I must admit I'm absolutely astonished at the amount of effort @templedao put to prepare the Opening Ceremony. Combining Discord, Cryptovoxels, Metamask into a seamless gaming / metaverse experience also gives me a lot of confidence in the level of technical skills the Team has.
Many may feel discouraged by the lack of clear instructions how to participate in the ceremony. "Just take my money and let me ape in!".
But making it difficult to enter may be a very clever idea.
Firstly, it's really hard and time-consuming to complete all the quests on your own. That's why you need to collaborate with others. This collective effort to find the right way is the process of creating a community. And strong community is everything for the project.
Secondly, when you spend a lot of time to get in and finally succeed, you start to appreciate the experience. You admire the work someone put to prepare this nightmare for you and, in hindsight, you realise that you actually enjoyed it. Stockholm syndrome?
Thirdly, Yuval Noah Harari in Homo deus wrote that the more we suffer for a myth, the more we believe in it because we desperately need to give a greater meaning to our torture. Maybe this long launch will turn flippers into believers and forge the strongest hands ever?
If you haven't participated in the Opening Ceremony yet, join the Discord, find some clues and play. I don't know if this will be financially "life-changing", as a lot of money will flow in and crowded trades may have limited upside, but I'm in it for the tech and culture :)
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If you think $FTM, $AVAX, $SOL, $MATIC, $STAKE, $MOVR, $ONE, etc. are "Ethereum killers" because they are cheap to use while $ETH is prohibitively expensive and can't scale, you miss the forest for the trees (also ngmi).
Ethereum is scaling now but you are not paying attention.
Optimistic Rollups (Optimism and Arbitrum) are just the beginning of the new era. The rise of Zero Knowledge Rollups (zkRollups) is a whole new paradigm. It's a cryptographic magic our simple brains can't yet embrace.
"Anything any monolithic blockchain (L1) can ever do, a single zkRollup can do it significantly (>10x) better. And there can be hundreds or thousands of zkRs interoperating relatively seamlessly."
6 months ago I covered $OHM before the project officially launched. Investment of 570$ into Initial Discord Offering would be worth more than $1.5M now if staked all the time... Absolutely incredible.
Today I want to share a project which gives me similar vibes. Meet $TEMPLE.
1) I must admit I had seen $TEMPLE being mentioned here and there many times but I was reluctant to research "another $OHM fork" as it was pitched to me. However, when I finally invested my time to go through Medium articles and Discord I understood it was a premature assessment.
2) First and foremost, I don't think @TempleDAO is a competitor to @OlympusDAO. $TEMPLE definitely borrows some ideas from $OHM but innovates on them to create a new set of products with a different objective.
"EIP-1559 sucks. After it was implemented gas prices skyrocketed!"
This take is propagated a lot and I think this is far from true. Correlation is not causation. I suppose gas prices would be much higher now if we didn't have EIP-1559. How does EIP-1559 save you $ETH? 🧵👇
1) Before EIP-1559 when you submitted a transaction on Ethereum, you had to set up a single gas price. If it was high enough, your transaction was included in a block and you paid exactly what you agreed to pay. In many cases you might have substantially overpaid though. Why?
2) Imagine you need to execute a transaction immediately. You check gas prices on gasnow.org and you see a rapid transaction is at 100 GWEI. But this is just an estimation and may suddenly increase. To secure inclusion in the first block you decide to use 200 GWEI.
Being a liquidity provider for tokens that shoot up in price is a pain. You want to respect the pump but you can't because you are getting rekt by "impermanent" loss. Just look at this LP for $AXS-ETH. Rekt.
It doesn't have to be this way. Check out how! 🧵👇
1) Have you been there?
You buy a token that you think will rally like $AXS or $MATIC. You have conviction and patience to hodl. To earn some "passive income" while waiting, you deposit this token to AMM. The pump finally comes and you realize you got rekt by impermanent loss...
2) The above story describes the experience of many novice liquidity providers (LPs). The promise of easy "passive income" in the form of liquidity mining (LM) rewards or AMM trading fees encouraged LPs to match their token with ETH or a stablecoin and deposit them into an AMM.
EIP-1559 is scheduled to go live this week and I still see a lot of wrong takes on its impact. Remember:
- It doesn't make $ETH deflationary by default.
- It doesn't reduce $ETH supply by 90%, referred as "triple halving".
- It's still very bullish for $ETH.
Why? 🧵👇
1) EIP-1559 is one of the most important upgrades in Ethereum's history. Its purpose is to improve user experience on #ETH by changing how transaction fees are estimated and how the network reacts to surges in usage.
2) It doesn't lower gas fees in the long run because it's not a scalability improvement. However, it may help users not overpay for transactions due to a better fee estimation process. It also smooths out gas prices between blocks thanks to variable block sizes.
Wow. I wasn't aware of this but it seems I might have contributed to the crypto history by writing the first comprehensive thread on $OHM and @OlympusDAO long before it became trendy :)
Although I covered it in early March before the project launched, the mechanics of staking and bonding are still up to date and the thread is, imo, a pretty good explanatory read on $OHM and @OlympusDAO:
I should probably collect clout on such a tremendous foresight I had with $OHM but the truth is I was lucky to learn about the project early thanks to @Fiskantes.