Cointelegraph By Andrew Fenton
A group of anon uni students has come up with a way to hit former President Donald Trump where it hurts: by using his Tweets against him to raise money for charities they believe he “despises.”
‘Strategic Meme Group Incorporated’ has set up the website Drumpfs.io to sell Trump’s tweets, at least as recorded by the Trump Twitter Archive. However, there’s no digital certificate of authenticity and the legal status of “ownership” of Tweets outside of the Twitter platform is dubious to non-existent. One hundred of Trump’s most infamous Tweets are selling for 4.5 ETH each, while regular missives from the former Leader of the Free World change hands for 0.0232 Ether.
Around 97% of the money raised will be donated to Americares, Clean Air Task Force, ACLU, Southern Poverty Law Center, Doctors Without Borders, and NAACP, while the rest will fund overheads. Drumpfs can be resold on secondary platforms.
Carbon offsets for NFTs
NFTs have become an unlikely poster child for ruining the environment, ahead of other candidates like international flights, heavy industry and car commuters. Various estimates suggest OpenSea is responsible for a cumulative 67.8 million kilograms of carbon emissions, while the recent NFT drop from musical act The Weeknd apparently emitted more carbon than a plane flying from New York to London 86 times.
Environmentally conscious NFT purchasers can now paste in the address of an NFT drop into the Aerial platform and it’ll tell you how many carbon credits you need to buy from them to balance the scales. You can pay with either USD — or weirdly enough, Ethereum — a payment which itself presumably requires additional carbon credits. Aerial co-founder Andreas Homer said:
“We really want to shed light on the environmental consequences of blockchain transactions, and give people those ways to mitigate them through carbon offsets.”
CryptoPunks go to pieces
CryptoPunks are among the earliest, and consequently most valuable, NFTs on the Ethereum blockchain — with individual punks selling for more than $7 million each. In other words, most of us can’t afford one to hang in the digital pool room. The Unicly CryptoPunks Collection (uPUNK) will offer 250 million fractional shares in a collection of 50 CryptoPunks. It’s the largest collection of Punks to be tokenized so far (but it’s not the first attempt to do so).
At present, 80 investors have created 3.6 million shares at 5 cents each. While there’s growing interest in fractionalizing high value NFT collections, SEC Commissioner Hester Pierce has warned such tokens could run afoul of securities laws.
50 CryptoPunks have been fractionalized into uPUNK on Unicly.
This is the largest fractionalize CryptoPunks collection ever!
— Leia Fisher (@0xLeia) April 21, 2021
Drop it like it’s Dogg
When he’s not flogging food delivery services like Menulog in Australia (“chicken wings to the crib“) Snoop Dogg can be found toiling away in the NFT mines. He dropped an NFT collection on OpenSea on 4/20 (a day sacred among smokers) in collaboration with the artist behind the Nyan Cat meme. “Nyan Dogg”, which is pretty much exactly the same thing but with a dog, sold for a little over 14.2 ETH.
Meme based NFTs are hot property right now with the ‘Overly Attached Girlfriend’ NFT selling recently for $411K and ‘Bad Luck Brian’ selling for $36K. LA Mag notes that NFTs are finally allowing meme creators to profit from their work.
Gelato Network launches ‘G-UNI’ Uniswap v3 management token
Cointelegraph By Andrew Thurman
While Uniswap’s highly-touted v3 has been racing to the top of TVL charts as of late, the need for active management has kept some retail participants out of their pools — a problem that a new product from the Gelato Network is aiming to fix.
First teased in a community call last week, the Gelato Network has released today the details of their “G-UNI” Uniswap v3 management system. G-UNI aims to perpetually maintain a liquidity range of 5-10% within the current price of an asset pair, with an oracle network checking prices and rebalancing liquidity pool position ranges every half hour. G-UNI also automatically re-invests trading fees for compounding returns.
“Passive G-UNIs work by just providing very broad liquidity, similar to Uniswap v2 that never has to be changed,” an announcement blog post reads. “It thus can be completely free of anyone’s control as it does not require changes in its price range.”
While Uniswap v3 allows liquidity providers to earn more fees by concentrating their funds at specific prices, it opens them up to risk of impermanent loss if the prices of the trading pair moves beyond the provider’s specified range.
Update: REKT ☠️ https://t.co/0MF0gCd9sm
— ameen.eth (@ameensol) May 29, 2021
The blog post notes that G-UNI’s auto rebalancing brings the benefits of concentrated liquidity, but with the option of passively managing the position in a manner more in line with Uniswap v2.
“The advantage of this includes that users can sit back and relax as all the difficulties that come with monitoring LP positions are taken care of.”
Composability and incentives
While the new tool will be a boon to passive liquidity providers, the real benefits of G-UNI might be for other DeFi protocols.
A self-described “Legendary Member” of Gelato, Hilmar, noted that projects can now incentivize concentrated liquidity in “pool 2” liquidity pools. Pool 2 is a colloquialism for a native governance asset paired with a popular base asset, such as ETH or MATIC.
3) Having an ERC20 wrapper around Uni V3 LP positions is extremely powerful, as this enables teams like Instadapp to offer “Liquidity Mining” incentive schemes on top of G-UNI.
This means you can now incentivize your community to provide liquidity around specific ranges
— Hilmar X 冰淇淋 团队 (@hilmarxo) June 16, 2021
Projects often have to provide ample liquidity mining incentives for participants in pool 2s, as liquidity providers take on the risk of the native governance token collapsing in price. Concentrated liquidity rewards may help stabilize native asset prices to a more regular range.
Additionally, G-UNI is a ERC-20 token as opposed to a NFT, which opens it up to a broader number of possible applications in DeFi. Many lending platforms accept liquidity pool tokens as collateral, but aren’t yet widely prepared for positions represented as NFTs; G-UNI will allow them to onboard v3 liquidity positions faster. Likewise, yield vaults like Yearn.Finance, which has been planning to incorporate exchange positions for some time, may find it easier to integrate ERC-20s.
G-UNI will be used out of the gate as part of the launch of Instadapp’s governance token. The team is setting aside 1,000,000 INST tokens for INST/ETH liquidity mining, with 3/4ths of the rewards focused on a higher INST price liquidity range.
Per the Instadapp dashboard, the incentivized pools are currently live and offering 2,200% and 1,800% APY respectively.
Alchemix patches ‘Reverse Rug’ exploit, address $6.5 million shortfall
Cointelegraph By Andrew Thurman
It’s as miraculous as Aladdin taking off on a magic carpet: in a possible first, some of the users of a decentralized finance protocol were the ones to benefit today from an exploit, turning the concept of a ‘rugpull’ on its head.
A colloquialism for when liquidity is drained from a project (often an unscrupulous founder or developer draining the funds themselves), depositors and DeFi users are most often the ones holding bad debt and/or worthless tokens — left to hope for compensation plans that can take months or even years to fully vest.
In an exploit today, however, the users are the ones who got to pull at the seams for a change.
This morning, Alchemix announced that the contracts for one of their synthetic assets, alETH, had experienced an “incident.”
There has been an incident with the Alchemix alETH contracts. Together with the fantastic team at @iearnfinance, we have identified the error and are both working on a post-mortem and a solution to the problem.
Funds are safe.
— Alchemix (@AlchemixFi) June 16, 2021
In a incident report published later in the day, Alchemix developer “n4n0” said that “an issue with the deployment script of the alETH vault accidentally created additional vaults,” some of which the protocol used to incorrectly calculate outstanding debts, which in turn meant protocol funds were used to “pay off user debts.”
As a result, for a short window of time users were able to withdraw their ETH collateral with their alETH loans still outstanding — a rugpull by the community to the tune of $6.5 million.
Alchemix innovating again… this time with the reverse rugpull.. a ‘rugput’
Joking aside there was a little incident with the new alETH vault in which nobody lost any funds but some users actually gained@n4n084191635 with a great incident report herehttps://t.co/Vo3cWRnZPx pic.twitter.com/68G3y1s3x0
— ⟠ toast.eth (@intocryptoast) June 16, 2021
Per the incident report, the team paused the mint contract for alETH two and a half hours after the exploit was discovered. The report notes that no users lost funds as a result of the exploit, and that Yearn.Finance — whose yield vaults automatically repay Alchemix’s synthetic loans — suffered no loss as well. Additionally, a “conservative” initial debt ceiling prevented the protocol loss from being more extreme.
The team, including incident report author n4n0 appear to be taking the loss in stride:
— n4n0 (@n4n084191635) June 16, 2021
A trio of solutions is being deployed to cover the shortfall, including a temporary increase in protocol fees, a injection of ETH liquidity from Alchemix’s treasury, and a sale of DAI from the treasury for additional ETH. The team says they will be deploying an entirely new vault to address the flaws of the original.
Further changes may be on the horizon for the alETH asset as well. Alchemix currently has a alETH/ETH pool live on Saddle, a VC-backed fork of Curve Finance, following Curve reportedly turning down creating a pool for the synthetic Ether. However, in the past 48 hours the Curve social media account has been making overtures in an effort to bring Alchemix’s latest synthetic asset back.
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