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PoolTogether Gets Sued

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PoolTogether Gets Sued

More crypto wallets, ENS boom, and a revival of Terra?

May 28, 2022
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PoolTogether Gets Sued

newsletter.banklesshq.com

With your Bankless premium membership, get full access to next Monday’s podcast episode Reinventing the Internet with Marc Andreessen & Chris Dixon of a16z 🔥

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Dear Bankless nation,

Here’s a recap of the largest news in crypto for the fourth week of May:

1. Gamestop wallet

Another wallet gets dropped this week, this time by GameStop.

It’s a self-custodial Ethereum wallet with Loopring integration (more Layer 2s to come), direct fiat to L2 onramps, and NFT compatibility.

Twitter avatar for @GameStop
GameStop @GameStop
It’s official! The GameStop Wallet is here. Download: wallet.gamestop.com Follow: @GameStopNFT 🧵👇
wallet.gamestop.comGameStop WalletStore, send and receive cryptocurrencies and NFTs. Explore Ethereum and the world of Web3.
11:05 AM ∙ May 23, 2022
16,415Likes3,567Retweets

In last Friday’s recap, we created a basic taxonomy of wallets on a decentralized-centralized spectrum. Here’s an updated version:

2. Terra update

Image

Is Terra rising from the ashes?

Twitter avatar for @terra_money
Terra 🌍 Powered by LUNA 🌕 @terra_money
1/ Terra 2.0 is coming. With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.
1:17 PM ∙ May 25, 2022
14,993Likes3,958Retweets

A proposal has been passed to relaunch Terra as “Terra 2.0”. Here’s what’s noteworthy:

  • No algorithmic stablecoin this time!

  • The old chain will be termed Terra Classic ($LUNC) with the new chain Terra ($LUNA)

  • The new LUNA will be airdropped across different stakeholders including LUNA Classic stakers/holders, residual UST holders, and developers on the old Terra chain (see details)

  • The chain is designed to be fully community-owned, with the notable absence of any token allocation to Terra’s parent organizations (Luna Foundation Guard/Terraform Labs)

Terra’s special sauce was always its fast growing algorithmic stablecoin. With UST out of the picture, this begs the question—what’s special about Terra?

In any case, Terra 2.0 may be moving onward to greener pastures, but its legal entities aren’t out of the woods yet.

  • South Korean police are investigating the Luna Foundation Guard under allegations that the non-profit was embezzling funds and have asked exchanges to block LFG’s ability to withdraw funds.

  • The five largest crypto exchanges in Korea — Bithumb, Coinone, Gopax, Korbit and Upbit — have also been summoned by legislators to be held accountable for token loss.

3. Is Elizabeth Warren suing DeFi?

Okay, not quite. Not Elizabeth directly. It’s the former technology lead for Elizabeth Warren presidential campaign who’s suing PoolTogether.

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.
2:10 PM ∙ May 26, 2022
1,537Likes572Retweets

The plaintiff is Joseph Kent, a software engineer who served as a former technology lead for Warren’s 2020 presidential campaign, after depositing a grand total of 10 dollars on PoolTogether.

PoolTogether is a gamified savings application that offers a no-loss lottery generated by pool interests; deposited collateral is eligible for a chance at winning a lottery, but losers don’t lose their collateral even if the lottery doesn’t pick them. We’ve written about them many times.

👉 Check out our previous interview with its founder Leighton Cusack.

Of all the DeFi DeGen things this guy chooses to sue a savings account??

We think it’s worth taking a stand on this one. Join us in funding the legal costs to defend PoolTogether by minting a Pooly NFT.

Expect more of these lawsuits to come. Just last month, Uniswap got sued in a class-action lawsuit. As the DeFi market grows, builders and tourists come onboard.

But so do opportunists. 

4. The ENS Boom

The Ethereum Name Service (ENS), a name and lookup service for Ethereum has been hitting all-time-highs of late.

Here are some ENS stats from April 2022 alone:

Twitter avatar for @ensdomains
ens.eth @ensdomains
april 2022 ENS stats: - 163k new .eth registrations (total ~990k names) - 2,660 ETH in fees (up 900 ETH from prev best month, Nov21) - ~$7.8m in protocol revenue (all goes to the DAO) - 38k new eth accounts w/ at least 1 ENS name (total 387k) - >4,000 ETH in secondary on OpenSea
ENS April 2022 registrations
ENS volume on Open Sea in April 2022
12:17 AM ∙ May 2, 2022
722Likes177Retweets

And May’s growth continues to climb.

What explains ENS’ staggering growth? ENS communities and social clubs. Read Bankless writer William Peaster’s fantastic article for more on this.

5. Seth Green Loses his NFT 😭

Last but not least, Seth Green’s upcoming animated TV show has been halted, after losing the rights to his Bored Ape in a phishing scam.

Twitter avatar for @FFVV1211
FFVV1211.eth @FFVV1211
.@SethGreen new trailer for his new show, keep your eyes peeled👀 @BoredApeYC @GutterCatGang @veefriends
4:01 PM ∙ May 21, 2022
1,627Likes395Retweets

How did he lose his show rights?

The owners of the BAYC brand Yuga Labs, grants intellectual property freedom to monetize your apes if you’re a holder. This is in contrast to NFTs issued under the Creative Commons license that allows holders and non-holders alike to use the brand for monetization. For more on CC0 NFTs, see The Bull Case for CC0 NFTs by Donovan.

His lawyer says the show can continue… our question is why?

Never a dull moment in crypto.

Here’s what we have lined up next week.

  1. Reinventing the Internet with Marc Andreessen & Chris Dixon of a16z (Premium members have early access!)

  2. Why central bank digital currencies (CBDCs) are bad

  3. Top 5 airdrops to look out for this quarter

Have a great weekend.

- Bankless


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


Recap for the week of May 23rd, 2022


🎙️WEEKLY PODCAST EPISODE

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


ACTION RECAP 🧠

READ 📚

  1. 📘 3 Reasons I’m Bullish

  2. 📘 How to earn governance bribes

  3. 📘 How to survive a crypto bear market

  4. 📘 The Ultimate Guide to Metagovernance

  5. 💬 What was your most painful crypto lesson?

WATCH 🔊

  1. 📺 Immutable Live Reveal: Scaling NFTs to a Billion Players

  2. 📺 Build the dip | Gamestop wallet | Terra relaunch | PoolTogether lawsuit

  3. 📺 Dive into Danksharding | Vitalik, Justin Drake, Dankrad Feist

METAVERSAL 🧙‍♂️

  1. 📘The new Noun times

  2. 📘The ENS Boom

BANKLESS DAO 🏴

  1. 📘Decentralized Finance | Decentralized Law

  2. 📘The Brave Pixel Artist Who Could | Decenralized Arts

OVERPRICED JPEGS 🖼️

  1. 📺 Huda Kattan on Building a Beauty Empire

GREEN PILLED 🌳

  1. 📺 Practical Pluralism with Auryn Macmillan


Weekly Subscriber Perks 🔥

Bankless Premium Members get access to full perks:

  • Early Access: Reinventing the Internet | Marc Andreessen & Chris Dixon

  • Full Access: 3 Reasons I’m Bullish

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. Solidity Developer at Unlockd

  2. Senior Product Designer at SmartDeFi

  3. Business Development Lead at Goldfinch

  4. Marketing Manager at Wanderverse Inc.

  5. VP of Engineering at ZKX

  6. Head of Growth at ZKX



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


🙏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.

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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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PoolTogether Gets Sued

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