10 Burst results for "Nexus Mutual"
CRYPTO 101
"nexus mutual" Discussed on CRYPTO 101
"Extra trouble to get one of these cold wallets to get one of these hard wallets and Then all of a sudden just put their information in in a centralized way. It just doesn't make any sense They they're appealing to the wrong audience here their people are coming to them for decentralized and extra security measures And now all of a sudden They're offering an alternative to that and people who don't know any better Could be the ones to show up here and say oh that sounds great That sounds useful. Maybe I will maybe i'll lose my seed phrase one days. Maybe i'll forget it Whatever happens and you have people who who don't know any better just say oh, that's a cool feature Let me try that out and then god forbid something does happen Then they're the ones who innocently like just lose their money And they were the ones that were told that a device like a ledger could never ever be hacked or stolen And now all of a sudden, you know, god forbid it does happen You know, those are the people who are never going to come back to the space because they felt like they were betrayed so, you know in a worst case scenario here, I only see this causing more problems and doing more harm than it does good and For what for them to be a little bit more profitable for them to appeal to you know, people who don't know any better It's probably not malicious But I think they're just doing it strictly as a way to increase business and revenue in a time where it's maybe a little bit harder But again, just know your audience here I think they're basically selling out their audience like so many beer companies are right now They're deciding to appeal to the next 100 million customers And throw out their current 100 million because they've already bought their products so why not start appealing to the next wave of Inflowing people into the space that don't already own a ledger And now maybe this offering seems a little more safe than Writing down the secret thing and having to actually take control and responsibility For all their money or some people are just not ready for that so I'm sure there's somebody in their marketing department that gave that speech To the executive board and to the product department. They all said yeah, it sounds like we're gonna make a lot of money that way But for people that are crypto native They've just been stabbed in the back. Yeah Is there ever a scenario? I think this would be A long time down the road, but the from a marketing perspective and a sales perspective pizza nailed it It's like oh well We have our community of people that use our wallet. Like how do we get more people to adopt this? They're scared of losing everything so we got to come up with some type of recovery phrase idea right Is there ever a world in in the future where these companies are offering their wallets? And offering, you know seed recovery stuff But also offer some type of insurance like some big reinsurer partners with a crypto wallet actually offering that And that's happening today already. So coinbase rolled out their wallet as a service a few months ago So they're going to be the back end for some of these next generation Applications that want to have Web3 features in there and then there's a company called meta keep That is doing a similar thing, but they already have an insurance provider. I think it's loids of london or something so They're also sharding Encrypted keys over several centralized servers using Something called fully homomorphic encryption I don't know a whole lot about that. I'm not a cryptographer, but i've talked to several since I heard about this thing What do you think about this idea storing seed phrases in a cloud goes against literally everything we've ever been taught And as i've explained the way it works, they say yeah, it sounds like it's okay Um, there hasn't been any breaches of homomorphic encryptions in the 10 years or so that it's been uh out in the wild so While I still don't feel completely safe about it. You're right tivo There are some products that are coming out now and they're able to convince Some of the biggest insurance companies in the world to take a bet on it Yeah, so loids of london is one of the famous ones like they uh insured like uh, what david beckham's leg And yeah, it'll do all the wild ones. So it definitely would be the right people Yeah, the thing is though, um if meta keep is cut in custody of 10 billion dollars of millions of users crypto and their insurance policy is only for 1 billion And something really really bad does happen Yeah, is that insurance policy gonna be enough and I don't know If you're loids of london, you're looking through every last little line of things to say Oh something was in violation. Therefore. We're not paying out. Yeah as well. So I think insurance is kind of a a false sense of security, but the insurance industry online was something that was toyed around with the past couple years with nexus mutual and cover protocol And things like that where you can have insurance from a smart contract That isn't going to have a human on the other side try and screw you when you come to make your claim So there's more and more things that are going to happen on that front as well that I think will eventually circle back around Because this is something that is necessary in this space given How one little character? Being in the wrong place with the wrong code version Can
Unchained
"nexus mutual" Discussed on Unchained
"For a better understanding of how it actually works, check out the review done by unchained reporter, Jeff Benson. Tether blacklist validator who exploited MeV bots. Tether blacklisted the wallet address of a rogue validator who managed to front run maximal extractable value or MeV bots last week. I'm asking $25 million in profits. The validators wallet holds $3 million worth of USD T MeV bots, which have extracted an estimated $1.38 billion from users have been widely criticized in the decentralized finance community, tether's decision to blacklist the validator has sparked protests from industry experts, as left Harris Cara petis, founder of rocky app, tweeted, quote, MeV bots have been slaughtering retail users via sandwiching for years. Nobody blacklists them, somebody dare full of MeV bot and give them a taste of their own medicine, and they get blacklisted. Polygon cofounder JT county called it, quote, a bad precedent. Sushi swap is hit by a $3 million exploit. A sushi swap exploit led to a $3 million loss from user zero X seafood's wallet. Due to an improved related bug in the code. Sushi swap CEO Jared gray confirmed the exploit and advised users to revoke permissions for contracts on the platform. Gray also stated that over 300 eth had been recovered, and the team was working with lido to recover another 700 eth. Whitehead hackers helped return some funds, but their efforts were hindered by MeV bots that replicated and executed the exploit. Sushi swab is working on a retrieval plan to secure a stolen funds and compensate affected users. Furthermore, sushi swap is preparing to launch a claims website for invested sushi tokens held in its merkle distributor contract, with unclaimed tokens being directed to sushi swap's treasury after April 23rd. Next is mutual seeks return of $2 million from Euler finance hack victims. DeFi insurance protocol nexus mutual is looking to recover $2 million in claims, paid out to victims of the Euler finance hack. As users have since redeemed their funds, following the return of the stolen funds by the hacker, Euler finance enabled user redemptions, totaling $133 million. However, 5 policyholders have yet to repay the claims received from nexus mutual. The policy terms state that in the event of funds being returned by the hacker, the clean value must be returned to nexus mutual. The insurer is considering potential illegal action against those who haven't returned their claims. U.S. lawmakers probe circle and BlockFi banking terms with Silicon Valley bank. This week, U.S. senator Elizabeth Warren and representative Alexandria Ocasio-Cortez sent letters to circle and BlockFi, among 14 firms, questioning their decision to bank with the now collapsed Silicon Valley bank. The lawmakers are investigating SVP's potential quote white glove treatment of certain depositors, including possible mutual back scratching arrangements that may have led to massive uninsured deposits. Circle and BlockFi held approximately $3.5 billion in uninsured deposits at SVB with circle accounting for $3.3 billion. The letters addressed to circle CEO Jeremy allaire and BlockFi CEO Zach prince inquire about the history of their relationships with the SVB. Amounts deposited and maintained, and any investment relationships between their firms, their related entities, and SVB. In other regulatory developments, the SEC's investor advisory committee requested that the SEC provide formal guidance for the crypto industry. But is still endorsing chair Gary Johnson's efforts to enforce securities laws. Meanwhile, Wyoming attorney general, Bridget hill, filed a motion to intervene in custodia banks lawsuit against the Federal Reserve board and Kansas City fed. The lawsuit alleges that they unfairly delayed and denied the crypto friendly banks application for a master account and membership. He'll seeks to defend, quote, the legitimacy and viability of Wyoming's special purpose depository institution or SPDI framework, which the fed reportedly criticized as inadequate. Arbitrum community against proposals to return 700 million tokens. Following the controversial arbitrum foundation proposal last week, the community is now voting over a new proposal. AIP 1.05, which calls for the return of 700 million ARB tokens, quote unjustly allocated to the foundation. The proposal also asks for a token buyback from market maker winter mute and disclosure of the arbitrary foundation's deal terms with winter mute. However, this AIP is not getting much traction as over 80% of voters are against it. The proposal's author has also requested putting AIP 1.1 and AIP 1.2 on hold until community faith in the governance process is restored. Some community members believe the new proposal goes too far, calling it an overkill. Bitcoin reaches the $30,000 line. Bitcoin surpassed the $30,000 mark for the first time since June 2022. Continuing a crypto rally that began at the start of the year. So far this year, Bitcoin has risen 89%, while ether has increased by 59%. Some attribute this surge to the recent bank runs that have called into question the resiliency of the banking system. However, Bitcoin is still down 25% from this time last year.
The Defiant - DeFi Podcast
"nexus mutual" Discussed on The Defiant - DeFi Podcast
"Yeah. I mean, roughly 200 million was lost in this hack. And Euler actually had insurance through Sherlock, the company that I believe was the last pair of eyes on the particular piece of code that was exploited. And the payout was, I mean, it was less than $5 million. I can't remember exactly how much it was, but it's like, yeah, DeFi insurance programs are far from where they would need to be for me as a user to feel like, okay, I'm good. I can trust this. You know, I get something bad happens. I mean, most of them, they're all not they're all. Most of them are trustworthy. You know, I don't think that they're any blue trip protocol like Euler is a scam at all, but trusting just that there isn't some little thing in the code that somebody could find. Yeah, and insurance would go a long way to helping that, but I don't know of any. Crypto insurance business that that's ready to make people whole when you have these 7, 8 figure hacks. I mean, that's amazing. Oh, go ahead. Sorry. I mean, you have protocols like nexus mutual and stuff, where you can get insurance. But of course, they can't run. They're not able to operate at scale. So it's not like making 200 million hole. It would be as an individual user if you wanted insurance. You could have maybe bought some. I'm not sure if user was covered. Or they had a policy for that. But generally, the issue is scale, right? So most of the coverage is already all taken up. It's very hard to buy coverage at size. And they've been a lot of, if not scams, then disappointments in the insurance space as well. So we had cover protocol that very famously imploded after the dev team walked away. And a couple of others, what was the other one that was, I think it was called out as a scam or something happened, was it armor, maybe, or something like that? So yeah, like you said, the industry definitely has to mature. And I mean, it's great to be able to use these different money Legos to structure transaction or do what you want to do. But yeah, safety with each additional smart contract comes that additional risk that there might just be a loophole in that particular one that in order to miss the team missed everyone missed and then that allows the malicious attacker to sneak his way in and then drain the whole protocol. So yeah, the risk is definitely still outsized. I mean, I wouldn't, I mean, the biggest proponent of DeFi to everyone. But I still wouldn't tell my dad, you know, put your savings account money into a way or something. Even though it's proven to be. You know, it has Dutch wood hasn't been exploited, but you never know right. It's all code at the end of the day and as someone who doesn't understand the code myself, it's very hard for me to take a call and say, oh, you know what this code looks safe to me. So yeah, I'm just going to say before that, it's pretty amazing to me that it's still the OG DeFi protocol. Uniswap. The ones that are still unscathed and standing on haven't been hacked. That is amazing. Yeah, like when you iterations are, I don't know if it's because they're adding more complexity, taking on more risk. But the OGs, you know, the first one to try. Or at least the first one to succeed in DeFi. You remain there. Are still kind of the safest. Let's not jinx it. I have a lot of money on you and swap. Knocking on right now. Okay, so we're running out of time, but let's wrap up with the last big story of the week. We Ethereum chapter upgrades. I like to walk us through this. Sure. And just to, I guess, be quick about it and also, I'm not a technical guy, so I can't really explain what exactly happened, but basically they've been, they've been building this very important upgrade for Ethereum, right? So just a little bit of context, Ethereum, everybody listening to this probably knows switch from proof of work to proof of stake last year, changing the way that it orders and confirms transactions so that it would slash its energies by 99%. Proof of stake requires that users deposit 32 eth in order to become one of the validators that contributes to the ordering and confirming of transactions. And there are a lot of proof of stake blockchains out of that right now. Solana is one of them and just about all of them when you put money into become a validator. Well, you can also take it out if you so choose, right? You're not locking your eth up for all time right now with Ethereum. You actually can't withdraw your stake. The proof of stake engine that's running within Ethereum went live back in December 2020 and has been running was running in parallel with the actual Ethereum proof of work blockchain since then. So there are people who staked as far back as 2020 whose eth has been locked in there. They can't withdraw it. They can't cash out, they can't use it in other DeFi protocols. Obviously, it's a really big deal to enable withdrawals. So the next big Ethereum upgrade the last one was the merge went switch to proof of stake the next big one is called Shanghai. That was always planned to drop sometime in the spring of 2023. Ethereum's distributed group of developers has been working on this technology. They've been testing it kind of bulletproofing it. And some of those final steps happened earlier this week. And in fact, the development
Ethereum Daily
"nexus mutual" Discussed on Ethereum Daily
"Welcome to eth daily, a daily briefing on the latest in Ethereum. Bitcoin introduces its GTC eth liquid staking index token, the liquid collective deploys its LS eth token ten or 5 suffers a $1.6 million exploit and optimism prepares for its optimism gourley hard fork. All this and more from eth Daly starts right now. Bitcoin introduced GTC eth an index token of liquid stake in derivatives that also contributes a portion of staking rewards to get coin. GTC eth was created on index coupe, a DApp for creating custom index tokens. It also uses the same methodology as index cubes DSE liquid staking token index, which consists of R 8 by rocket pool, wrapped as the eth by lido and SET two by steak wise. Features a 3.24% variable APY for holders. 1.75% of the stake in rewards are also donated to Bitcoin. Index cube keeps a streaming fee of 0.25% for providing the service to initial liquidity pools for GTC eth have also been seated on uniswap V three. Good coin did not specify how it plans to allocate funds received from GTC eth holders. Liquid collective and enterprise liquid staking project deployed its LS eth liquid staking token. Coinbase prime and Bitcoin Susie, which are members of the collective, launched LSE support for institutional clients. The token is set to be listed for trading on coinbase. Holders can also transfer out LSE for use in DeFi. Liquid collective says LS eth holders are protected against slashing events thanks to a coverage program with nexus mutual. LSE staking consists of node operators with multi cloud multi region and multi client infrastructure, including coinbase cloud, a KYC check is required as part of minting and redeeming LS eth. Tender phi, it borrowing protocol native to arbitrum was exploited for nearly $1.6 million by a white hat, the attacker was able to drain all borrow both assets on the protocol after having deposited a single GMX token. The attacker left a message in the transaction call data stating the exploit was related to a misconfigured Oracle. Once tender fire reached out, the white hat agreed to return all still in funds -62.15 ether, which was capped as a bounty, tender phi, then repaid the bounties value back to the protocol to make users whole. It was later confirmed that a decimal error caused the contract to return to the price of GMX with 38 decimals instead of 18. Uniswap developer Mark tuda released a framework for executing sponsored transactions. The framework uses permit two, a contract that by uniswap that features time bound and signature based token approvals. It allows users to set any amount of ERC 20 tokens as payment for getting their transaction executed by a sponsor, permits you allows a sponsor to batch token transfers and verify signatures on behalf of a user. Once a user specifies and signs a set of operations along with an ERC 20 token tip, a sponsor contract can pull user tokens verify the signature perform the operations and pay the executor. The code for the framework has not yet been audited. And lastly, optimism is asking infrastructure providers to roll back to a previous version after discovering issues with a recent release. Once ready, node operators on optimism gorely are required to update their op node and Opie get clients ahead of a hard fork on March 17th. Coined as the goal of the upgrade, the fork will implement changes to deposit processing on.
Coronavirus
"nexus mutual" Discussed on Coronavirus
"Welcome to eth daily, a daily briefing on the latest in Ethereum. Bitcoin introduces its GTC eth liquid staking index token, the liquid collective deploys its LS eth token ten or 5 suffers a $1.6 million exploit and optimism prepares for its optimism gourley hard fork. All this and more from eth Daly starts right now. Bitcoin introduced GTC eth an index token of liquid stake in derivatives that also contributes a portion of staking rewards to get coin. GTC eth was created on index coupe, a DApp for creating custom index tokens. It also uses the same methodology as index cubes DSE liquid staking token index, which consists of R 8 by rocket pool, wrapped as the eth by lido and SET two by steak wise. Features a 3.24% variable APY for holders. 1.75% of the stake in rewards are also donated to Bitcoin. Index cube keeps a streaming fee of 0.25% for providing the service to initial liquidity pools for GTC eth have also been seated on uniswap V three. Good coin did not specify how it plans to allocate funds received from GTC eth holders. Liquid collective and enterprise liquid staking project deployed its LS eth liquid staking token. Coinbase prime and Bitcoin Susie, which are members of the collective, launched LSE support for institutional clients. The token is set to be listed for trading on coinbase. Holders can also transfer out LSE for use in DeFi. Liquid collective says LS eth holders are protected against slashing events thanks to a coverage program with nexus mutual. LSE staking consists of node operators with multi cloud multi region and multi client infrastructure, including coinbase cloud, a KYC check is required as part of minting and redeeming LS eth. Tender phi, it borrowing protocol native to arbitrum was exploited for nearly $1.6 million by a white hat, the attacker was able to drain all borrow both assets on the protocol after having deposited a single GMX token. The attacker left a message in the transaction call data stating the exploit was related to a misconfigured Oracle. Once tender fire reached out, the white hat agreed to return all still in funds -62.15 ether, which was capped as a bounty, tender phi, then repaid the bounties value back to the protocol to make users whole. It was later confirmed that a decimal error caused the contract to return to the price of GMX with 38 decimals instead of 18. Uniswap developer Mark tuda released a framework for executing sponsored transactions. The framework uses permit two, a contract that by uniswap that features time bound and signature based token approvals. It allows users to set any amount of ERC 20 tokens as payment for getting their transaction executed by a sponsor, permits you allows a sponsor to batch token transfers and verify signatures on behalf of a user. Once a user specifies and signs a set of operations along with an ERC 20 token tip, a sponsor contract can pull user tokens verify the signature perform the operations and pay the executor. The code for the framework has not yet been audited. And lastly, optimism is asking infrastructure providers to roll back to a previous version after discovering issues with a recent release. Once ready, node operators on optimism gorely are required to update their op node and Opie get clients ahead of a hard fork on March 17th. Coined as the goal of the upgrade, the fork will implement changes to deposit processing on.
Bankless
"nexus mutual" Discussed on Bankless
"So these are smaller numbers than some of the numbers that we've heard about. But is maple gonna be fine? Are they going to recover from this? Is this part of can the ship? I don't know. I don't know the answer to that. I think we need this to have a play out a little bit more. But that's actually not where this story ends, because nexus mutual also had some money inside of maple finance. So nexus mutual, which is an insurance smart contract and insurance platform on Ethereum, lost $3 million due to this exposure. So they were in one of those same pools. They were in the ether pool. So they got hit. Why would they in it? This just part of treasury management. Wow, so this wasn't even part of the nexus protocol. It wasn't like a hack that went bad and that they had to kind of provide insurance for it. It was like, we have some treasury funds, and we're going to put it here in order to get higher yield and the cost to them was $5 million, $3 million for that. 3 million dollars. 1.6% of all of nexus mutual assets. Wow, treasury management, very important to get these risks into the market, huh?
Bankless
"nexus mutual" Discussed on Bankless
"So these are smaller numbers than some of the numbers that we've heard about. But is maple gonna be fine? Are they going to recover from this? Is this part of can the ship? I don't know. I don't know the answer to that. I think we need this to have a play out a little bit more. But that's actually not where this story ends, because nexus mutual also had some money inside of maple finance. So nexus mutual, which is an insurance smart contract and insurance platform on Ethereum, lost $3 million due to this exposure. So they were in one of those same pools. They were in the ether pool. So they got hit. Why would they in it? This just part of treasury management. Wow, so this wasn't even part of the nexus protocol. It wasn't like a hack that went bad and that they had to kind of provide insurance for it. It was like, we have some treasury funds, and we're going to put it here in order to get higher yield and the cost to them was $5 million, $3 million for that. 3 million dollars. 1.6% of all of nexus mutual assets. Wow, treasury management, very important to get these risks into the market, huh?
Unchained
"nexus mutual" Discussed on Unchained
"On Wednesday, a federal judge terminated an investor's class action lawsuit against the creators of Ethereum max and public figures Kim Kardashian and Floyd Mayweather. The dismissal comes three months after Kardashian reconciled with the SEC, paying a sum of over a $1 million due to her promotion of the cryptocurrency. The judge expressed worries about celebrities persuasive abilities to have their undiscerning followers purchase snake oil. Shanghai has a tentative date. Ethereum developers announced a timeline for their much awaited next hard fork. Shanghai, which would make it possible to withdraw ether, staked with network validators. At a meeting on Thursday, core developers set the tentative date of March 2023 for the completion of the Shanghai upgrade, which is formerly known as Ethereum improvement proposal EIP four 8 9 5. This upgrade seeks to provide greater flexibility and convenience to those who have staked ether on Ethereum since the merge. The latest major upgrade of the blockchain. This has happened many times before, especially with the merge, the repose timeline may be delayed due to potential technical difficulties or other unforeseen issues. Developers also discussed EIP four 8 8 four, another hard fork that will enable Proto dank sharding. A technology that will allow the network to significantly improve scalability. Circle terminates plans to go public. Circle, the issuer of the widely used USD C stablecoin has ended its proposed merger with special purpose acquisition company, Concorde acquisition corp, and scrap the deal that was originally valued at $4.5 billion. The intention was for circle to be combined with the spac and then listed on the New York Stock Exchange. Neither side revealed why the merger wasn't successful, but circle CEO Jeremy lair still believes an IPO isn't the company's future. Maple finance cuts ties with insolvent client that was exposed to FTX. Maple finance, a major DeFi lending platform, announced it was cutting ties with orthogonal trading, a large client believed to have misrepresented its financial position. Maples decision follows the collapse of FTX, which is forcing the hands of overextended crypto lenders and borrowers. Orthogonal had borrowed over $500 million from maple, and its default caused a secondary knock on effect on nexus mutual, which potentially suffered losses of $3 million from exposure to the company. Time for fun bits. Avenging the scammers. Joma, the creator of NFT project dagos, posted a hilarious video on Twitter, mimicking how SPF handled funds on FTX. The video portrays a conversation between Sam bankman fried in air quotes, who repeats that he's a philanthropist, and a customer who wants to deposit $8 billion on an exchange to trade. During the conversation, SPF is playing League of Legends. And when this customer finally gives SPF the $8 billion, the money is not so accidentally slipped into the hands of Alameda research, represented by a person smoking and gambling with the funds. In a wise decision, the customer regrets giving his money to SPF and decides to ask for it back, but a bunch of FTT tokens get thrown in his face while SPF runs away. You still have my money, right? Oh, yes, of course. Yeah, here it is. Huh. Yeah, it looks a little bit different, but I guess that's fine. All right, thanks so much for joining us today to learn more about V, the legal process for Sam beckman free to NFTX, check out the show notes for this episode. Unchained is produced by me, Laura shin, without from Anthony Eun, Mark Murdock, Matt filtered upon our Sam shri rum, Pam and Jim jar, shashank, and sale K transcription. Thanks for listening.
Unchained
"nexus mutual" Discussed on Unchained
"Announced it was cutting ties <Speech_Female> with orthogonal trading, <Speech_Female> a large <Speech_Female> client believed to have <Speech_Female> misrepresented its <Speech_Female> financial position. <Silence> Maples <Speech_Female> decision follows <Speech_Female> the collapse of FTX, <Speech_Female> which is forcing <Speech_Female> the hands of overextended <Speech_Female> crypto lenders and <Speech_Female> borrowers. <Speech_Female> Orthogonal had <Speech_Female> borrowed over $500 million <Speech_Female> from maple, <Speech_Female> and its default <Speech_Female> caused a secondary <Speech_Female> knock on effect <Speech_Female> on nexus mutual, <Speech_Female> which potentially <Speech_Female> suffered losses of <Speech_Female> $3 million from <Speech_Female> exposure <SpeakerChange> to the company. <Speech_Female> <Speech_Female> Time for fun bits. <Speech_Female> <Speech_Female> Avenging the <Speech_Female> scammers. <Speech_Female> Joma, <Speech_Female> the creator of NFT <Speech_Female> project <Speech_Female> dagos, <Speech_Female> posted <Speech_Female> a hilarious video <Speech_Female> on Twitter, mimicking <Speech_Female> how SPF <Speech_Female> handled funds on <Speech_Female> FTX. <Speech_Female> The video <Speech_Female> portrays a conversation <Speech_Female> between <Speech_Female> Sam bankman fried <Speech_Female> in <Speech_Female> air quotes, <Speech_Female> who repeats that <Speech_Female> he's a philanthropist, <Speech_Female> and a customer <Speech_Female> who wants to deposit <Speech_Female> $8 billion <Speech_Female> on an exchange to <Speech_Female> trade. <Speech_Female> During the conversation, <Speech_Female> SPF is playing <Speech_Female> League of Legends. <Speech_Female> And when this <Speech_Female> customer finally gives <Speech_Female> SPF the $8 billion, <Speech_Female> the money <Speech_Female> is not <Speech_Female> so accidentally slipped <Speech_Female> into the hands of <Speech_Female> Alameda research, <Speech_Female> represented <Speech_Female> by a person smoking <Speech_Female> and gambling <Speech_Female> with the funds. <Silence> In a wise <Speech_Female> decision, the customer <Speech_Female> regrets giving <Speech_Female> his money to SPF <Speech_Female> and decides to ask for <Speech_Female> it back, but <Speech_Female> a bunch of FTT <Speech_Female> tokens get <Speech_Female> thrown in his face <Speech_Female> while SPF <Speech_Female> runs <SpeakerChange> away. <Speech_Female> You still <Speech_Music_Male> have my money, right? <Speech_Male> Oh, yes, of <Speech_Male> course. <Speech_Male> Yeah, <Speech_Male> here it is. <Speech_Male> <Music> <Speech_Music_Male> <Speech_Music_Male> Huh. Yeah, it looks a little <Speech_Male> bit different, but <Speech_Male> <Speech_Male> I guess that's fine. <Speech_Music_Female> <SpeakerChange> <Speech_Music_Female> All right, thanks so much <Speech_Female> for joining us today <Speech_Female> to learn more about <Speech_Female> V, the legal process <Speech_Music_Female> for Sam beckman <Speech_Music_Female> free to NFTX, <Speech_Female> check out the show notes for <Speech_Female> this episode. <Speech_Music_Female> Unchained is produced by <Speech_Female> me, Laura shin, <Speech_Female> without from Anthony <Speech_Music_Female> Eun, Mark Murdock, <Speech_Music_Female> Matt filtered <Speech_Music_Female> upon our <Speech_Music_Female> Sam shri rum, <Speech_Music_Female> Pam and Jim jar, shashank, <Speech_Music_Female> <Advertisement> and sale K <Speech_Music_Female> <Advertisement> transcription. <Speech_Music_Female> <Advertisement> Thanks for <SpeakerChange> listening.
Unchained
"nexus mutual" Discussed on Unchained
"Super super interesting. And i also want to add like the people who recognize this the most are actually the founders. Like the defy founders. Who came tracy. No finance welding like saul both worlds so good. Example is hugh carp nexus mutual for where before he started nexus or fifteen years he was the cic cfo of munich Large insurance company. And then whenever he shows up next is's kpi's in dashboards to his brains nutritional world. They're all like blown away because like those people. I can never find a dashboard on for their traditional unsure about kpi's such as active premiums enforce price to book like all these like fundamental kpi's which are hidden quarterly pdf's whereas a because next mutual is on chain on a theory. You can get all that data in real time. And it's just it amazes done like how much transparency there is for defy yay. And one other thing. I would add to it is. It's not even just the unchain metrics but even just being able to see how the community is talking in the forums because normally for a company or whatever the decision makers whatever. Their thoughts are would be hidden. They wouldn't be something that would be each available to any random shareholder. But in a crypto community you can kind of see like what is a community saying where sentiment going like that kind of thing and so that also is another difference. ra so let's drive now into these metrics. And i actually so even though you know. The topic is kind of like east. Broadly which is composed of fewer different topics. I really wanna start with. Nfc's because that's where the action is nowadays. And when i was doing research for this episode mine was just kind of blown because You know if you've been listening my show. I haven't really done much. Nf except for the infinity. And so i was just like whoa but anyway all right. So what are the notable aspects. You're seeing in energy market right now especially when it comes to unchain metrics will i like open seas like Barricade completely exploited like monthly volume. I saw the other day. That only thirty something companies in the world that has like over a billion in giambi In like open see is like on pace to be like one of those in lake. They've the company's only been around for like about three years saigal. A lot of the volume growth has been driven by. Pfp's which are like these avatar projects That i know people like to trade in speculate on and also like us as avatars in like open seas like then benefiting from just the in the marketplace for searching discovery for these avatars. So that's been one of the big trends in and of ts in the last few weeks. And what is the pfp. A product profile picture. Oh okay. I think we're crazy to see when the the open sea volumes is how it shut up to i guess around the hundred million in trading volume amongst in like earlier this year and it felt like that was like read an explosive moments and then came a little bit down in april or something and now it's like seven hundred million so far in august so it's like it's insane when you see some of these focus sticks sort. Play out wherever you'd think that. Oh that that was like the p and then that just absolutely north months later. Wow wait no. It's seven hundred billion for august million You see seven hundred sixty five million only about half the months so far. That's crazy because the volume in july was three hundred and twenty five million so okay so the reading more than doubled july and it's only been less than half of the month. Okay well yeah. And i did it. Also see glass node report. That said that sixty three thousand addresses interacted with open sea in july. But that in the first three days of august alone over twenty thousand addresses had interacted with open. See so at that like now. It's up to ninety two thousand with the first how well okay throwing all their. Kpi's have like a dwarfed i- all of august is dwarf. July's it's not been the end of the month. Yeah we're not even halfway through just also in case people don't ok. P stands for key performance indicator public. It's all out there. Oh yeah yeah. Yeah which will put. We'll put that in the show notes. So when you see all that like you know do you. Do you get a sense of what is driving this interest in tease. Or who's getting into the space or like why it's growing so exponentially. I had this mental model that Defiance crypto for elites and like. Nfc's is a crypto for normies. And like the reason. I say that is like defy Kind of higher barrier to entry one gas fees of price out a lot of people in like two. There's a lot of financial vocabulary eating analogy. You need to know like what. What's a perpetual swap. Like how options work is a lot of trading terminology. Which is why. A lot of the defy activity has been driven by wales and traders like more sophisticated people whereas nfc's Like when i explained. Ftc my parents. They understood immediately Just because it's very relatable to most like everyday people on because you're you're like buying a culture in like investing in like athletes aren't music entertainment and like that's just something that's Retail people understand. Becker which is why. If you look kind of mainstream media coverage you saw like nf t.'s. Crossed the chasm to mainstream attention. Much faster than a defy. And can you tell us how it was that you explained here parents. Because i'm just curious to hear how you would explain it. To a non crypto person. I like the best analogies like collectibles like things like sports cards..