Arbitrum Season, DAOs, Doodles NFTs & Trending Coins
In This Issue
- For this weeks portfolio tip, I’ll be talking about Arbitrum season.
- Web3 Academy has an article on how DAOs will revolutionize the way we work.
- Sam has a report for you on Doodles NFTs.
- Rebecca breaks down this week’s trending coins.
Premium Subscription highlights this week:
- AI Coins: Jesse has a deep dive for you on Top 6 AI Coins with Massive Potential in 2023.
- Open Buy & Sell Orders: With the changes in the market over the last week, I’ve added a lot of new buy and sell orders to take advantage of potential market swings.
- NFT mints: 3 upcoming NFT mints to keep an eye on.
Lark’s Portfolio Tips
Arbitrum Season Keeps Going
GMX hit a new all-time high this week. This is a coin we have been tracking for a while, and it underlines to me the strength of the Arbitrum narrative and that attention must be paid to Abritrum coins. Native protocols to the ecosystem have seen some very big gains for early buyers and we are seeing an increasing number of protocols integrating with Arbitrum as well, such as Trader Joe. Also, a quick word of warning here. Many GMX clones will pop up, some will make money, and most will be trash. So be careful.
For those willing to do some research, here is a short list of interesting coins and protocols on the Arbitrum network. To be clear, I am not saying run out and ape in, this is a research list.
Radiant Capital is a borrowing and lending market on Arbitrum. Similar to Aave, but staking the token pays out real yield dividends at high rates. Remains to be seen how sustainable such a model can be once inflation rewards run out.
Vela Exchange is a new exchange that just launched. They are tapping into all of the popular narratives right now including being a real yield coin.
Gains Network is the biggest competitor to GMX right now and has about ⅓ the market cap. It is a real yield coin tapping into the popular on chain trading narrative.
Camelot is an Arbitrum native decentralized exchange. Relatively low market cap still although the token price is up over 400% in a month. Daily volume on the exchange is around 5 million dollars. The token has a burn mechanism and a big portion of the supply is locked up and it is a real yield coin.
Other Arbitrum ecosystem gems can be found here on Coingecko.
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4 Ways DAOs Will Revolutionize the Way We Work by Web3 Academy
Working in a traditional office setting has been the main (and sometimes only) option for most people worldwide. 👨💼
But thanks to technological advancements and efforts to cope with the Covid-19 pandemic, we’ve seen how flexible our work lives can be. 🧑💻
No more traffic-filled commutes. No more office politics. No more Sunday night blues.
Living the dream, right? Not quite. 🤔
The transition back to standard working processes is already underway. A Microsoft report found that, in the near future, 50% of companies will require workers to be back in the office full-time. On the other hand, 52% of workers plan to switch to flexible (full-time remote or hybrid) employment in 2022.
So it’s no surprise that 68% of US workers are quietly (50%) or actively (18%) disengaged at work.
The consequence? Unhappy employees and low productivity.
Instead, imagine a working environment that’s fair, flexible, and puts talent first. One where contributors are engaged, dedicated to an organization’s goal, and producing high-quality work. An environment of equality where everyone has a say in the direction of a company. 🚀
Too good to be true? Hardly.
Thanks to blockchain and cryptography, anyone can build or contribute to a Decentralized Autonomous Organization (DAO) and make it a reality.
If you’re still new to the space, check out our DAO overview with Bryan Peters so you can get up to speed.
For the rest of you, let’s dive into the four ways DAOs will revolutionize employment. 👇
1. True Ownership and Project Alignment
In most cases, traditional employment pays you a salary and—if you’re lucky—a performance bonus.
Caveats to this scenario are startups and fortune 500 executives which:
- Often requires you to work for a small (and sometimes no) salary with the promise of your shares being worth something after a funding round.
- Requires decades of business experience and some serious networking skills.
Even then, you’re often at the mercy of a board or higher-level manager. So while you get a slice of the pie, it’s monetary rather than governance ownership.
In DAOs, there isn’t a board of directors or executive team running the show. While there may be a leadership team, decision-making power is shared equally, meaning everyone’s opinion holds the same weight.
For example, in the Honey Badges DAO, members vote to choose the leadership team every three months. This process ensures that project leaders always act in members’ best interests.
Additionally, leaders don’t have absolute power to make project decisions since members still need to vote.
So rather than having a few heavy-weight decision makers, an organization has many smaller ‘shareholders.’ This structure results in better contributor engagement since they have skin in the game.
And since members own part of the project, they receive a share of project revenue. No more busting your ass to climb the corporate ladder for the executive team to claim most of the rewards.
Instead of remuneration based on office politics, seniority, and power plays, it’s about how much you contribute to the DAO and its level of success.
A DAOs decentralization also means anyone can take the initiative to propose changes. This feature is valuable since members involved in the day-to-day running of the DAO have a better understanding of how to improve it.
<h3 id="2.-freedom-to-work-when,-where,-how,-and-on-what-you-want“>2. Freedom to Work When, Where, How, and on What You WantLet’s face it, most jobs these days don’t require people to share a specific location.
You can chat asynchronously or collaborate through cloud software. And those meetings that need face-to-face discussion? We’ve got Microsoft Teams, Zoom, and Discord.
We have all the necessary tools to work however suits us best, so why should we be confined to the office? Just because we’ve worked this way for decades doesn’t mean it’s the best option.
Instead, DAOs value autonomy—hence the name. Besides actual automation through smart contracts and the blockchain, each member is an autonomous contributor that decides how they work.
Autonomy doesn’t mean it’s a free-for-all, though. Members still need to meet deadlines and produce quality work. But as long as you deliver, no one cares if you did it in your pajamas, after chores, or in the shower.
DAOs also don’t expect you to dedicate your life to one project. Sure, most DAOs will have a core full-time team that pushes the project forward, but they’ll also have many one-off and part-time contributors.
These contributors will complete ad-hoc tasks (bounties) for the DAO in return for a fee—like a freelancer.
But why’s this important?
Researchers have found that intrinsic factors, such as interest in a project, are the biggest drivers of worker happiness—even beating pay levels. And since DAOs are autonomous, no one expects you to cover tasks you don’t choose.
For example, projects like Wonderverse allow DAOs and contributors to connect, whether for long-term projects or one-off tasks, like creating a gif or YouTube video.
Here’s an example from the contributor dashboard:
Not only does this allow contributors to work on projects that they’re most interested in, but it also keeps work fresh and engaging.
3. Increased Transparency, Accountability, and Fairness
It’s rare for traditional companies to practice true transparency and openness. Sure, they may say they’re transparent, but the average employee will never have access to information that isn’t necessary for their role.
But how can workers know they’re receiving fair treatment if managers don’t disclose salary, workload, and performance data? How do they know their company is acting in their best interests?
They don’t.
And that’s how we end up with black swan events like Enron in meatspace or TerraLuna in the crypto-verse.
Instead, DAOs use the blockchain, which is transparent, immutable, and accessible to anyone.
Source: Euromoney
Operating as a DAO ensures:
- No corporate red tape: Have a great idea in a traditional company and need quick funding to make it happen? Good luck trying to get your request approved anytime soon. On top of this, the decision is probably up to your manager. So if you don’t get along, it won’t be approved. But in a DAO, processes are coded into the blockchain, removing the need for middle management.
- Democratic decision-making: Remember that manager that doesn’t like you? Their opinion is just one of many in a DAO. Instead of hoping they make a fair decision, you can rely on the hive mind to make the right choice for the organization.
- Transparent financials: If you have equity in a company, it’s vital to understand its performance. You’ll likely get updates, but you’re relying on the party delivering the information to be truthful. In a DAO, all this information is on-chain and immutable, meaning you can gauge a project’s health anytime. It also means you have access to remuneration data on all members in your DAO, ensuring fair distribution.
- Performance visibility: In traditional companies, it’s easy for managers to gloss over the achievements of quiet contributors. But the open, transparent nature of DAOs ensures that members notice and celebrate each other’s success.
4. No Experience? No Problem!
Want to apply for a traditional job? Chances are you’ll need years of experience, references, and whatever baloney a company asks for.
On top of this, hiring managers will subject you to rigid screens that don’t consider the nature of real-world skills. For example, if a job application says you need five years of experience, but you put four and a half, good luck getting to the next stage.
Source: 9GAG
Will those six months make a difference? Unlikely. But it’s just the way the cookie crumbles.
And if you pass the initial screen, you’ll be lucky if you only have a few tedious interview rounds before they make their decision.
In contrast, DAOs are reinventing traditional hiring practices. Most DAOs won’t care whether you worked at Google or a supermarket before contributing. As long as you have the skills, you’ll get rewarded for them.
On top of this, you won’t have to go through lengthy hiring processes. In most cases, you can join a DAO by:
- Buying their NFT or token.
- Joining their Discord.
- Completing a task to receive a POAP, such as attending a webinar.
These low barriers make DAOs excellent for gaining practical web3 experience without taking on lengthy internships. All you need to do is show up, find a problem that needs solving, and then deliver your solution.
In saying that, not every DAO can pay for your effort.
For example, an early-stage DAO may pay you with an initially valueless native token, similar to startup equity. But if you need experience and believe in the project, contributing to these DAOs can pay off in the long run.
Who knows? Maybe your native tokens moon when the project succeeds, or they offer you a full-time gig because of your valuable contributions.
Whatever the outcome, it’s all about showing up and providing value.
Powerhouse DAOs Are Already Forming. Will You Be Part of Them?
DAOs are still an evolving concept, making now the perfect time to get in and shape the innovations of tomorrow.
And the choices are endless. We already have DAOs covering:
- Media
- Investments and venture capital
- Non-profits
- Social networks
Heck, we even have short-term DAOs, such as the UkraineDAO, which aims to support the country during the ongoing war.
For more information on DAOs and to learn about the different DAOs out there we recommend you check out the following:
When it comes to web3 and DAOs, the world is your oyster. So get out there and start building.
Good luck, and thanks for reading, frens. ✌️
What Are Doodles NFTs by Sam
At the top of the NFT tree, there are several projects vying to establish themselves as web3 brands, and the Doodles NFT world is prominent among them. The creators of Doodles have been upfront about creating a name that goes beyond just crypto, and have been busy in the process, so let’s get a grip on what Doodles are and where they might be heading.
Image credit: Doodles
At its core, Doodles is a 10,000 item PFP collection showing hyper-cute, cartoonish characters drawn with a bold, clear-lined style, minimal features, and colored with solid, saccharine pastel.
The design is childlike and not for everyone. However, it’s definitely for someone because, for a while, it became one of the most imitated NFT aesthetics around, triggering a slew of copycat mints featuring endless pastel palettes and inoffensive, simply-styled characters.
What’s more, Doodles were heavily in demand on launch, and have remained expensive and collectible, establishing a distinctive foundation from which to build out a brand.
How Doodles Started
Doodles minted in October 2021 at 0.123 ETH. This was relatively expensive, but the collection sold out easily. It was a hyped launch at a time when crypto and NFTs were in full bull-market mode, and Doodles was the work of three creators who were well known in the NFT space: Evan Keast and Jordan Castro had both been part of Dapper Labs and CryptoKitties, while Scott Martin (aka Burnt Toast) was an experienced artist and illustrator.
The mint pulled in 420 ETH for the project treasury, and Doodles owners were allowed to vote on community proposals. In an ecosystem notorious for scams, Doodles gave the welcome impression of being legit, friendly and always honest.
Doodle #6914, one of Pranksy’s very expensive JPEGs. Image credit: Doodles
Prices really took off at the beginning of 2022, soaring to an ETH double digits floor in January, and going on to hit a floor price peak of over 21 ETH by May. The largest ever sale occurred in January that year, when influential collector Pranksy picked up a 1/1 for 296.69 ETH (over a million dollars at the time).
Expansion and Partnerships
Doodles 2
A Dooplicator ready for action. Image credit: Doodles
Doodles has been in the spotlight recently thanks to its Doodles 2 expansion, the idea of which is to enable the creation of endlessly customizable new Doodles characters, which can then be used as web3 digital identities.
At first, holders of Dooplicator NFTs (which were claimed for free by Doodles holders last May and June) can combine a Dooplicator with a Doodles PFP to receive custom wearables, along with a Beta Pass which will grant early access to the upcoming new Doodles creation tool.
Although Dooplicators can only be used in this way once, they will continue to have further utility in future, so they might be worth keeping hold of.
Interestingly, a Dooplicator can be used in combination with someone else’s Doodle, with the generated wearables then owned by the Dooplicator holder, although–in true NFT style–the Dooplicator holder has to pay the Doodles owner for the favor.
Coming up soon, there will be a similar function utilizing another NFT from the Doodles back catalog called a Genesis Box (released by auction in June 2022), which can be opened to mint a second round of wearables, along, again, with a Beta Pass.
Doodles 2 is all about customization. Image credit: Doodles
Adding to the innovation, or, arguably, to the complexity, Doodles 2 has migrated to the Flow blockchain and uses the Gaia marketplace to trade wearables. The original Doodles collection was launched on Ethereum, meaning the Doodles universe is now a cross-chain project.
An advantage of using Flow is the relative lack of friction, as buyers can pay with credit cards and create a wallet simply by linking up a Gmail account. If you’re looking to onboard new users, this all makes sense, but on the other hand, veteran NFT natives might not welcome the change.
Space Doodles
Image credit: Doodles
Browsing the Doodles empire, you might also come across Space Doodles, which were launched in February 2022. Unlike other famous complimentary collections (such as Mutant Ape Yacht Club), Space Doodles didn’t create an entirely new set of NFTs.
Instead, Doodles holders could wrap their original NFT to create a space version, showing their character navigating across the cosmos. Holders can then unwrap back to the original and wrap back to the space version, as often as they want.
Space Doodles are not a separate collection, but are more like an alternative configuration that Doodles holders can switch in and out of. Keep in mind that if you buy or sell a Space Doodle, you’re actually trading an original Doodle which can then be unwrapped.
Doodles Records
Image credit: Doodles
In June 2022, Doodles announced plans to release an album called, straightforwardly enough, Doodles Records: Volume 1. Creating a good record is a tough ask, but the Doodles team knows when to delegate, and recruited A-list producer and musician Pharrell Williams to executive produce the record, which is being made in partnership with Columbia Records.
In addition to his music-focused role, Pharrell was also given the position of Chief Brand Officer at Doodles.
The plan is that music from the album, which will feature artwork by Burnt Toast and limited edition Doodles 2 wearables, can be layered onto Doodles 2 NFTs, but further details (such as what the music will actually sound like) have yet to be released.
Golden Wolf Animation
Image credit: Golden Wolf
At the end of January, Doodles announced an agreement to acquire the award-winning animation studio Golden Wolf. The CEO and founder of Golden Wolf, Ingi Erlingsson, will act as Chief Content Officer at Doodles, and the two teams will work closely together.
The strategy is to produce original animated content for Doodles, adding a narrative element to the brand. Doodles will also be able to utilize Active Ingredient, which is a joint venture between Golden Wolf and another creative studio named Psyop. Active Ingredient aims to take new approaches to storytelling through innovations such as AI and blockchain technology.
What Does the Future Hold for Doodles?
Image credit: Doodles
It’s a tough call making predictions in the volatile world of NFTs, but what we can say for sure is that there are very few projects executing plans as wide-ranging and ambitious as Doodles’.
What’s really striking is the apparent desire to reach beyond NFTs, while staying at the forefront of the possibilities emerging around web3.
Doodles has OG status, a unique style that’s been highly influential, and plans that take in (long list coming up): PFPs and digital identity, personal customization, onboarding new users, music production with Pharrell Williams, animation with Golden Wolf, storytelling, character development, brand expansion, and, ultimately, the creation of a pastel-splashed web3 playground.
There are plenty of risks involved and no guarantees, but whatever the outcome, it looks set to be a colorful ride.
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Trending Coins This Week by Rebecca
Here are my key takeaways from the trends this week and new developments and all-time highs just keep on coming.
1 – SingularityNET is a decentralized AI marketplace that’s announced it’s going to attend the AI for Good global summit in July. The team also just hosted the second Community Governance call on its Loyalty Rewards pool.
2 – Vulcan Forged is a blockchain game studio, building games in the metaverse that’s seen social media mentions up 73% this week – likely due to endorsements from Anthony Scaramucci.
3 – Fetch.ai is a blockchain-based AI platform that’s seeing a lot of interest from traders after seeing a breakout from the range it has been over the past month.
4 – CANTO is a new community-driven L1 blockchain that’s seen a new $CANTO/$OSMO liquidity pool made available on Frontier (Osmosis). The token has also launched on Demex, a Cosmos DEX.
5 – Baby Doge Coin is a dog meme token on the BNB chain that’s reached a new all-time high in TVL on the BabyDogeSwap platform, surpassing the TVL on ShibaSwap.
6 – Radiant Capital is a decentralized, non-custodial lending protocol on Arbitrum that’s reached the milestone of $5M in platform fees generated on the protocol.
7 – Optimism is an Ethereum L2 scaling solution that’s been added to the Coinbase wallet in-app DEX so users can now swap tokens on the Optimism network.
8 – Shiba Inu is a meme token on Ethereum that’s seen developers change their tune on the anticipated launch of the L2, Shibarium from “coming soon” to “imminent.” Excitement is here.
9 – LooksRare is an NFT marketplace that’s seen its trading volume spike to levels not seen since early 2022. There is also speculation it could soon be listed on Binance.
10 – Aptos is a Layer-1 blockchain created by ex-Meta employees that’s announced it will soon drop its v1.2 mainnet release which will implement changes to reduce gas fees.
11 – GMX is a DeFi perpetual exchange that’s seen its price hit a new all-time high following the platform reaching the huge milestone of $100B in total trading volume.
12 – Gains Network is a decentralized trading platform on Polygon and Arbitrum that’s seen a week of firsts. It has surpassed over $40M in open interest and reached over $25B in new volume on the gTrade platform. New $GNS vaults are available on BeefyFinance.
13 – The Graph is an indexing protocol for querying networks that will soon be launching a Layer 2 solution for significantly lower gas fees and faster transactions.
14 – Injective is an L1 blockchain and DEX protocol that’s become the gateway for Solana assets into the Cosmos ecosystem. It’s also launched a $150M ecosystem fund to support developers on the Cosmos network.
15 – Fantom is an L1 DeFi blockchain that’s seeing a lot of excitement as the network gears up for the relaunch of its stablecoin, fUSD. Co-founder, Andre Cronje, has also said in a blog post that DeFi is here to stay.
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Final Notes
There is some really big news surrounding Bitcoin, Ethereum, Cardano and some other coins. Click the video below for everything you need to know!
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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Lark and the Wealth Mastery Team
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TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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