TLDR Crypto 2022-05-26

Primitives is a web3 social network by one of Snapchat's earliest engineers, DJ Gabeau. Users can create customizable NFT-based avatars and share them through text messages. They can also collect NFTs based on attendance at specific events and locations. Creating and sharing the NFT avatars is free and users don't have to go through multiple steps to claim the assets. Primitive aims for its digital wallet to become a central location for users to hold NFTs and cryptocurrencies, interact with friends, play games, and more. It plans to launch publicly as soon as next month.

NFT sales on Solana generated more money than Ethereum NFTs over a 24-hour period. The launch of the Tripin' Ape Tribe NFT profile picture project was responsible for $14.5 million out of the $24.3 million in sales. Tripin' Ape Tribe's current floor price is around $2,600 on the Magic Eden marketplace. Magic Eden has overtaken OpenSea in terms of weekly users and transactions.

Mirror has announced Writing NFTs. Writers can now mint their articles as NFTs on Optimism. They can choose the price and supply of the NFTs. The articles will remain 100% visible and free, but those who want to support the writer can purchase and collect the article's NFT.

Celestia has launched the Mamaki testnet. Mamaki introduces a new data availability API that unlocks a powerful primitive for building blockchains. It allows developers to submit and retrieve data from a namespace on Celestia. Mamaki features P2P block reconstruction, bad encoding proofs, historical data availability sampling, a roll-up kit, and more. An incentivized testnet will be launched in Q4.

Interactions with Ethereum involve transferring tokens a majority of the time. The balance in a wallet represents how many tokens the holder should have. When sending a token, the system simply adds or detracts from the two wallet balances. Everything is just a number on a ledger that gets updated. Understanding this concept allows developers to do cool things with Solidity. An example is available in the thread.

Token design is crucial to the success of a project. A token design is poor when there is a value misalignment between value accrual in the system and value accrual to the token. There is a lot of confusion around token design because there are many different types of tokens and purposes for them. This article discusses token design and how to use tokens to deliver value to users. It covers the different ways that tokens can be used before offering a framework for token design and analysis.

Ripple will explore the possibility of an initial public offering once its lawsuit with the Securities and Exchange Commission has ended. The SEC accused Ripple of engaging in an illegal securities offering through the sale of XRP, but Ripple says that XRP should not be treated as a security. The case has been going on for almost 15 months and is expected to end this year. XRP continues to grow, with most of the growth happening outside of the US.

Andreessen Horowitz has announced a $4.5 billion fund for backing crypto and blockchain companies. The firm will invest in cryptocurrencies and company equity. Bear markets are when people focus on building technology and this is when the best opportunities often come about. Andreessen Horowitz is known for its early bets on Instagram, Pinterest, and Slack, and it has backed many startups in the crypto and NFT space such as Avalanche, OpenSea, and Yuga Labs. While cryptocurrencies may be experiencing a bear market, money flowing into private companies is at all-time highs.

The Ethereum beacon chain experienced a blockchain reorganization that lasted seven blocks. A reorganization is when there are two competing versions of a blockchain and it can result in double-spending. It usually happens through a network failure caused by a bug or a malicious attack. In this case, the reorganization seems to have been caused by miners running outdated versions of the mining software. While it lasted long enough to raise serious concerns, it may have just been another case of bad luck.