Rising tide sinks all ships

Casimir Stone
May 26, 2022

In which we obligatorily remind you that web3’s shaping up to be a lot like the real world, after all. 

  • OpenSea is launching an ‘NFT marketplace protocol’ called Seaport — essentially, open-source code allowing anyone to launch their own trading platform — along with offering a $1M bounty to whichever auditor can make it most efficient. This is likely not a showing of remorse or act of self-loathing for being the most centralized compilation of fraud on the blockchain, but rather a hedge against shifting market conditions. I’d reckon the company read the same article we did and realize an unbundling of their former monopoly is imminent. (Yesterday, in fact, marked the first time a Solana-exclusive NFT marketplace outsold OpenSea.) What better way to secure relevance for your platform than making sure every future competitor’s is cross-compatible? 
  • 65% of critically injured gambling addicts straggling out from the rubble of the Terra protocol into the evergreen state of denial have voted to approve Do Kwon’s proposed hard fork. The new Terra blockchain will forego the whole stablecoin conceit altogether and run a new coin under the existing LUNA listing. (Currently trading at a whopping $0.0001468 after last week’s crash and/or rugpull.) I wish all new investors a modicum of street smarts, or, failing that, dumb luck. The founder’s wealth of frozen assets and 0% success rate suggest they’ll need it. 
  • Much like the late Grizzly Man, Marc Andreessen appears unfazed by bear attacks. VC firm and poster child of corporate crypto fuckery Andreessen Horowitz (a16z) has spent today’s press cycle inexplicably touting the $4.5B in funding they still plan to throw into web3 startups, in spite of the most prominent and profitable product of the past few days being a purposefully useless Ponzi scheme. Maybe they share our philosophy — you need to escape the spectres of price activity and trend riding for true innovation to flourish. Or, more likely, they’re taking the same approach they took during the last crypto winter. You can’t lose at the derby if you bet on every horse.

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