Mark Zuckerberg unveils ultra-realistic VR display prototypes
CEO of Meta, has been spending billions of dollars a quarter on the metaverse, which has moved very quickly from science fiction to reality in the eyes of big tech leaders like Zuckerberg.
And now Zuckerberg is revealing some of the progress the company is making in the realm of high-end displays for virtual reality experiences.
At a press event, he revealed a high-end prototype called Half Dome 3. He also showed off headsets dubbed Butterscotch, Starburst, Holocake 2, and Mirror Lake to show just how deadly serious Meta is about delivering the metaverse to us — no matter what the cost.
While others scoff at Zuckerberg’s attempt to do the impossible, given the tradeoffs among research vectors such as high-quality VR, costs, battery life, and weight — Zuckerberg is shrugging off such challenges in the name of delivering the next generation of computing technology. And Meta is showing off this technology now, perhaps to prove that Zuckerberg isn’t a madman for spending so much on the metaverse. Pieces of this will be in Project Cambria, a high-end professional and consumer headset which debuts later this year, but other pieces are likely to be in headsets that come in the future.
A lot of this is admittedly pretty far off, Zuckerberg said. As for all this cool technology, he said, “So we’re working on it, we really want to get it into one of the upcoming headsets. I’m confident that we will at some point, but I’m not going to kind of pre-announce anything today.”
CEO of Meta, has been spending billions of dollars a quarter on the metaverse, which has moved very quickly from science fiction to reality in the eyes of big tech leaders like Zuckerberg.
And now Zuckerberg is revealing some of the progress the company is making in the realm of high-end displays for virtual reality experiences.
At a press event, he revealed a high-end prototype called Half Dome 3. He also showed off headsets dubbed Butterscotch, Starburst, Holocake 2, and Mirror Lake to show just how deadly serious Meta is about delivering the metaverse to us — no matter what the cost.
While others scoff at Zuckerberg’s attempt to do the impossible, given the tradeoffs among research vectors such as high-quality VR, costs, battery life, and weight — Zuckerberg is shrugging off such challenges in the name of delivering the next generation of computing technology. And Meta is showing off this technology now, perhaps to prove that Zuckerberg isn’t a madman for spending so much on the metaverse. Pieces of this will be in Project Cambria, a high-end professional and consumer headset which debuts later this year, but other pieces are likely to be in headsets that come in the future.
A lot of this is admittedly pretty far off, Zuckerberg said. As for all this cool technology, he said, “So we’re working on it, we really want to get it into one of the upcoming headsets. I’m confident that we will at some point, but I’m not going to kind of pre-announce anything today.”
VentureBeat
Mark Zuckerberg unveils ultra-realistic VR display prototypes
Mark Zuckerberg revealed some of the progress the company is making in the realm of high-end displays for virtual reality experiences.
Bitcoin's predictable, disinflationary supply growth rate continues to drive its utility as a store of value. However, technical limitations have constrained its practicality as a widely accepted medium of exchange, especially for smaller transactions. The Lightning Network, a Layer 2 protocol, is now enabling the use of Bitcoin for instant, cost-efficient payments worldwide.
DocSend
The Lightning Network: Bitcoin's evolution to medium of exchange
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Estonia is ready to build Web3
The world needs a new internet, according to tech entrepreneur Sten Tamkivi, and Estonia is ready to help build it. We are not destined to live in a world where the internet is run by governments and companies, Tamkivi believes. And the transition to this new generation of the internet, dubbed Web3, is underway, a shift that could end the era of the company-owned internet, of Amazon and Meta, in time.
The world needs a new internet, according to tech entrepreneur Sten Tamkivi, and Estonia is ready to help build it. We are not destined to live in a world where the internet is run by governments and companies, Tamkivi believes. And the transition to this new generation of the internet, dubbed Web3, is underway, a shift that could end the era of the company-owned internet, of Amazon and Meta, in time.
e-Estonia
Estonia's at work on the next-generation of the Internet - e-Estonia
The world needs a new internet, according to tech entrepreneur Sten Tamkivi, and Estonia is ready to help build it.
Digital asset investment products saw outflows totalling $423m last week, the largest since records began by a wide margin.
The outflows occurred on 17th June but were reflected in last week’s figures due to trade reporting lags, and likely responsible for Bitcoin’s decline to US$17,760 that weekend
The outflows occurred on 17th June but were reflected in last week’s figures due to trade reporting lags, and likely responsible for Bitcoin’s decline to US$17,760 that weekend
Dissecting the DAO: Web3 Ownership is Surprisingly Concentrated
DAOs are a staple of web3.
Internet-native and blockchain-based, DAOs are intended to provide a new, democratized management structure for businesses, projects, and communities, in which any member can vote on organizational decisions just by buying into the project.
By analyzing the distribution of ten major DAOs’ governance tokens, we find that, across several major DAOs, less than 1% of all holders have 90% of voting power.
This has meaningful implications for DAO governance. For example, if just a small portion of the top 1% of holders worked together, they could theoretically outvote the remaining 99% on any decision. This has obvious practical implications and, in terms of investor sentiment, likely affects whether small holders feel that they can meaningfully contribute to the proposal process.
DAOs are a staple of web3.
Internet-native and blockchain-based, DAOs are intended to provide a new, democratized management structure for businesses, projects, and communities, in which any member can vote on organizational decisions just by buying into the project.
By analyzing the distribution of ten major DAOs’ governance tokens, we find that, across several major DAOs, less than 1% of all holders have 90% of voting power.
This has meaningful implications for DAO governance. For example, if just a small portion of the top 1% of holders worked together, they could theoretically outvote the remaining 99% on any decision. This has obvious practical implications and, in terms of investor sentiment, likely affects whether small holders feel that they can meaningfully contribute to the proposal process.
Tesla to Close Silicon Valley Office
Tesla on Tuesday announced plans to close an office in San Mateo, Calif. and lay off some 200 people, the latest in a series of job cuts the automaker has made in recent weeks. Earlier this month, CEO Elon Musk told staff that the company planned to cut 10% of its salaried workforce amid concerns about the global economy.
Autopilot targeted.
Those affected in Tuesday's announcement include many who manually reviewed and labeled images to refine Autopilot, Tesla’s driver-assistance technology, which helps drivers navigate on the highway, among other functions.
Broader Silicon Valley shakeout?
Mr. Musk over the past several weeks, has been vocal over the impact of Covid lockdowns, supply-chain disruptions and battery-cell manufacturing challenges. While the broader tech industry may not face the same exact issues, concerns over the economy are impacting hiring plans across a broad swath of companies. In recent weeks big technology companies have announced hiring freezes as well as layoffs in some cases.
Tesla on Tuesday announced plans to close an office in San Mateo, Calif. and lay off some 200 people, the latest in a series of job cuts the automaker has made in recent weeks. Earlier this month, CEO Elon Musk told staff that the company planned to cut 10% of its salaried workforce amid concerns about the global economy.
Autopilot targeted.
Those affected in Tuesday's announcement include many who manually reviewed and labeled images to refine Autopilot, Tesla’s driver-assistance technology, which helps drivers navigate on the highway, among other functions.
Broader Silicon Valley shakeout?
Mr. Musk over the past several weeks, has been vocal over the impact of Covid lockdowns, supply-chain disruptions and battery-cell manufacturing challenges. While the broader tech industry may not face the same exact issues, concerns over the economy are impacting hiring plans across a broad swath of companies. In recent weeks big technology companies have announced hiring freezes as well as layoffs in some cases.
WSJ
Elon Musk Says Tesla Plans to Cut 10% of Salaried Staff
The Tesla CEO’s plan to shed employees drew a negative response from President Biden.
Sequoia Capital Targets $2.25 Billion for 2 U.S. VC Funds
Sequoia Capital, defying the tech market sell-off that’s chilled startup fundraising, is asking investors to commit money to two new U.S.-focused funds, according to two people familiar with the matter.
The Menlo Park, Calif.-based venture capital firm behind Airbnb and DoorDash expects to dedicate $1.5 billion to a U.S. growth fund focused on more mature companies, the people said. It’s also planning a $750 million fund focused on earlier-stage deals, one of the people said. The firm expects to close the new funds in July.
They’re the latest of what Sequoia is calling “sub-funds,” launched after the firm overhauled the structure for its U.S. and European business. In a bid to make it easier to invest in companies after their initial public offerings, Sequoia set up an evergreen main fund called the Sequoia Capital Fund.
The firm is now inviting investors in that fund to place their money in these new sub-funds.
Sequoia Capital, defying the tech market sell-off that’s chilled startup fundraising, is asking investors to commit money to two new U.S.-focused funds, according to two people familiar with the matter.
The Menlo Park, Calif.-based venture capital firm behind Airbnb and DoorDash expects to dedicate $1.5 billion to a U.S. growth fund focused on more mature companies, the people said. It’s also planning a $750 million fund focused on earlier-stage deals, one of the people said. The firm expects to close the new funds in July.
They’re the latest of what Sequoia is calling “sub-funds,” launched after the firm overhauled the structure for its U.S. and European business. In a bid to make it easier to invest in companies after their initial public offerings, Sequoia set up an evergreen main fund called the Sequoia Capital Fund.
The firm is now inviting investors in that fund to place their money in these new sub-funds.
The Information
Sequoia Capital Targets $2.25 Billion for Two U.S. VC Funds
Sequoia Capital, defying the tech market sell-off that’s chilled startup fundraising, is asking investors to commit money to two new U.S.-focused funds, according to two people familiar with the matter. The Menlo Park, Calif.-based venture capital firm behind…
Citigroup is hiring a DeFi and stablecoin risk manager as part of crypto push
Citigroup is hiring a digital assets risk manager to focus on cryptocurrencies, stablecoins and decentralized finance, according to a job posting on the firm’s website.
While it’s just one of many open roles focused on digital assets at the company, Citi is among the first major banks to take aim at decentralized finance — a sub-sector of crypto that, as recent events involving Terra and Three Arrows Capital have shown, can be perilous to navigate.
Citi is currently hiring for two digital asset risk managers at a director level, per the website.
One will specialize in decentralized finance, stablecoins and cryptocurrencies, while the other will be focused on CBDCs, digital securities and enterprise blockchain.
Both risk managers will have responsibilities that include marshalling “a robust, risk-sensitive and unified risk management view and response” to initiatives, pilots, proof of concepts and strategic partnerships, according to the postings.
In a resurgent crypto market, DeFi will likely provide a better alternative to traditional yields, Chitra said. But any bank looking to offer exposure to DeFi would likely have to go through regulated channels that carry out proper know-your-customer checks, like Aave Arc, he added.
Citigroup is hiring a digital assets risk manager to focus on cryptocurrencies, stablecoins and decentralized finance, according to a job posting on the firm’s website.
While it’s just one of many open roles focused on digital assets at the company, Citi is among the first major banks to take aim at decentralized finance — a sub-sector of crypto that, as recent events involving Terra and Three Arrows Capital have shown, can be perilous to navigate.
Citi is currently hiring for two digital asset risk managers at a director level, per the website.
One will specialize in decentralized finance, stablecoins and cryptocurrencies, while the other will be focused on CBDCs, digital securities and enterprise blockchain.
Both risk managers will have responsibilities that include marshalling “a robust, risk-sensitive and unified risk management view and response” to initiatives, pilots, proof of concepts and strategic partnerships, according to the postings.
In a resurgent crypto market, DeFi will likely provide a better alternative to traditional yields, Chitra said. But any bank looking to offer exposure to DeFi would likely have to go through regulated channels that carry out proper know-your-customer checks, like Aave Arc, he added.
The Block
Citigroup is hiring a DeFi and stablecoin risk manager as part of crypto push
Citigroup is hiring a DeFi and stablecoin risk manager as it continues its major crypto hiring push.
Global tech investor SoftBank Group Corp. reported a record quarterly loss of more than $23 billion Monday after an investment spree that Chief Executive Masayoshi Son described as delirious turned sour.
WSJ
SoftBank Reports Record $23 Billion Quarterly Loss as Tech Downturn Hits
The Japanese technology investor suffered losses after holdings such as Uber lost value.
FTX bringing crypto swaps to reddit
FTX global partnership with with Reddit Community Points.
Users need Eth for gas fees to transact with their Points on-chain, and FTX Pay allows them to do that.
FTX believe that the best web3 products have thoughtful utility. Reddit Community Points represent reputation in the community. Users can take their reputation anywhere they want on the Internet.
FTX global partnership with with Reddit Community Points.
Users need Eth for gas fees to transact with their Points on-chain, and FTX Pay allows them to do that.
FTX believe that the best web3 products have thoughtful utility. Reddit Community Points represent reputation in the community. Users can take their reputation anywhere they want on the Internet.
The number of open channels observable on the Bitcoin base layer has risen 38% over the last year, climbing from 65.5K to 90.3K today. The amount of bitcoin held in these channels has also increased by 103% YoY from 2.2K to 4.5K
Why investors think value of a BeReal user is worth double that of Snap
The French social app, which once a day urges users to take and share a photo—wherever they are, regardless of what they’re doing—has become a breakout hit.
Daily active users reached 7.9 million in July, up from 2 million in January and 10,000 in March 2021, according to a person familiar with the app.
That’s attracted investors at a time when many are passing on deals. This spring, BeReal raised a Series B funding at a pre-money valuation of $600 million in a round led by DST Global, the person said.
That price valued BeReal at roughly $100 per daily active user at the time, even before it had generated so much as a penny of revenue. This valuation is less than for digital ad goliath Meta Platforms, where each person using at least one of its apps— Facebook, Instagram, WhatsApp or Messenger—every day is worth about $149, according to The Information’s analysis. But it’s more than two times as much as for Snap and Pinterest, likely reflecting BeReal investors’ anticipation of future growth.
The company last year raised $30 million in Series A funding led by Andreessen Horowitz,
Accel and New Wave.
BeReal aims to reach 100 million users by an undisclosed date, according to ajojobpostitining. It could get there in about nine months if it maintains its recent growth pace: The social media app grew 30% from 6 million daily active users at the end of June to 7.9 million by the end of July, according to the person with direct knowledge of the matter.
So far the app does not generate revenue. But investors for years have shown they’re willing to pay steep prices for user growth, on the bet that a social network will be able to
make money—usually from advertising—once it reaches a critical mass of users.
Anti-Instagram
Like users of Clubhouse in its early days, BeReal’s users have faced problems during this period of fast growth. Many complain that the app often glitches when it sends out its daily notification.
Despite its growth, BeReal has not revealed its plans to make money. Given its success as a counterpoint to Instagram, it’s unlikely that BeReal will settle on an advertising model. In the future, BeReal could test a subscription model similar to that of gaming chat app Discord rather than relying on the digital ads that drive Snap, Meta and Twitter revenue, said a person familiar with the business. BeReal could also charge for bonus features—for example, allowing a user to hide how many times they took a photo or to receive a notification before everyone else.
Discord, valued by investors last September at nearly $15 billion, had about 150 million monthly active users at the time. That means it could have just over 100 million daily active users, according to The Information’s analysis, valuing the company at $146 per user.
The number of Discord users has continued to rise, reaching 183 million monthly active users in the first quarter.
To come up with an estimate of daily active users for companies that only report monthly active users, The Information looked at one of the biggest—Facebook—which reports both metrics. Meta’s Facebook unit has disclosed that its daily active users (1.97 billion) are about 67% of its monthly active users (2.93 billion). Using Facebook’s DAU/MAU ratio, we estimated daily active users for Pinterest, Discord and Clubhouse and compared that estimate to their most recent valuations.
The French social app, which once a day urges users to take and share a photo—wherever they are, regardless of what they’re doing—has become a breakout hit.
Daily active users reached 7.9 million in July, up from 2 million in January and 10,000 in March 2021, according to a person familiar with the app.
That’s attracted investors at a time when many are passing on deals. This spring, BeReal raised a Series B funding at a pre-money valuation of $600 million in a round led by DST Global, the person said.
That price valued BeReal at roughly $100 per daily active user at the time, even before it had generated so much as a penny of revenue. This valuation is less than for digital ad goliath Meta Platforms, where each person using at least one of its apps— Facebook, Instagram, WhatsApp or Messenger—every day is worth about $149, according to The Information’s analysis. But it’s more than two times as much as for Snap and Pinterest, likely reflecting BeReal investors’ anticipation of future growth.
The company last year raised $30 million in Series A funding led by Andreessen Horowitz,
Accel and New Wave.
BeReal aims to reach 100 million users by an undisclosed date, according to ajojobpostitining. It could get there in about nine months if it maintains its recent growth pace: The social media app grew 30% from 6 million daily active users at the end of June to 7.9 million by the end of July, according to the person with direct knowledge of the matter.
So far the app does not generate revenue. But investors for years have shown they’re willing to pay steep prices for user growth, on the bet that a social network will be able to
make money—usually from advertising—once it reaches a critical mass of users.
Anti-Instagram
Like users of Clubhouse in its early days, BeReal’s users have faced problems during this period of fast growth. Many complain that the app often glitches when it sends out its daily notification.
Despite its growth, BeReal has not revealed its plans to make money. Given its success as a counterpoint to Instagram, it’s unlikely that BeReal will settle on an advertising model. In the future, BeReal could test a subscription model similar to that of gaming chat app Discord rather than relying on the digital ads that drive Snap, Meta and Twitter revenue, said a person familiar with the business. BeReal could also charge for bonus features—for example, allowing a user to hide how many times they took a photo or to receive a notification before everyone else.
Discord, valued by investors last September at nearly $15 billion, had about 150 million monthly active users at the time. That means it could have just over 100 million daily active users, according to The Information’s analysis, valuing the company at $146 per user.
The number of Discord users has continued to rise, reaching 183 million monthly active users in the first quarter.
To come up with an estimate of daily active users for companies that only report monthly active users, The Information looked at one of the biggest—Facebook—which reports both metrics. Meta’s Facebook unit has disclosed that its daily active users (1.97 billion) are about 67% of its monthly active users (2.93 billion). Using Facebook’s DAU/MAU ratio, we estimated daily active users for Pinterest, Discord and Clubhouse and compared that estimate to their most recent valuations.
The Information
Why Investors Value a BeReal User Double That of Snap
The siren song of a fast-growing social media network still holds investors spellbound. Take BeReal. The French social app, which once a day urges users to take and share a photo—wherever they are, regardless of what they’re doing—has become a breakout hit…
AppLovin proposes $17.5 billion deal to buy Unity Software
The all-stock offer would create a one-stop shop of tools for mobile-game and other app developers. AppLovin makes tools for app developers to improve marketing and revenue generation. Unity Software operates a platform for developing mobile, console and computer videogames as well as other interactive software applications.
Game over?
Videogaming became life for many in 2020 and 2021 with a worldwide pandemic keeping people inside and both Sony and Microsoft releasing new gaming consoles. Now the videogame industry is seeing a sharp slowdown. Experts blame the drop on a variety of factors, from the lack of blockbuster titles (and new consoles), to the war in Russia and the fact that people feel more free to leave the couch. “The new normal is better than prepandemic, but it’s also softer than we would’ve liked,” Take-Two Chief Executive Strauss Zelnick. “It’s a slower year.”
The all-stock offer would create a one-stop shop of tools for mobile-game and other app developers. AppLovin makes tools for app developers to improve marketing and revenue generation. Unity Software operates a platform for developing mobile, console and computer videogames as well as other interactive software applications.
Game over?
Videogaming became life for many in 2020 and 2021 with a worldwide pandemic keeping people inside and both Sony and Microsoft releasing new gaming consoles. Now the videogame industry is seeing a sharp slowdown. Experts blame the drop on a variety of factors, from the lack of blockbuster titles (and new consoles), to the war in Russia and the fact that people feel more free to leave the couch. “The new normal is better than prepandemic, but it’s also softer than we would’ve liked,” Take-Two Chief Executive Strauss Zelnick. “It’s a slower year.”
WSJ
AppLovin Proposes $17.5 Billion Deal to Buy Unity Software
The all-stock offer would create a one-stop shop of tools for mobile-game and other app developers.
How will brain-monitoring technology influence the practice of law?
Neurotechnology is used to interact directly with the brain by monitoring and recording brain activity or acting to influence it.
Advances in decades to come could lead to lawyers grappling with the human rights implications of brain monitoring and manipulation.
Neurotechnology can be implanted in the brain but it may also be external to the body in the form of a headset, wristband or helmet.
Latest horizon scanning report, Neurotechnology, law and the legal profession, sets out the:
challenges and opportunities that developments in neurotechnology may bring for the profession, and
impact it may have on cognitive performance and the way lawyers work
How could neurotechnology affect you?
Report unpacks:
1. what neurotechnology is
its emerging ripples of impact in society
2. the potential challenges, opportunities and questions facing the legal profession and the practice of law
3. legal implications of neurotechnology developments including:
Moving further into the future, it might be worth considering the possibility of lawyer and technology becoming less distinct than they are now.
Neurotechnology is used to interact directly with the brain by monitoring and recording brain activity or acting to influence it.
Advances in decades to come could lead to lawyers grappling with the human rights implications of brain monitoring and manipulation.
Neurotechnology can be implanted in the brain but it may also be external to the body in the form of a headset, wristband or helmet.
Latest horizon scanning report, Neurotechnology, law and the legal profession, sets out the:
challenges and opportunities that developments in neurotechnology may bring for the profession, and
impact it may have on cognitive performance and the way lawyers work
How could neurotechnology affect you?
Report unpacks:
1. what neurotechnology is
its emerging ripples of impact in society
2. the potential challenges, opportunities and questions facing the legal profession and the practice of law
3. legal implications of neurotechnology developments including:
Moving further into the future, it might be worth considering the possibility of lawyer and technology becoming less distinct than they are now.
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South Korea's semiconductor exports fell 5.1% year-on-year in the first 10-days of August (chips are about 20% of South Korea's exports).
While overall exports to China fell 2.8%, and those to the United States rose 17.5%
While overall exports to China fell 2.8%, and those to the United States rose 17.5%
Yonhap News Agency
(LEAD) Exports up 23.2 pct during first 10 days of Aug.; trade deficit widens | Yonhap News Agency
(ATTN: UPDATES with more details throughout) SEOUL, Aug. 11 (Yonhap) -- South Korea&apos...
An Ethereum Hard Fork is coming. You might want to:
• Maximize on-chain ETH for when it happens (withdraw from CEXes)
• Take an ETH loan
• Dump all PoW assets for ETHPoW
• Have a ready-to-go account on the greedy exchanges supporting the chain
When the merge happens and ETH transitions to POS, there will be two chains. POW and POS. Miners will try and get the last breath of value before selling their hardware. They will keep the POW Ethereum alive, effectively hard-forking the blockchain.
Everything you had before the chain split will now be in the new POS chain, and in the existing POW chain:
• NFTs and assets in wallets
• Liquidity provided (Uniswap, etc)
• Lending and borrowing (Aave, Compound positions)
Your on-chain assets will duplicate
Think of USDC, which is 1-1 backed with US dollars and with a market cap of 54B.
After Ethereum splits, there will be 54B USDC on each chain (108B) and only 54B of backing in Circle
All the USDC in one of the chains will tend to →0, can you imagine which one will be?
Users will most likely sell everything on the proof of work chain (USDC, USDT, DeFi tokens, meme tokens, NFTs) for ETHPoW, which will be the only token with some speculative "value"
AND this will probably happen within the first block. Gas wars, MEV, bribes, you name it.
In the first minutes of the fork, everyone will want ETHPoW. Price might even briefly surpass ETH
Everyone will:
• dump everything they got for ETHPoW
• send ETHPoW to one of the supporting CEXes
• lastly, trade it for other assets, like ETH.
Airdrop money for bots!
How to be ready NFA?
• Withdraw all your ETH from centralized exchanges to on-chain ETH
• If you hold stETH (one of the fastest assets to dump) lend it on Aave and borrow ETH or other assets. Monitor APY closely, it will skyrocket
• Don't buy the token, it will dump
• Research how to connect to the PoW chain once the merge happens (MM and other wallets will probably NOT automatically connect)
• Cancel any Opensea bids you made, they will be accepted on the PoW chain and your WETHPoW will be taken from you
• Remove your liquidity from pools before the merge. You are better off having ETH/USDC in proof of work chain than a PoW UNI-v2 position of ETH/USDC.
• You will not be able to remove liquidity on time (lots of bots) and will be left with no ETHPoW
• Open accounts in the usual suspects: they will support ETHPoW so you can insta-dump.
• Take an ETH Loan (Aave, Compound). If you have other assets, you might want to take an ETH loan to maximize your ETHPoW
Will be easier to dump ETHPoW in a CEX instead of USDCPoW in a DEX with all the chaos.
Careful with APYs, they will skyrocket.
• Maximize on-chain ETH for when it happens (withdraw from CEXes)
• Take an ETH loan
• Dump all PoW assets for ETHPoW
• Have a ready-to-go account on the greedy exchanges supporting the chain
When the merge happens and ETH transitions to POS, there will be two chains. POW and POS. Miners will try and get the last breath of value before selling their hardware. They will keep the POW Ethereum alive, effectively hard-forking the blockchain.
Everything you had before the chain split will now be in the new POS chain, and in the existing POW chain:
• NFTs and assets in wallets
• Liquidity provided (Uniswap, etc)
• Lending and borrowing (Aave, Compound positions)
Your on-chain assets will duplicate
Think of USDC, which is 1-1 backed with US dollars and with a market cap of 54B.
After Ethereum splits, there will be 54B USDC on each chain (108B) and only 54B of backing in Circle
All the USDC in one of the chains will tend to →0, can you imagine which one will be?
Users will most likely sell everything on the proof of work chain (USDC, USDT, DeFi tokens, meme tokens, NFTs) for ETHPoW, which will be the only token with some speculative "value"
AND this will probably happen within the first block. Gas wars, MEV, bribes, you name it.
In the first minutes of the fork, everyone will want ETHPoW. Price might even briefly surpass ETH
Everyone will:
• dump everything they got for ETHPoW
• send ETHPoW to one of the supporting CEXes
• lastly, trade it for other assets, like ETH.
Airdrop money for bots!
How to be ready NFA?
• Withdraw all your ETH from centralized exchanges to on-chain ETH
• If you hold stETH (one of the fastest assets to dump) lend it on Aave and borrow ETH or other assets. Monitor APY closely, it will skyrocket
• Don't buy the token, it will dump
• Research how to connect to the PoW chain once the merge happens (MM and other wallets will probably NOT automatically connect)
• Cancel any Opensea bids you made, they will be accepted on the PoW chain and your WETHPoW will be taken from you
• Remove your liquidity from pools before the merge. You are better off having ETH/USDC in proof of work chain than a PoW UNI-v2 position of ETH/USDC.
• You will not be able to remove liquidity on time (lots of bots) and will be left with no ETHPoW
• Open accounts in the usual suspects: they will support ETHPoW so you can insta-dump.
• Take an ETH Loan (Aave, Compound). If you have other assets, you might want to take an ETH loan to maximize your ETHPoW
Will be easier to dump ETHPoW in a CEX instead of USDCPoW in a DEX with all the chaos.
Careful with APYs, they will skyrocket.
BlackRock is offering its first-ever investment product directly in Bitcoin as a response to demand from large institutional clients seeking exposure to the asset
Bloomberg
BlackRock Offers Bitcoin Investing to Big Institutional Clients
BlackRock Inc. is offering its first-ever investment product directly in Bitcoin, marking a significant move into crypto markets by the world’s largest asset manager.
OFFICIAL: The Ethereum Merge has been scheduled for ≈ September 15th/16th
LinkedIn profiles indicate that hundreds of ByteDance and TikTok employees used to work for Chinese state media publications, raising concerns that China could use TikTok’s broad cultural influence in the US for its own ends.
Forbes
LinkedIn Profiles Indicate 300 Current TikTok And ByteDance Employees Used To Work For Chinese State Media—And Some Still Do
Three hundred current employees at TikTok and its parent company ByteDance previously worked for Chinese state media publications, according to public employee LinkedIn profiles reviewed by Forbes.
All about AI, Web 3.0, BCI
An Ethereum Hard Fork is coming. You might want to: • Maximize on-chain ETH for when it happens (withdraw from CEXes) • Take an ETH loan • Dump all PoW assets for ETHPoW • Have a ready-to-go account on the greedy exchanges supporting the chain When the merge…
The terminal total difficulty has been set to 58750000000000000000000.
This means the ethereum PoW network now has a (roughly) fixed number of hashes left to mine.
bordel.wtf predicts the merge will happen around Sep 15, though the exact date depends on hashrate
This means the ethereum PoW network now has a (roughly) fixed number of hashes left to mine.
bordel.wtf predicts the merge will happen around Sep 15, though the exact date depends on hashrate
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Polkadot-based stablecoin aUSD depegs after Acala Network breach
Acala Network, the decentralized finance hub of Polkadot, has been breached and its stablecoin depegged from the dollar mark.
Early this morning, Acala's Twitter page posted that it noticed configuration issues regarding the Honzon protocol, which affects its stablecoin aUSD, leading to a vote to pause operations on Acala while it investigated the issue.
According to Coinmarket cap, the stablecoin is currently below the $1 dollar mark, at one point dropping to a low of $0.58. Acala's aUSD is "a decentralized, multi-collateralized stablecoin backed by cross-chain assets" according to its website.
"We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD," said Acala in a Twitter statement.
“The misconfiguration has since been rectified and wallet addresses that received the errorneously minted aUSD have been identified, with on-chain activity tracing in respect of these addresses underway."
While Acala has yet to confirm the amount that was involved in the breach, Binance CEO Changpeng Zhao reacted to the news by saying it was possible that "over a billion $AUSD" was obtained by the attacker.
Acala Network, the decentralized finance hub of Polkadot, has been breached and its stablecoin depegged from the dollar mark.
Early this morning, Acala's Twitter page posted that it noticed configuration issues regarding the Honzon protocol, which affects its stablecoin aUSD, leading to a vote to pause operations on Acala while it investigated the issue.
According to Coinmarket cap, the stablecoin is currently below the $1 dollar mark, at one point dropping to a low of $0.58. Acala's aUSD is "a decentralized, multi-collateralized stablecoin backed by cross-chain assets" according to its website.
"We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD," said Acala in a Twitter statement.
“The misconfiguration has since been rectified and wallet addresses that received the errorneously minted aUSD have been identified, with on-chain activity tracing in respect of these addresses underway."
While Acala has yet to confirm the amount that was involved in the breach, Binance CEO Changpeng Zhao reacted to the news by saying it was possible that "over a billion $AUSD" was obtained by the attacker.
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