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- This Week in Web3 | 8.29.22
This Week in Web3 | 8.29.22
Sarah from Layer3
August 29, 2022
Yes, it’s true, Arbitrum One is now running on Nitro — increased throughput, lower fees, next generation rollup architecture is happening, and it’s all live now on Arbitrum One mainnet.
GM! It's been another wild week in web3. Welcome to your Monday digest, and here's what we'll cover:
Ava Labs accused of colluding with lawyers to silence competition, harm crypto
0xngmi: How LlamaPay (of DeFi Llama) grew without VC funding
Lido Finance token ($LDO) falls by more than 10%
New Level 5 and Level 20 NFTs released!
Your Web3 Briefing 📝
An analysis of what you missed in web3 over the past week
Ava Labs accused of colluding with lawyers to distract regulators; Founder and CEO denies allegations
In a series of unofficial allegations published anonymously on a self-hosted site, Ava Labs and Avalanche Founder Emin Gün Sirer has been accused of working with law firm Roche Freedman to sue competing crypto organizations and distract regulators.
The website includes what appears to be a series of videos of Emin and lawyer Kyle Roche in discussions regarding the nature of Ava Labs' legal representation. The allegations revolve around Ava Labs granting Roche's law firm with large amounts of $AVAX and Ava Labs stock, in exchange for class action lawsuits against competing crypto companies, such as Binance, Solana Labs, and Dfinity Foundation.
The amounts given to the law firm are now worth hundreds of millions of dollars.
As of today, Sirer has vehemently denied the allegations—and few have mentioned that the evidence looks a bit fishy.
How could anyone believe something so ridiculous as the conspiracy theory nonsense on Cryptoleaks? We would never engage in the unlawful, unethical and just plain wrong behavior claimed in these self-serving videos and inflammatory article. Our tech & team speak for themselves.
— Emin Gün Sirer🔺 (@el33th4xor)
9:46 PM • Aug 28, 2022
On the other hand, however, the allegations also shed light on a totally possible and common outcome in crypto: Manipulating public perception using token incentives and the potential of future profits. And when it comes to legal representation in a space with so much recent regulator attention, transparency shouldn't be an afterthought.
Sarah's Recommended Reads: 0xngmi on growing LlamaPay without VC funding
llamapay, with all expenses to-date at low 5 figures, is competing toe to toe with a company that raised 10M in venture capital
Here's how do we do it, our guerrilla tactics and why you don't need VC funding to go against VC companies
— 0xngmi (llama arc) (@0xngmi)
3:29 PM • Aug 27, 2022
Welcome to Sarah's Recommended Reads! Here, I'll be summarizing well-written articles or threads by web3 thinkers and builders that you should know about.
Up today is 0xngmi's thread on growing LlamaPay, a streaming payments protocol built on DeFiLlama. How did LlamaPay grow without VC funding and with expenses-to-date at a low 5 figures?
0xngmi recaps some of the guerrilla strategies they used to do so, including:
Starting out with a small and focused team - there's only one person working on LlamaPay at the moment, and they don't attend any conferences or events
Focusing solely on the core UI/UX and including integrations instead of building out an ecosystem like their VC-backed competitor
And my personal favorite: No marketing, just waifu drawings with partner protocols, such as this one with SpookySwap:
What else you should know
Lido Finance tumbles 10% in the face of bearish sentiment
Animoca Brands Japan raised $45M to foster local web3 efforts
MakerDAO Opens $100M DAI Loan to Huntingdon Valley Bank
Snoop Dogg and Eminem to Bring Bored Ape NFTs to VMAs
What we've been BUIDLing 🏗️
We've got something special for our Level 5 and Level 20 Power Users!
After we rewarded our Level 10 users with a spiffy NFT, we wanted to give out more NFT rewards to our loyal community members who've been actively using Layer3!
If you're Level 5 or Level 20 on Layer3, you can now claim exclusive NFTs for free with a capped supply of 20k and 7.5k. Once these are minted, there will be no more!
🚢 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.
Web3 101: Avalanche💡
Each week we’ll cover an essential web3 concept in simple terms. This week we’re looking at Avalanche ✨
What is Avalanche?
Avalanche is a EVM-compatible blockchain for decentralized app development.
How does Avalanche work?
As an Ethereum scaling solution, Avalanche was built to scale decentralized apps with faster transaction speeds than Ethereum mainnet. Much of this relies on Avalanche "subnets," an Avalanche-native infrastructure intended to support new ecosystems including, but not limited to, blockchain-enabled gaming, DeFi, NFTs and institutional use cases.
How can I get started with Avalanche?
We have a few beginner AVAX Bounties for you to get started! Why not try staking AVAX or supplying sAVAX on AAVE? Remember: This is not financial advice! Layer3 is not responsible for your funds. Please explore at your own discretion.
Thanks for reading!
Join our Discord and follow us on Twitter to stay up-to-date on the latest Bounties, communities, and more!
That's all for this week! Until next time, frens.
Cheers,
Sarah at Layer3
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