often people in the NFT space will "wallet watch" larger collectors, trying to get an edge on what projects are interesting or culturally important. However, without knowing the motivations behind a purchase, all that information is just noise. Interviews with these collectors are one way you can get at least a curated insight into their thought process and collecting style.

Floor enable mints via Mobile Purchase - Official Announcement

If you've ever complained about gas or fumbled your way through a MetaMask transaction while trying to mint an NFT on a new chain, you'll know that the experience isn't perfect. Floor is hoping to sidestep all of that by allowing you to perform on-chain mints directly from their mobile app. I tested the process with a few NFTs earlier this year and it really is seamless. Floor has quickly become my favourite NFT portfolio app, and with features like this it could become even more.

Sharing this one for the comments section. Narratives are a huge part of what draws attention and fund flow within the crypto ecosystem. I'm letting the comments here serve as an early temprarture check on emerging trends. So far there are a lot of votes for AI, Gaming and RWA (Real World Assets). Of course, "the next big thing" might not have even entered the broader consciousness yet.

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