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GM geniuses 🧠
Today we’re putting on our thinking caps and taking a deep dive into the Merge to make sure we’re all up to par.
At attention, lads 💂
Looks like Vitalik beat us to it 👀
He’s clearly ready for the Merge.
Bullish on that descending wedge.
- Merge Splurge 💥
- GCR Shorts LUNC 📉
- ANOTHER $1B FUND 💰
- Topps Baseball NFTs ⚾
- NY Fashion Fall Week 🍂
The Big Merge Splurge
WDF does it actually mean?
The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain.
It eliminates the need for energy-intensive mining and instead secures the network with economic incentives using staked ETH.
It’s like when Goku and Vegeta fused together to become the hyper-powerful Gogeta.
But you know..
Without going over 9000 👀
Remember the Google Easter Egg that we talked about yesterday?
We wanted to give you a chance to find it yourself, but for those who didn’t we’ve got you covered.
The unofficial mascot of the Merge is a panda.
As the Merge approaches, the black and white bears will approach each other in anticipation of fusing to become a black and white panda.
What the Merge does:
- Improves Scalability
- Improves Security
- Improves Sustainability
- Reduces Ethereum Network’s Energy Consumption by 99.95%
What it doesn’t do:
- Lower Gas Fees
- Improve TX Speed
- Give Backrubs
- Cause a single second of downtime across the entire network
Well, provided it goes to plan.
It’s actually pretty crazy that this massive historic transition will take place without any downtime; this has never been attempted before on any blockchain.
But they’ve crossed their T’s and dotted their I’s so I for one am confident in their ability to deliver.
Here’s an Ethereum Organization Merge Viewing Party (YouTube) - be there or be square!
GCR, the trader who has (so far) won a $10M bet against Do Kwon + shorted LUNC from $95 to $0, is now shorting LUNC again
Shit’s wallstreetbets-level crazy.
I’m here for it though!
For context, GCR is a retired professional trader, but he’s also one of the top crypto traders on FTX by PnL and he’s been on the FTX leaderboard for the past 2 years.
He bet Do Kwon publicly on Twitter that LUNA (now LUNC) would trade below $92.4 by March 2023.
Obviously he’s winning that bet.
He’s got ~$9M in a LUNC short.
A spicy throwback.
UnStableKwon dug his own grave.
But GCR is up against a gang of degenerate apes; real LUNAtics tbh.
LUNC has been trending on Twitter for the past couple weeks and saw a significant rally of nearly 400% since the end of August.
MFs trying to get a decent position in LUNC for a good LUNA 3.0 airdrop 😅
But since the time GCR made the tweet above on Sept 9, the price of LUNC has fallen around 25%.
GCR is shaping up to be our Septembear of the month.
That being said - he’s also got a $40M long position open on BTC 👀
If you have $8M in a 1x short position and the price drops 25%, how much do you have in total?
Tap your answer below to see if you’re right!
Web3 Pipeline 📢
Another HUGE web3 fund - U.K. venture-capital firm Northzone has raised a $1B fund to invest in “innovative technology such as crypto”, according to a press release this morning. Read the rest of the pipeline to learn more about why so many deep pockets are eyeing up web3.
Baseball Cards arrive on the Blockchain - in the past 2 weeks, we’ve covered FIFA (soccer) NFTs, NFL (American football) NFTs, NBA (basketball) NFTs, and even heavyweight championship boxing NFTs. Now, Topps is bringing its famous baseball card collections to the blockchain. This is like, exactly what NFTs were mimicking all along. We’ll have a full breakdown tomorrow.
More Grammy Award Winners - it’s clear that the music industry and NFTs are a match made in heaven. If we could just get back to a place where we had a Napster/Limewire-like model for streaming or downloading music and rewarding the artists directly instead of middlemen, that’d be great. That’s kinda what KINGSHIP is trying to do, and they just signed on two grammy award winners Hit-Boy & James Fauntleroy to oversee the supergroup’s sound direction as they make history on the Web3 scene.
NY Fall Fashion Week NFTs - oh yeah, did we forget to mention the fashion industry? NY is one of the most esteemed cities for its fashion, and the NY Fall Fashion Week is a big deal, and fashion is another match made in heaven for NFTs. This year, native web3 fashion brands will be showing off their metaverse wearables IRL, phygital style (told you we’d be hearing that word a lot more soon). Notable brands that have already entered the web3 space successfully include Gucci, Nike, Balenciaga, Puma, Hermes and Phillipp Plein, to name a few.
NFT drops of the day 👀
🛑 NOTE: drops not promoted/endorsed
✅ DYOR and practice safe minting!
It’s always fun looking back in time.
Wrong at $4k in 2017.
That’s all for today frens!
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.