Welcome to The Wise Guy,
Where we take cryptocurrency seriously, but we also know how to have a good time.
That’s why we’ve curated the crème de la crème from not one, not two, but FIVE newsletters.
MilkRoad, Defiant, Messari, Bankless, and CoinDesk Node.
Defiant’s Top Story
MetaMask, everyone’s favorite web3 wallet, is finally rolling out its Snaps protocol by the end of this year. 🚀
Now, we know the wait has been long, but trust us, it’s going to be worth it. Snaps will empower developers to create incredible new web3 wallet experiences for users, all within the familiar MetaMask interface.
What’s even better is that Snaps will enable cross-chain interactions with smart contracts, making it easier than ever to navigate different blockchain ecosystems.
MetaMask has gone all-out on security. They’ve built advanced mechanisms to protect users and keep those pesky bad actors at bay. Kudos to them! 🔒
But hold on, there’s more!
Decentralized exchanges (DEXs) might not be hogging the global stablecoin trading scene just yet, but they’re steadily gaining momentum. Recent data shows that DEXs currently account for only 5% of stablecoin volumes. Those centralized exchanges are still calling dibs on the major slice of the pie, with three-quarters of their activity dedicated to stablecoin trades. 📈
Nevertheless, things can change quickly in the crypto world! Back in March, DEXs briefly soared to a whopping 45% market share during the chaos in the U.S. banking sector. 🔥
Messari’s Desk
Messari’s desk said the Arbitrum Foundation is taking the bull by the horns with its Grant Program, aimed at fostering the growth of the Arbitrum ecosystem. 🌱
This initiative offers more than just financial support—it provides community access, professional guidance, and opportunities to showcase achievements within the Arbitrum ecosystem.
Now, Arbitrum isn’t the only player in town when it comes to using campaign incentives to drive participation. Optimism had its Summer Incentives Program and Optimism Quests last year, which got users excited and engaged.
And hey, even though some users pulled a “farm and peace out” move, those who stuck around showed impressive retention rates. So, brace yourselves for an impending boost in activity on Arbitrum as grants get approved and campaigns kick off! 🚀
Speaking of monetization, we’re seeing a fascinating shift in how digital content creators are compensated. Get this—the adoption of Web3 monetization methods by traditional Web2 platforms is gaining serious momentum! Tokenized assets, direct payments, NFT-like digital collectibles—these are becoming the new norm. In fact, TikTok Live is a prime example, where creators can rake in the dough through digital collectibles. Cha-ching! 💸
And guess what? The Web3 wave is spreading, with platforms like Twitter considering similar features!
We’re witnessing the rise of blockchain-based models that enable more direct and decentralized transactions. It’s like the cryptocurrency-centric subreddits where token trading has exploded following Reddit’s Terms of Service update. It’s a whole new ball game! ⚽
Bankless’ Desk
While we’ve seen countless attempts by Congress to regulate crypto, the Crypto-Asset National Security Enhancement and Enforcement (CANSEE) bill seems like a real threat, as per Bankless.
It’s bipartisan and backed by heavy hitters in the Senate. The bill aims to impose American anti-money laundering rules on DeFi services and Bitcoin ATMs, as well as enforce compliance with U.S. economic sanctions. 🔨
But hold on a second! The bill’s backers are pointing fingers at DeFi, blaming it for all sorts of global problems like narco-trafficking, WMD proliferation, and ransomware attacks. Pretty wild claims, if you ask us.
Coin Center has already called out the bill, labeling it “unconstitutional.” Looks like this bill is stirring up quite the storm.
In other news, the EthCC conference took Paris by storm this week! It was like the Oscars of the crypto world, with every project and company under the sun revealing their latest launches. Who needs Hollywood when you’ve got the crypto scene, right? 😉
Milk Road’s Educational Desk
Milkroad got some juicy intel about FedNow, the Federal Reserve’s shiny new instant payment system. (Cue the confetti and fanfare!) 🥳
So, what is FedNow, you ask? It’s the Fed’s way of revolutionizing money transfers by allowing banks and credit unions to move funds instantly, 24/7. No more waiting for days to see your hard-earned cash hit your account. This is the future, people!
Here’s the lowdown in under 60 seconds: 41 banks and credit unions, including big names like JP Morgan, Wells Fargo, and USBancorp, have already signed up. Even the U.S. Department of the Treasury is in on the action. With FedNow, financial institutions can settle transfers in central bank accounts, mainly targeting businesses.
Sorry, you’ll still need Venmo to send your friend $5 for Taco Bell. 🌮
Now, here’s the interesting part: FedNow will be utilizing the Metal blockchain, a crypto network that can set rules for transfers. Think of it as a digital bouncer making sure your money doesn’t end up in the wrong hands. The Fed has big ambitions too, aiming to onboard all 10,000 financial institutions in the country eventually.
But hold your horses, folks. The Federal Reserve makes it clear that FedNow is not connected to any CBDCs (Central Bank Digital Currencies) and can’t peek into your accounts to see your spending habits. Trust us, they’ve got “TrustMeBro™” stamped all over that statement. 😉
Now, the good news is that FedNow will speed up the snail-paced process of sending and receiving money. Say goodbye to waiting hours or days for your paychecks or invoices to clear. Seconds are all it will take!
But, as with any groundbreaking development, there’s a flip side. Some folks are concerned that FedNow is just the first step towards introducing things like CBDCs, social scores, and government surveillance.
CoinDesk’s Best Story
McDonald’s, the fast-food titan, is marking the 40th anniversary of Chicken McNuggets by venturing into the virtual realm with McNuggets Land in The Sandbox metaverse platform. Now, before you roll your eyes and wonder why they’re jumping on the Web3 bandwagon, let’s dig into the crispy details.
This isn’t McDonald’s first rodeo in the virtual world. They previously filed a patent application to operate a “virtual restaurant online featuring home delivery”.
But with the current slump in consumer and VC interest in Web3, it makes us ask: why now, why this, and most importantly, is Grimace hiding in McNuggets Land?
Picture this: as you enter McNuggets Land (which apparently took our writer two attempts and over 10 minutes to find), you’ll be greeted by not-so-glamorous pixelated characters like “Coach McNugget” and his creative sidekick, “Assistant Coach McNugget.” Coach McNugget challenges players to find four McDonald’s signs – a heroic quest for any gamer worth their salt. Off our writer went, in search of these digital treasures.
By playing the game, you can earn rewards like a shared prize pool of 100,000 SAND tokens (approximately $44,000) and even “mystery boxes.” It’s all part of the show, as spearheaded by McDonald’s Hong Kong. Hong Kong users also have a shot at winning coupons and the grand prize: “365-day free Chicken McNuggets.”
Brands have been dabbling in metaverses for years, trying whimsical (and occasionally cringe-worthy) activations.
Remember Snapple opening a bodega or Taco Bell hosting a metaverse wedding? The introduction of food and drink into these experiences raises an important question. What’s the point of Miller Lite’s Meta Life Bar or McCormick’s “House of Flavor” when you can’t even taste, sip, or smell in the metaverse?
Recently, convenience store 7-Eleven offered free Slurpee non-fungible tokens (NFTs) on their annual 7/11 day, while snack brand Slim Jim launched the “Meataverse” with free “GigaJim” NFTs up for grabs. These gimmicky launches sparked initial Twitter excitement but have since faded into irrelevance. Very few people are now talking about or trading NFTs from either campaign, barely two weeks later.
With the metaverse losing some of its shine, as reflected in dwindling VC investments and regulatory concerns, brands entering the Web3 arena may appear ill-prepared. Launches that seemed fun in crypto’s heyday now come across as bizarre and out of touch in the current crypto winter and amid Securities and Exchange Commission (SEC) crackdowns.
If brands like McDonald’s want to thrive in Web3, they must offer a more compelling “why” than what McNugget Land brings to the table. Take Starbucks’ Odyssey, for instance.
Twice weekly crypto goodness, coming your way! Catch us every Monday, Tuesday and Friday. And hey, don’t forget to check us out on Wednesdays for all the latest AI news – because why limit yourself to just one kind of intelligence?
