Posted 6 months ago | by Catoshi Nakamoto
As Ethereum shot past all-time-highs this week, some of its most diehard supporters were surprised with a huge airdrop worth tens of thousands of dollars, or even more in some cases. If you missed out on this one, you should probably stick around for some of this alpha, because we got information on one of the next airdrops that could be the biggest in the history of Ethereum, and there’s still time to get in.Read More
Let’s get it.
Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video we’re going to cover some of the exciting things happening with Ethereum this week. The price of Ether has hit new all time highs and is showing no signs of slowing down, with many analysts predicting that 5 thousand dollars is just around the corner.
It’s not just the price either, the Ethereum community has a lot to be excited about right now. last week, some of the most hardcore Ethereians were rewarded with one of the biggest airdrops since the launch of the Uniswap token, when the ENS protocol decentralized its governance and airdropped governance tokens to its early users.
ENS stands for Ethereum Name Service, and it allows Ethereum users to have simple domain names that connect to their wallet address so they can easily remember it and pass it along to friends. There are a number of different organizations that provide this service, including ENS and Unstoppable Domains, but only users who registered through ENS qualified for the airdrop.
This launch was celebrated as one of the smoothest, cleanest and most evenly distributed airdrops in the history of Ethereum. Since there are no VCs backing the project, a significant portion of the platform’s funds were allocated for the airdrop and the future treasury, with 25% going to the users in the airdrop, 25% going to the team and other contributors, and 50% for the DAO’s community treasury. Users were rewarded based on how long ago they purchased the domain and how long they rented it for.
The token was expected to launch somewhere around $10, but has been trading in a range between 60 and 80 dollars since shortly after its launch. Most users got hundreds or even thousands of tokens, which amounted to a 5 figure airdrop for many of them. Some early supporters who had their domain names for many years even ended up getting airdrops valued at 6 figures. Users will now have the option of selling their tokens, using them to vote in the platform’s governance, or delegating them to a trusted member of the Ethereum community to vote on their behalf. The token has held up surprisingly well compared to most other airdrops, and much of this is probably thanks to the even distribution and lack of VC involvement.
It’s amazing what an asset can do when there aren’t any VCs to dump on us…. Am I right?
Don’t worry If you missed out on this airdrop because there are going to be a lot more of these coming over the next few years. Many of the decentralized finance products operating today are going to need to launch a governance token as a defensive measure to keep up with competitors and appease regulators. SEC chairman Gary Gensler recently said that most DeFi platforms are not as decentralized as they claim they are, and he intends to go after the teams that have centralized governance frameworks, so most DeFi teams will need to launch governance tokens with a fair distribution if they have any hopes staying out of Dirty Gary’s crosshairs.
Most of the Ethereum-based applications are going to end up having a token, and many of them are going to be airdropped. Word on the street is that the next big airdrop is going to be from Metamask. This has been a rumor in the Ethereum community for months now, but after the ENS airdrop, Joseph Lubin, the founder of ConsenSys, the company behind Metamask, revealed that the $Mask token is coming soon. There is already a $Mask token trading on a few different exchanges, so they may need to figure out a different ticker to avoid confusion.
If you like getting airdropped the latest in crypto and metaverse news, go ahead and smash that like and subscribe button.
Lubin may have been forced to spill the beans a bit earlier than he wanted, after a Coindesk writer was trolling ConsenSys on Twitter for accepting investments from JP Morgan. In response to a DeFi developer who was speculating that Metamask could be releasing a token soon, Coindesk writer Andrew Thurman said that a Metamask token would never happen because JP Morgan doesn’t want tokens on their balance sheet, implying that ConsenSys is essentially controlled by JP Morgan. That’s certainly a bold claim, especially coming from the propaganda arm of the Digital Currency Group, but it quickly provoked an epic response from Joseph Lubin.
Here’s what he had to say:
“Andrew, ConsenSys has thousands of tokens on our balance sheet. ConsenSys is vigorously controlled by its employees, which includes me. And we are driving towards decentralization of several of our projects. Wen $MASK? Stay tuned. Wen objective journalism, ser?”
Metamask is one of the most used applications on Ethereum, so this has the potential to be the biggest airdrop ever. It is not entirely clear when this airdrop is coming or how it will be distributed, but it might be a good idea to use Metamask’s built-in swapper, which is basically a decentralized exchange aggregator like 1Inch or Bitswap. This is where Metamask makes all of its money and a lot of people who are “in the know” believe that using this service is going to be the key to qualifying for the airdrop. Now that the word is out, there is a good chance that we will see some more news on this very soon.
A token airdrop is the perfect move for Metamask. Even though they have a strong user base now, other Web3 wallets are launching with hopes of taking some of that market share. This week Coinbase announced that it’s non-custodial wallet is now fully equipped for DeFi and Web3.
The Web3 concept is finally starting to catch the attention of the traditional tech world. In a Twitter post this week, Jason Citron, founder and CEO of Discord, hinted that the popular chat application could soon be integrating crypto functionality with Ethereum and Metamask. Discord has become home to many NFT and DeFi communities as the industry has grown, and there have been a number of security concerns about the centralized nature of the login process. Some projects have had their Discord servers hacked, which allowed imposters to take advantage of their communities by making announcements in trusted channels.
This happened last with Axie Infinity, which has one of the largest discord servers in the world. Luckily, the team has decided to reimburse anyone who lost money as a result of the hack.
It is not clear exactly how Discord will be integrating Ethereum, but allowing for cryptographically protected logins will probably be one of the first moves. A NFT verification process similar to what Twitter is planning is also possible. Most projects use applications like CollabLand to prove ownership of NFTs or other crypto assets, but there have been some security concerns with fake applications that phish unsuspecting users. Logging in with an Ethereum account could entirely eliminate these types of security risks. If this approach works for Discord, it is highly possible that other applications and platforms could offer Ethereum as a login option, the same way they do with Google and Facebook.
Unfortunately, there was a backlash among the gaming community that uses Discord, because many of them have a negative view of crypto and NFTs thanks to FUD media stories about ponzi schemes and pollution. This announcement received a ton of negative comments from misinformed gamers who have been convinced that play-to-earn gaming is a scam, but sooner or later they will come around. Their attitudes will start changing very quickly once all of their friends are making money playing games and they’re not.
This was also a big week for Ethereum staking with the launch of Rocket Pool, one of the most anticipated and decentralized staking services, which allows you to participate in staking on the Ethereum network even if you only have a little bit of ETH. The service was initially scheduled to launch last month but was delayed after a competitor discovered a massive bug in the code and notified the team. On Monday, Rocket Pool announced that their rescheduled launch was a success, with even more participation than they expected. (WHEW) So there you have it, the latest in Ethereum that shows how strong it’s going to be for the rest of Q4 and beyond.
But that’s all I got. Be Blessed. Bit Boy Out.