Coinbase's earnings are down, in line with the rest of the crypto market. In the last quarter, they likely had a real revenue of around $650 million and around $1.4 billion in core expenses, plus $400 million in impairment. The vast majority of its losses likely come from payroll and bonuses. Coinbase pays roughly $4 billion a year for its around 5,000 full-time employees.
CreatorDAO is a project that aims to become the web3 version of venture capital firm Andreessen Horowitz, but with a focus on content creators. Content creators who apply to the DAO will have access to mentorship, advice, and support from other DAO members. CreatorDAO recently raised $20 million in a seed funding round. Its investors include Andreessen Horowitz, Paris Hilton, and the Chainsmokers. CreatorDAO is still centralized and will be until the organization is set up with a core group of mentors.
Magic Eden has unveiled a proposal to build a Bored Ape Yacht Club marketplace for the ApeCoin community. The marketplace would operate via the official ApeCoin website and be based on Magic Eden's technology. Bored Ape NFT holders would receive benefits such as lower trading fees. Magic Eden claims that it can deploy the marketplace in September if the proposal is passed.
Reddit is letting its communities issue Ethereum-based tokens known as Community Points to encourage engagement. It has selected Arbitrum Nova as its partner blockchain for the feature. Arbitrum Nova is a layer 2 blockchain aimed at gaming and social media. Reddit has also partnered with FTX so users can easily purchase ETH to pay for the transaction fees required to transfer Community Points. The new feature will first be available on the Fortnite and Cryptocurrency subreddits.
The Near JavaScript Software Development Kit (JS SDK) allows developers to build fast, scalable, and user-friendly decentralized applications using JavaScript or TypeScript. It provides each contract with its own instance of a JavaScript engine running inside it. The Near JS SDK enables more than 20 million developers to contribute to the web3 space without learning a new language. JavaScript developers can set up a dApp in the same amount of time it takes to spin up a React app.
Real Yield is yield that is generated from real revenue, rather than revenue derived from token emissions. In 2021, many protocols offered amplified annual percentage rates to attract more users and increase their total value locked. This was possible due to aggressive emissions models designed to attract fast liquidity. The bear market has caused a shift to protocols that generate real yields. This Twitter thread presents 10 projects that generate yield through actual revenue generation.
Polygon and South Korean-based Neowiz have partnered to launch a web3 gaming platform called Intella X. Intella X will launch with two social casino games. It plans to launch more games and a profile picture NFT project in 2023. The platform is designed to distribute shares of all generated revenue back to the contributors of the ecosystem. Users can contribute in multiple ways, for example, by staking, providing liquidity, or playing games.
Hackers have stolen around $570,000 from Curve Finance. They changed the domain name system entry for the protocol, forwarding users to a malicious contract. The real contract remains uncompromised. Curve's operators quickly found the source of the problem and fixed it once it was reported. Users who have recently approved contracts on Curve are advised to revoke them immediately.