gm Bankless Nation, Polymarket and PleasrDAO just launched the Crypto National Convention, where you can receive AMERICA tokens and profit accordingly if your endorsed candidate wins the presidential election.
Can this new “bet-on-a-bet” format gain wider traction going forward?
Today's Issue ⬇️
🏛 Culture News: Crypto National Convention Meet Polymarket's first tokenized bet.
🗳 The Crypto National Convention begins. For the next three days, participants can become delegates, endorse a presidential candidate, and receive AMERICA tokens. After this period, the pooled funds will be bet on the chosen candidate via Polymarket. If that candidate wins the 2024 election, profits will be redeemable by AMERICA holders.
⛓️ Treasure migration approved. Treasure DAO, the community behind the popular Arbitrum gaming ecosystem, approved plans to migrate their upcoming Treasure Layer 2 (L2) deployment to ZKsync's tech stack from Arbitrum Orbit.
🤝 EFP live on mainnet. The Ethereum Follow Protocol, a new system built on the Ethereum Name Service designed for following Ethereum accounts onchain, launched to the public today.
FTW is a new fast-paced mobile shooter from the team at Jungle.
The grand idea? Play casually or compete for real rewards in tournaments and PVP wagering matches.
Available now in early access, FTW offers players the chance to win USDC, SOL, and other in-game rewards, with its first “Play-to-Mint” tournament ending later this week.
Let's dive in deeper and see how you can get started with FTW today! 👇
Say hello to the Uniswap Extension, the first wallet to live in your browser’s sidebar. Swap, sign, send, and receive crypto anywhere on the web without dealing with pop-ups. Designed for a multi-chain world, with support for 11+ networks.
With Ordinals collections rallying across the board this week, people are taking a closer look at the top Bitcoin NFTs.
One analysis that caught my eye came via The Monke Appraiser, who just published a short thread comparing the market cap size of the largest Ethereum collection—CryptoPunks—with the market cap size of the reigning Bitcoin collection, NodeMonkes.
The conclusion? While CryptoPunks' market cap is 0.2% of Ethereum's market cap, NodeMonkes' market cap is only 0.01% of Bitcoin's. If NodeMonkes were to reach a similar ratio, the floor price would be around 4.68 BTC—approximately 21 times the current floor price.
The thrust here then is if the Bitcoin NFT scene continues to bloom, the top Bitcoin NFT collection could see its market cap ratio climb significantly, e.g. closer to that 0.2% mark that CryptoPunks currently occupies on Ethereum.
My hot take in kind? I absolutely think we'll see a higher market cap ratio like this reached on Bitcoin eventually, but I'm not sure NodeMonkes will be the collection to do it first. Maybe, maybe not. The playing field is just looking pretty early and wide open to me right now.
All I'm saying is it's entirely possible that another Ordinals collection comes to the fore and dominates the market cap ratio to new heights before NodeMonkes can. Maybe Bitcoin Puppets, maybe Taproot Wizards, maybe a project that's not even live yet.
We'll see. Yet regardless of which collection ultimately takes the lead, my takeaway is that the Bitcoin NFT market has plenty of room for growth when compared against the towering size of the Ethereum NFT ecosystem. Which projects shine from here is the grand question for now.
Not financial or tax advice. Bankless content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time we may add links in this newsletter to products we use. We may receive a commission if you make a purchase through one of these links. Additionally, the Bankless team holds crypto assets.
