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X-Race News & Analysis

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As an added utility for our holders at X-Race I create long form news and analysis content 2-3 times a week.

I will be cross posting a portion of one of those posts each week in Chain Lobby so you can get an idea of what its like to have access to this information in the X-Race community.

Cardano & CNFT Happenings

Milkomeda have just showcased their wrapped smart contracts allowing you to interact with the milkomeda layer 2 directly from your layer 1 wallet. The scaling solutions that everyone talks about most on Cardano is Hydra however the scaling issues need to be solved in multiple ways and stuff like this is truly the answer. Milkomeda is criminally underutilised in the Cardano defi space but innovations like this should help to push interaction I have never seen such a frictionless roll up scaling solution applied on any other chain so kudos to the team for this if you wan to check out some Milkomeda protocols Blueshift is the only one worth looking at right now IMO <https://twitter.com/Milkomeda_com/status/1689969508386037761?t=bNRgGGWZxYRPiQku_BL5HQ&s=19>

Iota are going to be highlight speakers at the upcoming Cardano Summit. They are looking at merging their IOTA/Shimmer network with Cardano. Iota is a very solid project and while they have had a lot of issues in the past their mesh network is a novel approach to solve the scalability and transaction cost issues that some other networks face. There is not much information about what the partnership will entail but here is the link to read a bit more <https://cardanofeed.com/iota-co-founder-confirms-exciting-plans-for-cardano-shimmer-and-iota-ahead-of-2023-summit-538>

Mocossi have delayed their pack opening until the 20th so the experience is top notch I think that is a great move any mistake from a project of their size like a bungled reveal will do a lot of damage. Mocossi while I am not all the way sold on what they are building I highly respect the management of the project the team never really makes bad decisions which is why I will support and stay in the project. This has been seen since launch when they copped fud for their 1/1s being too similar to yummi they instantly pulled them and made changes great decision and haven’t missed since.

Custom ADA Handles are now a thing modify your handle with a custom NFT background. This is a cool feature I mean it’s nothing major but go ahead if you like clays are one of the options and probably what I would go with if I was going to do it. I have seen that Nami has had some issues with using these new custom handles though so I will probably wait to be honest if there are some issues with it like that there will probably be more issues that we don’t know about yet so not worth the risk IMO

Chainlobby have partnered with PFP Pitbrawl and CryptoRaggies to build standardized APIs to bring games to the platform that will allow badges and roles based on accomplishments directly allocated to chainlobby accounts. This is an exciting partnership to track for me I think some really cool integrations will be possible here. Check the announcement tweet here <https://twitter.com/chain_lobby/status/1690122217227513856?t=l9_AKtfLGuSzP6UlfX8qpQ&s=19>

KWIC have added FutureFest and Speedthrone to their launcher this is an interesting concept and something that I think will do well for onboarding users to other games. It is similar but also very different to what we are trying to do here and like I have said a lot of times I fully back the KWIC team in the space there are not many teams I trust more than them to deliver.

Adania have partnered with Yolo Solos and are live in their game. If you are in the project, you will know already if you aren’t then shame on you buy one on secondary and join. Adania is one of the hardest working projects in the space and honestly another in that super high levels of trust area for me. Dreams has a supremely creative brain and I think his ideas of things to create will bring so much value to that collection eventhough there is already a ton of reasons to be a community member there.

Macro & Broader Crypto & NFT News

The sandbox have just showcased some working footage of their upcoming mobile release, I will say this for the 1000th time people keep dismissing what they are doing at the Sandbox but it is probably the best game/metaverse/whatever you want to call it in all of web3. For me they have done the best of anyone, they have the best partnerships and the roadmap to what they are building is a successful model. Yes it is early and yes it is still not amazing but it is also extremely impressive at its current stage and land is just getting cheaper. I have a premium plot and if the prices keep dipping I will buy more lands and more sand to stake on them while I practice creating assets that I can sell (or use in my own experience) in their voxedit program and building experiences in their own built no code game engine I can sell or use on my lands. For me it is a matter of when not if and eventhough the price of land is down from a 4.5 ETH floor to around 0.3 ETH this for me is a great place to be. <https://twitter.com/borgetsebastien/status/1690964487510134784>

Zynga the team behind Farmville and words with friends are making a web3 game called Sugartown. It will be on Ethereum and the collection will contain 10,000 NFTs probably one to watch just because they have a great track record but might also be a pretty crappy style of game with a huge price tag so put it on the watchlist but not as exciting as a bunch of others.

Visa have developed a way for you to pay ETH gas fees via Credit Card. While this sounds crazy it is actually something that could be super useful I have on numerous occasions in the past had to buy ETH on an exchange and send it to my wallet just to cover gas on a TX this streamlines it if you have enough ETH but are missing like 0.005 ETH for gas you can just charge it to the card. While its annoying that this happens having this solution is actually really helpful for a lot of people. The way it will work is you essentially link your visa card to your crypto wallet so all gas fees can then be paid by it off chain. Again while its pretty crazy it also shows how the biggest payment provider in the world is working in web3 they are looking and building innovative stuff here and if they are looking and building then the rest of the world will see it.

Jacobi asset management has launched Europe’s first spot Bitcoin ETF. While this is not as significant as the US it is a pretty strong leading indicator of a good outcome for the imminent spot BTC ETFs in the US. <https://decrypt.co/148433/jacob-asset-management-launch-europe-first-bitcoin-etf>

Star Trek truly are exploring the final frontier after applying for some NFT related trademarks. This is some news that my nerd of a brother @marcusZ will be very happy about I have never been huge into Star Trek but any exposure like this is good exposure right, right…. As long as they don’t do some messed up game of thrones shit that is anyone remember those god-awful things. Hit me up if not and I will find the images and share. Anyway article here if you want to read more live long and prosper I suppose. <https://cointelegraph.com/news/star-trek-trademark-nfts-the-final-frontier>

Binance is at risk of getting banned in Nigeria, but for a different reason to most other countries. The exchange is too much competition for their central bank and their own currency is at risk of collapsing in favour of peer to peer trading of USDT. A very interesting article about the situation here <https://cryptoslate.com/nigerian-authorities-call-on-government-to-ban-binance-amid-naira-crisis/>

The risk of using bots has been highlighted recently when a copy traders bot used for farming blur points was tricked into spending 800 ETH on roughly 5-10 ETH worth of NFTs. Blur offers points for activity on their platform similar to how JPG store is doing with their $JPG token. Like any crypto industry, if someone is doing well others create bots to try to profit themselves. Someone created a bot to copy the activity of the top blur points farmer and they got burned. Fucked around and found out in an expensive day for them. They way it worked was the top farmer moved some of their NFTs to a new wallet mostly Azuki elementals with white backgrounds I think, then they placed stupid high bids on those NFTs and waited for the bot to copy the trade then quickly accepting the offers and pocketing the ETH. People are not sure of the legality of this but for it and there is probably some legal protection somewhere if the SEC takes a look but honestly my take is its fair game. They coded the bot poorly there was no check for trait or collection floors and they learnt an expensive lesson.

Zora one of the key Ethereum minting protocols have shifted their model so that creators get more from mints when using their service. For me this is endemic of the times we are in, there are less projects minting and with no mandatory royalties on Ethereum anymore creators are less likely to develop on ETH the market is struggling there since Blur ( partially but not entirely because of blur it was always going to crash and had to as the level of speculation was insane). This is a good move from a smart company to adjust to the times and meet the market a bit better IMO.

Strong smoke signals around the Huobi exchange solvency issues (where there’s smoke there’s fire). There are lots of rumours that they don’t have adequate reserves to pay out holders if they were to all withdraw funds. This is bad, if you use or hold any assets on Huobi remove them to self-custody. In fact if you hold any assets on any exchange remove them to self-custody. <https://www.coindesk.com/markets/2023/08/07/huobis-stablecoin-reserves-down-30-amid-reports-of-executive-arrests/>

Binance have secured a licence to operate in El Salvador, this is a pretty solid move by the company. I am still a fan of Binance I think while early on they may have had some missteps as any company around in that era probably did with 0 laws around crypto operations they seem to be working to better the industry and are generally very open and transparent in everything they do plus their platform is by far the best UX in the space. I hope for all of crypto they can start to stabalise and fend off some of these problems they are facing and they can be proven to be good actors.

Paypal are launching their own Stable Coin called PYUSD to be issued by Paxos. This is interesting considering Paxos’ BUSD issued by them for Binance has recently been shut down. It will be able to be transferred between Paypal, Venmo and compatible external wallets and will be able to be used for purchases. It will be interesting to see if this gains adoption and market share and whether big exchanges pick it up and allow it to be traded if so Paypal may be an app I reinstall on my phone.

Following on from the above on paypals pyusd (yes I don’t change stuff I wrote a few days ago to keep myself honest) some devs have taken a look at the contract and have noticed some flags. A lot related to the control of the tokens by paypal, mostly they can freeze any tokens they want, remove funds from any account they want, mint and burn tokens at will and freeze all transfers at any time. This is the issue with tokens that are created as smart contracts like all ETH tokens are they are not treated as native assets like Cardano, on Cardano if the protocol still works the tokens still work.

The Southern District of New York has had its lawsuit against Tether and Bitfinex dismissed general win for Crypto in the courts again.

Y00ts are moving to ETH they are returning the Polygon Labs grant money and getting the fuck out it seems. Huge news and leaves kind of a power vacuum at the top over their that I am going to assume Danketsu will fill. Pretty wild crazy ride if you are a y00ts holder to go through all this again. I don’t and never have really got the appeal of the DeGods project, Frank I think is very good at what he does and one of the better founders in the space but the DeGods art is just not my thing I don’t really like it. Y00ts I get the art is solid clean as hell and a really nice collection to look at but still can’t justify the prices on their collections, the utility as far as I can tell is a good community, some XP style points bad quality hoodies and real life events across North America I feel like I am taking crazy pills as to why they are so big and highly sought after. Still a y00t would be nice to have in the wallet and it was something I was potentially going to buy if the Polygon trading side of stuff went well with NFTs, looks like that is no longer going to be happening.

Reebok are pushing hard in the phydigital realm with another web3 collab partnership this joining up with VeeFriends to release a pair Reebok classic Nylons with the aspiring Alpaca on the tongue. For those that don’t know vee friends it is art that could be drawn by a child with a strong community and founder. For me some of the worst art to ever become an NFT but a really great project