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- Another decentralized ‘Twitter Killer’?
Another decentralized ‘Twitter Killer’?
Plus Ballers Don’t Lose and How to make it on Crypto Twitter
MUSHROOM ALPHA
Good day. We will keep it short. Continue below.
Today's Topics:
Aave is launching a decentralized Twitter using NFTs
Ballers don’t lose - They bounced out of Terra before you
Yuga Cohler on How to make it on Crypto Twitter
Quick Links
Kraken is jumping into NFTs
Aave, a popular DeFI protocol, has launched Lens Protocol in a bid to challenge Twitter and other social media platforms. This reminds us of DeSo which is also trying to do something similar. However Lens Protocol is leveraging NFT profiles to store user content within a wallet. Other apps or services can then be connected.
Lens is built on Polygon which is a sidechain for ETH which allows faster and cheaper transactions than Ethereum. Users will own their own data and presumably be able to transport it.
Social media is a tough nut to crack and the graveyard of competitors is piling up. How many people have gone up against FB and lost?
Our take: Focus on the profile vs the platform. In Web3 it makes more sense to have a portable “profile” that you can carry around vs be stuck on a platform such as FB or Twitter.
Ballers don’t lose - They bounced out of Terra before you
After much thought, it’s time to talk about last week and, more importantly, the weeks ahead. s27.q4cdn.com/973063916/file…
— Mike Novogratz (@novogratz)
4:57 PM • May 18, 2022
Mike's letter to the shareholders describing how they cashed out early before retail Luna holders.
So the lessons from the letter are:
keep a diversified portfolio
take profits along the way
have a risk management framework
understand that all investments happen in a macro framework
"Galaxy did all of these with regards to our investment in LUNA." ~ Mike Novogratz
Yuga Cohler on How to make it on Crypto Twitter
1. Last week, I gave a talk at @coinbase's weekly "DeFi Lunch" series. The talk was entitled
How To Make It On Crypto Twitter 🧵
— yuga.eth (@yugacohler)
10:30 PM • May 18, 2022
Main takeaways are:
Follow the right people to get the most alpha
Suggested people to follow
Don’t follow advice like a lemming
How to fit into an archetype (threads, newsletters, podcasts)
STEPN is still HOT
Data from Dune Analytics
Quick Headlines
Terra community or what is left of it divided on Hard Fork idea - Validators seem to be down. We are surprised people still care to vote. Move on please.
V1 CryptoPunks go to Variable Marketplace - Moving on is not just for teens going to college. V1s were the original with bugs but then V2s launched so the original company was trying to hide them. Great story.
Elon Musk wants to make Twitter into a 'Super App' - Expect payments and crypto of course.
Web3 from the lens of a black creator - We still have work to do to be more inclusive.
Binance is going to Germany - They are in talks with regulators. Win for CZ.
Funding:
a16z launches a $600M Fund for Web3 Gaming - Cuz why not? Strike while everyone is down. We like their style.
N3TWORK Studios bags $46M to work on 2 game titles - Both of them will use crypto and Web3.
FreshCut raises $15M for Web3 game platform - Former Twitch execs are building off Polygon. Expect "watch and earn" and "create and earn" games.
Dev Platform DoraHacks raises $20M - The startup will launch an NFT venture fund and some other projects.
Hacks:
Peckshield goes town crier on Honeypot pretending to be Terra Fork - Caution! Don't connect your wallet to this.
See you Friday!
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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.