😠A16z's 'Techno-Optimist Manifesto' Neglects To Mention Crypto
The "Techno-Optimist Manifesto" from Marc Andreessen, the co-founder of the major web3 VC firm, a16z, conspicuously makes no mention of cryptocurrency. 22% of a16z's $3.5B in active capital is invested in web3.
Reddit, the popular social media platform, is discontinuing its Arbitrum-based "community points" tokens. The two tokens suffered losses of 85% and 51.5% respectively.
The Fantom Foundation lost $550,000 to an exploit targeting one of its wallets. A Fantom employee also lost $3.4M to the hacker.
EtherFi's liquid staking token, eETH, is now live on Ethereum's Goerli testnet. Its mainnet deployment will gov live on Nov. 6 and offer exposure to both staking rewards and restaking yields.
The total value locked in Scroll jumped 450% in 48 hours after the began promoting its mainnet deployment. The spike followed a sluggish debut week for Scroll following its stealthy mainnet launch.
Plus, the team behind the dYdX protocol is now a Public Benefit Corporation. As such, dYdX Trading Inc. won't generate trade fee revenue from its upcoming v4 iteration.
✍️ In today’s newsletter:
- Cryptocurrency absent from a16z essay
- Reddit abandons crypto-powered rewards
- Fantom Foundation exploited for $0.5M
- EtherFi schedules mainnet for restaking LST
- Scroll TVL up 450% on marketing push
- dYdX developers restructure into Public Benefit Corporation
📈 Markets in last 24 hrs:
|S&P 500||$4,373||↙ -0.01%|
|Arch WEB3||0.74pts||↙ -1.23%|
|↳ FINANCE||0.75pts||↙ -1.92%|
|↳ INFRA||0.74pts||↙ -1.05%|
|↳ CONSUMER||0.81pts||↗ 0.74%|
Learn more about Arch Indices here.
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There is No Mention of Crypto in Marc Andreessen's Techno-Optimist Essay
TLDR The web3 community was shocked to discover that the "Techno-Optimist Manifesto" from the co-founder of leading crypto VC firm, a16z, makes zero mention of web3 or cryptocurrency. A spokesperson for the company said the essay does not reflect a reduced interest in crypto on the part of a16z.
SO WHAT Marc Andreessen's cryptocurrency omission was a surprising move coming from the co-founder of a firm with 22% of its $35B in active capital invested in the web3 space.
Reddit To Discontinue Community Points Within Weeks
TLDR Reddit announced it will phase out its Arbitrum-based Community Points feature before the end of next month. The news sent the value of its MOON and BRICK tokens plummeting.
SO WHAT Reddit's cryptocurrency embrace served as a boon to the sector, with the popular social media platform investing years into developing the feature and hosting a competition for teams working on Ethereum scalability. A platform-wide rollout also would have exposed new users to some of the non-financial utilities associated with digital assets.
Fantom Foundation Wallets Hacked and Drained in Exploit
TLDR The Fantom Foundation suffered an exploit worth $550,000. While the organization assured that more than 99% of its assets are safe, one of its employees suffered a $3.4M loss.
SO WHAT Fantom said the employee was targeted because their wallet was incorrectly labeled as belonging to the foundation. It added that an investigation is underway and the stolen funds are being tracked on-chain.
Investor Pro Tip: Are you checking for locked liquidity before buying a coin?
Investing in DeFi memecoins can feel like the wild west but seasoned investors have tricks to navigate the space comfortably. Professionals know to always check for locked liquidity before investing in a project - it’s a key step towards making cautious investments in DeFi! This is because tokens with locked liquidity (from a reputable 3rd party locker) have the inability to rug pull by draining the liquidity pool.
Projects with liquidity pools on UniSwap v2 or v3 are increasingly locking their liquidity because investors now expect them to, but also because it is a key step towards building a good relationship with their communities. Wouldn’t you feel better about investing in a token that has shown they believe in the longevity of their project?
Now if you yourself are a token project looking to increase your good reputation, attract more investors, and increase their trust in you, locking is key. Locking a majority of your liquidity is like getting a much needed safety badge. Learn more about locking with the most reputable lockers in the space here.
EtherFi's Liquid Staking Token Live On Goerli Ahead Of Mainnet Launch
TLDR eETH, a new liquid staking token from EtherFi, is live on Goerli ahead of a Nov. 6 mainnet launch. The token accrues both Ethereum staking rewards and restaking yields via EigenLayer for holders.
SO WHAT The launch comes Lido, the largest liquid staking provider, is facing fierce criticism over its refusal to self-limit dominance despite being dangerously close to controlling one-third staked Ether's supply. EtherFi said it plans to bake measures into its smart contracts to self-limit at a dominance of 25%.
Scroll TVL Triples In A Day As Layer 2 Ramps Up Marketing
TLDR Scroll's total value locked is up more than 450% two days after its team began promoting the completion of its mainnet launch. Scroll's TVL is now at $4.8M, up from around $850,000 two days ago.
SO WHAT The spike in activity follows an unimpressive debut week for Scroll following its stealthy mainnet launch on Oct. 10. Expectations were high for the network, which processed 47M transactions from 9M users during a six-month testnet.
Ferrari Rolls Out Support For Crypto Payments In The U.S.
TLDR The famed Italian sports car manufacturer, Ferrari, is the latest mainstream firm to embrace crypto assets. The company announced U.S. dealerships will now accept ETH, BTC, or USDC via an integration with the crypto payment processor, BitPay.
SO WHAT Ferrari said it decided to support crypto payments in response to customer demand. However, the company will liquidate all digital assets on receipt for fiat currency.