July: the biggest winners and the biggest losers

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Hello, bears here! The only crypto newsletter sixth graders understand.

Today we will talk about:

• July winners and losers
• Thousands of Solana wallets have been emptied
• Magic Eden added Ethereum NFT
• Meme of the day

July summary

Summer is going fast. It’s already August. That means we’ve prepared a review of the past month – we’ve picked the biggest winners and losers.

Let’s start with the 4 winners:

1/ Ethereum – Vitaliks and company had a really good month.

• Finally set an exact date for the Goerli test. This is the last step before The Merge.
• The big Ethereum conference ECC was held. Through it, Vitaliks said that Ethereum 2.0 will be able to process 100 thousand. transactions per second (now only 30).
• ETH rose +58% in July.

2/ Polygon – an important month for partnerships and development

• A few new partnerships include Mercedes, Reddit, Disney, and Nothing (yes, that exists).
• Introduced zkEVM technology. A very important technology in crypto. Read more here.
• MATIC pakilo +94%.

3/ Web3 builders – more than 90 different companies received 1.4 billion. investments for the development of their projects.

4/ Otherdeed – Bored Apes NFT released a demo version of its new game and became the fastest $1 billion. bestselling collection.

And now – the biggest losers.  😒

Cemetery of bankrupt companies. 🪦 Many huge companies declared bankruptcy last month:

• Vauld – the lending platform owes its creditors $400 million.
• Celsius – a lending platform that lost billions.
• Voyager – an exchange with more than 100 thousand different creditors.
• Zipmex – exchange lost $100 million.
• 3AC – the venture capital fund owes $3.5 billion. to his creditors.

But the biggest losers of all were 3AC founders Su Zhu and Kyle Davies. They:

• Lost billions and went bankrupt.
• Bought for $50 million. yacht at the same time as he did not pay off his debts.
• He fled to Dubai and did not cooperate with the fund’s shareholders. No talking or connecting to cameras during Zoom meetings.

Say hello to blunt and blunt:

Empty Solana wallets

More than $4 million was stolen from more than 9,000 wallets.

No one knows the reason, but it seems that random Phantom and Slope wallets are being emptied.

It could be a bug in the wallet’s programming code, a leak of private keys, or the bug itself. Nobody knows anything yet. 

Therefore, we recommend storing your crypto in hardware wallets (e.g. Ledger) to avoid similar things. Not funny.

Magic Eden will now support Ethereum NFT

Magic Eden is Solana’s leading NFT marketplace. They control 90% of all NFT sales on the Solana chain.

Now they are throwing their talents into Ethereum as well. 

Will try to get a piece of the pie from the OpenSea platform. This is of course much more difficult than it seems.

OpenSea is in first place and very far away from all competitors. According to Block,  OpenSea was responsible for 78% of all Ethereum NFT sales volume.

It is interesting because this will not be the first fight between these companies. 

OpenSea added Solano’s NFT back in April. It was their attempt to grab a piece of the Magic Eden pie. 

And they took it personally.

The Magic Eden vs OpenSea battle is going to be really interesting for the next few months.

Meme of the day

That’s it for today, see you next week!

PS for about three weeks (including the last one) instead of two letters a week there will be only one because I’m traveling!

ATTENTION:  None of the text written above is financial advice. The newsletter is for educational purposes and does not constitute investment advice or encouragement to invest in any financial instruments or to make any financial decisions. Be carefull.