beeg news for a beeg week in JPEG world

GM Baos.

We’ve doubled our subscribers since the last letter so we're growing faster than ETH right now 😉 That's definitely saying something.

Today we cover:

• The Merge is coming

• Stress testing the Otherside

• Celsius troubles continue

Wen merge 🧬

If you’re reading this, you’re an ETH maxi for sure. That means you would be just as pumped about this ETH merge.

This will literally, be the BIGGEST event in ETH history *takes out popcorn*.

What does it mean to move ETH from proof-of-work to proof-of-stake?

• Fast AF transactions

• Bye-bye miners! These guys validate our transactions right now and for that we are forever grateful. But to do this task, miners are paid ETH which increases sell pressure. So essentially, ETH wen moon? 📈

Both tests have gone smoothly, so we’re just waiting on Goerli now.

✅ With a successful Goerli test we’ll see this merge scheduled in 2-3 months ✅

Damn, that’s kind of a long time to be eating popcorn…

Otherside’s First Trip 🗺

Yuga Labs’ Otherdeed for Otherside Metaverse completed its first ever Stress Test – the aim being to test the load of the server for any potential bugs or crashes before their big launch.

Apart from some bugginess on log in, the test was a huge success.

Here’s why people loved it:

• @NFTBark – “there was proximity-based voice chat which was very impressive… there was zero lag, movement was smooth, and the server held up 2,000+ people” (Link to Tweet)

• @wonderboyhere – “been gaming 20 years and this is the first time seeing this many living figures at 60fps interacting at the same time on a webpage based game” (Link to Tweet)

• @hotlneblng_ shares a video of the promixity-based voice chat (Link to Tweet)

Dude the metaverse is coming soon 🤯

Celsius lawsuit 🥶

Let’s chat Celsius. It’s no secret they’ve been under close scrutiny after freezing user assets last month shortly after Luna’s crash.

SBF also passed on the deal because of a $2bn hole in its balance sheet.

Now, they’re being sued.

Why?

In the lawsuit, Celsius used customer funds to manipulate the price of its token, and failed to hedge risk. To summarise:

1. 0xb1 was created by KeyFi for Celsius’ to send customer deposits to manage

2. Celsius transferred hundreds of millions of dollars to KeyFi to invest over a few months, amounting to nearly $2bn in assets

3. Celsius’ trading teams assured KeyFi they were hedging impermanent loss from activities in liquidity pools

4. Turns out, they lied and the entire company’s portfolio had naked exposure to the market 🥶

Full thread here.

This is a pretty accurate depiction.

Other groundbreaking headlines...

🎰 Shopify launched its token-gated vending machine at NFT NYC. It's pretty sweet, that’s all we can say.

🍔 Bored & Hungry, the first NFT Restaurant accepting $ETH and $APE, announces first international location. FFU is launching a location in South Korea in Fall 2022!

💼 Axie Infinity was reportedly hacked for $600mn with a fake LinkedIn job offer. Sky Mavis went through several fake job interviews, only to open a very generous compensation offer that compromised his computer.

💻 Crema Finance (a Solana liquidity platofrm) lost $8,782,446 in a hack. After a long negotiation, the hacker agreed to take 45,455 SOL as the White Hat bounty.

Team Buys

Our mods bought into AneroVerse this week and I'm feeling fomo – why didn't anyone tell me... 😭

Check Sherms’ new pfp.

Quirinus also sniped a few.

KikiVerse Giveaway 💞

God damn, this project is cute & we love cute.

Thanks for tuning in.