some spicy NFT goss for you

Aneroverse held hostage, a new NFT marketplace & Curve Finance's hack

Author

Lili (QueenBao)
August 17, 2022

@l3tssmoke

GM Baos.

Boy do we have some tea for YOU.

P.S. Share this newsletter with a friend, you'll thank us for it later 😉

Today we cover:

  • Lili made an oopsies – The Merge

  • Aneroverse goss

  • A new NFT marketplace?!

  • Curve Finance hack

The Merge – Key Facts

Hi, Lili here. I edited through a lil' mistake that I'm here to remedy about The Merge 🤥

1. Ethereum is moving from Proof-of-Work to Proof-of-StakePoW is our existing mechanism which requires validators to solve cryptographic algorithms to validate transactions on the blockchain.With PoS, each block is awarded to a random validator with their probability determined by how much ETH they have staked.

2. The Merge will not change gas prices or throughputThe Merge is a network upgrade which won't significantly change how us normies interact with ETH, especially in the first few days. It does however, change its network infrastructure and economic incentives.

  • PoS will create a more decentralised network – currently 5 mining pools account for 65%+ of all ETH mined last year.

  • PoS is more scalable, achieved through sharding – this is the next stage for ETH post-merge, and it will improve throughput and gas fees significantly.

  • PoS uses ~99% less energy than PoW – because no more crazy computations!

Here's a great article which explains the ins and outs of what's going down September 15/16th. 

Thank you to @tiredtamim for DM'ing me about this personally 😉

Aneroverse Hostage Sitch

Spill 👏 the 👏 tea 👏 . 

Aneroverse is in a bit of a pickle. Their very own community leads are holding their Discord & website hostage. 

How on earth did this happen? There are three key names here. Bugz (Web Dev), Toki & Mochi (Community Managers). From our digging on Twitter & Discord, we gathered:

  • Founders ghosted Community Leads and have been inactive in the project

  • There have been claims against paying Community Leads

  • Toki, one of their community leads, is seeking legal action against the founders

  • We find out that Anero has no ownership over their Discord or Website ☠️

  • Toki refuses to relinquish Discord ownership

  • Bugz has shut down the Anero website

  • The Community leads hold all Anero's assets - their brand's intellectual property

  • Founders claim that Community leads are demanding ransom for the IP back

This is a reminder of how crucial it is to hire high-quality community leads. These are the people on the front-lines, building critical relationships with our community. 

We would be nothing without our community team 💙

It looks like Anero has some big speed bumps to work through. You think they gonna make it? Guess we have to sip our tea and find out. 🫖

GamesPad x BullPerks NFT Lottery

GamesPad, a metaverse ecosystem, is launching a new NFT marketplace feature alongside BullPerks - the NFT lottery. What?! It will allow users to win NFTs from different art collections by betting $BLP or $GMPD.

In the process of doing this, BullPerks & GamePad will burn a portion of tokens swapped for NFTs after the lottery ends to reduce supply.

Similar to auctions, the lottery will have a limited time and bid restrictions. After bidding time concludes, the NFT will be transferred to the smart contract.

In the heart of transparency and decentralization, they are doing this lottery on-chain by having the lottery selection winner be handled by the smart contract. The user whose bet is closest to winning the number will received the NFT.

Curve Finance's domain fiasco

We’re having what seems like daily exploits. Just some bear market things 🥴

Curve Finance is the latest DeFi protocol to fall victim to some very bad eggs in the space. Absolutely unbelieva-BAO.

Luckily this time it appears the DNS (Domain Name System) was affected, leaving the smart contract safe from any exploits.

How this happened:

  • Curve protocol uses GoDaddy as their DNS

  • DNS cache poisoning – where hackers redirected users to a fraudulent site

  • Users thought they were using Curve Finance, when really they were approving of a contract that would drain their funds

This type of attack can be remedied in the future by exclusively using an ENS as the site domain. Something ALL web3 projects should use.

Most importantly Baos, always double check what smart contract you’re interacting with before signing the transaction 🫡

It’s been reported that Binance has come to the rescue, recovering around 80% of the stolen funds. Thank you CZ 🙏

What were they thinking?!Written by Cassidy.

Bao-Sized News

Baos have done it again 🥟

It's not just me right? 🤫–Kang

The Great Scavenger Hunt

We’re excited to announce that we’ll be having an inter-community scavenger hunt! You’ll have 4 days to make your way through all 5 servers finding answers based on the projects’ clues to complete the challenges. You’ll start in Subway Rats and cross the finish line in Fortune Friends Club. Of course you’ll be compensated for being one of the top finishers, but we will have something for everyone that completes the hunt.

🤝 What communities are participating? Come join **Subway Rats, Meemo’s World, Tasty Bones, Food Fighters Universe, and Fortune Friends Club** communities as we hunt together!

⏰ Set your reminders: This will take place starting Thursday, August 18 till Sunday, August 12

🎁 What can we win? We have tons of prizes coming up from all the communities (TBD), maybe some ETH, maybe some NFTs - hold tight and you’ll find out 😉

Sharing Asian creator work

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 😉

📓 Join our Job Office Hours! Every Wednesday 7PM PT 📓

Last week was a fun session! We had a mix of different groups, and discussed about these topics:

  • Samples of GREAT portfolios and WHY (Pulling out the red strings that are agnostic to industry or profession)

  • Portfolio Builders you can use to get started

  • Effective Networking Strategies, how to leave a lasting impression

  • Online and Offline Presence, how to convey your energy regardless of medium

All the notes are posted up in the Fortune Friends Club Discord Server for Bao holders with materials and links covered.

I love Baos.

–Lili