web3 is dishing out interesting news, how we live in a centralised world, the web3 wallet landscape, re-centering DAOs around coordination and 3 new products.
Tons happened in web3 last week. Here are three highlights:
Siemens Issues €60M Digital Bond On Polygon.
Siemens’ move towards embracing blockchain technology for securities issuance comes at a time when regulators have been cracking down on the crypto space, with recent actions against Paxos and Kraken. Meanwhile, the price of Polygon's MATIC governance token has increased by over 40% in the past 30 days and has outperformed Ether.
Abu Dhabi Starts $2B Initiative to Back Web3 Startups.
The initiative aims to promote startup growth in the Middle East and global markets, support businesses relocating to Abu Dhabi, and will be based in the Abu Dhabi Global Market financial district with anchor partners including FABRIC and crypto exchanges. The UAE has been positive towards the crypto industry with digital asset regulation introduced in 2018.
Trader Makes $100K in Seconds Front-Running Token Listing on Binance.
Both Binance and Coinbase have been accused of instances of front-running, and some former employees have been caught engaging in insider trading schemes, but it is difficult to prove such exploits, and many crypto exchanges operate outside the jurisdiction of American regulators.
This week’s dose of web3 is a holistic kickoff into 2023 ↓
a twitter tweet & thread¹
1. Web3 Wallet Landscape
“…Wallets have lost a battle against exchanges to attract users in crypto between 2013 and 2021 due to poor onboarding, on-ramping, and lack of usability and safety. The recent emergence of new wallets fixed some of these issues. Several flaws have been solved (swap, on-ramping, security features), but others are not yet widespread (bridge, native integrations, social log-in). To get a better sense of the current market, we mapped 100 web3 wallets using an 11-axis methodology. We unveiled some key lessons from the data: wallets should monitor simple usage metrics (weekly wallet usage time or the number of clicks to buy crypto), focus on building a best-in-class UX, and develop defensibility to prosper…”
Read the full article here by @OctavioNotPunk.
2. Games Over Governance: Recentering DAOs on Coordination
“…Centering DAOs on governance is a mistake and a recipe for failure. The problems caused by starting in this way are evident once you realize that governance and automation are inversely correlated. We must decide (governance) because we have yet to set it through predefined rules (automation). Unscoped governance is a poison to DAO effectiveness and a force multiplier of coordination. "Most people in DAOs don't even know what game they are playing.." - Pet3rpan. The DAO conversation needs to change if we care about community, sustainability, or the frequent exploitation of enthusiastic contributors. It's not just about improving what we're doing now; it's about unlocking new possibilities. By centering on coordination, we re-enter the token engineering domain and gain its modeling and simulation methods. We reap the rewards of compounding returns by designing testable and reusable game elements...”
Read the full article here by @singularityhack.
Sharemint → launch a web3 native referral program via an affiliate community.
Degenda → track events and announcements for your Web3 projects.
Chainjet → Build on and off-chain web3 automation easily.
Find these and all 450+ other resources on intoweb3.land ↗.
↻ a summary
Siemens has issued a €60M digital bond on Polygon as the company embraces blockchain technology for securities issuance, despite recent regulatory crackdowns on the crypto space. Abu Dhabi has also started a $2B initiative to promote startup growth in the Middle East and global markets, with a focus on supporting businesses relocating to Abu Dhabi, including those involved in the crypto industry. In other news, a trader allegedly made $100K in seconds front-running a token listing on Binance. The options market also saw its highest 24-hour volume this year, with over $3 billion notional traded. Finally, the emergence of new wallets has improved the crypto user experience, but some flaws remain. Additionally, centering DAOs on governance is a mistake, according to one author, as it hinders automation and can lead to the exploitation of contributors. Three new products were also mentioned: Sharemint, Degenda, and Chainjet.
☞ share the good news ☜
If you liked this newsletter, why not forward a friend?
intoweb3.land is curated by Julian Paul.
See you around.
Not on the list yet? Subscribe for free to receive new posts in your inbox weekly.