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Long Live Optimism

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Long Live Optimism

OP token drops, OpenSea drama, Kanye West NFTs, Bankless DAO Tax Guide

Jun 4, 2022
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Share this post

Long Live Optimism

newsletter.banklesshq.com

Bankless premium members get full access to the June edition of Bankless Token Ratings.

This month, we rated MPL, AAVE, APE, ENS, UNI, and MKR. 👀

Also access the Inner Circle Discord, claim your community badge, and enjoy exclusive Token reports and airdrop guides when you subscribe!


Dear Bankless nation,

Here’s a recap of the biggest news in crypto for the first week of June:

OP is born 

After its official announcement several weeks ago, the Optimism Token went live this week. Claim it here if you’re eligible.

Twitter avatar for @optimismPBC
Optimism (✨🔴_🔴✨) @optimismPBC
Yesterday was an absolute whirlwind. It wasn't without hiccups, but to much excitement, OP was born. 🔴‿🔴 We’ll have an extensive retro on Drop Day next week. Meanwhile, we want to share some stats coming out of the launch. With >50% of Drop 1 now claimed, let’s dive in!
Image
9:22 PM ∙ Jun 1, 2022
1,226Likes243Retweets

The largest airdrop of the year didn’t go off without some hiccups. Due to high traffic, Optimism’s mainnet stalled. Its remote procedure calls (RPC) — a communication protocol that allows other protocols to interact with the Optimism chain — went down for several hours, preventing other users from executing transactions on Optimism.

After these issues were resolved, Optimism saw a huge uptick in daily transactions, even coming in 5th on total ETH burned on the Ethereum mainnet.

Twitter avatar for @TrustlessState
DavidHoffman.eth 🔴_🔴 🦇🔊🏴 @TrustlessState
Point to the airdrop $OP @optimismPBC
Image
2:12 PM ∙ Jun 2, 2022
54Likes5Retweets

At the time of writing, 65% of OP airdrops have been successfully claimed.

We’ve written a lot about why L2s are going to be a game-changer for DeFi. By processing transactions off the base chain, rollups like Optimism scale Ethereum without sacrificing on security.

Twitter avatar for @dmihal
David Mihal.eth (ℹ️, ℹ️) @dmihal
Optimism was responsible for 1.6% of all fee revenue paid on Ethereum yesterday (l2fees.info/l1-fees). That's hundreds of thousands of dollars of ETH burned in just a couple hours (airdrop didn't start until late in the day). Who says L2s are parasitic to L1?
Twitter avatar for @sassal0x
sassal.eth 🦇🔊🐼 @sassal0x
Pretty cool to see Optimism coming in 5th place for the amount of ETH burned on layer 1 today! https://t.co/PhNHNvbGfK
9:21 AM ∙ Jun 1, 2022
125Likes15Retweets

If you’re new to rollups: check out why Layer 2s are the future or our previous videos with the Optimism team.

Velodrome launch and airdrop

Velodrome — an AMM decentralized exchange modeled after Solidly — is launching on Optimism.

Velodrome officially launched May 31st with more than ten partners, including Maker DAO and Frax Finance, and launched its own $VELO airdrop.

Twitter avatar for @VelodromeFi
Velodrome (🚴,🚴) @VelodromeFi
Velodrome is an AMM designed as the central trading and liquidity marketplace on @optimismPBC. It is the next evolution of the @solidlyexchange model introduced by Andew Cronje. Launching on May 31st with 10+ partners, it will kick start #OPSummer. Need a 101?👇🧵
Image
5:10 PM ∙ May 29, 2022
671Likes162Retweets

#OPSummer is coming!

OpenSea drama

Former Head of Product at OpenSea Nathaniel Chastain is being indicted on wire fraud and money laundering charges.

What happened: Last September, OpenSea users sleuthing on Chastain’s wallets noted purchases of NFTs before they were featured on Opensea’s homepage.

Twitter avatar for @0xZuwu
0xZuwu.eth 🧪 @0xZuwu
Hey @opensea why does it appear @natechastain has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his punk on it?
11:28 PM ∙ Sep 14, 2021
12,246Likes2,748Retweets

Chastain allegedly pushed for the NFTs to be listed on the frontpage and cashed out in profits of up to $67,000 after widespread publicity.

In response, OpenSea admitted insider trading was going on, and quickly fired Chastain.

This will go down as a landmark case. Although NFTs are not yet officially regulated as securities, this sets a strong precedent for treating digital assets as such.

For that, the DOJ is reportedly considering a sentence of 20 years for Chastain. 🤯

Twitter avatar for @Dogetoshi
Steven @Dogetoshi
Crypto VCs right now.
Image
5:31 PM ∙ Jun 1, 2022
3,970Likes546Retweets

Web3 News Roundup

Kanye West NFTs

Kanye West filed 17 trademark applications on his Yeezus brand for “blockchain-based non-fungible assets” and bought the yeezus.eth ENS domain despite previous claims that he wouldn’t be jumping onboard the NFT craze.

You’re late! Welcome aboard the NFT hype train, Ye.

PoolTogether

We covered in last week’s recap that PoolTogether launched a public crowdfunding campaign in its legal battles. As of this week, PoolTogether has raised 566 ETH out of its 769 ETH funding goal in Pooly NFTs to fight its court case.

Twitter avatar for @cdixon
cdixon.eth @cdixon
We just bought a 75 ETH Pooly Judge to support. mint.pooltogether.com
Twitter avatar for @lay2000lbs
Leighton @lay2000lbs
As some of you know, I’m currently being sued (personally) in a putative class action lawsuit. I can’t speak about it publicly because the litigation is ongoing but I want to share some context and ask for your help.
9:12 PM ∙ May 27, 2022
897Likes100Retweets

Crypto is marked with lots of inner-fighting, but it’s nice to see crypto coming together where it matters.

Join the fight by minting your own Pooly here.

Solana Shutdown

Solana went down… again.

Twitter avatar for @frogmonkee
frogmonkee.eth @frogmonkee
"Validators check Discord" is the most janky ass web3 shit I've read all day. What happens when Discord goes down too? Looool
Twitter avatar for @laine_sa_
Laine | stakewiz.com @laine_sa_
The Solana network appears to have stopped rooting new blocks, meaning consensus has stalled. Investigation of the cluster status is going on while restart instructions are being prepared. Validators: check discord
5:29 PM ∙ Jun 1, 2022
14Likes1Retweet
Twitter avatar for @SamStratten
Sam Stratten 🇦🇺 @SamStratten
@Solana_INC
Image
5:50 AM ∙ May 4, 2022
58Likes10Retweets

We’ll leave it at that.

Bankless DAO Global Tax Guide

Bankless DAO’s Legal Guild released a mintable Global Tax Guide covering nine countries (and more to come!).

While countries are still figuring out their how to take their cut of crypto, this will provide some respite for crypto tax complexities.

Twitter avatar for @TaxDroid
Metaversal Revenue Service - MRS @TaxDroid
Minting for The Global Tax Guide by @banklessDAO is now LIVE! The Global Tax Guide provides the most-up-to date and relevant crypto tax information available for: USA🇺🇸 UK🇬🇧 PORTUGAL🇵🇹 SPAIN🇪🇸 AUSTRALIA🇦🇺 POLAND🇵🇱 RUSSIA🇷🇺 BRAZIL🇧🇷 GERMANY🇩🇪 Details below 🧵
Image
4:30 PM ∙ Jun 1, 2022
103Likes40Retweets

You can jump in on the mint here!

Another wild week in the books, here’s what we have lined up for the next one:

  1. William’s dropping the Ultimate Guide to Synthetix

  2. Vance Spencer answers the question: Is DeFi dead?

  3. Ben breaks down the Layer 2 Endgame 🔥

See you next week.

- Bankless


🙏 Sponsor: Polygon Studios—Fostering culture across Gaming, NFTs, and the Metaverse✨


Recap for the week of May 30th, 2022


🎙️WEEKLY PODCAST EPISODE

Listen to podcast episode | Apple | Spotify | YouTube | RSS Feed


ACTION RECAP 🧠

READ 📚

  1. 📘 Marc Andreessen’s Lessons from Web1

  2. 📘 How to Earn More Trading Fees on Uniswap

  3. 📘 Why CBDCs Are Not Your Friend

  4. 📘 Top 5 Airdrops (and How To Get Them)

  5. 📘 Bankless Token Ratings | June 2022

  6. 💬 Optimism Token - Buy, sell, or hodl?

WATCH 🔊

  1. 📺 Guide to the Ethereum Roadmap | Jon Charbonneau

  2. 📺 The Alfalfa Podcast | Layer Zero

  3. 📺 Reinventing the Internet | Marc Andreessen & Chris Dixion

  4. 📺 Optimism Airdrop | OpenSea Arrest | Kanye West NFTs | Solana Halted

METAVERSAL 🧙‍♂️

  1. 📘 NFT insider trading

  2. 📘 EVM metaverse landscape

BANKLESS DAO 🏴

  1. 📘 Optimism Powers Crypto’s Newest Collective | State of the DAOs

  2. 📘 Forbes Influencer Launches Native Language NFT | Decentralized Arts

  3. 📘 The Stablecoin Edition | DeFi Download

OVERPRICED JPEGS 🖼️

  1. 📺 Moment of Zen(eca): Goblintown, Admit One, RektGuy, & More

  2. 📺 The Next Big Market Trend w CoinFund Founder & CEO, Jake Brukhman

GREEN PILLED 🌳

  1. 📺 Decentralized Society | Glen Weyl, Puja Ohlhaver, Leon Erichsen


Weekly Subscriber Perks 🔥

Bankless Premium Members get access to full perks:

  • Early Access: Debrief - Reinventing the Internet | Andreessen & Dixon

  • Full Access: Marc Andreessen's Lessons from Web1

Launch your own raffle for Bankless Badge holders! Go ahead. We can’t stop you.

Get Bankless Badge


🗞️ Latest Weekly Rollup. Download the week in crypto to your brain in one show.

Listen to podcast episode | Apple | Spotify | YouTube | RSS Feed


Jobs opportunities 🧑‍💼

✨ See all listings on the Bankless Job Board✨

  1. Tech Lead at Swell Network

  2. Solidity Developer at Unlockd

  3. Senior Product Designer at SmartDeFi

  4. Business Development Lead at Goldfinch

  5. Marketing Manager at Wanderverse Inc.



Go Bankless. $22 / mo. Includes archive access, Inner Circle & Badge—(pay w/ crypto)

Subscribe now


🙏Thanks to our sponsor

POLYGON STUDIOS

Polygon Studios is on a mission to help build digital culture, play-to-earn gaming, NFTs, and the Metaverse ecosystem on Polygon. Some of the key projects supported by Polygon Studios include The Sandbox, Skyweaver, Big Time, Crypto Unicorns, and Decentraland—among others. Polygon Studios also helps fundraising & onboarding. Check it out here.

Stay updated on the latest amazing gaming, NFT, and metaverse projects:

👉 Join the Polygon Studios Discord

👉 Follow Polygon Studios on Twitter


Want to get featured on Bankless? Send your article to submissions@banklesshq.com

Write for Bankless


Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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Long Live Optimism

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