Welcome to Web3 pills, the daily crypto newsletter written by an author who’s 1 crypto dip away from applying to McDonald’s.
Here are your 💊’s for today:
The crypto phone is coming
Fidelity adds ETH trading
Trending articles
NFT of the day
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THE CRYPTO PHONE IS COMING
Four months ago, Solana’s CEO and founder Anatoly Yakovenko stepped onto the stage at Disrupt 2022 to announce Solana’s Web3-focused smartphone called, The Saga.
While the first phones aren’t expected to ship until early 2023, we felt it was important to check in on the status of the project and highlight why it is important.
If you break Web3 down into its core building blocks, you’ll realize that it is a technology largely focused on databases. Specifically, Web3 is an alternative model in which data is stored on decentralized databases/ledgers as opposed to centralized ones.
However; as we have learned over the years, all it takes is for one part of the tech stack and/or UX to be centralized in order for it to compromise the entire system.
This is why the Saga is such an important project. Phone operating systems such as iOS and Android OS, are currently controlled by tech incumbents Apple and Google. These companies will do anything in their power to dissuade competition, and are not incentivized to see Web3 succeed as it could damage their tech hegemony.
While the Saga may not succeed, it is one of the most promising attempts yet to disrupt these tech monopolies at the phone OS layer. For starters, Solana is a well-funded project with a multi-billion $ treasury that they can deploy into the project.
Furthermore, Anatoly has the experience necessary to pull off this intiative, having worked at Qualcomm and helped other major tech companies like Facebook and Microsoft create mobile phones.
The Saga promises to deliver many value props to Web3 users including simple private key storage, seamless signing of transactions on dApps, and an expansive dApp store.
Lastly, Anatoly mentioned how the project would benefit builders who would have a much easier dApp store submission process and wouldn’t be subject to the steep 30% fees that Apple charges its developers to list on its store.
While the phone isn’t expected to sell by the millions right away, the Solana Saga is an ambitious project that is a step in the right direction for the Web3 industry.
FIDELITY ADDS ETH TRADING
Financial services and brokerage firm Fidelity, has announced that it will begin allowing the trading of ETH on its platform for institutional clients beginning October 28th.
This is another major step in the right direction for the institutional adoption of cryptocurrencies.
Over the past few years, we’ve seen many financial institutions reluctant to adopt cryptocurrencies, however, for our industry to grow in the future we need adoption to spread into legacy institutions.
Fidelity Institutional is one of the world’s largest assets managers with over 13,500 clients and $4 trillion under administration.
If even a portion of this wealth flows into ETH, it could be a massive win for the market cap of ETH and other cryptocurrencies.
It should also be noted that this integration is coming in the midst of a bear market. Smart investors aim to buy assets when prices are depressed, and sell them when prices are inflated.
The irony is that you want to be quietly buying with the smart money, not during the euphoria. Or put another way; when you’re embarrassed to talk to your friends about crypto you should be buying, and when you feel like sending them a screenshot of your portfolio to brag you should be selling. 😉
TRENDING ARTICLES
[CoinDesk] Hodlonaut Wins Norwegian Lawsuit Against Self-Proclaimed ‘Satoshi’ Craig Wright: In her ruling, Norwegian Judge Helen Engebrigtsen wrote that “Granath had sufficient factual grounds to claim that Wright had lied and cheated in his attempt to prove that he is Satoshi Nakamoto.”
[Blockworks] Leaked Draft of US Congress’ ‘DeFi Killer’ Bill Sparks Debate: Web3 startup accelerator Alliance DAO said the bill forces projects to sacrifice decentralization.
[The Block] Sam Bankman-Fried draws fire from DeFi proponents after regulation proposal: Various individuals in the blockchain and cryptocurrency industry are lambasting Sam Bankman-Fried after the FTX CEO shared a regulatory proposal that, critics claim, hamstrings decentralized finance.
NFT OF THE DAY
Nouns is a fascinating NFT collection and DAO launched on the Ethereum blockchain back in August of 2021. There are a few things that make this project unique:
Every Nouns artwork is in the public domain (I.e. anyone can use it, there’s no copyright)
Artwork is stored directly on-chain, not in IPFS or AWS
One Noun is trustlessly auctioned every 24 hours, forever
All ETH proceeds from Noun auctions go to the Nouns treasury
Each Noun receives one governance vote each in the Nouns DAO
Nouns has grown into a behemoth, currently boasting a treasury of 29,432 ETH or $38 million dollars.
To date, there has been 483 Nouns generated, which is far below most bluechip collections which can have as many as 10,000 NFTs. For Nouns to reach this same collection size would take ~27 years.
In the picture above is Noun 31, which sold for 135 ETH back in May of this year.