Babe Wake Up, Ethereum Foundation Sold Again

Nobody Calls Tops like the EF

If history is any guide for us, now is the right time to cash in whatever profits (lol) we have made on the year and pack up our bags. The Ethereum Foundation has sold some ETH again, $2.7 million to be exact, which typically is a sign of a local top in prices. Somehow they manage to mark / make those tops extraordinarily well.

The fact that everyone and their mother also seems to be calling for “Uptober” should also be a cause for concern. Maybe I’m just scarred from the past couple of years, but my experience is that we can’t just have nice things like prices going up after two of the biggest criminals in the space go to jail. We are not ready for those times yet.

While we tend to avoid price talk in these parts the Ethereum Foundation selling is always notable, it is like a major corporation doing stock buybacks or sales. For one reason or another they need the cash now, and whether they plan to spend it on research, growth, or token buybacks at lower prices is yet to be seen.

New SocialFi Ponzi Farm: Cipher

If I’m being honest, this might not even be a SocialFi ponzi farm, the app is actually pretty decent. Cipher is a SocialFi app on Arbitrum that has actually been around for about 3 weeks now with almost no traction early on. Post Tech took all of the attention for any Arbitrum related social app, so Cipher was left in 2nd, which in the social space is dead last.

Yet the last few days activity has picked up intensely, with a fair number of influencers joining the platform as well as a major uptick in network activity as measured by transactions and volume.

The major reason for this is their airdrop is coming in 4 days now, and participants are gearing up to make the most of it. So I guess maybe this is an airdrop farming social ponzi yet again.

Which begs the question: is Friend Tech really going to make it?

Any app that gets this many copy cats that do the most activity on their respective chain during their moment of fame deserves to be looked at very closely. Maybe Friend Tech is the Myspace moment for on-chain social and something bigger is coming down the line, but it is clear that SocialFi or whatever you call this movement is here to stay.

The people, applications, and blockchains will continue to evolve but the model is here to stay. The model is a new system for creators to capture value from the value they are creating on the internet. In this new world the influencer is the IP, and they are getting paid just for being themselves. It is such an attractive model for the creator - the very person that every social platform wants to attract - that it is inevitable one of them should catch on like wildfire and be the thing that takes blockchain applications mainstream.

I have my doubts about Cipher being the one to do it - hell it may not even be Friend Tech - but I am fairly confident we get there.

Deep Dive: Cosmos Ecosystem

This week we come to you live from Cosmoverse in Istanbul, where our very own Matt Blumberg is shilling Cosmos based appchains to come over and build on Polygon (only sort of joking).

More importantly we are coming to you live with Part 3 of our Cosmos Ecosystem Deep Dive.

This episode we get into the updates on ATOM 2.0 and the new token model, new interesting projects in the ecosystem, updates on major players like SCRT, INJ, and others and much more. Check it out!

Quick Hitters

Nice List of Dune Dashboards to Follow

FTX Incompetence is Unmatched

Paul Tudor Jones back in on BTC

Reads to me like Paul Tudor Jones Personally Guarantees Investors 6x Return on BTC. Thank you Paul.

Trader Joe Exchange Sued by Trader Joe’s

The lesson, as always: never touch AVAX.

That’s all we got for today folks, thanks for reading. Be sure to subscribe to the newsletter below and our podcast wherever you listen. Stay Decent!