Welcome to Elon’s Twitter
After a lengthy back-and-forth between the two sides, Elon Musk finally closed the Twitter acquisition on Oct. 27 in a deal that takes the company private, according to a Securities and Exchange Commission filing.
Overall, Musk's takeover is being touted as a win for the crypto community. "In the last few years, Elon has been very vocal about his stance on crypto and blockchain. Musk understands Web3 and understands the potential of blockchain technology which will be instrumental in propelling adoption forward," Ben Weiss, CEO of Bitcoin ATM company CoinFlip, told CoinDesk.
Not only that, but the largest crypto exchange Binance has also invested $500 million dollars alongside Elon in Twitter and currently working on ideas to integrate blockchain and crypto utilities into Twitter.
This week in Web3 Wednesday:
- Binance invests $500M in Twitter as Elon takes over
- Google Cloud launches node management service for Ethereum Validators
- Interesting: Solana’s 1st MEV-powered liquid staking derivative launched
- Do not rug on me: 97.7% of tokens on Uniswap are scams
Binance invests $500M in Twitter as Elon takes over
Crypto exchange operator Binance is now a confirmed equity investor in Elon Musk's acquisition of Twitter.
News of Binance's investment comes after a months-long on-again, off-again saga between Musk and Twitter. In May, Binance committed $500 million to invest in Twitter alongside Musk's buyout of the social media service. "Our initial commitment remains the same and we look forward to exploring opportunities to grow the partnership in the future," a Binance spokesperson said.
Additionally, there are also reports of Binance creating a team to work on how blockchain and crypto could be helpful to Twitter. Seems like all of Twitter will soon become Crypto Twitter. Welcome to fun times!
Google Cloud launches node management service for Ethereum Validators
In a move that intensifies its commitment to web3, Google’s cloud division launched node management services for Ethereum validators on Oct. 28.
Google’s Blockchain Node Engine unit offers a node management service designed to “help web3 developers build and deploy new products on blockchain-based platforms.”
“Ethereum will be the first blockchain supported by Blockchain Node Engine, enabling developers to provide fully managed Ethereum nodes with secure blockchain access,” the company said.
Interesting: Solana’s 1st MEV-powered liquid staking derivative launched
JitoSoL, a newly launched protocol on the Solana network has come up with an interesting case of utility for network participants. JitoSOL, a liquid staking derivative platform offers not just staking yield, but also passes on MEV rewards to its stakes.
Hence, JitoSOL Yield = Staking + MEV Rewards:
To learn more about Jito and how MEV rewards accrue, check out the Medium post
Do not rug on me: 97.7% of tokens on Uniswap are scams
According to a recent research report, over 97.7% of tokens on the most popular Ethereum DEX Uniswap, are actually rug pulls.
Rug pulls are a popular maneuver that usually happens in DEXs, particularly in Uniswap, where malicious agents develop an ERC-20 token and list it on a DEX, and pair it with a
leading cryptocurrency like USD or Ether. Once some uninformed investors swap their leading coin for the token, the developers then remove all the currencies from the liquidity pool, making the token untradable and with zero economic value.
In order to make the attack more profitable, the creators usually use different marketing tools such as fake websites, telegram groups, and Discord chat rooms to cultivate confidence among potential investors.
As per the report, out of the 27,588 labeled tokens on Uniswap, only 631 were labeled as non-malicious tokens, while a whopping 26,957 were labeled as malicious. This means that over 97% of all tokens on Uniswap are actually malicious.🤯