Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: The rush to create ‘Web3’s Pokemon’
• 🔎 This seems important: Bitcoin pumped (again) here's why...
• 🤝 Partner: We're up 280 Big Macs right now 🍔
• 🔪 Let's dissect this: Damn, Terra LUNA is up 10,000% this year??

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
​NFT, Web2/3, Blockchains, Bear Market, Stablecoin, Bull Market.

💅 This is cool:

​The Rush To Create ‘Web3’s Pokemon’ Continues...​

In one sentence: Web3 tech lends itself to 'collectible monster' style video games, transforming the business models that support them.

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'Imagine a Pokemon-style game, where each monster you catch is represented as a tradable NFT.'

This pitch feels played out, because it is!

Most major/upcoming Web3 games are doing some variation of exactly that.

(Think: Axie Infinity, Illuvium, AneeMate...Pixelmon).

Ok, but why?

So many developers are working to bring the concept to market, because of how Web3 technology can enhance the existing business model.

Here's an A/B comparison of a Pokemon-style game in Web2 vs. Web3.

Web2

• Build/sell a game for a fixed, one time fee.
• Players collect/trade monsters in-game for free.
• Create physical collectibles in unknown quantities and allow a secondary market to form around them (which you as a game maker get $0 from).

Web3

• Build/sell a game for a fixed, one time fee.
  ...OR give it away for free (because the business model allows for it).
  ​
• Players collect monsters in-game for free, but can buy/sell them for real money via an in-game marketplace.
  Every time a trade is made, you (the game maker) get a cut of the sale - let's say 5-10%?
  ​
• The fees from the digital collectible market pay you in perpetuity, and allow your users to play for free (and even earn money by finding rare monsters).

The technology is there - now we just need a game that is easy to use (from a crypto standpoint) and fun to play.

Our guess is:

Much like Web2's collectible card scene, this will be a winner-take-most market.

(See header image ☝️).

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🔎 This seems important:

​Bitcoin Pumped (Again), From $39.5k to $41.6k, All in a Matter of Hours. Here’s What Caused It...​

In one sentence: A bunch of shorts got liquidated and pushed the BTC price from $39.5k to $41.6k within a few hours.

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Damn, Bitcoin is making a fool out of traditional markets rn!

That's not to say traditional markets are in bad shape, the S&P 500 is up 4.65% in the past month...

It's just that Bitcoin is up about 4.5 times that in the same period.

And a big chunk of those gains came through just last night.

In fact, between the time we finished writing on Sunday and the time we published on Monday morning, Bitcoin went from $39.5k to $41.6k.

So how did it happen?

Two beautiful words: liquidated shorts.

Here's what that means and how it can push crypto prices way up!

Folks that are 'shorting' Bitcoin essentially borrow a bunch of BTC from other people → sell it immediately → wait for the price to fall → buy it all back at a cheaper price → keep the difference as profit → pay back their lenders.

...only problem is:

When the price doesn't fall, but instead goes up - those lenders come a knockin'.

Which means the short sellers need to buy up a bunch of Bitcoin at already inflated prices - and all of that buying pressure pushes prices up even further.

It's a beautiful thing to witness, and it's a big part of what got us to $41.6k.

Now...

A moment of silence for the liquidated shorts, they got rekt so the value of BTC could prosper.

🤝 Partner:

​We're Up 280 Big Macs Right Now 🍔

Remember when we said we wanted to see if we could turn $5k into $10k by investing in crypto projects?

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What tokens/DAOs we were buying, why we were buying them, and the tools/platforms we used to do so.

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Fair warning: this isn’t some shiny crypto masterclass, featuring pros that have millions of dollars to play with.

It’s a rough and ready learning experience, played out in public - where we've taken the financial risks, so you don’t have to.

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🔪 Let's dissect this:

​Damn, Terra LUNA Is up 10,000% This Year??​

In one sentence: Engineers from Terra LUNA launched programs to revive the project's fallen blockchains, LUNA, LUNC, and USTC (and it seems to be working).

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Everyone LOVES a comeback story.

Unfortunately, they're rare in the crypto space - once a project collapses, it's tough to revive it.

...but it's not impossible.

And right now we may be witnessing a "Mia Wallace on the floor with a needle full of adrenalin in her chest" kind of revival, coming from the Terra LUNA ecosystem.

...that, or it's gonna be a "Thomas J in 'My Girl'" kinda situation.

Either way, you're going to want to watch!

So, in June, engineers from Terra LUNA launched programs they believed would help revive the project's fallen blockchains, LUNA, LUNC, and USTC.

(ICYMI: in 2022 the Terra LUNA ecosystem crashed and burned - pretty much, starting the bear market).

We truly thought they'd gone to the grave. BUT! A rag-tag team of engineers have created two programs aimed at reviving the broken ecosystem.

Up first: They built a burn program for their OG, infamous coins LUNA and LUNC.

They bought back peoples (basically worthless) tokens, then destroyed them / took them out of circulation / tossed them in the trash.

You pick your preferred phrase - but for all intents and purposes - the tokens are *poof* gone.

(Which helps to push the price back up, as supply is reduced).

One team, called Mint Cash, is even trying to bring back Terra's US dollar stablecoin (USTC).

But instead of backing it with a mix of their own tokens and other coins (which lead to disaster last time), they plan to back it entirely with Bitcoin...

I.e. If you buy a dollar of USTC, Mint Cash will buy $1 worth of BTC.

Honestly, we have no idea how a volatile asset like BTC is going to successfully back a stablecoin...

But the market doesn't seem to be worried about it - LUNA, LUNC and USTC have jumped more than 300% this week alone.

Either way you slice it:

Right now it feels like the Terra team went into hibernation, hit the gym and are now coming back to play stronger than before.

Let's hope this time it doesn't lead to any bull market-ending black swan events.

The Full Story of The LUNA Crash

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👇 Other stuff you may have missed

• 🧑‍⚖️ A Spanish Man Accused of Teaching North Korea How to Evade Us Sanctions Using Cryptocurrencies Faces 20 Years in Prison​
• 🚀 Blur Dominates Almost 80% Of NFT Trading Volume as Market Activity Spikes​
• 💰 Bitcoin Funds Bloated With Cash as Investors Rush In​
• 🥚 Gamers Are Paying Big Bucks for Square Enix NFT Characters Like 'Egg' and 'Starvation'​​
• 📈 Coinbase, Marathon Stocks Surge as Bitcoin Lights ‘Fire in the Cauldron’​

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Alright, that’s it for today!
Love to the family,

​Chevy, Seb & The Web3 Daily Team.

P.S. Want to learn how to research and value cryptocurrencies? We have a bi-weekly publication that does just that.

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