Discover more from The n00unish Newsletter
Weekly Cross-Chain Newsletter 03/3/23
n00uns DAO meets with Polygon & partners with xNFT BackPack, by @nftomics
The Helium network will migrate to Solana next March, by @feed
Bitcoin NFTs (Ordinals, Inscriptions and Digital Artifacts), by 0xGorgorios
Nouns DAO Weekly Recap [02/13/23 - 02/19/23], by @blues_content
About the newsletter: We believe the best way to predict the future is to create it.
n00uns DAO is an ambitious multi-chain DAO proliferating via the @nounsdao protocol and @y00tsNFT. This newsletter provides updates on what the DAO is building and serves as a bridge of information to introduce Nouns on ETH to the Solana and Polygon ecosystems and vice versa.
Support the DAO ☕️: n00uns DAO formally backed y00ts Coffee in their proliferation of Nouns via our mutual love for coffee. y00ts Coffee is providing directly sourced beans (top 3% in the world) to web3 consumers. Buy coffee today and they will give 25% of revenue to the n00uns DAO treasury.
Thanks for reading The n00unish Newsletter! Subscribe for free to receive new posts and support my work.
① n00uns DAO meets with Polygon & partners with xNFT BackPack
👥 Author: @nftomics
📈 n00uns DAO update
It’s been a wild two weeks, but here is the TLDR.
The n00uns DAO was introduced to the head of DAOs at Polygon for two separate discussions around being the first once-a-day auction / nouns fork on the L2. The conversation ranged from community support to marketing to how the y00ts (particularly y00t nouns) will impact the Polygon ecosystem. Extremely positive and bullish call for the DAO - excited to drop some more alpha about the relationship over the coming weeks.
The n00uns DAO also further solidified our relationship with xNFT backpack via beta testing “in-wallet chats” that are token gated by NFTs. The y00t nouns all have the capability of chatting inside their wallets with verified community members - no longer are the days of twitter group chats (and weekly manual additions or removals of members who have bought or sold).
Lastly, the DAO has done a ton of work with the DAO tooling, BTC Working Groups, Famous Fox Federation Rafffle & Citrus, VC Syndication, and so much more to be discussed next week.
② The Helium network will migrate to Solana next March.
👥 Author: Feed
The Helium network will migrate to Solana next March with a 24-hour transition, on March 27, 2024.
The Helium blockchain network announced on Sunday February 19 that it plans to execute its transition plan to the Solana blockchain on March 27. The decision to carry out this procedure follows the adoption by 80% of Helium users of the HIP-0070 standard.
It is a protocol that allows, in short, to improve, among other things, the transferability of the platform's data. Concretely, the Helium community will have a defined period of 24 hours to carry out the operation. During this period, the operation of the Helium blockchain will be unavailable. The shutdown should not interrupt the smooth running of the proof of coverage and data transfer activities. It is an upgrade that will take into account all wallets, Hotspots and the functioning of the Helium network. “After the platform is shut down, validators will stop producing blocks and transactions will not be synced. A final blockchain snapshot will be taken after all accounts and tokens are migrated to the Solana blockchain, and hotspots will be minted as non-fungible tokens (NFTs),” the Helium team said in a blog post.
In addition, Proof of Cover activity rewards generated during transition hours may be claimed. The company promises to take steps to this effect.
What are the reasons for this migration decision? It is thanks to the adoption of the HIP-70 standard by the Helium community that the transition to Solana will take place. Indeed, during a vote where more than 80% of the participants gave their approval on September 22, 2022, the operation will take place soon on March 27. The Solana blockchain, known for its high processing capacity and low latency, is considered one of the fastest and most efficient blockchains on the market.
This migration should therefore allow Helium to increase its transaction processing capacity and strengthen its position in the IoT ecosystem. This is a plus for the SOL blockchain and also the perfect time to buy Solana. Thus, to defend their ideas, the developers cited several advantages like increased quantity of the native token (HNT) for subDAO reward pools, improved mining operating system and better reliability for services/data transfer.
In the same month, the company behind Helium, Nova Labs, announced that it had signed an agreement with the American telecommunications provider T-Mobile. The partnership aims to launch a cryptocurrency-powered mobile service allowing subscribers to earn crypto rewards by sharing coverage quality data and helping identify Helium dead spots nationwide.
What are the concrete advantages for Helium users? It is interesting to understand that when a platform chooses to move to another, it is for operational purposes. The goal of the network developers is to make it more efficient, safer and much faster. Once effective, this process should allow users to benefit from enhanced security.
They should also enjoy increased scalability, allowing them to take advantage of better features. Moreover, one can imagine that behind such an operation, there is generally economic ambitions. It would therefore be normal for users to see the cost of transaction fees drop substantially.
③Bitcoin NFTs (Ordinals, Inscriptions and Digital Artifacts)
👥 Author: 0xGorgorios
Bitcoin NFTs (also known as Ordinals, Inscriptions and Digital Artifacts) are the hottest new trend that makes Bitcoin cool again. Feel like you're missing out on it, anon? Look no further.
Bitcoin Network recently registered:
⬩ Highest transaction fees in over a year.
⬩ Exponential growth in the number of txs.
⬩ Mfers invented Bitcoin NFTs. Traditionalists are pissed, and miners are happy recording revenue increases.
How is this even possible?
The November 2021 upgrade, called Taproot, aimed to improve the platform's privacy and performance, opened up new possibilities for developers. Including building native apps and storing text/images in transaction data.
Ordinals allows native on-chain storage of JPGs, which in the eyes of geeks (including us) shows a certain superiority of Inscriptions over Ethereum NFTs. There's no need for centralized storage like IPFS, which is what makes Ordinals bulletproof.
The brilliant mind behind Ordinals is @rodarmor, who has been talking about the protocol for months, to deploy it to mainnet in late January 2023. (Inscription 9132)
Ordinals are single satoshis (sats) with inscribed arbitrary content using Bitcoin's built-in scripting language. Inscriptions are unique digital artifacts – fully decentralized, permissionless, non-mutable, and 100% on-chain. It means that Digital Artifacts are non-fungible only by convention. They are still fungible sats, but with unique inscriptions on each.
Looks like @ordinalswallet is cooking up something for non-power users.
“M̶i̶n̶t̶i̶n̶g̶”, actually, inscribing or sending an Ordinal is not trivial, you have to run a full Bitcoin node to do it.
As the history of crypto shows, the high threshold for entry has usually involved generational wealth for the brave. Just sayin’. Marketplace for Inscriptions is coming (will @twetchapp be the first?). For now, you can find a buyer on the project's Discord, and then make an exchange on the OTC platform.
Early ETH vibes all over Ordinals. Why else are NFTs good for Bitcoin?
⬩ They add a new use case for it.
⬩ They attract new users and creators.
⬩ They improve the economy for miners.
Still, Bitcoin's inner circle of developers is against it. They call Inscriptions a waste of resources that should be used for "financial operations."
Some are in favor of censoring it, seemingly forgetting the ideas behind Bitcoin at its inception.
To any of the critics, remember the Cypherpunks newsletter that Hal Finney sent out in January '93. He was literally the second contributor to the BTC code after Satoshi.
Worth mentioning collections:
⬩ First ever collection – @ordrocks
⬩ First DAO – @OrdinallDAO
⬩ ASCII art project – @Ordinal_Loops
⬩ Personal fav – @BitcoinShrooms
④ Nouns DAO Weekly Recap
[02/13/23 - 02/19/23]
👥 Author: @blues_content
Proposal 231 - Nouns x Nifty Gateway - Global arts & culture curated project
184 For, 0 against, 0 abstain → Executed.
Total asking amount: 30 ETH
Proposal 232 - “More Past than Future” - The first film fully funded by Nouns - Recording in Africa
6 For, 128 against, 44 abstain → Defeated.
Total asking amount: 69 ETH
Proposal 233 - Nouns Acquisition Committee - delegation changes
112 For, 21 against, 26 abstain → Executed.
Total asking amount: 0 ETH
Proposal 236 - The Wizard’s Hat - Premiere & Mint
194 For, 0 against, 0 abstain → Executed.
Total asking amount: 0.05 ETH
Proposal 237 - # Nountown - Animated Short Film Droposal [Atrium]
195 For, 0 against, 0 abstain → Executed.
Total asking amount: 0.0069 ETH
Summary of the DAO Funds
1 ETH = $1600.00 At the time of writing this.
Total amount brought into the DAO from the daily auctions → 188.7 ETH (27.58 ETH less than the week prior), which amounts to $301,920.00
Total amount spent to fund proposals to the DAO → 265.1 ETH, which amounts to $424,160.00
Total votes casted → 752 For, 269 Against, 134 Abstain → 1155 in total, across 7 proposals.
Diving into Proposal 229 - Federation
Federation is looking to introduce what they’ve labelled as “crossDAO governance.” The aim of this is to give members of other projects, who have acquired Nouns, a voice in Nouns proposals, so that they can be more directly involved in the governance process.
They are seeking 225 ETH in funding to continue the development of Federation. Currently, they’re looking to extend federation to support all forms of governance in the ecosystem such as integrating with Prop House and Nouns Builder. They also want to provide “opportunities for owners of Nouns to generate value from them through new experiments like vote bidding.”
They currently have Gnars & Goop Troop communities on Federation, and they’re bringing on Lil Nouns, The Park, and Wizard DAO. Other communities, such as Shark DAO, have also expressed interest, and are also in the process of being onboarded.
Their metrics are as follows:
“40+ Nouns proposal votes cast through Federation contracts
5+ Nouns delegated to Federation contracts
Proposal passed for Lil Nouns adoption (which holds 16 Nouns)”
225 ETH should fund the development of https://www.federation.wtf/, for at least another 6 months. 175 ETH, from the total 225, will be used on engineering and design. The remaining 50 ETH will be used for OpEx including infrastructure costs, bounties, artwork, content, marketing.
Previously they have received 20 ETH from Prophouse, for winning the mandated governance round in August 2022. This was followed by a 12 ETH grant which they received from Lil Nouns.
Their relevant links:
Federation web app: https://www.federation.wtf/
Thanks for reading The n00unish Newsletter! Subscribe for free to receive new posts and support my work.