Helium likes to lie

GM. Hope you had a fresh weekend. We were frying in a pan cuz it was hot. Let's dive in shall we?

Today's Topics:

• Helium likes to makes stuff up

• Which DeFi Protocols make money?

• All About Aptos

• ETH Final Testnet Merge

• Quick Links

Helium likes to make stuff up

Helium, a crypto project that has raised hundreds of millions of dollars has been lying to people about who they partner with. Suspicious. Yes.

What does Helium do?

They sell hotspots which customers put in their business or home. The network's users can connect if they are nearby. The more data people use on your hotspot the more HNT (Helium tokens) you can make. Simple enough except the earnings are shit.

Turns out not many people actually pay to use these networks but a ton of money has been spent by investors who bought their equipment to set up hotspots.

Why would they want to do this?

Well for one we just mentioned that they raised hundreds of millions of dollars and what better way to show off to investors than to a have some fancy logos of your customers.

Turns out you actually have to have the companies as customers before you just start slapping their logos all over your website. Someone in the PR department at Helium forgot to send a memo.

On their homepage they tout Lime the scooter company as one using their mesh wireless network. Problem is they have not talked since 2019. Uh that was before the pandemic no? Lime said they only ran a test.

Next Salesforce the company everyone loves to hate also appears on their homepage. The official statement from Salesforce is: "Helium is not a Salesforce partner."

Shortly after the Mashable report both logos came off their homepage.

Once again you must Do Your Own Research. Not everything in crypto is transparent.

Which DeFi Protocols make money?

Image: Bankless **Metrics are from the past six months (January 27 - July 27)**

We are not mathematicians but some projects are taking some big Ls in the Profit column.

All About Aptos

WTF if Aptos? We thought you would never ask.

ETH Final Testnet Merge

One step closer to the Merge which is planned for September.

Quick Headlines

Tiffany & Co launching CryptoPunk pendants - If you own a CryptoPunk you can now pair that with matching jewelry. 30ETH for each! They are not kidding around.

A Web3 game that looks promising - First look at Treeverse. We could see ourselves playing it. Of course we don't have any time.

Chris Dixon joining OpenSea Board - One of the most well known investors in Web3.

zkSynk 2.0 will be out in a few months - Get your mind blown with this thread.

Funding:

GaryV bags $50M for VeeFriends - Can't say we are fans of the NFTs since they look like a 3rd grader drew them. We are bullish on their conference and community.

Debt DAO gets $3.5M seed round - Crypto credit protocol for revenue-based financing. A mouthful yes we know.

Cuts:

CoinFLEX is letting go of a lot of staff - They are also arguing about $84M with Roger Ver aka Bitcoin Jesus. That is a lot of yacht money.

Scams:

Babel lost $280M in customer money - They were trading with it!?!?!

Hit Reply to let us know how we are doing! We would love to hear from you.

Was this email forwarded to you? Sign up here.

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.