GM to our Gari folks and we are back with another edition of “Decentralize your Week“, in today’s edition we will be going over
- ETH on a Moon Mission
- The Scam of BAYC
- Solana Celebrity Party
- The Gari Quick 5 Review
Let’s dive right in…
The Moon-Mission of Ethereum 🌜
We have previously seen the insane rally by Bitcoin post the ETF approval. The flood-gates of liquidity poured in faster than a raging tsunami.
But what about Ethereum?
Well, Ethereum might not be making loud and violent upside moves, but onchain data is painting a complete different picture.
Current data points to the ETH ecosystem witnessing a 9x surge in users compared to 2020, which also was a halving year like the current 2024 cycle.
– Arbitrum
– Polygon
This is in Q1 2020, with most of the share coming from the Ethereum layer-1 mainnet.
As of Q1 2024, this daily user number — which now also includes the since-launched layer-2 networks Optimism, Base and zkSync — hit around 2.25 million, nearly 9x greater.
Even VanEck (crypto ETF issuer) has put a price target of $22,000 for Ethereum to hit by the year 2030.
“We anticipate that spot ether ETFs are nearing approval to trade on U.S. stock exchanges. This development would allow financial advisors and institutional investors to hold this unique asset […] and benefit from the pricing and liquidity advantages characteristic of ETFs,” said the analysts from VanEck
The above post from Ryan Sean Adams also shows how Ethereum generates more fees despite lower user numbers.
The outlook and sentiment for Ethereum look super positive in the long run and it might be very hard for any other Layer-1 to take the 2nd position that Ethereum has enjoyed since the beginning of the crypto ecosystem.
Scammers are not BORED of Bored Ape Yacht Club đź‘€
Bored Ape Yacht Club investors are off to a rough week with another hack—the third this year. Hackers infiltrated Bored Ape social media communities, stealing $360,000 over the weekend. This raises concerns about Yuga Labs’ security measures.
The Bored Ape NFT collection, has become a high-profile asset and a status symbol in the world of JPEGs, with some within the collection selling for millions of dollars. Despite its popularity, the project faces criticism and ongoing threats from hackers.
Yuga Labs has expanded its offerings, including the Mutant Ape Yacht Club and the APE token. However, these efforts are overshadowed by security breaches. The latest hack involved a compromised community manager’s account on Discord, leading to a phishing scam that duped investors.
This is the third attack this year, following two in April, including one that saw 91 NFTs worth over $1.3 million stolen. The incidents are happening through social networking attacks, previously Instagram and now Discord.
Bored Ape co-founder, Gordon Goner criticized Discord, but many in the blockchain community argue Yuga Labs needs to enhance its own security.
Be safe out there friends, scams are getting more sophisticated with each passing minute.
Solana Celebrity Party 🎉
Naah nah, this is not the party you are thinking off. No yachts, no champagne, no villas in the skies, but an actual influx of celebrities launching their tokens on Solana and going absolute ham.
Iggy Azela launched her token named $MOTHER on the Solana blockchain and the crypto witnessed a 230x surge in value within few hours.
Another token that caught attention similar to this launch was Caitlyn Jenner’s token, $JENNER which performed rather badly and came out as an obvious rug pull for the community.
While $JENNER has not performed anywhere close to investor expectation, $MOTHER on the other hand is burning token supply, which is always seen as a bullish move.
Gari Talks: In the end, always DYOR while investing and never treat anything you read on the internet as financial advice and be cautious before going crazy with your investments.
The Gari Top 5 in Crypto Week 🏅
- Binance Under Scrutiny Binance faced accusations from both the SEC and Reuters. The SEC claims Binance’s BNB coin should have been registered as a security, while a Reuters investigation links Binance to illicit transactions involving Russian darknet and North Korean hackers​​.
- Optimism Network Error The Optimism network experienced a significant setback when 20 million OP tokens intended for market maker Wintermute were mistakenly sent to an incorrect wallet, which was then exploited by a hacker​
- Ripple Enters Stablecoin Market Ripple, the company behind XRP, announced its entry into the stablecoin market, challenging established players like Tether and USDC​.
- Roger Ver Faces Extradition Known as “Bitcoin Jesus,” Roger Ver was granted bail in Spain but faces extradition to the U.S. over tax fraud charges​.
- Bitcoin’s Price Volatility Bitcoin prices have shown significant volatility. Analysts predict a potential 22% drop, while discussions around the Wyckoff pattern suggest a possible breakout to new all-time highs if certain price levels are maintained​.
DISCLAIMER: None of this is to be treated as financial advice. This newsletter is strictly for educational purposes and is not a tool for investment advice or to make any financial decisions. Please be careful and DYOR always.
