The Week in Web3

Author

Sarah from Layer3
May 16, 2022

"95% [of coins] are going to die, but there's also entertainment in watching [them] die too."

— Do Kwon, founder of Terra/Luna/UST, in an interview just 2 weeks ago

GM! It's been another eventful week in web3, to say the least...If you're feeling overwhelmed by the barrage of news and market-altering events since last week, we've got your back.

Today we'll be covering LUNA/UST, our new product launch, NFTs on Instagram, and a exclusive opportunity to contribute to DAOs.

Your Web3 Briefing 📝

A roundup of the biggest Web3 headlines over the last week

$LUNA goes to 0, $40 billion disappears from the market

Remember when we talked about UST briefly losing its peg and $LUNA falling 10% last week? Good times.

LUNA is the sister coin to UST, an un-collateralized algorithmic stablecoin powered by the Terra protocol. Last week, it fell to nearly 0, and has remained at nearly 0 ever since (its previous all-time high was $120).

LUNA was supposed to balance the peg of UST. When UST's price goes above $1, the Terra protocol incentivizes users to burn LUNA and mint UST. When UST's price goes below $1, users burn UST and mint LUNA.

Unfortunately, the mechanism worked as designed—as the UST peg rapidly went below $1, the total supply of LUNA increased from ~725 million tokens to over 6.5 TRILLION on May 13, and LUNA lost 99.9% of its value. 

LUNA's fall from grace has also affected the rest of the crypto market, with Bitcoin falling by 11%.

Instagram to begin testing NFTs this week

Mark Zuckerberg wants in on the NFT game. Instagram will begin rolling out NFTs this week.

A small group of US users will have the ability to display NFTs on their feed, stories, and in messages. Similar to the way Instagram currently displays tagged profiles and products, NFT details such as collection name and ID can be displayed for all to see.

Head of Instagram Adam Mosseri also actively acknowledged the tension between Instagram, a centralized platform, and NFTs, a distributed and decentralized technology.

What else you should know

What we've been BUIDLing 🏗️

We officially launched Projects last week! Our community wanted 1:1 contribution opportunities where they could work closely with a DAO. We delivered.

Projects is our latest product release. It's like Upwork for web3.

Browse opportunities, get matched 1:1 to complete the work that suits you best, and get paid in ownership.

🛣️ Stay up to speed on what we're building: Take a look at our roadmap to see what we've been cooking at Layer3, and a preview of what’s to come.

🚢 And if you want to help decide what we ship next: You can submit a feature request here and vote on your favorites! Some top community requests have already made it onto our roadmap.

Community Spotlight 🔍

A weekly spotlight on some of our favorite DAOs, communities, and L3 community contributors

Featured Community: Polygon Ecosystem DAO

What: Work closely with the Polygon team to deliver high-quality 3D assets. Polygon Ecosystem DAO is the official community for Polygon, an Ethereum scaling solution that enables developers to build faster and user-friendly Dapps.

📝 Instructions: Apply to the project if you enjoy bring ideas to life through 3D, storyboard, short-form animations, and videos built for social media and websites

Now accepting applications for our second Contributors Bootcamp Cohort

Unlike web2, you won’t find most of web3 talent working at the same 2-3 companies.

That's why we brought them together in our Contributor Bootcamp: an opportunity to work for multiple DAOs while getting paid.

It’s the best beginner-friendly pipeline to work in web3. Just take a look at our first cohort!

We're now accepting applications for our second cohort:

Web3 101: Multisig💡

Each week we’ll cover an essential web3 concept in simple terms. This week we’re looking at Multisigs ✨

What are Multi-signature addresses and what do I use them for?

A multisig or a multi-signature address is a type of wallet that requires more than one private key to transfer funds.

How do they work?

On multisig addresses, funds can only be moved if multiple signatures are provided. These signatures are generated through the use of different private keys. Multisigs can be used for two-factor authentication, escrow transactions, and collective decision making.

How do you create a multisig?

You can start by creating one on Gnosis Safe!

Want to get your hands on a Layer3 NFT, mug or even a much coveted hoodie?

PS👇

Join our Discord to stay up-to-date on the latest DAOs and contests!

That's all for today! Thoughts on today's email?