🚀 Here We Go Again

Gamestonk My NFTs, Secret Mining Meeting, and a Shark's Stakes

May 26th | Sign Up

Good Morning. Fellow Zoomer and professional tennis player Naomi Osaka, earned a record $55.2 million in total earnings in the last 12 months, more than any female athlete in history. Zoomers are taking over! 😈


Markets 🔔

⬆️   Bitcoin: $40,074 (+2.1%)

⬆️   Ethereum: $2,888 (+8.8%)

⬆️   Dogecoin: $0.3629 (+1.6%)

⬆️   SushiSwap: $13.52 (+21.6%)

⬆️   Polygon: $2.34 (+29.6%)

⬆️  Nasdaq: $13,693.50 (+0.20%)

Prices as of 2 AM EST 5/27, data from Coingecko, Yahoo
  • Markets: Markets ticked up this week with the Nasdaq rising 3% over the week with tech carrying the way. Crypto markets also made a slight comeback, but still off about 46% from all-time-highs

  • Covid: The US reached a new pandemic milestone today — 50% of adults are fully vaccinated against Covid-19, according to CDC data.

  • Justice: Tuesday marked the passing of a year since a Minneapolis police officer murdered George Floyd, sparking an unprecedented push to address anti-black racism across the country. Legislators still have yet to deliver a police reform bill, requested to be on Biden’s desk by yesterday.


REDDIT STONKS

The Gamestop Saga Revived 🎮

“What is dead may never die”, is apparently the quote that Gamestop executives live by.

The infamous Reddit stonk saga had cooled down, with Gamestop’s stock ($GME) hovering in the high $100 range after going on a rollercoaster ride from $20 to $400 per share earlier in the year. That changed yesterday with $GME rising 18% on the day breaking above $200 as the company revealed its plans for launching its own NFT platform, as well as its own cryptocurrency token.

According to the announcement GameStop is currently looking to hire developers, marketers, gamers, and designers to work on the project that has yet to be brought to market. Included in the announcement, GameStop representatives posted a link to a smart contract on the Ethereum blockchain called "Game On Anon".

Ethereum community member Matt Flinstone has been named the head of blockchain at Gamestop.

p.s. if you still don’t know what the hell an NFT is, read this thread by Twitter user @naval

Bottom Line

With Gamestop investors being introduced to Ethereum and DeFi via NFTs (NFTs exist on the Ethereum blockchain, and can be considered a subset of DeFi), the Reddit crowd could start rallying behind Defi very soon. And there’s a lot of them, so buckle up.

As of right now, it’s hard to tell what to expect from Gamestop’s ambitious project, all we know is that the nostalgic game store lives to fight another day.


BITCOIN

A Secret Meeting 🤫

Looks like Elon didn’t listen to us when we asked him to stop tweeting. This week the Tesla boss was back at it—stirring up the pot on Twitter, but this time about a meeting between him and North American Bitcoin miners. Are we even surprised?

Miners in North America had come together on Sunday to discuss Bitcoin’s environmental issues with Mr. Musk, and following a 90-minute call, the participants agreed to form the Blockchain Mining Council (BMC). The founding members represent an estimated 10% of the total hashrate, or computing power securing the Bitcoin network.

Critics of the mining council argue that entities like this go against the decentralized philosophy of cryptocurrency. We’ll leave that up to you to decide.

Bitcoin Maxi and CEO of Microstrategy, Michael Saylor, described the BMC as an “organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.”

ESG = environmental, social, and governance

The Timeline (so far)

  • Elon tweets that Tesla is no longer accepting Bitcoin as a payment

  • Crypto tanks, Elon tweets that he “still strongly believes in crypto”

  • Crypto falls even more, Elon pivots to attempting to kickstart Dogecoin development

  • Blockchain Mining Council is formed, facing backlash from the community


ETHEREUM

Mark Cuban Backs Polygon ⛓

With many DeFi projects going live on the Polygon network, DeFi users have been using the layer 2 blockchain at an increasing rate to avoid the high gas fees on the Ethereum main-net.

DeFi Super User Mark Cuban

Since the beginning of the year, the billionaire has been getting down and dirty using DeFi protocols himself. How he finds the time to learn DeFi in between Shark Tank and owning the Mavs, we don’t know. He has shown interest in NFTs as well, releasing his own NFT platform, called lazy, which allows users to display their NFTs and add the URL in their social media bios. Cuban has previously praised the DeFi protocols like MakerDao, and Alchemix. In Mark We Trust

Check out Bay’s breakdown thread of some of the other protocols that Mr. Cuban has been using:


Small Bitez 📰

  • Billionaire hedge fund manager Ray Dalio says he would rather own Bitcoin than a bond

  • Dfinity Foundation is starting a $200 Million fund to incentivize developers to build on 'The Internet Computer'

  • Environmentally friendly NFT platform backed by Quincy Jones, OneOF, raises $63 million to launch music collectibles on the Tezos blockchain

  • WhatsApp is suing the Indian government, the company claims that new media rules mean an end to privacy

  • Mark Cuban isn’t the only shark playing with NFTs, Shark Tank’s Kevin O'Leary is launching a DeFi investing company called ‘DeFi Ventures’

  • Tasmanian devils have been born on the Australian mainland for the first time in thousands of years


Thanks for reading! 👋

written by Bay & JB

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