In This Issue
- For this weeks portfolio tip, I’ll be talking about some big things happening in 2023.
- David compares the Ledger Nano X and the. Trezor Model T.
- Sam has a report for you on what’s in store for NFTs in 2023.
- Rebecca has this week’s top trending coins.
- Polkadot Ecosystem Projects: Jesse breaks down the 7 biggest projects on the Polkadot ecosystem to keep on your radar.
- DeFi Tutorial: DeFi Dad has a tutorial for you on how to earn 8.16% APR with sfrxETH by Frax Finance.
- NFT mints: 3 upcoming NFT mints to keep an eye on.
Lark’s Portfolio Tips
Big Things Happening In 2023
There are a lot of reasons to be excited about crypto going into 2023, and there are a lot of big upcoming upgrades and innovations which could even kick off some kind of new DeFi season. Here are a few to keep an eye on:
- Aave is doing loads of big things. They are launching a stablecoin, an Aave app for social media, a debit card, and even a revenue sharing model for Aave token holders.
- GMX is planning on making something called the X4 exchange which will give pool creators more control, as well as synthetic assets on their main platform.
- Synthetix is launching their V3 which will allow them to enable permissionless synthetic asset markets.
- Curve Finance is going to be launching their stablecoin crvUSD. Remember Curve is the biggest stable swap protocol in DeFi.
- Trader Joe (Avalanche’s biggest DEX) is going multichain, and building new products on their liquidity book to make the Joe experience better.
- Osmosis (Cosmos biggest DEX) is adding limit orders and a concentrated liquidity system akin to Uniswap V3.
- Woo Network is going to add a perpetual DEX, and improve the tokenomics for WOO.
- Platypus Defi (the Curve Finance of Avalanche) is also launching a stablecoin and will be seeking to create new revenue sources for vePTP holders.
- Gains Network is looking to add more assets and deploy on a zk rollup.
This is just a small sample of what we know so far. This, by the way, is not a shopping list. I am sharing this to show that the real builders are still here. They are still working to make their protocols awesome. Some of their upgrades could create short term price catalysts, but the main idea here is that long term we still have so much to be excited for in crypto.
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What’s in Store for NFTs in 2023 by Sam
There were multiple opportunities to profit from NFTs in 2022, and the year was not lacking in creativity and artistic experimentation.
However, that doesn’t alter the fact that 2022 was one of the most brutal on record for crypto as a whole, and a chaotic period that pretty much everyone will be glad to see the back of.
Standing here at the start of a brand new year, then, what’s in store in the world of NFTs, and what projects and products should we keep an eye on as 2023 unfolds?
AI on Blockchains
Image credit: DeepMind on Unsplash
There’s a huge amount of excitement around ChatGPT and AI, which, it appears, is going to take over the internet, and then, eventually, hijack control of the entire world.
Ok, that might be an exaggeration, but ChatGPT is impressive tech, and AI will attract investment, developers and users, and may disrupt the web (and many other areas) in unpredictable ways.
And as web3 is the other highly attractive tech concept of the moment, it’s also entirely possible that AI becomes tied in with crypto and NFTs.
Exactly how that might work remains to be seen, but some projects already working on a crossover include Altered State Machine and Alethea, while SingularityNET and DeepBrain Chain are not directly related to NFTs, but connect blockchains with AI.
Loyalty Programs and Ticketing
Image credit: Rolling Loud
Big brands have been displaying growing interest in web3, and may implement their own utility-focused NFTs. One immediately viable use case is rewards programs that make use of blockchain-based assets.
These items can be tradable, programable, collectible, and may be used in flexible ways to build interactive, rewards-earning communities. This is still a novel area of development, but Starbucks is pushing forward, and BMW is active in this field.
NFTs can also be used for event ticketing, again opening up a world of flexibility and advanced utility when compared to regular ticketing approaches. The Rolling Loud festival has taken this route, and there is speculation (but nothing concrete) that the 2024 Olympics may use NFTs.
There are many other brands exploring NFTs more generally, and it may become commonplace for companies to have a web3 strategy. This means there’s opportunity for platforms that can provide corporate web3 services, and a leading competitor in this niche is Mojito.
Blockchain Games Step Up
Image credit: DigiDaigaku
Hype around blockchain gaming comes and goes, but development is real, and the crypto space needs a genuinely excellent product to prove its point. That probably means a game that is primarily appealing simply for its playability, with crypto, NFTs or play-to-earn elements integrated carefully.
A good product, that isn’t centered solely on profiting from tokens, may also begin to dispel the intense skepticism towards NFTs that is sometimes found among gamers.
2023 could be the year that developers make strides in this direction, and there are some notable contenders in the likes of DigiDaigaku, Momoguro, Azra Games, web3 gaming studio Midnight, Metapixel on Aptos, and promising newcomer Oh Baby Games (along with many others).
A longer-term possibility, where things might get really interesting, is when gaming, the metaverse, social media, crypto, NFTs and AI all come together in some kind of out-of-control web3/cyberpunk/AI-inhabited mega-platform. Although, that’s maybe for a little later in the decade.
Ledger Stax Drips Style
Image credit: Ledger
NFTs are still sometimes seen as inaccessible for newcomers. While setting up a wallet and buying some tokens isn’t actually so demanding, it’s true that crypto wallets can be lacking on the UI front, and hardware wallet design doesn’t match up favorably to what we’re used to when we buy new smartphones.
All of which is why there’s a lot of anticipation around the upcoming Ledger Stax hardware wallet, with speculation that it might become the iPhone of crypto. This comparison makes sense, because it’s designed by Tony Fadell, who previously designed the Apple iPod.
The Ledger Stax is compact, stylish, displays NFTs on a curved E Ink touchscreen, and if it’s as intuitive and instantly usable as it is sleek and attractive, then it could be the kind of hardware leap that assists in mainstreaming crypto and NFTs.
Image credit: Alexandria Labs
NFTs up to now have been focused on art and collectibles, while incoming major brands are moving towards utility. However, another use that might pick up traction this year is in relation to writing and publishing.
There are several platforms working on this utility, including, most famously, Mirror, which could be thought of–in a way–as a web3 Substack, and which allows writers to mint their work as NFTs.
Projects to Watch
Image credit: 10KTF
Just to state the obvious for a moment, you should follow the big hitters: Yuga Labs, CryptoPunks, Azuki, PROOF Collective and Moonbirds, Art Blocks.
Beyond them, though, there are plenty of other projects and creators that can potentially make a lasting mark in 2023.
Sartoshi, the much-loved creator of the MFers collection (a low key landmark in the 2021 NFT timeline) is back from the dead as sartoshi_rip, and his plans will certainly generate interest.
Valhalla is a big project, Ether has yet to drop, but could be huge, Memeland makes waves with every mint, and 10KTF is highly regarded, connected with Beeple, and tied in with several big-name NFT collections.
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Ledger Nano X vs. Trezor Model T by David
The Ledger Nano X vs. Trezor Model T: the two premier heavyweights when it comes to retail crypto cold storage wallet solutions. But how exactly do these two devices compare in a heads up match between each other?
In today’s article, we are going to explore the similarities and differences between both devices in order to give you – the discriminating crypto investor – a better idea of which you should buy with your hard-earned Satoshis. Take note that this is not a comprehensive review of either product. Rather, this article attempts to compare and contrast the most relevant aspects of each wallet from the perspective of a retail crypto holder.
The Nano X and the Model T will be reviewed under the following five categories. The categories are listed in order of priority, from most (security) to least (sex appeal (aesthetics)) important.
- Ease of Use
- Supported Coins
- Sex Appeal (Aesthetics)
Let’s do this.
Security. It’s the entire reason anyone is buying a crypto cold wallet solution. So how do the Nano X and Model T compare in terms of security?
Before diving into the details, from a practical perspective, both the Nano X and Model T are incredibly secure. The vast majority of retail investors are extremely well protected when properly using either wallet. Unless you’re Michael Saylor, then know that either will get the job done.
But if we’re going to nerd out, then let’s nerd out.
Ledger Nano X vs. Trezor Model T: Security Similarities
The Nano X and Model T store and hold critical data (the access PIN, the seed phrase, and the private keys) on only the devices themselves. Neither wallet ever shares this data with any other related software applications.
Both devices are secured by PIN codes that users manually establish during setup. Ledger allows for codes between 4 to 8 digits. Trezor recommends a 6 digit code, but allows for up to 50 digits long.
Both systems require transactions to be physically confirmed on the devices themselves. Users set up outgoing transactions on related desktop or mobile software, but they must confirm each transaction by physically pressing inputs on the devices themselves.
Both devices allow for optional, secondary “secret” wallets. Ledger owners must establish a second PIN for access to this secret wallet, while Trezor owners must establish a passphrase for access to the same.
Ledger Nano X vs. Trezor Model T: Security Differences
Ledger uses closed-sourced, proprietary software. At the heart of Nano X’s security is the Secure Element (SE) chip. SE chips are extremely secure and sophisticated. The Nano X uses these SE chips to hold and secure the wallet’s critical data.
In contrast, all of the Model T’s hardware and software is completely open-sourced. Trezor has a bug-bounty program and encourages white-hat hackers to inspect and scrutinize the architecture. Trezor uses an STM32 chip to store critical data, which is a more general-purpose chip, and not as secure as an SE chip.
The Ledger Nano X allows for Bluetooth connectivity to desktop, Android, and iOS devices and has a built-in battery. The Model T has no Bluetooth connectivity, no built-in battery, and only works with desktop and Android.
The Nano X has an edge over the Model T in terms of the chips used to secure critical data. In 2019, a Kraken security team was able to extract the PIN and seed phrase from a Model T STM32 chip by performing what’s known as a “power glitch” attack.
Note that this attack required the team to (1) have physical possession of the device, and (2) connect it to some specialized computer equipment. Apparently, power glitch attacks can be successfully used against the Model T, whereast the Nano X’s SE chip are more resilient to such assaults.
The good news is Model T users can prevent such attacks by setting up a passphrase for a secondary secret wallet. This is because (for technical reasons beyond the scope of this article) passphrases are actually not stored on the devices themselves. Thus, passphrases act as an additional barrier of defense and cannot be extracted by attacking the device itself.
Apart from the power glitch issue, the Model T seems to have less theoretical vulnerabilities as compared to the Nano X. The Model T’s open-sourced technology is a security strength. The idea is that open-sourcing everything allows the good guys to catch and fix any vulnerabilities before the bad guys do. Not allowing for Bluetooth connectivity and not having an internal battery (the Model T can only be powered up by being physically plugged into a computer) appears to remove theoretical security vulnerabilities.
To be fair, the Nano X’s Bluetooth software is AES encryption based, can be turned off (users can elect to only use a wired connection), and the critical data never leaves the SD chip anyways. So this likely shouldn’t be a concern for 99.9% of people.
Finally, it should be noted that Ledger suffered from a marketing data leak in mid-2020. Customer email and phone information was exposed, and phishing attacks occurred as a result. While this is not technically relevant to the security of the Nano X, it’s something to keep in mind, especially since Ledger uses closed-source technology.
So which is more secure? I would say for the average retail investor, both are roughly comparable. For someone storing millions of dollars worth of crypto, the Model T with an enabled secondary passphrase likely affords maximum security.
Ease of Use
Both wallets are easy to set up and use with their respective software applications, but in terms of which is most easy and convenient, the clear winner here is the Nano X.
The distinguishing feature is the Nano X’s Bluetooth connectivity and battery. Users can wirelessly connect their device to Ledger Live via desktop or mobile (iOS and Android) to do business. The built-in battery can go five hours without a recharge, which provides the Nano X with some independence from an external power source.
There is no bluetooth connectivity or internal battery with the Model T. The device must be plugged into a desktop or Android via a USB-C cable in order to give it life. And the device is not compatible with iOS mobile devices.
Ledger’s software application, Ledger Live, has the edge over Trezor’s counterpart, Trezor Suite. The reason is because Ledger Live allows users to stake multiple crypto assets on their device. Trezor currently does not support staking. Note however that both devices can connect to third-party software wallets for additional staking options and NFT support.
Otherwise, Ledger Live and Trezor Suite are very compatible in terms of their core product offering: sending and receiving cryptos and making swaps. Both software platforms allow users to swap crypto via third-party DEXs that don’t require KYC.
The Nano X supports 5000 cryptocurrencies, whereas the Model T supports 1800 cryptocurrencies.
The Nano X costs $150 compared to Model T’s price tag of $220.
Sex Appeal (Aesthetics)
Both devices are attractive, but if you want to impress the ladies (or fellas), then whipping out your Nano X and flashing it around at the club might get you more points than with the Model T.
The Nano X resembles a USB flash-drive, built with brushed stainless steel and black plastic. The device opens with a switchblade swivel and features a small LED screen. The Nano X weighs 34 grams and is 72 mm x 18.6 mm x 11.75 mm in size. It’s straight up sleek and sexy.
The Model T is shaped like a stopwatch, made of hard black plastic, and features a large color touchscreen. The device weighs 22 grams and is 64 mm x 39 mm x 10 mm in size. It comes with a magnetic dock, which gives users some creative options in terms of concealment. The Model T is a good looking device, but just doesn’t have that same pop as the Nano X.
People buy crypto wallets for security. So for the vast majority of retail investors, both the Nano X and Model T will adequately protect from external threats. Thus, the deciding factor will probably be considerations other than security.
And while we’re on the subject, know that these devices are analogous to home defense firearms. You probably want one, but if you misuse it, you’re more likely to hurt yourself than from an external threat. But how to not shoot yourself with your Nano X or Model T will be the subject of another article.
If you’re going to purchase either device, choose the one you personally like the most. You won’t go wrong with either.
Trending Coins This Week by Rebecca
Here are my key takeaways from the trends this week, and the new year gets off to a great start with more partnerships and launches.
1 – Solana is an L1 blockchain that’s seen its price jump 15% as a dog-themed meme coin has been airdropped to users. Vitalik Buterin has also tweeted his support for the network, there’s an “earnest smart developer community in Solana” and “the chain has a bright future.”
2 – Optimism is an L2 Ethereum scaling solution that’s announced an airdrop for February which will see 10M OP tokens distributed to users. MetaMask has also enabled swaps on Optimism.
3 – XEN Crypto is an ERC-20 token created by an ex-Google employee that’s launched an NFT minting tool. Users can help take the token deflationary by burning more XEN in exchange for a rarer NFT.
4 – Aptos is a Layer-1 blockchain created by ex-Meta employees that’s unveiled its 2023 roadmap. Its plans for the year ahead include launching its first Web3 game called Gran Saga: Unlimited. This is in collaboration with NPIXEL.
5 – Lido DAO (LDO) is the governance token for liquid staking platform, Lido Finance. LDO has risen by almost 24% in January, as its total-value locked (TVL) overtook MakerDAO’s.
6 – Polygon is an Ethereum side chain that’s seen 1.3M NFTs sold on OpenSea during December. Solana-based NFT project, Y00ts, has announced it will be moving over to Polygon. Polygon has also launched the second testnet for its zkEVM.
7 – Cosmos Hub (ATOM) powers the Cosmos ecosystem and it’s seen a lot of interest from ATOM holders in the HedgeUp token presale – an alternative investment marketplace.
8 – Bitcoin core developer, Luke Dashjr, claims to have lost over 200 BTC in a PGP exploit. Bitcoin wallets holding 0.1-1 BTC have surpassed 1M and wallets holding 1-10 BTC have surpassed 2M. CNBC has published a roundup of Bitcoin predictions for 2023.
9 – Ethereum’s 2,000 largest wallet holders have been accumulating Shiba Inu, and the network saw over 2.2M Ethereum Name Service (ENS) domains registered in 2022.
10 – Fantom is an L1 DeFi blockchain that’s seen Andre Cronje outline his plans for the network in 2023, including a focus on building out the dApp ecosystem. Fantom has seen rapid growth in 2022, with a 2,100% increase in unique addresses.
11 – Litecoin is a Bitcoin fork that’s seen money show host, Jim Cramer, tell his audience to stay clear of crypto, specifically calling out Solana and Litecoin. He called Litecoin holders “idiots.”
12 – BNB is the native coin for the Binance chain that’s announced a partnership with BMW and blockchain infrastructure company, Coinweb. Together they will create a loyalty program for BMW customers in Thailand.
13 – Evmos is an EVM on the Cosmos network that’s unveiled its 2023 roadmap. This includes auto-conversion of IBC assets to ERC20 and interactivity with Cosmos SDK from solidity contracts.
14 – Terra Luna Classic (LUNC) is the original version of the Terra blockchain that’s seen its market cap back above $1B and its burn rate is up 6,940% already in 2023.
15 – Algorand is a self-proclaimed “green” L1 blockchain that’s seen its founder sit down for an interview with Citi to discuss its fundamentals. The Algorand Foundation has also launched Algorand Ventures to bring more growth to Web3.
Could Ethereum end up flipping Bitcoin? Check out my latest video for my prediction: Will Ethereum Flip Bitcoin To be The #1 Crypto In 2023? [Prediction]
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
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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