Autor Cointelegraph By Brian Quarmby

PoolTogether raises 471 ETH with NFTs to fund legal defense

PoolTogether raises 471 ETH with NFTs to fund legal defense

Uverejnil používateľ | jún 1, 2022 |

So called “no-loss lottery” DeFi platform PoolTogether has raised 470.90 Ether (ETH) via NFT sales to fund its legal defense against a putative class action lawsuit.That means PoolTogether is more than halfway to its goal to raise at least 769 ETH worth roughly $1.5 million to fight what it calls a lawsuit that has “no merit”. The platform has another 21 days to go before the NFT funding campaign ends. It noted on its NFT minting page that:“PoolTogether Inc. is a defendant in a putative class action lawsuit. A person deposited the equivalent value of $12.00 into the protocol and is now suing PoolTogether Inc. and others for substantial damages.”The class-action lawsuit is led by the former technology lead for Senator Elizabeth Warren’s 2020 presidential campaign, Joseph Kent, who after depositing roughly $12 worth of stablecoins into the protocol, took action against the project, its founder Leighton Cusack and several of its affiliated partners in JanuaryAccording to an amended complaint from February, Kent alleges that PoolTogether is operating an illegal lottery in New York, and argues that the platform “may never offer a positive expected value” due to keeping as much as 50% of each weekly prize as a reserve. Kent is seeking compensation worth double the value of funds he spent on purchasing lottery tickets in PoolTogether, and double the reasonable amount of attorney’s fees and costs of legal action. PoolTogether claims to offer risk-free lotteries on stablecoin deposits in the platform by using ticket-buyers’ and liquidity providers’ capital to generate interest using DeFi lending protocols. The winner of the lottery receives the lion’s share of the yield, while a handful of runner-ups receive a smaller share. All other participants receive a full refund. According to PoolTogether’s website, it currently offers $80,436 worth of weekly prizes across its V3 and V4 pools. PoolTogether said the “allegations lack merit but a thorough defense is still needed” and pointed to an article from the Wall Street Journal in January stating that the lawsuit seemingly appears “to be a deliberate effort to put some of the DeFi community’s core doctrines to the test.”So far the community has shown strong support for the campaign with 2,416 NFTs being sold for a total of 470.90 ETH worth $911,959 at the time of writing. If all NFTs are sold, the platform will have raised 1,076 ETH or $2.2 million. The NFTs depict an purple animated avatar called “Pooly” and come in three types of rarity and pricing, with the supporter tier consisting of 10,000 NFTs going for 0.1 ETH apiece, the lawyer tier of 1000 NFTs for 1 ETH per token and the judge tier of 10 NFTs in total going for 75 ETH a pop. Pooly NFTs: PoolTogetherRelated: DeFi isn’t dead, it just needs to fix these 3 critical problemsProminent figures in the space such as general partner a16z Chris Dixon have also supported the cause by purchasing one of the 75 ETH judge NFTs. We just bought a 75 ETH Pooly Judge to support. https://t.co/MCxTMIJUI7 https://t.co/IhrpOR2WXT— cdixon.eth (@cdixon) May 27, 2022Notably, the plaintiff also outlines a distaste for crypto as a whole, which may explain why the community has rallied behind PoolTogether. Kent is described as being “gravely concerned” that the crypto sector is “accelerating climate change and allowing people to evade financial regulations and scam consumers.”

Čítaj viac
Optimism airdrop overwhelmed by all-time high demand: ‘Scaling is hard’

Optimism airdrop overwhelmed by all-time high demand: ‘Scaling is hard’

Uverejnil používateľ | jún 1, 2022 |

Ethereum layer-2 scaling solution Optimism has been overwhelmed with “all-time high demand” following the launch of its highly anticipated airdrop on Wednesday. Users racing to collect their tokens were greeted with failed or delayed transactions as the Optimism team raced in the background to add additional capacity to the network. As previously reported in April, Optimism is airdropping the new OP governance token — over multiple phases — alongside the launch of a decentralized autonomous organization (DAO) dubbed “The Optimism Collective.” Nearly 250,000 addresses are able to receive the airdrop, with the eligibility set for Optimism early adopters and regular Ethereum users, such as DAO voters, multi-sig signers and bridge users. According to Optimism Status, the mainnet experienced degraded performance for roughly three and a half hours, with the team “provisioning more capacity” to solve the issue. As a result, archive node functionality remains temporarily limited until the network load subsides. Optimism stated on Twitter that it would take the lessons it learned from the first airdrop and apply them to the second round, while it will also publish an “extensive retrospective next week” detailing what went down. “Wow, what a day. OP Drop #1 had a turbulent launch which we finally stabilized after more than five hours of non-stop work.” There are a lot of lessons we learned from this to apply to Drop #2. We’ll be publishing an extensive retrospective next week. Iteration is core to the Optimism ethos and we always strive to apply today’s lessons to tomorrow’s problems.— Optimism (✨_✨) (@optimismPBC) June 1, 2022Twitter users, such as OlimpioCrypto, were the first to announce the airdrop going live earlier on Tuesday to their 35,400 followers, hours ahead of Optimism officially doing so. As it stands, OP is available for trade on several centralized exchanges such as Coinbase, OKX, Bybit, Gate.io, MEXC Global, along with popular decentralized exchange Uniswap.(✨_✨) $OP AIRDROP IS LIVE 2 minutes ago, $OP became claimable in @optimismPBC, and tradable on several exchangesThread: all you need to know about the so hyped launch Claim right now:— olimpio ⚡️ (@OlimpioCrypto) May 31, 2022

With users racing to snap up free tokens before the official announcement, the Optimism team acknowledged that its network was struggling to support the demand:“Sup sleuths—as you might have guessed, OP Drop #1 launches today. We have NOT officially announced yet, but we’re already experiencing an all-time high demand. We knew everyone would be excited, but holy cow—y’all just couldn’t wait for #OPSummer.”“We’re working to heavily provision more capacity before our official announcement—in the meantime the public RPC may respond slowly,” it added. An RPC (Remote Procedure Call) enables various applications, such as MetaMask or Uniswap, to interact with Optimism and Ethereum and appears to have been a key issue that slowed down OP transactions.Related: Layer-2 adoption could spur the next crypto turning pointCommenting on the drop, Martin Köppelmann, co-founder of Ethereum Virtual Machine-compatible blockchain Gnosis, stated he thinks Optimism is one of the “leading” projects tackling Ethereum’s scaling issues, but this drop highlighted the point that “scaling is hard.”And this was certainly not meant to sound negative in any way towards @optimismPBC – quite the opposite, I consider the project as one of the leading once to tackle scaling and them running into scaling issues right now just shows how hard the problem is.— Martin Köppelmann (@koeppelmann) May 31, 2022

According to CoinGecko, OP opened at $1.43 before surging to $2.10; however, the price has since dropped back to roughly $1.92, marking an increase of roughly 34%. So far, trading volume has topped $169 million at the time of writing.

Čítaj viac
LUNA 2 price jumps 90% ahead of big Binance airdrop

LUNA 2 price jumps 90% ahead of big Binance airdrop

Uverejnil používateľ | máj 31, 2022 |

The price of LUNA briefly spiked around 90% overnight to an intraday high of $11.33 ahead of Binance’s airdrop, but has since dropped back to around $8.26 at the time of writing. At current prices, as per CoinGecko data, the increase to $8.26 represents a 35% gain over the past 24 hours. Overall, however, the price has tanked 56% since launching on the weekend at an opening price of $18.87. Members of the community posted screenshots of the price jumping as high as $12 on the MEXC Global exchange, with Twitter user “bull_bnb” highlighting some surging moment as they noted that the price jumped by around $2 in the space of 30 minutes. In 30 minutes you apes pumped it 2 more dollars am loving it I love you do Con. @crypto_bitlord7 you should’ve nought with me bro this new $luna on fire https://t.co/Y9n6HT2mY6 pic.twitter.com/s2TJRYrl4J— Bull of Binance Street (@bull_bnb) May 30, 2022Binance is one of several exchanges aiding the relaunch of the Terra ecosystem, and is set to launch a multi-year airdrop campaign to eligible users from May 31 at 06:00 am UTC, along with opening the token up for trading. While the project aims to re-establish itself under Do Kwon’s revival plan, onlookers in the short term have predicted the price will tumble further once the Binance drop goes live.Related: Luna Classic (LUNC) pricing error leads to Mirror Protocol exploitNumerous investors have taken to Twitter to vent their anger over other lackluster airdrops from Terra so far, with “cryptocevo” tweeting on May 30 that:“Lost 50k on $LUNA and got an airdrop of $112 Prefer the complete rug. That small airdrop is like extra needle salt in the wound.”Earlier today, the verified “terra_money” Twitter account acknowledged there have been issues with the airdropping so far and vowed to find a solution shortly. “We are aware that some have received less $LUNA from the airdrop than expected & are actively working on a solution. More information will be provided when we have gathered all of the data, so stay tuned,” the tweet read. Attention $LUNA airdrop recipients We are aware that some have received less $LUNA from the airdrop than expected & are actively working on a solution.More information will be provided when we have gathered all of the data, so stay tuned.— Terra Powered by LUNA (@terra_money) May 30, 2022

Čítaj viac
Shiba Inu founder deletes social media posts, steps down from community

Shiba Inu founder deletes social media posts, steps down from community

Uverejnil používateľ | máj 31, 2022 |

Pseudonymous Shiba Inu (SHIB) founder ‘Ryoshi’ has walked away from the community after deleting all of their Tweets and blog posts this week. Much like Bitcoin (BTC) founder Satoshi Nakamoto, Ryoshi’s identity has remained unknown since the project launched in August 2020. Additionally, they have also held a hands-off approach to the memecoin much like Dogecoin (DOGE) founders Billy Markus and Jackson Palmer. Lead developers such as ‘Shytoshi Kusama’ have stated that the project will carry on and continue to “actualize Ryoshi’s vision and plan for this grand experiment” of building a decentralized memecoin ecosystem. Ryoshi has hinted on several occasions that they would eventually walk away, as they often played down their significance and role in Shiba Inu. In a since-deleted Medium post, the founder reportedly said:“I have said from the beginning, I am a nobody, I am not important. The efforts to unmask my “identity” even if successful would be underwhelming. I am just some guy of no consequence tapping at a keyboard and I am replaceable. I am Ryoshi.”As it stands, Ryoshi’s Twitter account is still up but with all activity wiped clean, while two blog posts bidding farewell to the ShibArmy are still up on Medium. However, some members have suggested that these posts may be from a scammer who created a new account under Ryoshi’s name. The idea appears plausible, as previous reports linking to Ryoshi’s blog now bare the message “user deactivated or deleted their account,” despite another account being up using his same name and profile picture. “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” the first post reads, while the second one adds “Every Shibarmy is Ryoshi. It does not represent someone, but the glory of Shibarmy! END.”Definitely isn’t the original @RyoshiResearch though tbhhttps://t.co/J2PCsuWqpx— Oliver Barsby (@OliverBarsby) May 30, 2022Regardless of the potential tom-foolery on Medium, Shytoshi Kusama published a blog post on May 31, saying goodbye to Ryoshi and reiterating a commitment to the founder’s vision for the project moving forward: “The ethos of Ryoshi to remain anonymous and have no input on the direction of Shib, makes our mythos even more mystic and impressive. We’ve built from nothing, never paid an exchange for a listing, and revolutionized “meme” tokens by growing exponentially.”“Shib, Leash, Bone, Treat, ShibaSwap, Shi, Shibarium. Note also the concept of LOCAL Shib areas (meetups) such as we see in ShibaZone, and eventually Shibacon. To me, these latter two aspects are part of our growth, and all of our other projects support or utilize one or more of the above,” the post added.Related: Shiba Inu has a new use case — Buying land in SHIB: The MetaverseNotably, the news hasn’t negatively impacted the price of SHIB, with the memecoin gaining 3.1% over the past 24 hours to sit at roughly $0.00001209. While the asset is down a hefty 86% since its all-time high of $0.00008616 in late October 2021, somehow SHIB is still up 54% overall compared to 12 months ago, which is something that has not been replicated across many major assets.

Čítaj viac
Investors dumping on Terra as LUNA 2 tanks 70% in two days

Investors dumping on Terra as LUNA 2 tanks 70% in two days

Uverejnil používateľ | máj 30, 2022 |

The price of LUNA has tanked around 70% since the re-launch of the Terra ecosystem via Terra 2.0 on May 28.Under the revival plan of Terraform Labs founder Do Kwon, new LUNA tokens (also referred to as LUNA 2) are being airdropped to investors that previously held Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST (aUST).The only reason to buy $LUNA 2.0 is to qualify for the next airdrop of $LUNA 3.0 after it goes to zero like $LUNA 1.0— Luke Martin (@VentureCoinist) May 29, 2022According to data from CoinGecko, LUNA has dropped roughly 69% since its opening of $18.87 on Saturday to sit at around $5.71 at the time of writing.LUNA/USD chart: CoinGeckoAt this stage, the sharp plummet seems to suggest a relative lack of faith in Do Kwon’s revamp moving forward, with many investors indicating on Twitter that they are instead looking to recover a small portion of their previously lost capital and wipe their hands clean of the project. Sold my available LUNA 2.0 airdrop → ETH @ $1,790. I don’t see any fundamental here & I see whatever I get as bonus since I already wrote everything off as a loss & $0. If not that the others are vesting, I’ll sell ‘em all.— (@0xWolff) May 28, 2022

Binance is set to begin a multi-year distribution of LUNA to eligible users starting from May 31, along with listing the token for trading via its Innovation Zone, a dedicated trading zone for volatile and high-risk assets. Some people in the community who have outlined plans to eventually purchase LUNA once the carnage is over such as “lurkaroundfind” have predicted further bloodshed once the Binance drop goes live. Related: Bitcoin price stuck below $29K as Terra comes back from the deadThey pointed out that Binance has “15.7MM liquid LUNA, which will be available to users on Tuesday” and suggested that investors who mainly used the Anchor Protocol will look to cash out as they have no real interest in the Terra ecosystem. 5/8 Binance offered an Anchor UST staking service. https://t.co/TuacL1JXSKMany users had UST on Anchor via Binance at pre-attack snapshot. Many of these users never owned old LUNA and don’t care about new LUNA.Yeah, they’re gonna dump.— Terra Watcher (@lurkaroundfind) May 29, 2022

Popular influencers in the space such as Lark Davis have also noted such, telling his 988,000 Twitter follows yesterday that: “Zero plans to buy $luna 2.0, but I will dump any airdrop if I get something on Binance.”

Čítaj viac

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy