Is it time to touch grass? 🙃

GM Baos,

What a huge couple of days we’ve had in the NFT space! But with all of this news comes boundless possibilities! Let’s dive deeper into the following!

Today we cover:

• AzukiDAO

• Twitter rate limiting

• Poly Network exploit

AzukiDAO

A new DAO called "AzukiDAO'' has emerged within the NFT community, driven by a group of Azuki enthusiasts.

Their primary objective is to retrieve 20k ETH acquired during the Elementals mint, with the intention of reinvesting it back into the DAO to support the Azuki ecosystem.

They plan to pursue this goal by filing a legal lawsuit against Zagabond, the owner of the Azuki tokens in question. The DAO members cast their votes using BEAN tokens, which were minted just a few days ago.

Despite the DAO's efforts, many individuals within the Azuki community question the legitimacy of AzukiDAO. Some Azuki token holders don't even know it exists, leading to concerns that it could potentially be another scam in the space.

Additionally, the current state of the Azuki ecosystem, which has experienced a significant decline since the launch of Elementals, raises further concerns.

As this DAO becomes more and more known, it remains to be seen how impactful AzukiDAO will be and how representative it is of the broader community.

Twitter rate limiting

24/7 on Twitter NO MORE 😅

Elon Musk recently announced that there will be a cap based on the number of posts that can be seen daily.

This refers to 6k posts for verified accounts, while unverified accounts will have a cap of 300-600 posts depending on whether the account is new or not.

Elon said that this is due to “extreme levels of data scraping and system manipulation.”

According to them, this will definitely combat that. Rate limiting has been trending on Twitter itself, as people call it “the company’s own fault.”

Many people believe though that the restrictions are targeting AI models on Twitter that may be abusing the current system.

We do have to remember that Twitter isn’t the only platform undergoing major changes, Reddit also edited its API a couple of weeks ago.

With how essential Twitter is for NFTs and how other platforms aren’t rate-limited, is this the time for other platforms to flourish in the NFT space?

Poly Network exploit

Another hack has occurred, this time targeting the Poly Network…

As usual, the attacker exploited a vulnerability in the network, enabling them to acquire tokens worth a staggering $43b in cryptocurrency at one point.

Among these tokens were $100m worth of BNB and $10b worth of BUSD, among others. Unfortunately, the attacker managed to withdraw approximately $400k, depleting the market's liquidity.

It's worth noting that the tokens issued by the hackers on the network are essentially worthless since there is no sell liquidity available for them, making it impossible to realize any gains.

You can't get something that isn't there! 🫣

Interestingly, this isn't the first time the Poly Network has been targeted by hackers. In 2021, they were already victimized in a hack that amounted to around $600m.

It seems history does indeed repeat itself at times. Stay safe, Baos.

Make us Kek

That’s all the sauce we have today 😉

–Bluejohn