Web3 Fails | Great Migration to Layer 2’s | Bitcoin As Legal Tender | DAO Of The Month!
Web3 had some serious growing pains over the last week! We saw some massive failures, but also some huge successes.
Speaking of failures, many of you received a random test email earlier today from Web3 Academy. Sorry to clutter your inbox. We were testing embedding tweets in our newsletter and let it slip Growing pains all over Web3 this week!
In this week’s Web3 Rollup, we discuss:
- Web3 fails
- The Great Migration to Layer 2’s
- Bitcoin as legal tender
- DAO of the Month
Don’t forget to claim your FREE Web3 Academy NFT for exclusive access into the Discord Community.
You can watch the episode below, or listen on your favorite platform: Spotify | Apple Podcast | YouTube
Web3 Broke Over the Weekend…
Yuga Labs & Bored Ape Yacht Club launched their highly anticipated metaverse land project called Otherside. There was so much demand for the NFTs that ETH gas fees skyrocketed, resulting in nearly $200 million spent on transactions. For some buyers, gas fees were hovering around $10k USD, while many others were charged for failed transactions.
Yuga Labs responded with this tweet:
Continuing the web3 hiccups, Solana was down for 7 hours over the weekend.
Solana responded with this tweet explaining what caused the halt:
The Great Migration To Layer 2s Is Here
We have light at the end of the tunnel. The events from this weekend have shown us the necessity of layer 2 protocols. Layer 2s allow for scalable transactions, while still utilizing the security of Ethereum.
Not long after the Yuga Labs launch, Mirror launched 520,000 NFTs on Optimism (Layer 2). The launch worked seamlessly. There were no spikes in gas or other problems to be found.
Graeme, the CTO of Mirror, stated “The take-away was that Optimism handled a half-million token drop easily, and it was the “web2” parts of applications like Mirror, Quixotic, and Dune that struggled to keep up with the volume. These applications are now working to improve their infrastructure from this feedback, and will become more resilient for the next drop. We will likely see flawless, million-token NFT mints on Optimism in the near future.”
Bitcoin As Legal Tender
This week, we saw more countries taking the steps to adopt Bitcoin as legal tender. First up we have Central African Republic, who announced that they have “ passed a bill to establish a legal and regulatory framework for cryptocurrencies and make bitcoin legal tender alongside the existing CFA franc.”
Another country making the move is Panama. They have also announced that they have passed a bill to give legal status to Bitcoin AND eliminate all capital gains taxes!
DAO of the Month
Our DAO of the Month is Seed Club. Seed Club is a DAO that builds and invests in communities. They definitely follow Web3 ethos, stating “We’re building a future where the value created by communities on the internet is captured by people, not platforms.
They have an accelerator program focused on bringing promising projects together to to work alongside some of the smartest people in the crypto space.
Check them out:
Seed Club Twitter
Seed Club Website
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