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Metaverse has not seen the euphoria that it had during “NFT summer” but it continues to penetrate the broader market. The space saw transaction volume grow week over week and Google search trends for “NFT” reached an all time high - which can be an early indicator for new inflows into the market.
Yuga Labs, the startup behind BAYC, continues to infiltrate pop culture with the Rolling Stones partnership which saw the two covers sell for 100 ETH and 47 ETH and recently seems to be doing a collaboration with Adidas. This week Yuga Labs will be launching a mobile game for BAYC and MAYC, it will be interesting to see how the brand continues to grow and expand in mainstream media.
BadgerDao was exploited by hackers that infiltrated the front-end website where users deposit and transact. The exploit led to $120M in funds being lost by the protocol. Celsius, the mainstream crypto app is estimated to have lost $50M in the hack. The hack shows the infancy of the current market and risks that many users may face.
Ember prides itself on sticking with blue-chip protocols that have been pressure tested and hold the largest TVL in the Ethereum ecosystem. Since nothing in crypto is 100% safe, it’s important to mitigate investment risk whenever possible by always doing the due diligence around auditing and security.
There have been a lot of airdrops taking place over the past few months - many have been quite fortuitous for their loyal community bases. DyDx and .eth ens domain operator had airdrops worth tens of thousands. Ember may have a native token coming soon, and early adopters that have engaged with the platform will be rewarded. In the coming weeks, Ember will take a daily snapshot of all user activity on the platform at that time.
All we can say is, don’t forget to mine, invest and follow! More details will be shared soon...
The next couple updates of the app are going to be big. We’re in the final stages of development, and very soon we’ll be rolling out new portfolios, app redesigns, mining features and much more! We hope you enjoy! 🚀
Thank you for reading!
Investment Associate | Ember Fund
Ember Nuggets are a weekly update with commentary from the investment team on what’s happening within the crypto market - news, developments, market trends, and more.
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June 27, 2022
Happy Monday, everyone! In this edition of Ember Nuggets, we'll be covering the fallout of CeFi crypto platforms, a quick look into Web3 cell phones, and a macro market update.
June 24, 2022
Thank you to everyone who has participated in the third season of the mining program! The Ember team is proud to announce the start of Mining Season 4!
June 22, 2022
Welcome to the May recap! It's been a wild month in the space, but we remain bullish on the long-term outlook.