Fat Wallet Thesis
To make web3 as accessible as web2, we need to solve the onboarding issues at the wallet level. Let’s just be honest, web3, in its current form, has many hurdles and loops making it difficult for newcomers to navigate such a complex set of systems.
There comes the fat wallet thesis. As NoSleepJon has rightly pointed out on Twitter recently, all web3 wallets will eventually look more like super apps. Similar to that of PayTM in India or WeChat in China, we’d have to build a one-stop-shop to access the web3 world to make it easy for newcomers to find their way.
Whilst cross-chain bridges and DEX exist (e.g. Wormhole, Hop), they are tedious and complex for a normal user, limiting their utility. Separately, web3 wallets that exist today were not designed with cross-chain interactions in mind. This creates a huge barrier and a challenge for users to truly experience a multi-chain web3 ecosystem.
To solve these issues, Obvious Tech is one of the major contenders for the fat wallet thesis building a unified liquidity layer for web3. With this unified liquidity layer, Obvious is taking an approach of a mobile-first interface while abstracting away all the complexities for users.
Join the waitlist for Obvious
This week in web3 Wednesdays:
- 🐎 Aave joins the stablecoin race
- 📲 EthOS: Another step in web3 mobile
- 🤨 100 questions you should ask yourself when analysing tokenomics
- 🚚 Almost 50 projects migrate from Terra to Polygon
- ☕ Understanding crypto tokens with the Chai analogy
- 🤓 Good read: A stupid simple governance framework
- 🤝 Teller – Buy Now Pay Later (BNPL) for NFTs
🐎 Aave joins the stablecoin race
With the vacuum created by the fall of Terra UST, the stablecoin market has suffered massively in the past two months. On one hand, over $15 billion worth of the stablecoin market was wiped away with Terra. USDT, the largest stablecoin, contracted from a market cap of over $83 billion to less than $66 billion because of ruthless FUD.
Capitalising on the opportunity, Aave has created an ARC for a new decentralised, collateral-backed stablecoin, native to the Aave ecosystem, known as GHO. As per Aave, GHO will be:
💪 Over-collateralized by assets that continue to earn a yield
✨ Backed by multiple types of collateral available on the Aave Protocol
⚖️ Governed by the Aave community
This news might have come as a surprise to the Maker community (Creator of DAI stablecoin) and will be interesting to see how GHO competes with DAI as decentralised stablecoins.
Read more about the stablecoin GHO on Aave Governance.
📲 EthOS: Another step in web3 mobile
First Solana launched its smartphone, then Polygon partnered with HTC to expand its ecosystem to mobile. Now there are community-led efforts being taken from the Ethereum side to build a mobile operating system for crypto natives - ethOS.
As of now, ethOS is live in beta and supports only two devices – Pixel 3 and Pixel 5a. The ethOS will also support a light node – a less resource-intensive Ethereum node that instead of downloading every block, downloads only the block headers containing a summary of the information within the blocks.
For those, who loved tinkering with their Android phones back in the days of custom ROMs, CyanogenMod, and AOSP, porting ethOS on your phone might get you all nostalgic.
🤨 100 questions you should ask yourself when analyzing tokenomics
Analyzing a web3 project can be a complex process. You’d have to understand the utility of the protocol, the founders’ background and competence, social media activity, the strength of community, and most importantly tokenomics.
But it’s always hard to find a structure or framework that can judge all these parameters. But, there are measures to understand and grasp tokenomics. So, today we have a list of 100 questions you should ask yourself when analyzing tokenomics.
If you’ve found a project you like and are considering aping in. Before you do, consult this list. Asking these really helps to avoid fool’s gold and to choose better long-term investments in the crypto market. (Not financial advice)
Check out the full list here.
🚚 Almost 50 projects migrate from Terra to Polygon
Nearly two months after the collapse of the Terra ecosystem, the projects those who were building on Terra have started migrating over to the Polygon ecosystem.
As per a tweet by Polygon Studio’s CEO Ryan Wyatt, “Terra projects have begun migration. Over 48 projects including OnePlanet NFT marketplace and DerbyStars – a horse racing Metaverse P2E game.
Ever since the collapse of Terra, various other blockchain networks have been trying to court Terra projects. With a vast number of projects moving to Polygon, some have moved to the Cosmos ecosystem, and the rest of the projects are sticking to the Terra ecosystem with the launch of Terra 2.0.
☕ Understanding crypto tokens with the Chai analogy
We all love Chai, don’t we? But have you ever thought about the concept of crypto tokens through a Chai analogy?
Well, here’s a thread by our folks at Obvious Tech, trying to explain the concept of crypto tokens using chai ☕
So, sit back, relax, and grab a cup of Chai. By the end of this Twitter thread, you’ll have a solid grasp of understanding the concept of crypto tokens and their utilities.
🤓 Good read: A stupid simple governance framework
In this week’s good read section, we have a good framework to understand the fundamentals of governance in crypto, written by Andrew Beal.
Governance can be a nebulous thing, especially in the context of DAOs, another nebulous thing. What we’re really talking about is the decision-making process. How does a DAO make decisions about anything?
To understand what goes into the heart of the decision-making process and various governance structures, read on – A stupid simple governance framework.
🤝 Teller – Buy Now Pay Later (BNPL) for NFTs
One of the most interesting developments coming from the web3 world this week is – Teller. Teller has launched a new lending platform with a cheeky name – Ape Now!
As the tag line (Ape Now, Pay Later) suggests, Teller’s Ape Now is a loan market to enable the purchase of non-fungible collectibles and artwork through a Buy Now, Pay Later service. Each NFT is locked in escrow until the loan is fully repaid.
The lending market connects the lenders looking for juicy yields to borrowers looking to ape-in blue-chip NFTs without paying the full amount upfront. As of now, the platform supports only seven NFT collections including BAYC, MAYC, Azuki, Moonbirds, Doodles, Meebits, and Cool Cats NFTs.
Check out the Ape Now market for yourself.