The November guide for DeGens 📔

The $GALA hack, crvUSD stablecoin, NFTs on Instagram, and Dogecoin X Twitter

The Coin Weekly
November 04, 2022

Hi DeGens! Are you feeling the chills of November? Well, we have dressed Anya and Ian in cozy costumes. Additionally, November is a thrilling month in the Web3 space. Come let's explore the upcoming events in November.

ETH India 2022

Asia's biggest Ethereum Hackathon is all set to happen on the 2nd of December in Bangalore. It’s a place where the leading minds in the Ethereum ecosystem are uniting with 1500+ builders from around the globe to build DApps for the future. The application period will close on 13th November 2022 at 11:59 PM IST. Register soon if you are a builder!

ETHIndia | December 2 - 4, 2022 in Bangalore

ETHIndia is Asia's biggest hackathon. ETHIndia is much more than a hackathon, it is an ideology, a movement with the goal of inspiring and fostering a community of builders.

https://ethindia.co/

Dogecoin x Twitter

After much back and forth, Musk finally bought Twitter for 444B on October 28 and DOGE saw a bullish price action. There's ongoing speculation that Twitter will integrate DOGE and crypto payment solutions after being acquired by Elon Musk.

Our next piece of information comes from a recent interview, where Elon Musk talks about building this super app.
He even mentions crypto 👀
— 👨‍🍳.eth (@CroissantEth)
Oct 31, 2022

Curve Finance may launch a native stablecoin $crvUSD this month

Curve Finance is an Automated Market Maker (AMM) with $5B total value locked in its smart contracts. Curve has deployed a JavaScript library for its stablecoin, which is called crvUSD. Curve’s push to introduce crvUSD is a bold move given the struggles faced by stablecoins this year.

The crvUSD might be a very intriguing development because a stablecoin that is issued by a significant DEX has not yet been seen. Hence, connecting a stablecoin with viable DeFi features will be an interesting new model.

A well-known supporter of Curve speculated that crvUSD will be overcollateralised by tri-crypto, which is a pool of ETH, WBTC, and USDT.

Imagine an over-collateralized stable backed by tricrypto that auto liquidates to USDT as your collateral percentage drops and then re-enters as it increases. Essentially: You get liquidated into USDT as ETH and BTC drop, but then buy back more ETH and BTC as prices go up
— CryptoCondom (@crypto_condom)
Sep 6, 2022

Meta and Instagram will roll out NFT infrastructure in collaboration with Arweave and Polygon

Meta announced partnering with Polygon for minting and selling NFTs at zero cost on the Instagram platform. Hence, creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram. Meta also partnered with Arweave, a decentralized storage protocol, to store non-fungible tokens (NFTs) on Instagram.

FIFA World Cup 2022 and the rise of Fan tokens

The FIFA World Cup 2022 will take place from 21 November to 18 December, with 32 national teams competing across 64 matches to determine a winner. And, more and more interesting news is coming from the world of crypto-football. Crypto.com is also an official sponsor of the FIFA World Cup Qatar 2022.

The national football teams are seeing a rise in the value of their fan token such as $ARG (Argentina), $POR (Portugal), $BFT (Brazil), $FPFT (Peru), and $SNFT (Spain). Recently, Binance has listed the FOOTBALL Index on futures that track the market performance of certain Football club Fan Tokens listed on the Binance Spot market.

Apart from Fan Tokens, a crypto called "World Cup Inu ($WCI) has emerged as the first World Cup themed token on ETH. $WCI has a unique approach to combine two of the biggest trends — Football and INU.

FIFA World Cup is around the corner and if you enjoy both sports and cryptocurrencies, "FAN TOKENS" might be your cup of tea 🧵
— Akansha Jain (@Akanshajain05)
Oct 28, 2022

$GALA hacked!

An Attacker minted 55.6B $GALA ($2.17B) on BSC. The GALA bridge is temporarily suspended. All GALA tokens on Ethereum as well as the underlying bridge collateral are SAFE. Read the full breakdown here:

1/ A short thread about $GALA.
An attacker minted 55.6B $GALA ($2.17B) on BSC.
#Gala#GALAcoin#GalaGames#pNetwork
— Lookonchain (@lookonchain)
Nov 4, 2022

X Day Paris, Powered by Elrond

X Day Paris is the inaugural edition of the Elrond Network annual conference series. It is a three day event which started yesterday i.e 3rd of November.

In the first day of event Elrond showcased what they have achieved so far and gave brief about new products that will reshape the future of the company. Tune in to the live stream for exclusive news and updates from the project. TCW will cover the whole event in a tweet this week🍯

And that’s a wrap! The first X Day in Paris has concluded and we couldn’t be any happier with how everything turned out!
Looking forward to seeing you again tomorrow.
#XDay
— X Day. Paris. 3-5 Nov. Powered by Elrond ⚡️ (@ElrondNetwork)
Nov 3, 2022

MARKET DEVELOPMENTS📈

Today's gem of the day is Tapioca DAO. Tapioca DAO is a project that is focused on building omni-chain DeFi products, from lending markets to token wrappers. Tapioca is built on top of Layer Zero technology, allowing them to access most EVM chains with non-EVM (Solana/Cosmos). It aims to become a cross chain banking layer, hub of DAO owned liquidity across 12 EVM networks.

ANNOUNCING THE DƎATH OF LIQUIDITY MINING
Liquidity Mining died peacefully at it's yield farm on October 19th, 2022 from chronic unsustainability

TapiocaDAO presents to all anons, the magnum opus document of phase 1 of the omnichain takeover.
mirror.xyz/tapiocada0.eth…
Join us.
— ᴛᴀᴘɪᴏᴄᴀᴅᴀᴏ ⚪ (@tapioca_dao)
Oct 20, 2022

Elon Musk walking into Twitter HQ to fire half of the employees
— yzy.eth (@LilMoonLambo)
Nov 3, 2022

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Well, that's a wrap for today!See you next week🐻Till then, ape responsibly.