🤔New Blockchain? Or a Sinking Ship?
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🤔New Blockchain? Or a Sinking Ship?!
👌Selected Meme of The Day
SOMETHING PROMISING? OR SOMETHING FISHY?
Before we go looking into this New Blockchain vs Sinking Ship topic, we're teasing an intriguing topic for tomorrow: a mysterious new trend that has everyone talking: “F______”. Despite it sounding uhmmm… unintentionally immature, we promise, it’s something serious. Is it revolutionary technology or just another Ponzi scheme? We'll reveal compelling facts and insights in tomorrow's edition, so don't miss it!
We're saving our teased topic for tomorrow's newsletter because we couldn't overlook a recent event that, while not earth-shattering, has had some odd consequences - the launch of the Sei Network's mainnet on August 15, 2023.
For more on the technology behind the SEI blockchain and how they attracted $30M+ in funding, refer back to our previous coverage here.
A meager 3% of the SEI token supply was allocated for the airdrop.
Here's the twist: the mainnet launch promised to be a celebration with an airdrop to reward the community. But instead, it catered exclusively to the wealthy elite - wallets that have never interacted with Sei but were active on other EVM-compatible networks.
But it gets even more baffling. Of that 300M SEI set aside for rewards, a jaw-dropping 289M went to these affluent, yet unrelated, EVM wallets. This left a measly 11M SEI for the true believers - the ambassadors and testers who've sweated for months on end. They received just 0.11% of the overall stash. I mean. Uhmmm… Bombastic side eye…
So, instead of supporting the people who actively contributed to the project, Sei chose to reward those who had absolutely no involvement. Why share with those who have already put in the work for free? Better to give it to those wealthy enough to possibly inject liquidity into the system, it seems…
Had Sei distributed that 3% among its testers and ambassadors, each would've received 27 times more tokens. Compared to Arbitrum, which allocated 12.7% for a similar community effort, it seems woefully inadequate.
Sei's greed appears to have outdone everyone. Here. We said it.
Lastly, the Sei Foundation announced it would increase the number of supported wallets for the airdrop, a decision that also met with criticism for its inefficacy.
There it is - a tangled narrative of unmet expectations and questionable decisions, leaving us all to ponder what's next for Sei Network.
Do you think this was a mistake?
TL;DR: Recent launch of Sei Network's mainnet on August 15, 2023, has drawn attention due to its skewed airdrop distribution. Despite promising rewards for the community, the launch favored wealthy wallets from other networks over the actual contributors, raising concerns about fairness and undermining the efforts of those who supported the project.
EVM-compatible Layer-1 blockchain connecting multiple chains ZetaChain raised a $27M funding round from BlockchainCom (Blockchain Ventures), Human Capital, VY Capital, Sky9 Capital, Jane Street, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Innovation Fund (LIF), GSR Markets LTD, Krust Universe.
ZetaChain was founded in 2021 with the aim of establishing a new standard for blockchain interaction. The idea is to allow users to access all their assets and data from a single wallet on a unified platform, regardless of the blockchain on which they were created or stored, and without the need to create bridges or wrapped tokens. This would also apply to networks not based on smart contracts, such as the Bitcoin and Dogecoin networks.
Interestingly, they seem to be keeping up with the ERC 4337 trend, also known as account abstraction, which has become extremely popular among projects and developers this summer.
We first spotlighted Zetachain back in November 2022, and the potential rewards could be substantial for those who took our advice and engaged in simple, 5-minute weekly testing for nearly a year.
While the project has not made any formal promises, they are definitively planning to release a token. Maybe it's still not too late to get involved.
However, it's worth noting that the network is currently under maintenance, and any initial interaction would involve swaps with test tokens. The mainnet is expected to launch this autumn. If you have any questions or seek further clarification, feel free to reach out to us on Telegram Chat or Discord.
Web3 Metaverse platform ZTX (ZepetoX) raised $13M in a Seed funding round led by Jump Crypto, with participation from Collab+Currency, Parataxis Capital, MZ Web3 Fund, Everest Ventures Group (EVG).
Essentially, they are behind ZEPETO, a Web2 platform known for its rather user-friendly interface and massive user base in ASIA, ZTX aims to carry that success into the Web3 arena (their numbers are big, especially for those who haven’t seen them).
With the recently acquired investment, ZTX plans to focus on the development of a 3D metaverse world. Specifically, they intend to offer specialized tools that will empower digital creators to design, monetize, and distribute their content in this new, decentralized digital frontier.
Good luck to them not to end up like FTX. While ZTX has a strong foundation, its competitive edge in the crowded Web3 metaverse and GameFi sectors is yet to be determined. Being early here may work out, or you may just spend your time for nothing. Risks are everywhere. If you're interested, it's prudent to do your own research. You may start here.
SELECTED MEME OF THE DAY
In Five Years, North Korean Cybercriminals Stole $2B from Crypto Firms. TRM Labs report revealed that this year alone, North Korean hackers were responsible for 20% of all crypto-related exploits.
Gemini Filed a Reply Brief Against SEC Citing Unclear Regulations. The legal tug-of-war between Gemini and the SEC continues.
Over $7m Stolen in Separate Attacks Against DeFi Protocols Exactly And Harbor. The DeFi systems can't seem to catch a break as yet another round of attacks causes a multi-million loss.
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