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- social media giant says bye to web3 :c
social media giant says bye to web3 :c
Snapchat sunsets web3 team, Sudoswap's interesting airdrop & Kyberswap's $626k hack
GM Baos.
Monday is here, and so is the bear. Not to worry because Bao vibes are skyrocketing everywhere 😉
Today we cover:
Snapchat is down bad
Sudoswap's sub-par airdrop
KyberSwap's hack
Snapchat ghosts it’s Web3 plans 👻
A major social media company quits web3 🥲
With NFT volumes down & companies taking a more conservative stance, our darling tech companies have made some tough decisions.
Jake Sheinman (Co-Founder of Snapchat's web3 division), tweeted he was leaving the company after Snapchat sunsetted the web3 team.
After ~4 years at @Snap, today is my last day. As a result of the company restructure, decisions were made to sunset our web3 team. The same team that I co-founded last year with other pirates who believed in digital ownership and the role that AR can play to support that.
1/2
— Jake Sheinman (@jakeryanshein)
9:46 PM • Aug 31, 2022
This isn’t too surprising if you heard the news about Snapchat laying off 20% of it’s workforce 😬 That's another 1,200 people out of a job.
Last week, Evan Spiegel (CEO) wrote in a note that Snapchat was restructuring its business to focus on community growth, revenue growth and augmented reality. Teams that don’t contribute to those areas have been reduced or made sunset altogether.
Snapchat was actually about to start testing NFTs with select creators in August. Though that’s proBAObly not happening any time soon 🤣
What do you think Baos? Has Snapchat made a big mistake?
Sudoswap retroactive airdrop
The NFT marketplace which made waves for having 0% royalties, announces a $SUDO airdrop 👀
$SUDO is the governance token of their protocol sudoAMM.
This post outlines the distribution of SUDO, the governance token of the sudoAMM protocol.
blog.sudoswap.xyz/sudo-distribut…
NOTE THAT THE SUDO TOKEN GOVERNING THE SUDOSWAP PROTOCOL HAS NOT YET BEEN DEPLOYED. PLEASE EXERCISE CAUTION
— sudoswap (@sudoswap)
1:14 AM • Sep 2, 2022
XMON holders, 0xmon NFT holders and liquidity providers can all participate in the $SUDO airdrop.
Because it’s a lockdrop event, XMON holders who would like to receive the airdrop will have to lock their tokens for three months.
I don’t know if I’d want to do all this for an airdrop 😅
How the $SUDO token supply will be distributed:
41.9%— XMON holders
1.5%— 0xmon NFT holders
1.5%— sudoAMM liquidity providers (pre airdrop announcement)
15.08%—treasury
15% (vested)—initial team members
15% (vested)—SudoRandom Labs
I’ve seen some people on Twitter say this is one of the worst airdrops ever 🥴 What are your thoughts on the $SUDO airdrop?
KyberSwap frontend exploit
Another day, another exploit. This time it's KyberSwap, a multichain DEX (or DEX aggregator) that suffered a hack.
What went down...
The team identifies a suspicious element on their front end
KyberSwap’s website shuts down to investigate
A malicious code in their Google Tag Manager is found
The code allowed a hacker to transfer a user’s funds to their wallet address
Team disables the Google Tag Manager
Operations resume & wallet addresses identified
$265k of user funds were lost in the hack. You can read a detailed analysis of the incident in this medium post!
Interestingly, only two addresses were affected. The hacker was specifically targeting whale wallets 🐳
In an effort to retrieve the stolen funds, KyberSwap is offering the attacker 15%.
8/ Message to the attacker: We know your addresses and interactions. Centralized exchanges have also been informed. You’ll not be able to cash out without revealing yourself. As a bug bounty, we’re offering you 15% of the funds if you return them.
— Kyber Network (@KyberNetwork)
7:28 PM • Sep 1, 2022
I once had money locked up on a protocol due to a bug. My collateral was returned in two weeks, but it felt like forever.
While I love using DEXs (decentralized exchanges), it was a strong reality check.
Never leave more funds than you’re willing to lose on any one platform! Whether it’s a hack, scam or bug nobody could have predicted, please be careful out there Baos 💙
Bao-sized news
Helium proposes a move to Solana’s proof-of-stake (PoS) blockchain
Coinbase users in Georgia profit from 100x price bug 💰
Opensea will only support NFTs on Ethereum’s upgraded proof-of-stake (PoS) blockchain
Made us Kek
I open and close twitter like a fridge
— lil truccy baobi (@trucchoangz)
2:32 AM • Sep 5, 2022
It happened once again. The Simpsons predicted the future! This time it's my gains for 2022!
#NFT#Crypto#memes
— NWN (@NFT_World_News)
12:49 PM • Sep 5, 2022
Web3 Jobs
Take a look at some new job listings available out in Web3! If you’re a bao holder, you’ll get access to more curated job listings FIRST and coaching during our office hours 😉
Community & Growth Manager (Remote USA - $50K-$100K) at Meld
Smart Contract / Web3 Developer (Remote - $80K-$180K) at Infinite Capital
Technical Community Manager (Remote - $70K-$100K) at Node Guardians
Lead Designer (Remote - $156K-$200K) at Co:Create
Protocol Growth Lead (Remote - $100K-$200K) at UMA
📓 Join our Job Office Hours! Every Wednesday 7PM PT 📓
This week we have a fun session planned with Sheepy. Her dad used to always say to her “The greatest gift that he can give her is tools to help her problem solve in life” and that’s what she’s doing here for all of you this upcoming session!
Sheepy will be covering tools that she’s learned through her career & education that will be agnostic to whatever job you’re in. These are tools you can use for any product, team development, feature, or ideas you’re pursuing!
Google HEART Framework
Service Blueprint
Lean Canvas
Job to be Done (JBTD)
Reframe
All the notes are posted up in the Fortune Friends Club Discord Server for Bao holders with materials and links covered.
It's just the beginning of an incredible week, I hope you kill it out there Baos ✨
–Lili