Toute l'actualité des NFT
Dans sa lettre, publiée aujourd’hui, Susan Wojcicki, PDG de YouTube, suggère que la plateforme de partage de vidéos pourrait adopter les technologies Web3, y compris les tokens non fongibles (NFT), un moyen fiable de certifier les actifs numériques stockés sur la blockchain, pour aider les créateurs de YouTube à gagner de l’argent. Bien qu’aucun plan […]
L’article NFT : YouTube envisage d’intégrer les tokens non fongibles est apparu en premier sur Cointribune.
Crypto tax software developer CoinTracker raised $100 million from venture backers, entering growth mode just as the 2022 tax season is heating up.
Now valued at $1.3 billion, 40-person CoinTracker – which last raised $1.5 million in a 2018 seed round – plans to scale its global tech support and integrate with a universe of crypto companies, CEO Jon Lerner said.
It’s also bulking up on high-ranking talent, sniping Uber’s Vice President of Engineering Gaurav Garg as the new Head of Engineering, and Zack Reneau-Wedeen, Robinhood Crypto’s Head of Product, for Product Lead.
CoinTracker’s partnership wheels are churning, too. On Monday CoinTracker announced an exclusive deal with Coinbase’s expanded “tax center” that assists exchange users in preparing their crypto taxes.
“It’s trying to get ahead of the problem, which is very important for exchanges to do, especially with this infrastructure bill,” Lerner said, referring to expanded reporting requirements set to come online in 2023.
“Every exchange will be reporting their users’ capital gains to the IRS and we expect the same thing to play out in other countries as well,” he said.
Getting tax season 2021 right will be less important for the crypto crowd. The Internal Revenue Service (IRS) is paying increasing attention after last year’s massive spikes in everything from coin prices to NFTs. Every sale, swap and wrap is taxable as capital gains.
CoinTracker is hardly the only crypto tax company-turned-unicorn. TaxBit, which works directly with the IRS, crossed that mark last August.
Accel led CoinTracker’s series A with reups from General Catalyst, Initialized Capital, Y Combinator Continuity, 776 Ventures, Coinbase Ventures, Intuit Ventures and Kraken Ventures, a press release said.
L’organisme fiscal américain, l’Internal Revenue Service (IRS), estime que le secteur des cryptomonnaies et des jetons non fongibles (NFT) est en proie à la « fraude » et a prévenu que les célébrités faisant la promotion des cryptomonnaies sur les médias sociaux pourraient faire l’objet d’enquêtes….
Lire la suite: L’IRS affirme que la fraude est omniprésente dans les secteurs crypto et NFT
Sprint sur les réseaux sociaux – YouTube amorce le virage NFT. C’est ce qu’à annoncé la PDG de la plateforme vidéo dans sa lettre annuelle aux créateurs de contenu. Cette décision fait suite à l’ajout par Twitter de NFT en tant que photos de profil la semaine dernière. En effet, les utilisateurs de Twitter Blue ont déjà pu connecter leurs comptes à OpenSea pour utiliser les NFT vérifiés de leur collection personnelle.
Bien que le marché des cryptomonnaies ait déjà perdu quelques milliards de dollars depuis le début de l’année, celui des NFT semble ne pas être impacté. Beaucoup de célébrités comme Tom Brady, Paris Hilton, Snoop Dogg, Eminem et bien d’autres ont pris la fusée en marche. Certains ont lancé leurs collections, d’autres se sont appropriés les plus tendances.
YouTube rejoint désormais Twitter, Netflix, Instagram et Meta (anciennement Facebook) dans cette crypto-course aux NFT. Les objets de collection numériques ont donc de beaux jours devant eux. C’est en tous cas ce que laisse espérer la célèbre chef d’entreprise. Elle ne manque, par ailleurs, pas d’éloges sur le Web 3.0 et son écosystème.
« L’année passée dans le monde de la crypto, des tokens non-fongibles (NFT) et même des organisations autonomes décentralisées (DAO) a mis en évidence une opportunité auparavant inimaginable de développer la connexion entre les créateurs et leurs fans. »
Susan Wojcicki
La forme que prendraient les tokens non-fongibles sur YouTube n’est actuellement pas claire. Cependant, selon la PDG, l’objectif serait « d’aider les créateurs à capitaliser sur les technologies émergentes« . Reste à savoir quand et comment seront lancées ces fonctionnalités sur la plateforme de vidéos la plus regardée au monde.
Twitter vient de présenter sa première expérience avec les NFT. Les utilisateurs de la plateforme peuvent déjà exposer leur BAYC et autres œuvres d’art numériques en photo de profil avec Twitter Blue. Le haut dirigeant d’Instagram a également exprimé son intérêt pour la technologie. Enfin, le Financial Times annonçait la semaine dernière que Meta (Facebook) et Instagram travaillent sur un marché NFT et d’autres fonctionnalités y étant liées.
Ce n’était qu’une question de temps avant que la vague des NFT ne déferle sur les réseaux sociaux. Les plateformes veulent désormais devenir le lieu incontournable pour l’achat et la vente de NFT.
Si YouTube permettait aux créateurs de vendre des NFT directement à leurs fans, ce serait une aubaine majeure pour la technologie. Les NFT ont gagné en popularité au cours de la dernière année mais ne sont pas encore massivement adoptés par le grand public. La course est lancée !
L’univers des NFT est aussi passionnant qu’en pleine effervescence. Si vous préférez privilégier la tranquillité d’esprit, faites le choix de plateformes crypto plus traditionnelles. Actuellement, profitez de jusqu’à 100€ en cryptomonnaies offerts lors de votre inscription sur la plateforme Swissborg (lien affilié, pour un dépôt minimum de 50€).
L’article Après Twitter, YouTube amorce le virage NFT est apparu en premier sur Journal du Coin.
Bonne nouvelle pour les passionnés du play-to-earn, Heroes TD! Ils peuvent à présent lier leur portefeuille metamask à l’application mobile du jeu que ce soit sur Android ou IOS. L’annonce a été rendue publique dans la journée du mercredi sur le compte twitter du jeu. Deux jours après que les responsables de Heroes TD ont révélé aux utilisateurs qu’il intégrerait des musiques rap pour acclamer les « game heroes ». Heroes TD: un Géant du GameFi en herbe Le terme GameFi est un nouveau concept dans l’industrie du gaming qui désigne GameFi – également connu sous le nom de “play-to-earn” – est le […]
L’article NFT News : Désormais, vous pouvez connecter votre wallet metamask à la Dapp de Heroes TD est apparu en premier sur Cryptonaute.
South Korea’s oldest private art museum will be auctioning two sculptures designated as “national treasures” by the South Korean government, and two decentralized autonomous organizations (DAOs) will be among the bidders on Thursday.
The DAOs – National Treasure DAO and HeritageDAO – formed independently from each other when South Korean media reported on the financially-struggling Gansong Museum’s auction earlier this month. But they share a common goal: to prevent the artifacts from ending up in a private collection, where the public won’t be able to see them. The Gansong Museum has been closed since 2014 and has sold artwork to pay its debts. The museum told the Korea Herald that it hopes to reopen this year.
Both DAOs were inspired by ConstitutionDAO, the unprecedented and ultimately doomed attempt to buy one of the 13 original copies of the U.S. constitution. Although ConstitutionDAO was outbid by a billionaire, the initiative raised public awareness of DAOs by raising a whopping $40 million from thousands of hopeful investors. Post-ConstitutionDAO, people are spinning up DAOs to crowdfund big-ticket purchases from golf courses to film scripts to Blockbuster.
The HeritageDAO and National Treasure DAO efforts are among the most ambitious and significant yet. The two sculptures, one of a miniature gilded bronze shrine with a Buddha inside is from the 11th century, and the other of a gilded bronze triad of Buddhas that dates to the 6th century are among fewer than 400 artworks that South Korea’s government has designated national treasures.
According to the Korea Herald, Thursday will be the first time a South Korean museum has auctioned national treasures..
When Brian Cheong, founder of the Seoul Ethereum meetup and CEO of blockchain startup Atomrigs Lab, heard about the auction while watching television news, he was stunned.
“How come a national treasure is up for auction?” Cheong told CoinDesk. “I wanted to help somehow, but I don’t have that much money. I wanted to help with a community effort instead of just a few people’s donations.”
With help from Jason Han, the CEO of Ground X, the blockchain subsidiary of popular Korean texting app KakaoTalk, Cheong created National Treasure DAO.
But almost as soon as it started, the project faced a host of legal challenges.
Cheong heard about the auction on Jan. 17, leaving him only 10 days to create a DAO and find enough donors to raise his minimum goal of $4 million – enough to cover the floor cost and 15% auction fees for one of the statues.
“What can we do in 10 days?” Cheong said. “We cannot do a regular legal framework and set up an LLC. it would take another month to set up a legal entity. The best option was using crypto.”
“For fundraising, initially we thought about an ERC-20 token like ConstitutionDAO,” Cheong added. “We almost finished that initial contract coding but then several lawyers said ‘Oh, no, no it’s very dangerous’ because the South Korean government still officially prohibits ICO kinds of things.”
Cheong and his team instead raised funds via NFTs minted on the Klaytn Blockchain, one of the most popular blockchains in South Korea. Cheong wrote smart contracts that ensured automatic refunds if the DAO didn’t reach its minimum funding goal by Jan. 26.
Cheong said that despite a whirlwind week of press engagements and over 30 articles and interviews about National Treasure DAO appearing in the Korean media, the DAO had raised only $2.1 million by the deadline, and had already started issuing refunds.
Cheong blamed tightening crypto regulation in South Korea, which has seen nearly 70 exchanges shutter since last September. Only a handful of crypto exchanges were able to meet new requirements set by the Korean Financial Services Commission (FSC), and of the surviving exchanges, Cheong said that only two sell Klatyn’s native token. One made it nearly impossible to withdraw the crypto.
“This week, when we started to fundraise, Coinone prohibited exporting KLAY to metamask or other individual wallets,” Cheong said. “They only allow exporting to other exchanges’ accounts.”
Leon Kim, the CEO of Crayon Finance – a new DAO-based NFT finance platform backed by Animoca Brands – founded HeritageDAO when he and his team were approached by “an anonymous expert in the fields of ancient and modern arts over a cup of tea” on Jan. 23.
Kim told CoinDesk he and his team pulled three consecutive all-nighters to create the DAO’s website and establish a treasury for the project using Juicebox (the same service used by ConstitutionDAO).
Fundraising opened to the public on Wednesday and, and Kim said that the project had raised 553 ETH (valued at approximately $1.3 million) by the time of his interview with CoinDesk.
Like National Treasure DAO, HeritageDAO hopes to raise a base amount of $4 million, the value Kim estimates to meet the floor price for one statue and pay auction and legal fees. But he said that the initiative may not need the full amount..
Kim told CoinDesk that HeritageDAO is speaking with the Gansong Art Museum to potentially strike a deal for less than the asking price. The Gansong could favor such a deal because both the HeritageDAO and the National Treasure DAO plan to leave the artifacts in the museum if one of them wins the auction. HeritageDAO expects to hear back from the museum by noon Korea Standard Time, 3 a.m. (UTC).
“They heard about us somehow,” Kim said. “So they’re willing to talk about a direct, private kind of a deal.That way we might be able to secure [the statues] for a cheaper price.”
Unlike National Treasure DAO, HeritageDAO will keep raising money for a week, even if HeritageDAO doesn’t place the winning bid. Kim said that depending on how much money is raised, the DAO might attempt to buy the art from the auction winner or make a deal with the museum to purchase other art.
Though it has already begun issuing refunds, National Treasure DAO’s Cheong said that if the auction fails, the group could attempt a second fundraising round, or like HeritageDAO, try to make a private deal with the museum.
HeritageDAO’s Kim said owning a national treasure comes with responsibilities, including monitoring environmental temperature and lighting and reporting to the Cultural Heritage Administration, which strictly oversees art and artifacts of cultural significance.
Removing a national masterpiece from South Korea is illegal, so the list of potential buyers is small, he said.
“Obviously it’s not your everyday Picasso, because you can’t really enjoy it, per se,” Kim added. “So, like, it’s better off not to touch it.”
Despite the onerous rules of ownership, Kim believes the art is undervalued – and a worthy investment.
If HeritageDAO succeeds in buying one or both statues, Kim said it plans to “fractionalize the digital derivative of ownership” while the Gansong custodies and displays the actual statues.
“These national treasures have never had a chance to get a fair valuation, right?” Kim said. “So I think it’s going to change a lot if we try this.”
Even if a billionaire chaebol snatches up the statues, both Kim and Cheong agree that the publicity received by HeritageDAO and National Treasure DAO is a win for South Korea’s crypto scene.
“Korean people are not familiar with the DAO concept yet,” Cheong said. “Even though the crypto exchanges in Korea have [a large volume of transactions], people don’t have any individual crypto wallets like Metamask.”
“They’re all just using centralized exchange accounts,” Cheong added. “They have no idea of how DAOs work. I want to show them a working model that is efficient, that doesn’t have a lot of hassles…if we have problem, we can refund it automatically because everything controlled by a smart contract.”
Kim told CoinDesk the ongoing presidential election season in South Korea made the timing of the auction ideal because candidates are trying to win the votes of younger constituents by espousing crypto-friendly policies.
“We [want to be] a good reference and use case that’s actually helping all the parties involved,” Kim said.
Good morning. Here’s what’s happening:
Market moves: Bitcoin gave up early gains after Powell’s hawkish comments.
Technician’s take: Long-term momentum remains weak and BTC is at a critical point.
Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $36,826 -0.3%
Ether (ETH): $2,470 +0.7%
Top Gainers
Asset
Ticker
Returns
Sector
Polygon
MATIC
+5.5%
Smart Contract Platform
Dogecoin
DOGE
+5.1%
Currency
Solana
SOL
+3.0%
Smart Contract Platform
Top Losers
Asset
Ticker
Returns
Sector
Cosmos
ATOM
−5.8%
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Internet Computer
ICP
−2.9%
Computing
Stellar
XLM
−1.0%
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S&P 500: 4,349 -0.1%
DJIA: 34,168 -0.3%
Nasdaq: 13,542 +.02%
Gold: $1,816 -1.7%
A relief rally in crypto that had bitcoin trading near $39,000 was short-lived as the largest cryptocurrency by market capitalization fell back below $37,000 after the U.S. Federal Reserve released a statement Wednesday about reducing the size of its balance sheet.
At the time of publication, bitcoin was changing hands at about $36,800, down slightly over the past 24 hours, according to CoinDesk data. Ether, the second biggest cryptocurrency by market capitalization, was trading over $2,450 and was up slightly during the same time period.
Data compiled by CoinDesk shows that bitcoin’s spot trading volume across major crypto exchanges rose on Wednesday compared with a day ago.
Bitcoin briefly rose to nearly $39,000 right after the U.S. central bank released its statement, as the market believed the news was already “priced in.”
Following the stock market, bitcoin gave up the earlier gains as investors and traders weighed Fed Chairman Jerome Powell’s comments.
Powell said that he won’t rule out an interest rate hike at a future meeting and signaled that the central bank would steadily remove support for the economy in order to fight high inflation.
“After hearing Fed Chair Powell talk, it became clear the risk of more rate hikes was elevated,” Edward Moya, a senior market analyst at Oanda, wrote in his daily market newsletter. “…The Fed may raise rates at every other meeting, with the balance sheet runoff starting in May or June.”
But Moya added that the panic selling of cryptocurrencies may be over as a rally in alternative cryptocurrencies could be coming if bitcoin can stabilize at between $40,000 and $50,000.
Bitcoin Oversold Bounce Faces Resistance at $40K-$43K
Bitcoin rose from deeply oversold levels over the past two days, indicating renewed buying after a sharp sell-off. The cryptocurrency faces initial resistance at $40,000-$43,000, which could stall the current price bounce.
The relative strength index (RSI) on the daily chart is rising from extreme oversold levels, which could keep buyers active this week. On the weekly chart, the RSI is approaching oversold territory, similar to what happened last July in what was a prelude to a strong price rally.
Still, momentum signals remain weak, indicating limited upside from here. That means buyers will need to make a decisive move above $40,000 to signal a recovery phase.
For now, the downtrend from November remains intact with immediate support at $37,000 and lower support at $30,000.
Important events
8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia import and export price index (Q4 QoQ)
3 p.m. HKT/SGT (7 a.m. UTC): Switzerland imports and exports, trade balance (Dec. MoM)
9:30 p.m. HKT/SGT (1:30 p.m. UTC): U.S. durable goods orders (Dec.)
9:30 p.m. HKT/SGT (1:30 p.m. UTC): U.S. gross domestic product annualized (Dec.)
9:30 p.m. HKT/SGT (1:30 p.m. UTC): U.S. jobless claims, four-week average (Jan. 21)
In case you missed it, here is the most recent episode of « First Mover » on CoinDesk TV:
Dexterity Capital Managing Partner Michael Safai joined « First Mover » hosts for an in-depth analysis of the crypto markets as investors anticipated the Federal Open Market Committee (FOMC) meeting at 2 p.m. (ET). Animoca Brands co-founder Yat Siu shared details of the firm’s latest funding round. Plus, Avivah Litan, an analyst at Gartner Research, offered insights on criminal activities using crypto versus those using fiat currency.
How Bitcoin Contributions Funded a $1.4M Solar Installation in Zimbabwe: The long-running Sun Exchange has a pitch for environmentally conscious bitcoiners.
Miners Remain Unfazed by Crypto Sell-Off, Expect More M&A: While some miners may face difficulty raising equity or staying as profitable as before, many feel confident they can navigate the current downturn.
Criminals Still Find It Easier to Hide in Fiat Than Crypto: Lawbreakers can run, but not hide, in transparent cryptocurrency networks, Litan of Gartner Research argues. (From CoinDesk Privacy Week series)
Diem Mulling Sale of Assets to Pay Back Investors: Report: The Meta Platforms-led group developing the cryptocurrency has been in discussions with investment bankers about selling the project’s intellectual property.
Solana Could Become the Visa of Digital-Asset World: Bank of America: Solana and other blockchains may snag market share from Ethereum over time, the bank said in a research note. (Jan. 12)
Tucked Inside Biden Infrastructure Bill: Unconstitutional Crypto Surveillance: Marta Belcher breaks down what you need to know about the Fourth Amendment, the Infrastructure Investment and Jobs Act and Section 6050i of the tax code. This op-ed is part of CoinDesk’s Privacy Week.
Today’s crypto explainer: Minting Your First NFT: A Beginner’s Guide to Creating an NFT
Other voices: Crazy for crypto but allergic to risk? (McKinsey)
« If the metaverse’s biggest contribution ends up being a change in *shopping,* you might as well shut it down now. (Wall Street Journal reporter Paul Vigna) … « Everyone has an inalienable right to associate privately, and ought to have a right to search for information anonymously. In other words, their personal information should belong to them, and they should be in complete control of it. Period. » (Digital currency pioneer David Chaum for CoinDesk) … There’s also a lot of new money from cryptocurrency where people are just randomly making millions of dollars and they don’t know what to do with it, so they’re trying to buy stuff. I like coins for the aesthetics. I do not invest in cryptocurrency. I like something you hold in your hand that other people have held in the past and bought stuff with or saved. I like the history. » (Rex Goldbaum to the New York Times) … « Among other impacts, higher Fed interest rates usually draw capital away from speculative sectors because savers and investors are drawn to safer returns in government bonds. At the margins, this will inevitably pull value out of both tokens and crypto startups (along with tech and venture capital more generally). » (CoinDesk columnist David Z. Morris)
A falling-out between two startup projects on Cardano has spilled out onto social media, reaching such rancor that the blockchain’s founder, Charles Hoskinson, took to YouTube this week to admonish the teams to « get your s**t together. »
The conflict is between CardStarter, which describes itself as a « decentralized accelerator » for startup projects focused on Cardano, and SundaeSwap, a decentralized exchange built on Cardano.
At the heart of the matter is what appears to be a now-soured marketing agreement that’s got the two projects’ leaders accusing each other of broken verbal commitments and promises.
The dispute could cast a pall over Cardano, sometimes described as an « Ethereum killer » because of its ambitions to compete with Ethereum, the second-largest blockchain, which has become the dominant venue for development of technologies ranging from decentralized finance, known as DeFi, to NFT trading. Even Hoskinson, who previously helped found Ethereum, acknowledged that the dispute risked damaging the « brand of the ecosystem as a whole. »
The bickering with CardStarter adds to the controversy already surrounding SundaeSwap, which went live last week – only to be slammed by user complaints over extreme delays in receiving the project’s native SUNDAE tokens. SundaeSwap representatives had to post a notice on its website pleading for patience.
But the spat between CardStarter and SundaeSwap has been in the making for nine months, starting with an initially harmonious plan to join forces but ending with harsh recriminations on both sides and complaints of steep financial losses.
For Cardano investors, the latest episode might show just how complex and difficult it can be to build a community of blockchain projects, developers and traders without significant growing pains.
In April 2021, CardStarter announced the launch of CardSwap, a decentralized exchange (DEX) that was marketed as similar to Ethereum’s Uniswap – but for the Cardano blockchain. CardStarter stated that there would also be a liquidity mining program where providers could earn CSWAP tokens as rewards – incentivizing users through the attractiveness of getting in early.
Then in June, CardStarter entered an agreement with SundaeSwap to essentially team up: CardStarter would cease development of a competing CardSwap decentralized exchange and promise to contribute liquidity to SundaeSwap. The deal was announced publicly in a press release in July.
In an AMA (Ask Me Anything) forum on Twitter in July, SundaeSwap CEO Mateen Motavaf was asked: “Is this an integration between CSWAP and SundaeSwap? Is it essentially a replacement of CardSwap?”
Motavaf responded: “This is a merger, and Sundae is the name of the main DEX where a lot of this will be taking place.”
Ashwin Somasundaram, CardStarter’s senior operations advisor, said in the AMA that the CSWAP community will be « very well taken care of by all of us, » and that they are getting an « amazing end of this deal. »
Fast forward to October. That’s when, according to CardStarter CEO Aatash Amir, SundaeSwap officials agreed to set aside 150 million SUNDAE tokens for the CardStarter partnership.
A Jan. 24 tweet from CardStarter shows screenshots of a group Telegram chat between the two entities where they appeared to lay out the plan.
The screenshots show a portion of a conversation where SundaeSwap’s chief information officer tells Amir that 7.5% of the total supply of Sundae had been set aside for the CardStarter partnership. (That would be 150 million tokens of the reported 2 billion in supply.)
Then on Jan. 18, Artem Wright, SundaeSwap’s co-founder, wrote in a Telegram chat to the CardStarter team stating that the number of SUNDAE tokens allocated to the partnership would be reduced to 10 million.
When asked about the reduction on the Telegram group chat, Wright confirmed it and said that “We feel that 10M is the fair amount for what is available today.”
The reduction was based on there being “significantly less” total value locked (TVL) in the CardSwap-affiliated liquidity pool than both entities expected, according to the screenshots released by CardStarter. « Total value locked » is a commonly cited metric used in DeFi to signify how much collateral has been put into a protocol; it’s a key gauge of a project’s size and popularity.
Wright said in an interview with CoinDesk that CardStarter promised $200 million or more of TVL to SundaeSwap.
“Over the period of our negotiations, we went from expecting upwards of $200 million in liquidity to $10 million, resulting in lower token amounts negotiated in return, » Wright said.
CoinDesk reached out to CardStarter for comment on whether the team ever agreed to provide $200 million of TVL, but there was no response by press time.
CoinDesk checked data from the DeFi exchange Uniswap to independently assess the TVL associated with CardStarter.
On Oct. 31 – the day that SundaeSwap reportedly agreed to offer 150 million Sundae tokens to CSWAP holders – CARDS had a TVL of $18.5 million, according to data from Uniswap.
On Jan. 20, the TVL on CARDS was slightly lower, at $17.5 million.
James Thornton, an IT consultant from the UK who is a CSWAP investor, said he was skeptical that the CardStarter team would have ever agreed to accept just 7.5% of the SUNDAE tokens in exchange for $200 million of TVL. Thornton contacted CoinDesk after this reporter posted a message in a SundaeSwap community Telegram channel seeking sources to discuss the matter.
“No DEX partner would agree to stop making their DEX to port over $200 million TVL for 7.5% of tokens in return, » Thornton said. « They’d want at least 80%.”
Whatever the case, SundaeSwap’s decision to reduce the allocation meant that CSWAP holders couldn’t get all the SUNDAE tokens they thought they were entitled to.
As word trickled out, CardStarter’s CARDS token, which was changing hands around $9 on Jan. 18, has tumbled to about $3 now. As recently as last May, they were trading around $80.
The CardStarter liquidity providers began expressing their disappointment and labeling the unwinding as a “rug pull” on social media in various tweets, Telegram groups and on Discord.
Alec Yu, a university student from Melbourne, Australia, said in an interview with CoinDesk that he personally lost $300,000 from mining CSWAP tokens and said he would “never have invested if Sundae didn’t endorse this deal publicly and make it seem like CSWAP holders were going to be very well looked after.”
Yu invested his money to provide liquidity for SundaeSwap’s upcoming DEX, under the impression he was going to be rewarded with SUNDAE tokens.
Darren, a healthcare worker from Australia who asked that his last name be kept confidential to protect his privacy, said he lost about $116,000 on CSWAP itself and a further $30,000 to “impermanent loss,” as a provider of liquidity for CARDS-ETH LP, which is the liquidity pool on Uniswap that would eventually be to migrated over to SundaeSwap.
“SundaeSwap wanted the CSWAP liquidity for the health of its DEX, » Darren said. « It was advised that mining would continue, as the requirement was to move our CSWAP liquidity over to SundaeSwap once the DEX is live.”
“Most of us have held our CSWAP liquidity from May-June 2021 till this day, as we were migrating over to SundaeSwap,” said Darren. “As a result we’ve incurred impermanent losses due to the CARDS token depreciating, because of a combination of market conditions and mostly the Jan. 20 news.”
Thornton said he lost over $200,000 providing liquidity.
“The deal went sour and the CARDS token dropped, » Thornton recalled.
“I committed my life savings over nine months to provide liquidity for SundaeSwap’s upcoming DEX, under the impression I was to be rewarded with SUNDAE tokens,” he said. “After our money being held in a lock for over half a year and losing 90% of its value, we still have zero access to our liquidity.”
According to CoinMarketCap, the CSWAP tokens were trading around $0.21 cents just prior to the Jan. 20 statement from SundaeSwap. Now, they’re around $0.03
SundaeSwap responded to the backlash on social media, denying that there was ever a merger agreement or a promise of SUNDAE tokens.
“SundaeSwap and CardStarter entered into a ‘Marketing and Collaboration Agreement’ in June 2021. This was not in any sense a ‘merger’ of the two entities, as explained in our own announcement about the agreement,” SundaeSwap said in a tweet.
In a subsequent blog post, SundaeSwap acknowledged that it had used vague terms on occasions when communicating with users.
“Members of our team have on two occasions chosen their words poorly when characterizing the Agreement and hoped-for future liquidity-provision relationship,” the blog post read.
SundaeSwap’s Wright said no promises were made to CardStarter regarding SUNDAE tokens.
Wright told CoinDesk in an interview that an agreement in June between the two entities includes CardStarter’s promise to not build its own DEX, and “it very clearly says they were getting nothing from SundaeSwap for doing that.”
Wright also said that the screenshots tweeted by CardStarter are “incomplete snippets of our months-long negotiations.”
A copy of the June “Collaboration and Marketing Agreement” obtained by CoinDesk shows that SundaeSwap committed to providing favored status to listing pairs contributed by CardStarter within the first year after the decentralized exchange’s launch.
No amount of tokens were specified in the agreement. It further stipulates that each party’s liability to the other will not exceed $5,000.
The agreement was signed by SundaeSwap’s Motavaf and CardStarter’s Amir.
The document stated that no other agreements would be deemed binding, whether oral or written.
SundaeSwap provided an address in Greenbrae, California, while CardStarter’s is a post office box in the British Virgin Islands.
Hoskinson, the Cardano founder, initially responded to CoinDesk’s request for comment on Monday, writing in an email that “I’m a bit under informed on this story myself and being brought up to speed. I’m happy to chat later in the week after I’ve had some time to read up on it.”
Then on Monday evening, Hoskinson hosted a YouTube stream where he was critical of how the two organizations handled the situation. He said that it was unacceptable for SundaeSwap and CardStarter to use social media platforms such as Twitter, Reddit, and Telegram to make their case.
“It’s despicable, » Hoskinson said. « It doesn’t do anything other than try to abdicate your personal responsibility and damage the brand of the ecosystem as a whole. »
Hoskinson added: “Please, people, get your s**t together. Both sides come together, agree to arbitration, talk to each other, and figure out whatever the hell you agree to get done. And if you can’t somehow survive the arbitration process, the courts are always available to you.”
When asked whether the dispute would affect Cardano’s reputation, Denis Vinokourov, head of research at Corinthian Digital, said it’s yet another example of communication gone wrong in the world of digital assets and crypto project launches.
“Regardless of the actual situation between SundaeSwap and CardStarter, acting like squabbling squirrels in public is not the way to go and only hurts Cardano’s prospects of competing for institutional money allocation,” said Vinokourov.
Cardano’s ADA token is down 27% in one month, trading at around $1.11 at press time, though bitcoin and other major cryptocurrencies have also sold off sharply in a broad market retreat.
Projects expanding from Ethereum to faster and cheaper blockchains like Solana have been a common occurrence in recent months, and social tokens are hopping on the bandwagon.
The latest project to make the plunge into the growing ecosystem is SuperLayer, a Web 3 venture studio and part of the RLY network, which announced it was launching onto Solana on Wednesday.
The studio is a faction of the social token platform Rally, whose users voted to split the platform into five separate entities in August in a bid for decentralization. (Rally operates as a decentralized autonomous organization, or DAO; SuperLayer is to Rally as ConsenSys is to Ethereum.)
SuperLayer says it is currently incubating over a dozen Solana-based social token projects, with additional plans to build play-to-earn games and liquidity offerings for its RLY token.
“Moving to Solana is one of the big steps we made to solve a lot of the problems building Web 3 products on a blockchain like Ethereum,” Mahesh Vellanki, managing partner of SuperLayer, told CoinDesk in an interview. “Whether we call them engage-to-earn, play-to-earn, learn-to-earn, we’re building architecture in a way where we can distribute rewards to users for doing simple tasks.”
Read more: Top NFL Prospect Kayvon Thibodeaux Taps Rally to Launch Own Cryptocurrency
While the popularity of social tokens remains dwarfed by demand for non-fungible tokens (NFT) on marketplaces like OpenSea, Rally’s success on Ethereum (even with its high transaction fees) has been notable.
SuperLayer says 77% of the network’s creators currently boast six-figure token economies, with a handful eclipsing the $1 million mark, according to a press release.
SuperLayer announced backing in October from a16z partners Marc Andreessen and Chris Dixon, along with investment from celebrities Paris Hilton, Joe Montana and Nas.
Blockchain technology stands to revolutionize a wide range of industries, and many companies are eager to move their operations on-chain. According to a survey from consultancy Deloitte, 78% of companies believe there is a compelling use case for blockchain technology within their organization, and 73% of them agree they stand to lose their competitive advantage if they fail to adopt the technology.
Most companies want in, but less than 0.1% of developers are senior enough to deliver on the projects they want to build. Why are blockchains so difficult to code for? To build blockchain apps, you need to have access to nodes (essentially units of the blockchain network). Installing and running nodes is difficult, expensive and time-consuming. It’s a full-time job in and of itself.
Running nodes for one blockchain is difficult enough, but maintaining perfectly functioning nodes for multiple blockchains requires a full dev-ops team. Each blockchain has its own language and set of particularities. Learning to code for one can take quite a bit of time; learning to code proficiently for multiple blockchains is next to impossible. Not only that, but smart contracts – executable programs on the blockchain used to build blockchain apps – are coded using completely different languages than the blockchains themselves.
All this learning to build blockchain apps can take months or years to master, and hiring blockchain developers is extremely expensive, if you can even find them. For this reason, up to 90% of blockchain implementations never even get successfully launched. They run out of time and money, and the majority of them fail.
Tatum eliminates these obstacles to blockchain development. It provides blockchain nodes for more than 40 blockchain protocols and there is no need to code for each individual blockchain. It also includes prebuilt smart contracts, meaning developers don’t need to learn Solidity or any other smart contract programming language. It also allows for the instant creation of NFTs or ERC-20 and ERC-1155 tokens and includes a ready-to-go NFT marketplace and auction for smart contracts.
This means companies looking at blockchain development projects no longer need any third-party tools or smart contract experience. It also means faster time to market, with 99% of costs and time saved in comparison to developing a project from scratch. This allows enterprises to use existing developers to build blockchain apps. Essentially, Tatum is enhanced Web 3 designed for Web 2 developers.
In 2021, Tatum grew from 4,000 users to more than 18,000 and received backing from Octopus Ventures. It was a top five finalist in the TechCrunch Startup Battlefield as the first-ever blockchain startup to be accepted to participate and was the winner of the European finale of the Startup World Cup.
Many platforms claim the same thing: to simplify blockchain development. But with most of them, you still have to learn to code and deploy smart contracts and you still need a good bit of Web 3 dev experience to accomplish anything. Tatum goes further in terms of features and supported blockchains. It allows companies to build blockchain apps from start to finish, all in a single, unified framework – zero blockchain development experience required.