Polygon Leads GameFi

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The US is not stopping down. The DOJ announced its intention to further crackdown on crypto exchanges. It will also focus on crimes related to DeFi, particularly “chain bridges”.

In Today's Email:

• What Matters: Aragon $200M battle ⚔️

• Products: QuickNode, query 20 blockchains 💻

• Charts: Polygon leads GameFi, SUI Tokenomics 📈

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WHAT MATTERS

Aragon $200M Battle

State of play: Aragon, an OG crypto protocol that provides software to create and manage DAOs, was embroiled in $200M activist investor battle over the management of its own DAO. Oh, the irony.

• The Aragon Association is a Swiss nonprofit organization that manages the $200M belonging to the Aragon DAO.

• Investment firm Arca called on the Aragon Association to return the money to investors via buyback.

• This is because the ANT token (that holds governance power over Aragon) market capitalization is less than the treasury capital, $129M vs $172m.

What’s next: The Aragon Association stated that the group consisting of Arca and other activist investors are launching a 51% attack on the Aragon DAO.

• In response, the Aragon Association will repurpose the capital held by the Aragon DAO via a grants program, distributing the money to other DAOs.

• This is against ANT token holders will, which has approved the $186M treasury capital to be transferred to the Aragon DAO.

Our take: If you don’t want to be governed publicly, don’t release a token with governance power.

For builders: No matter what your views are, what Arca and the investors did here is not wrong. It might be “profit-driven”, but hey, that’s their job.

• Thus, think carefully about your token launch and use-cases.

For investors: There are lucrative opportunities to do what Arca is doing here. Similar strategies have been done in the past on Fei Protocol, Rook DAO, and others.

• When a project is not delivering, there’s real argument to extract value out of it.

• Especially because in crypto, the most common “threat” that an investor should be aware of is: core team members paying enormously high salary as a means of “slow rugging” the tokenholders.

Take a peek at our new referral reward at the bottom of this issue. Share this newsletter and receive our list of 100 smart crypto investors' wallet addresses 👇

PRODUCTS OF THE WEEK

QuickNode Graph API

QuickNode on-chain tools: QuickNode is a blockchain development platform to build and scale web3 applications. With this new tool, developers can use QuickNode’s Graph API to fetch crypto data.

• Users can access transactions, marketplace, NFT, and ERC-20 token data.

• There are 20 supported blockchains including Ethereum, Polygon, BNB Smart Chain, and Arbitrum.

• QuickNode last raised $60M at a $800M valuation in January 2023.

Other cool products:

• Fiolet, a tool for making direct crypto payments.

• DexCheck, an AI-enhanced analytics tools for crypto.

• QuickNode Graph API

• BlockBeat, a Bloomberg terminal-like dashboard for crypto.

• Mobula Bot, a telegram bot to boost engagement.

CHARTS OF THE WEEK

Polygon Leads GameFi

Polygon leads GameFi sector activity compared to other L1 chains. In the past 90 days, 35% out of the 3.5 million of active wallets are on Polygon.

According to DappRadar, the top Polygon games by Unique Active Wallets are Planet IX, Sunflower Land, and Arc8.

Our take: Polygon has massive capital resources and is great at Biz Dev. It remains to be seen if they can sustain the level of GameFi activities.

To watch: How L2 will court GameFi developers compared to existing L1 chains due to the scalability and access to ETH-adjacent chains liquidity.

SUI Tokenomics

State of Play: The new L1 that has raised $300M at a $2B valuation has been criticized for its tokenomics stated above.

Our take: 34% that comprise of Investors and Early Contributors allocation will most likely become selling pressure.

• The most critical factor is to assess how the 50% “community reserve” will be utilized.

QUICK BITES

• Binance exits Canadian market.

• Coinbase announces new advisory council with former US lawmakers.

• Aragon battles activist investors over $200M.

• Paradigm VC buys $50M of Coinbase shares.

• SEC revises LBRY punishment from $22M to $111k.

• Jump accused of earning $1.3B by manipulating Terra.

• Do Kwon granted bail in Montenegro.

• Microsoft, Goldman, and other big firms back a new financial blockchain.

MEME & NOTEWORTHY READS

• Kyle Downey’s read on decentralized society and apprenticeship in the creative age.

• Adam Cochran’s thread on yield in crypto and ETH’s potential.

• Ram Ahluwalia’s thread on crypto market liquidity drying up.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.