10/18/23: Reddit Kills Crypto Rewards 👽❤️🐵

Author

Valko
October 18, 2023

Top News

  • 👽 Reddit decides to end all blockchain-based community rewards

  • ❤️ Vitalik confirms he hasn’t sold any ETH since 2018, only donations

  • 🐵 Yuga Labs CEO shares major update on the state of Yuga Labs

Reddit plans to sunset its blockchain-based reward service Community Points

The decision was due to difficulty scaling and a tough regulatory environment for cryptocurrency projects.

⌐◪-◪ → As a long-time Redditor, this is a tough pill to swallow, but I’m also not surprised. My crypto experience on Reddit has been disappointing and falls into two buckets: 1) weak surface-level discussions; or 2) vehement hatred of all things crypto. While Reddit’s decision comes primarily from a regulatory standpoint, I don’t think Redditors’ general sentiment towards crypto helped. We clearly have a long way to go before the world crypto.

Ethereum co-founder Vitalik Buterin refutes asset dumping claims

Ethereum co-founder Vitalik Buterin revealed that he has not sold his Ether assets for personal gain since 2018.

⌐◪-◪ → We’ve seen countless headlines about Vitalik moving or swapping large amounts of ETH, which the media loves to take out of context, implying he’s bearish and cashing out. This couldn’t be further from the truth. Vitalik confirmed, in a post on warpcast, that he hasn’t sold since 2018, and any fund movements are simply donations. What a chad.

Yuga Labs to focus on building Otherside following restructuring: CEO

Yuga Labs CEO Daniel Alegre said that the compay's restructuring is complete, and a big focus moving forward will be on Otherside.

⌐◪-◪ → Daniel’s tweet is a breath of fresh air and makes Yuga’s priorities dead clear: 1) support existing communities 2) focus on Otherside 3) use partnerships to amplify big bets. The company surely has its hands full, and I’m sure the recent restructuring wasn’t easy, but seeing leadership set a clear direction for the community is a good sign. Wen Third Trip?

Peripheral Vision

⛓️ Crypto & DeFi

  • Jack Dorsey’s Block announces 1st prototype of ASIC circuit board

  • dYdX announces transition to Public Benefit Corporation (PBC)

  • a16z Crypto Startup School applications close on Friday

  • Wintermute partners with stablecoin issuer Mountain Protocol

  • Ether.fi rolls out liquid staking token with restaking on Eigen Layer

  • Injective DEX Helix unveils pre-launch futures for upcoming tokens

  • Nelly’s X account, famous rapper, was used in crypto phishing scam

  • Fantom Foundation employee loses $7M in crypto exploit

🏦 Wallstreet & VC

  • Fidelity updates its spot BTC ETF application after SEC feedback

  • Invesco, $1.5T AuM, partners with Galaxy Digital on spot BTC ETF

  • BitGo acquires HeightZero to help wealth managers offer crypto

🏛️ Legal & Regulatory

  • US Treasury Department sanctions digital asset exchanges in Gaza

  • Hamas’ crypto use could seriously hurt Coinbase’s lobbying efforts

  • FTX settles customer property disputes to speed up bankruptcy

  • SBF promised $100M to his favorite game maker, Riot Games

  • All three in SBF’s “inner circle” have now testified against him

🌎 Rest of the World

  • SK Telecom adding crypto wallet & chain analysis tools to their phones

  • Paraguay could be “the new Texas” for BTC mining, according to exec

  • Candian citizens from Calgary have lost over $22.5M to crypto scams

  • Non-US Coinbase customers can now trade perpetual futures

  • SUI under investigation by South Korean Financial Supervisory Service

  • SUI Foundation addresses token manipulation claims

  • UK leads EU crypto adoption with $252B in DeFi and NFT activity

🖼️ NFTs & Metaverse

  • Sandbox hires ex former Playstation, Apple, and Ubisoft executive

  • Roblox debunks XRP payments, thanks for the fake news BitPay

  • Courtyard sells out 500 Pokemon card packs in seconds

  • Stars Arena to relaunch at random time today on Avalanche

  • Claire Silver interview released, Punks As Told By CryptoPunks

  • The Crypties Awards announce nominees for game of the year

  • Gucci Cosmos exhibit showcases their history and innovative tech

Spectacular Shoutout

Today’s shoutout comes from the one and only Chicka!

I have so many unforgettable memories working with him at Yat Labs.

Thanks so much for the shoutout 🤗

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