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BRC-20 Tokens Get a Rise

Ethereum gas fees pump hard in short period

The combined market cap of Ordinals, BRC-20 tokens, has risen 682 percent to $137 million in only one week. Of course, what goes up must come down. And likely will go up again.

Ethereum network fees jump 153 percent in 1 month. Ethereum gas fees have been high for a long time, but when they go higher, it benefits Layer-2 solutions like Arbitrum and Optimism.

Both Binance and Coinbase see large outflows of staked ether. The Shanghai upgrade, a much anticipated Ethereum update, made it possible for ETH2 stakers to get their ETH back, and that's what they're doing. Consider this a dip before the next big bull run.

Coinbase has moved offshore with an international derivatives exchange.

ChatGPT accuses Binance chief Changpeng Zhao of having ties to the Chinese Communist Party. Is Binance's future in jeopardy?

Phantom goes wide with multichain wallet.

OpenSea's insider trading case is heading to jury.

Level Finance lost $1 million in smart contract exploit.

President Joe Biden wants to impose a penalty tax on crypto miners. The tax would equate to 30 percent of the industry's energy costs. Such a tax would threaten crypto mining profits and lead to further consolidation, less competition, and benefit larger crypto mining operations that can more easily sustain the pressure.

Bybit to offer crypto lending.

Blur to facilitate NFT lending. Not everyone is happy about it.

CoinTelegraph introduces "The ABCs of Crypto Report," calling it "a perfect start for those new to blockchain." The periodical refers to Metcalfe's Law to posit that blockchain adoption could outpace the expansion of television, radio, and the internet. That may or may not be a good thing.

Sports Illustrated jumped on Polygon for NFT ticketing. Sotheby's launches marketplace for secondary NFT sales.

Lens Protocol releases Momoka, a Layer-3 scaling solution.

Bernard Arnault, the world's wealthiest person, owns NFTs. Arnault made his wealth in luxury goods, but he may not be the world's wealthiest individual for long. That status seems to change more often than a Vegas stripper.

Elon Musk causes Cult DAO to spike 70 percent with a single tweet. Oh, great! Now it has a name: "The Elon Musk Effect." While it's easy to attribute this jump to Elon Musk's influence, I'd attribute it to mass stupidity. His tweet consisted of this,

Cult / Culture

and nothing more. That's hardly an endorsement CULT. He could have been referencing corporate culture, or simply remarking on how "cult" is the root word for "culture." Inside his head, he could have meant any number of things, some of which might not make sense to any of his followers. Nevertheless, those who hang on Musk's every word, and who are also crypto fanatics, see a dog whistle to invest in something they likely would not have invested in otherwise. And he may not have even been talking about that.

Is the NFT market maturing?

Is Web3 the perfect form for the internet? I don't think there is a perfect form. There's good, there's better, and there's best. Web3 is somewhere in the middle of "better" and "best."

Tweet of the Day

Before you jump into that Web3 partnership, consider these 17 questions. Excellent advice.

Was the metaverse doomed from Step One? It's common wisdom that artificial intelligence (AI) dug a knife deep into the heart of the metaverse. In other words, those who fear that AI could end humanity can point to the metaverse as the first victim. AI is a murderer, after all. On the other hand, AI could give new life to the metaverse and make its resurrection scarier than The Exorcist.

Jeff Burton, Electronic Arts co-founder, joins the P2Earn board.

Collateral Network hits all-time high as Decentraland, The Sandbox decline.

Snark and commentary are in italics. Inclusion of an item doesn’t mean I agree or endorse the ideas presented. Of course, it also doesn’t mean I don’t.

Cryptocracy is a decentralized newsletter published on Mondays, Wednesdays, and Fridays by award-winning journalist Allen Taylor. First published at Paragraph, each issue is republished at Mirror, Hive, and through other Web3 channels.

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