Bounce Newsletter 10/8
Welcome to the Bounce Newsletter, your compass in the ever-evolving landscape of Web3 technology and auctions. In this edition, we are diving into the latest developments from Bounce Finance, the Web3 market and the auction world. Let’s BOUNCE into it together!
Bounce Finance Updates
The Bounce Finance community recently navigated through a cybersecurity challenge when its Twitter account, @bounce_finance, was accessed unauthorizedly. Quick and decisive actions, combined with cooperative efforts from both the team and our unwavering community, enabled the successful reclamation of the account. The incident has bolstered Bounce Finance’s commitment to strengthening cybersecurity and ensuring the community’s safety. While this event underscored the critical importance of digital vigilance and robust security measures, it also highlighted the unity, resilience, and collective strength of the Bounce Finance community. Moving forward, the community’s support and trust will continue to be a vital pillar as we explore and define the future in the dynamic digital landscape.
Bounce Finance, recognizing immense potential in Friend.tech’s innovative “trade with equation” financial model, is strategically aligning its developments to leverage this mechanism, which notably departs from traditional liquidity-dependent trading frameworks. This model establishes price points through predetermined equations rather than being tethered to the conventional supply and demand dynamics. Bounce envisions a product that will empower users to craft their own equations, thereby facilitating personalized trading within their self-generated pools. This strategy, which remarkably diminishes barriers to market entry by obviating the need for substantial capital and Total Value Locked (TVL), signifies a move towards a more inclusive and democratic trading environment, potentially heralding a new epoch in financial trading characterized by precision and wide-ranging participation.
Looking ahead, Bounce Finance is diligently working on a few exciting developments. First on the agenda, the Bounce Telegram Bots are poised to revolutionize the way communities interact with financial activities including auctions, order books, and automated market makers (AMM), all seamlessly accessible within Telegram. The Bounce team is also finalizing the Pre-auction Activities feature a dynamic addition that promises to streamline the process of curating a select list of whitelisted participants, elevating the overall auction experience for users to new heights. The Bounce Loyalty Program and Ambassador Program are also down the pipeline, designed for the Bounce community to earn rewards by completing quests that impart valuable knowledge about Bounce’s diverse range of products and services. Stay tuned for these game-changing developments as Bounce Finance continues to redefine the landscape of financial engagement.
Ethereum’s Centralization Concerns Post-Merge and Shanghai Upgrades
Ethereum, the pioneer of smart contract platforms, has been under the spotlight recently. Since the implementation of the Merge and Shanghai upgrades, the blockchain’s landscape has witnessed a significant shift. JPMorgan’s latest research report highlights that the rise in ether (ETH) staking, while seemingly positive, has had unintended consequences. Ethereum has become more centralized, raising concerns among the crypto community. Lido, a decentralized liquid staking platform, was considered a beacon of decentralization. Still, centralization worries persist as a concentrated number of liquidity providers or node operators could pose risks to Ethereum’s security and integrity. The report also warns of rehypothecation risks, potentially triggering cascading liquidations if staked assets plummet in value.
Furthermore, the allure of ether from a yield perspective has diminished, with the total staking yield dropping from 7.3% before the Shanghai upgrade to about 5.5%. This reduction in yield, coupled with increasing yields in traditional financial assets, raises questions about the attractiveness of Ethereum for investors. Ethereum’s evolution post-upgrades, while promising in some aspects, leaves us pondering the delicate balance between decentralization, security, and yield in the ever-expanding crypto ecosystem.
Polygon 2.0 Update: POL Contracts Are Live on Goerli Testnet
In a significant stride toward the realization of Polygon 2.0, POL contracts, the upgraded token of the evolving architecture, have been successfully deployed on the Goerli testnet, following the release of a Polygon Improvement Proposal (PIP) three weeks ago. The PIP detailed the specifications for POL, positioning it as a successor to MATIC and fortifying it to support an ecosystem of zero-knowledge-based Layer 2 chains through features such as enabling staking, community ownership, and governance. With the Polygon community’s consensus, the deployment not only brings the Polygon 2.0 vision a step closer to actualization but also introduces potential changes, especially with regards to the native token burning mechanism and other upgrades that collectively aim at scaling Ethereum to an Internet-size level.
Moreover, ongoing community discussions under the PIP governance process have birthed two additional live PIPs — PIP-24 and PIP-25 — aimed at tweaking policies related to EIP-1559 and the POL total supply respectively. PIP-24 seeks to update the EIP-1559 burn system, suggesting modifications to the recipient address of the burn on the Polygon PoS network and establishing itself as a prerequisite for implementing Phase 0 of Polygon 2.0 as laid out in PIP-18. Meanwhile, PIP-25 proposes a mechanism designed to ensure a 1:1 ratio between all previously burnt MATIC and POL, thereby aiming to preserve consistency across mechanisms. Both PIP-19 and PIP-17 play pivotal roles, with the former advocating for adopting POL as the Polygon PoS native gas token and its staking token and the latter initiating the POL upgrade.
Yuga Labs Announced A Restructuring
On Oct 6th, 2023, Yuga Labs announced a restructuring, layoffs, and plans to focus on Web3 development and the Otherside project. Following a period of thoughtful consideration, it was concluded that the realignment of the company’s goals and projects was crucial to maintaining alignment with their overarching objectives, resulting in the elimination of numerous roles across the company. Alegre, having steered the company towards a focus on creative storytelling and community building since joining six months ago, highlighted the significance of strategically placing bets on fewer key initiatives and establishing collaborations with external partners to materialize these experiences. The restructuring follows a thorough internal and external evaluation, understanding that despite a series of successes with various projects and collaborations, there were also instances where the team was stretched too thin or was engaged in projects beyond their core expertise, particularly in gaming execution.
Alegre laid out the future path, centering on their “Otherside” strategy which encompasses gaming, entertainment experiences, and interactive social connections, among other unique initiatives. While internal development will concentrate on web3 platform components and Otherside, the company plans to build upon its robust partnership networks to foster its mission to establish culture on the blockchain. The CEO also elaborated on specific community-focused strategies for BAYC, CryptoPunks, Meebits, and 10KTF, ensuring continuity and evolution in their respective initiatives and developments, and underlined the company’s commitment to support those affected by the restructuring through generous severance, COBRA coverage, and job-finding assistance. As Yuga Labs navigates through these intricate changes, the focus remains unwavering on leveraging core strengths to innovate and engage comprehensively with the broader audience in the space of blockchain culture creation.
Friend.Tech Users Face SIM Swap Attacks
Security breaches continue to haunt the crypto world, and the recent SIM swap attacks on Friend.Tech users are a stark reminder of the risks involved. Several users reported falling victim to these attacks, resulting in the theft of thousands of dollars’ worth of tokens. SIM swap attacks involve criminals taking control of a mobile phone by tricking service providers into linking the phone number to a SIM card under the hacker’s control. In this case, the attackers managed to drain over 42 ether (ETH), valued at nearly $70,000, from at least two users.
Friend.Tech, a social application that gained rapid popularity in the crypto space, saw its security compromised. While no immediate harm came to the platform itself, it’s evident that security risks remain a significant concern. Users are now advocating for added security measures such as two-factor authentication (2FA) to safeguard their digital assets. This incident underscores the importance of robust security practices in the crypto world and the need for continuous vigilance in the face of evolving threats.
Honoring Kabosu: The Doge Meme’s Inspiration
The world of crypto isn’t just about finance; it’s also about community and culture. An engaged NFT community that holds the original ‘Doge’ meme has come together to honor Kabosu, the Shiba Inu dog that inspired the meme. A statue paying homage to Kabosu will be unveiled in Sakura, Japan, on Kabosu’s birthday. This heartwarming gesture is a collaboration between the community, local governments, and the City of Sakura, where the statue will find its home.
The Dogecoin NFT community, represented by PleasrDAO, has been on a mission to take Doge to new heights, from Hollywood to space. This celebration aims to be the ultimate gathering place for Doge enthusiasts and meme lovers. It’s a testament to how a simple meme can turn into a cultural phenomenon and inspire meaningful actions, such as charitable donations. Kabosu’s legacy lives on in the world of crypto, reminding us that the crypto community isn’t just about financial gains but also about spreading positivity and joy.
The Leshantang Collection: A Journey Through Chinese Art
Our crypto journey takes a detour into the world of art with the Leshantang Collection, a treasury of Chinese art curated by Tsai I-Ming. This remarkable collection spans a millennium of artistic production, showcasing the connoisseurial depth and the historical significance of Chinese art. Tsai’s collecting journey began with imperial porcelain and evolved over nearly half a century. The Leshantang Collection weaves together masterpieces of Chinese art, including painting, calligraphy, and imperial porcelain.
What makes this collection truly exceptional is its connection to the celebrated Shanghai taste, which has been synonymous with connoisseurship in the world of Chinese art. Tsai’s passion for collecting was deeply personal, marked by anecdotes behind each acquisition, such as his memorable encounter with Zhang Daqian. This collection not only pays homage to Chinese artists across centuries but also highlights Tsai’s dedication to promoting Chinese art and culture. As we explore the Leshantang Collection, we’re reminded of the rich history and artistic brilliance that continue to inspire the crypto community and beyond.
The Sotheby’s auction for “The Leshantang Collection — Treasures of Chinese Art from the Tsai I-Ming Collection” is scheduled to take place on October 8, 2023.
As we continue to navigate these ever-evolving frontiers, we find inspiration in these words:
“The only source of knowledge is experience.” -Albert Einstein
Together, we gather experience from every twist and turn, every challenge, and every triumph, fueling our journey through the digital cosmos. Thank you for being a part of The Crypto Chronicle, and we look forward to embarking on the next chapter of exploration, discovery, and growth with you.
About Bounce Finance
Bounce Finance is a decentralized platform dedicated to meeting the evolving needs of the Web3 space. Established in 2020, Bounce Finance is proudly known for outstanding user experience and seamless integration of blockchain technology in trading both digital and tangible assets. We provide a decentralized auction protocol that empowers users to create and participate in diverse types of auctions on multiple blockchain networks. With a focus on Auction as a Service, Bounce Finance offers a wide range of products, including Token & NFT Auctions, Real-World Collectible Auctions, Ad Space Auctions, and SDK. Bounce Finance also provides Private Launchpad services, an on-chain solution designed to streamline IDOs for new projects.
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