A CryptoPunk Gets Burned And Rises Again

Mondays can feel like facing the final boss,

but don't worry — Lootbox's got your back with the latest web3 gaming updates. Let's power up and conquer this week together!

For today

• What to do post-SVB

• The Jesus CryptoPunk

• Newly introduced - Funded Gems

• The Sneakies - Telegram now supporting crypto payments

What To Do After Silicon Valley Bank

Since SVB went ☠️, there has been panic about the state of the banking system.

News of Credit Suisse getting acquired by UBS, and rumours about the state of Charles Schwab tanked the stock. All these have got us going

Now we've got an OG VC investor Tim Draper warning founders to prepare for more banks blowing up if the government continues to print money and whipsaw interest rates. 😬

What he recommends

• Maintain a reserve of at least two pay periods' worth of cash in Bitcoin or alternative cryptocurrencies to protect against potential bank crises. This is a hedge against domino bank runs.

• Store six months' worth of short-term cash in two different bank accounts, with one local bank and one international bank.

• Be vigilant against fraud and phishing theft by verifying all parties involved in case of changes in wire instructions or new approval systems.

• Develop a contingency plan for potential bank failures, as it is the responsibility of boards and management to ensure payroll is met even during crises.

Lootbringer's take

First, the adult thing to do. 

Ahem... This is not financial advice; please don't sue us.

This is not just for founders. Individuals should consider this play as well. It's stormy season out there; it's best to diversify.

$135k CryptoPunk Dies And Rises Again

We just had a Jesus moment in crypto, folks. CryptoPunk #685 died and got resurrected as an ordinal.

How did this happen? NFT collector Brandon Riley recently acquired a forever CryptoPunk for 77 ETH, then accidentally sent said CryptoPunk to a burn address while trying to wrap the punk for a loan. Yikes

When you send anything to a burn address, it's pretty much bye-bye forever. But @olliesblog found a way to resurrect Punk 685 on Bitcoin as an ordinal.

How? @olliesblog inscribed the punk on Bitcoin as soon as they saw Brandon's Twitter post. It's got the OG hash and is on a 2013 satoshi.

Lesson learned - Don't blindly follow instructions, and always check the address you are sending to 'cos your NFT might not be a Jesus NFT. 

Funded Gems

Welcome to Funded Gems, where we shine a light on promising projects securing funding in the web3 space. Let's get to it.

Last Week:

• Decentralized multi-chain wallet BitKeep secured $30 million from Bitget at a $300 million valuation.

• Animoca Brands led a $28 million Series A for social platform OP3N, bringing its valuation to $100 million.

• Auros secured $17 million from VivCourt with participation from BitDigital, Trovio, Epoch Capital and Primal Capital, plus a handful of senior alumni from Optiver.

• Layer-1 DeFi protocol Radix secured $10 million in funding from DwfLabs.

The Sneakies

• The popular messaging app amongst crypto users Telegram now supports USDT payments. It would specifically support USDT-TRON based on the TRC20 protocol, allowing users to buy, sell and swap on the application.

• Aavegotchi jumps on Polygon's Supernets to build its own chain for gamers called Gotchichain. The chain will use the same token as Aavegotchi's governance token, GHST, as a gas token for transactions. Aavegotchi also announced a fund for game developers and studios to encourage development on the new chain, and they already got Inverse Worlds on board.

• Magic Eden forms an alliance with publishers and communities. It's called the Web3 Games Collective. The alliance includes Magic Eden, YGG, Fenix Games, and Game7.

• One of the most anticipated web3 shooters, Shrapnel, showed their private demo to some at GDC. Kate @ Decrypt describes the Shrapnel experience.

• Polygon launches zkEVM on mainnet.

Love what you just read?

Forward to a friend or share it on social media using the social media buttons at the top of this email.

Follow us on Twitter with the bird on the footer.