#179 - Y00ts migrate and Binance sued

GM and welcome to Decentra Daily.

We're the web3 newsletter that's here for the decentralized revolution – and so are you!

Today,

1. Project watch 🔭 Y00ts bridges to Polygon

2. Crypto convo 🌕 The CFTC sues Binance

3. In case you missed it 🪧 2nd trip pics

4. Crypto tweets 🐥 What if USD was crypto?

Plus, all the web3 headlines, memes, and Tweets of the day.

Top 24hr collections 📈

via OpenSea

1. Wrapped Punks - 95 sales earning 5,706 ETH (67%)

2. Otherdeed - 1,792 sales earning 2,832 ETH (90%)

3. Nakamigos - 7,241 sales earning 1,407 ETH (221%)

4. MAYC - 103 sales earning 1,267 ETH (57%)

5. BAYC - 15 sales earning 960 ETH (46%)

Y00ts is now a Polygon-based NFT project

FrankDeGods is NFT founder of the month.

His decision to resurrect previously burned DeGods and repurpose them as a BTC ordinals collection has proved profitable.

Yesterday, Frank took another big swing: he asked holders of his other big project, Y00ts, to migrate their NFT to the Polygon sidechain.

Why? The chain migration was announced around the new year when Polygon gave Frank a $3 million grant to move his project off Solana.

Aside from the cash injection, Frank says the move will also benefit Y00ts by making it easier to collab with mainstream brands and attract more attention.

Holders who follow instructions and migrate their NFT via the Y00ts website won't have to pay any gas fees and get a few perks like 30 days of free trading on Magic Eden.

Those who don't... will lose access to future airdrops and community features.

Plus, they'll find themselves hit with 33% royalty fees if they choose to sell their SOL-based Y00t instead of migrating it. 😮

– An interesting experiment in making big, technical changes to an already-established pfp project. (And basically forcing your community to come along for the ride...)

The DeGods collection will also migrate to Ethereum on March 31.

Notable Tweets ✅

What's the deal with this CFTC vs Binance lawsuit?

Both Binance and CZ are cited in a new lawsuit filed by the Commodity Futures Trading Commission, for allegedly breaking trading laws.

Another week, another lawsuit from a federal agency against a crypto exchange – so what?

Well, there are a couple of interesting details in this latest government attack.

First, the case lists BTC, ETH, and other cryptocurrencies as commodities, not securities.

– Which is great to see for everyone rooting against the SEC. It also shows how centralized agencies are now competing to bring crypto under their purview.

Second, some crypto lawyers and policy experts are saying that the case looks pretty strong.

According to @adamscochran:

• The CFTC is accusing Binance of knowingly attempting to attract US customers to its geo-blocked products

• It cites Binance's own data and internal reports, which show a growing US userbase

• The CFTC says they have chat message records where CZ directly acknowledges this

On the web3 wire

Apple's VR headset gets one step closer to release 🥽The Apple executive team got a demo of the company's forthcoming headset last week. According to MacRumors, the headset will get a soft launch and retail for around $3K.

Tether reports $1.6 billion in *excess* reserves 💰After reporting $700 million in profits in Q1, Tether says that its stablecoin, USDT, is now backed by a huge reserve.

What to make of the viral AI pope and Trump pics? 🪞James Vincent considers the impact of the (first?) viral midjourney images.

2nd Trip highlights and a Punk murder

Not on Twitter over the weekend? Well done you! You are a superior human.

While you were away touching grass, here's what you missed...

The 2nd Trip to the Otherside went off without any major hitches

Yuga showed off technical and gameplay developments with their web3 game, by hosting over 7000 Otherdeed holders in a series of minigames in one server.

Voyagers collected interdimensional blobs and fed them to psychedelic toads, who transported the Voyagers through 3 demo plots with varying features.

The winning team of Voyagers was airdropped a "winged helmet" asset for their prize.

But not everybody was impressed. While Otherside looks in its own league by web3 project standards, there's still no real comparison between it and the gameplay experiences offered by traditional game studios.

A Punk holder gets burned by a burn

Wrapped CryptoPunks have popped up a lot recently – mainly because Blur airdrop farmers have been using them to accrue $BLUR rewards.

"Wrapping" an NFT or crypto token refers to the process of converting or replicating it, so that it can be used across different blockchains.

Another reason a holder might want to wrap their Punk is to use it as collateral for a loan on NFT lending platforms.

That's what @vitalitygrowth, AKA Brandon Riley, intended to do with his rare, 70+ ETH Punk #685.

Instead of sending the wrapped NFT to his own wallet, however, Brandon accidentally sent his Punk to a burn address – and just like that, it was gone forever. 😱

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What if USD was a crypto project?

I was going to share this in our notable tweets section – but it's so good, it deserves its own segment.

Over the weekend, Punk6529 asked Chat-GPT what the US dollar might look like if it launched today as an alternative currency.

The results are both hilarious and insightful. It's a cool perspective shift – to think about fiat currency in the same terms and memes of the crypto projects we see every day on our feeds.

It turns out, USD has all the features and utility that any degen could want:

• Staking? Sure, holders can stake their USD in our "bond issuance" program.

• Consensus? USD uses a "unique consensus mechanism called trust-based Proof-of Authority (TPoA)."

• Utility? USD aims to become the world's reserve currency. Plus, more companies and institutions accept USD every day. 😂

Meme of the day

C U tmrw! 👋

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