#231 - Not to FUD Binance, But... 🚨

Use COLOR30 for 30% off Ledger Nano X or S Plus colors

 
GM and welcome to Decentra Daily.

We're the Apple Vision Pro of web3 newsletters – bringing the revolutionary concept of spatial emails to your inbox.

Today,

1. Binance is in all sorts of trouble 🚨

2. A new NFT tool for game devs 🎮

3. Chromie Squiggle sweaters 👕

DDaily takeaway 🥡
A 625 ETH Fidenza sale pumps our index after several days of tumbleweeds.

What's this? 🤔
Our floor price index tracks the biggest, most influential pfp projects, art collections, and gaming assets.

1. Binance hit with further legal action

First, they sue you. Then they freeze your company’s assets. Then they summon you to a district court.

Then, you win…? 🫤 🤷‍♀️

Maybe! But things aren’t looking great for Binance right now, at least when it comes to its future operations in the US.

Here are three down bad things that happened to Binance yesterday:

1. CZ was summoned to appear before a judge

A court summons filed by the SEC requires CZ to appear before a District of Columbia court within 21 days.

The documents give a Maltese address for CZ, who won’t be required to show up in person.

2. Binance US pauses Over-The-Counter trading

The decision to stop direct trades with the Biance OTC desk came as part of the announcement that Binance has halted support for a large number of trading pairs – that’s cryptocurrencies that can be traded for one another.

3. The SEC also filed to freeze Binance US assets

The motion is not expected to directly impact the customers' ability to withdraw funds – but it could easily trigger a FUD-induced bank run…

So is this the end of Binance in the US?

CZ is busy reassuring Binance users that these kinds of legal proceedings are all part of the standard practice following a lawsuit by a government agency.

– And while that may be true, here’s the takeaway: the two lawsuits filed by the SEC against Coinbase and Binance have similarities, but they are not the same.

Coinbase is being sued on 4 counts for violating SEC regulations – allegations that the company believes it can successfully dispute in court.

Binance, on the other hand, is faced with 13 allegations and evidence of knowingly breaking laws to manipulate the market and “comingle investor funds.” 🙈

Read more: Blockworks sums up the differences between the two lawsuits

On the web3 wire

🤔 The SEC’s Gary Gensler applied for a job at Binance in 2019
As part of the legal filings between the SEC and Binance, lawyers have claimed that Gensler offered to be an advisor to the crypto exchange in 2019. I guess this one’s personal?

📉 Ark pounces on Coinbase share drop, investing $21.6 million
As the SEC’s lawsuit sends Coinbase shares down 12%, its second-largest shareholder, Ark Investment Management, doubles down.

🎧 Agoria fans split royalties from his latest track
DJ and electronic artist Sébastien Devaud, AKA Agoria, has tokenized his new song through the platform Bolero, which lets his holder community claim a share of future royalties.

2. A new NFT tool for game devs

A couple of years ago, one of the founders of the huge videogame streaming site Twitch launched Fractal, a marketplace for NFT games and assets.

The Solana and Polygon marketplace lets users mint and trade in-game NFTs, plus compete in eSports tournaments.

Now, Fractal has created a new platform for building web3 game features.

Called FStudio, the set of tools is designed to help game devs do things like:

• Integrate crypto into gameplay

• Turn items into NFTs

• Create in-game NFT stores

Why is this interesting?

There’s a clear use case for the blockchain in gaming – where players spend large amounts of time earning digital assets that are highly valued.

But, there’s also a knowledge gap between game devs and gamers, and how web3 tech can boost security and control of gamers’ inventories.

No-code solutions like FStudio help to close that gap without distracting game devs from their main focus: creating fun experiences.

Find out more: Check out the FStudio website

Notable Tweets

3. Chromie Squiggle sweaters

Chromie Squiggles is a series of brightly colored generative doodles from the founder of the NFT platform Art Blocks.

The collection by SnowFro (aka Erick Calderon) is a visual icon of web3 – and for many, represents the best of blockchain + artists + community.

So – Who wants a Squiggles sweater?

ODDS is a new line of “generative sweaters” made by digital clothing studio Tribute Brand and knitwear company Waste Yarn.

Each of these 999 sweaters is derived from the source code of a Chromie Squiggle.

When minted, the Squiggle code is converted by Tribute Brand into an avatar-compatible pixel art digital sweater.

Those NFTs can then be redeemed for real-life Squiggle sweats, made from recycled wool by Waste Yarn.

An NFC chip gets sewn into each sweater, linking the physical and digital assets. 👀

Wen?

• Today: Chromie Squiggle holders can generate and mint an ODDS sweater based on their NFT for 0.3 ETH.

• Tomorrow: Public sale goes live and the price increases to 0.33 ETH. Non-holders can design their own sweaters using the Chromie algorithm.

Also in Squiggle news:

SnowFro minted 17 more Squiggles on Tuesday and gave them to “a handful of people that have been indispensable [to the project] over the last few years.”

Chromie Squiggles first appeared on the blockchain in November 2020 – but never actually minted out.

There are still around 200 Squiggles of 10,000 to be generated, which Snowfro has been slowly minting and handing out over the past couple of years.

Read more: Tribute Brand explains how the sweaters were created

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Meme of the day

Till the next edition of Decentra Daily! 🦸 👋