Weekly Roundup Week 1
Core takeaways this week
1) Luna 2.0 has crashed
That’s it… won’t write much more on this, DC Investor has his view, I will write an explainer on my assessment of Luna soon… summary: Luna was ambitious and had some token of opportunity for the greater good… 20% anchor yields were a terrible idea, slow Luna growth with focus on expanding non-stable Luna L1 chain adoption and collaterilsation of UST may have given Luna a shot at success… but the risks were too high to be 100% in.
2) Optimism Airdrop
After an initial demand overload, the price of the token has fallen off a cliff.
New proposal to ban dumpers, though some of this is controversial, what I love about the optimism airdrop so far is how first principles it feels. The lack of governance rights, the hint at future airdrops and the retrospective airdrop changes optimise for building a solid web3 community on optimism over appeasing farmers
3) Solana Outage… again
I have mixed views on Solana. Yes the memes will rinse how they’re consistently down, however we’re still early. As long as the chain maintains it’s immutability outages are fixable. Hard forks and pulling back the chain are less acceptable.
SBF expressed his view in the 80,000 podcast - in summary though it may be mispriced, Solana is an impressive chain, that can do 50,000 TPS compared to 10 TPS on Eth.
Crypto mass adoption requires this level of TPS - especially as it enters the fields of social media, health care, education. So though I don’t own any, my view on Solana isn’t substantially affected by this outage alone.
4) Nate Chastain arrested for insider trading of NFTs
Nate ran product at Opensea, and was called out originally by @0xZuwu.
He was dismissed by OpenSea and a lot of people thought this was the end. However, clearly law enforcement had other ideas.
There are 2 sides to this spectrum. Some people view his actions as bad but relatively small compared to the scale of other scams and rug pulls in this space. Others view it as a good precedent to help clean up the space from a lot of the “Alpha” that people trade on.