🤑 I'm Bored... Let's Gamblefi
Discover more from The Ape Enclosure
🤑 I'm Bored... Let's Gamblefi
PLUS the Banana Gun vs UniBot wars begin!
🗞 Market commentary.
GM Legends
Boredom and gambling.
Two words that can be used interchangeably as REK-tember has so far begun to live up to its name.
August saw on-chain DEX volumes dwindle to levels we haven’t seen since December 2020. These on-chain traders might be moving to stables in preparation for what might happen this month as bears are calling for new lows.
Over the weekend we saw plenty of UniBot FUD resulting in a sell-off as heads turn to the UniBot competitor Banana Gun as the team released information on “wen token”, revealing a, and I quote, “relatively low raise” of 800ETH presale and a 4/4 buy/sell tax that’s causing quite the stir on CT.
Despite the questionable presale and taxation numbers, the daily usage of Banana Gun, compared to UniBot, has been steadily rising ahead of UniBot. Will Banana Gun be the final bot narrative pump before we rotate into next week’s shiny narrative? Or will this all end in tears for those throwing ETH into the presale?
In other news, Vitalik gets mad and dumps $500k worth of MKR tokens after MakerDAO’s Rune Christensen is set to fork the Solana base code for MakerDAO’s “End Game” which will feature a native chain. With that in mind, there is always a whale bigger than you as we see MKR whale 0x475 buying up $15M+.
And in an attempt to keep the peace between SOL & ETH maxis, Toly, Solana’s Founder, took to Twitter saying that “Ethereum is awesome” and “this is a win for open source.”
An interesting move by the MakerDAO team, but do we not already have enough native chains? L1s? L2s? Can the remaining devs not just work together to make a few decent products first?
🤓 In today’s email.
Degen corner. GCR, gambling and a real good time
DeFi insights. 10 insights you need to know
ICYMI. Research on Rainmaker and Mori Finance
Top Tweets. blknoiz06 & _tolks sum up the current state of the market
And finally. Preserve capital & tough grass
🔥 Degen corner.
GCR, gambling and a real good time
Risk is an adrenaline-filled emotion.
It’s like a drug. It can give you everything in one moment or completely rip it apart as you round trip another life-changing memecoin.
And in times of max boredom taking risks or in this case, gambling, is a way of keeping our degenerate brains from completely going insane as Bitcoin doesn’t know what it wants to do.
GCR sums it up perfectly and it’s something we’ve been saying for some time, Gambling is one of crypto’s biggest use cases.
Crypto is a game of speculation. Whether it be [insert inappropriately named memecoin] pulling a 1000x or from relatable casino games and sports betting that’s powered by degeneracy and fueled by magical internet beans.
It was reported that Americans are hitting the casinos more than ever with July seeing a record pumping $1.4 billion in revenue, up 7% YoY.
Let those numbers sink in.
I’m like you, an average man and GCR is right… as an average man, I wouldn’t fly to Vegas or Macau to punt it all on red at the Bellagio when I can flick on Telegram, Discord or my laptop whilst I’m listening to the latest blocmates podcast (<--- check it).
Decentralised gamblefi lets us delve even deeper into the metaverse whilst enabling desperation, greed and hopium to intertwine with one another in complete anonymity.
The last 12 months have seen the first movers fade away whilst the current iteration of platforms is creating bear market entertainment as the marketcap, as listed on CoinGecko, approaches $700m as REK-tember continues to nuke the market.
And let’s be real here, when CT is as dull as it is now, would you rather see another thread about LSDfi or the latest in sports entertainment… and larp?
Long human emotion, the need for a quick hit of dopamine and the frictionless nature that on-chain gambling degeneracy provides.
Disclaimer: We are not endorsing gambling and do not take liability for the decisions you, as the reader, make. Please gamble responsibly as this is just for entertainment purposes!
👀 DeFi insights.
The important bits.
Aevo - A recap of what happened in Aug including the launch of a TG bot - read
Bumper Finance - Mainnet launching on Sept 7th - read
Juicy Perp - Get early access to their discord - read
Llama Nodes - Goes live on BSC - read
Mozaic Finance - LBP went live - read
Perpy Finance - The Spectra closed beta went live - read
Prisma Finance - In-depth report by Crypto_McKenna - read
Raft Finance - Raft V2 goes live, here’s what you need to know - read
Rocket Pool - Everything you need to know about the Houston and Saturn upgrades - read
Swell Network - swETH getting ready to board Raft V2 - read
📰 DeFi news.
Even more important bits.
Crypto casino Stake.com exploited for $41M+ in a “private key leak.” The team has made no official public statement. Services have resumed - read
Crypto is “Slight Crazy” according to Singapore’s new President - read
dYdX token to become the native asset of the dYdX chain - read
Krafton, creators of PUBG, launching Settlus on Cosmos a purpose-built blockchain for the creator economy - read
SYN continues to be a cursed coin as Nima Capitals dumps 9M tokens - read
Tether becomes the 22nd largest holder of US treasury bonds - read
🫠 ICYMI.
Life gets busy so here’s what you’ve missed.
GM Degen Podcast: We're Back, But It's All Bad News
Listen & Watch.
It’s all doom and gloom from exploits to unknown VC’s dumping their token allocation. We cover it all.
Tune in on Spotify | YouTube →
Rainmaker: The Future of DeFi Onboarding.
Research.
Rainmaker is part of a new class of crypto wallets, leveraging Account Abstraction to bring the next cohort of users on-chain with their mobile-first wallet.
Introducing Mori: Revolutionising Stable Assets Within DeFi
Research.
Mori Finance represents an advanced system within the realm of DeFi, operating on Ethereum. It introduces a cutting-edge approach to stable assets crafted natively.
🐥 Tweet of the day.
To save you doom scrolling.
blknoiz06 & _tolks sum up the current state of the market perfectly.
🦍 And finally…
Some words of wisdom.
Preserve capital, touch grass and enjoy this week’s newsletter.
much love,
blocmates team 🫡
🤝 A final word.
A quick word from our super awesome sponsors who help us make this all possible...
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🤑 I'm Bored... Let's Gamblefi
"An interesting move by the MakerDAO team, but do we not already have enough native chains? L1s? L2s? Can the remaining devs not just work together to make a few decent products first?"
It feels like there needs to be a changing of the guard in the leadership within crypto. An industry that lived or died on basic infrastructure is fast maturing and what it really needs, as you pointed out, is something to run on that infrastructure.
I lived through the birth of online advertising and briefly worked in it in the days before the social networks and online content really took off. Back then we had glut of businesses all wanting to sell ads. That's it: Just sell ads. More and more "innovation" on doing the same banner ads and html urls. Not as many people wanted to make things that got more people online (and remember back then being or not being 'digital' was an actual decision you could make!).
That sea change took a shift in the businesses from base infrastructure to consumer facing app. From another Google inspired ad network to start-ups like Twitter, Facebook, Meetup, YouTube etc...
It's not like those things hadn't existed before, after all Geo-cities was huge. But the focus and energy wasn't behind them from the developer and funding side.
We're still funding blockchains in order to enable use cases we're still not seeing anything built for. We keep saying once we get this really fast and really cheap chain THEN it'll all come together.
But will it? Facebook was around many years, and went through a lot of iterations, before it was a "breakout hit".
Netflix almost went broke number of times on it's path to being a dominant force.