-kezfourtwez
cbBTC
Yesterday Coinbase launched cbBTC. A wrapped version of Bitcoin allowing Coinbase users to enter the Ethereum and Base DeFi ecosystems with their existing BTC, with some hefty day one lending integrations like Aave, Compound and Morpho.
It’s backed 1:1 by Bitcoin held by Coinbase and is minted when a customer sends their Bitcoin to an Ethereum or Base address. Conversely it’s burned when sent back to Coinbase. In the roughly 24hrs since launch the onchain supply has grown to 1700 BTC ($98m).
Considering the steady supply decline of Bitgo’s wBTC over the last 12 months and the large userbase and trust that Coinbase has built with its customers, the market seems ripe for the taking with the potential to inflate Base’s TVL. Though, something to note that I have seen people react negatively too, is cbBTC has a freeze function similar to USDT that wBTC does not have.
10e Ape Punk
A couple of days ago someone pulled the trigger on a plan that I can only imagine took a lot of effort and planning, whilst also getting very lucky. The result: They managed to buy one of 24 Ape Punks for 10e.
Back in 2020, prominent and early punk buyer gmoney fractionalised one of his apes on a site called ‘Niftex’. The punk went into an escrow contract and 10,000 shares were issued at a valuation of 450e. Over time the company went out of business but the punk remained in the escrow.
The contract had a buyout function that allowed anyone to submit a buyout offer, the function allows the current shareholders 14 days to reject the offer or it goes through.
Now keep in mind this is all happening through direct contract interactions as the front end for Niftex was decommissioned.
So the buyer submitted the offer 14 days ago, in the final few hours someone had realised what was happening and alerted gmoney. He tried to reject the offer but ended up 0.0000000000001e short on what he sent to the contract. An incredibly small amount to be the deciding factor on a $1m+ deal.
An insane punk heist that has some questioning the legitimacy of the method, but gmoney is taking it like champ in a ‘code is law’ sort of way.
At the time of transfer the punk already had a 600e offer on it, since then someone has upped it to 605e representing a potential 60x gain for the buyer.
friend.tech
Earlier this week friend.tech renounced their contracts sparking some controversy. Some see it as the curtain call for the already down bad in users and activity social-fi app. By renouncing their contracts it means that a takeover is basically out of the question, as no upgrades can be made to fee direction and therefore no entity can profit off future app activity.
Not surprisingly, on the day they renounced users rushed for the exit and friendtech experienced its highest activity day since the launch of their token.
On the other hand and surprisingly, even as I type this there is still over $3m in ETH sitting in the SharesV1 contract. This is the bonding curve, these funds back the current price of all shares on the app, meaning that they are essentially user funds. They either represent confidence that the app will make a comeback or the lazy choice to not sell and recoup what little is left in most cases.