Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: Warpcast (the Web3 Twitter clone) is growing FAST!

• 🔎 This seems important: Uh oh! Solana went offline (again)...

• 🤝 Partner: The wine aisle is scary. Bright Cellars isn’t.​

• 🔪 Let's dissect this: Hot gossip: Binance just broke up with Monero.

Terms used in this edition (click for an explanation, or ​ask Web(GPT)3!​):
Web3, Protocol, Decentralize.

💅 This is cool:

Warpcast (The Web3 Twitter Clone) Is Growing Fast! Here’s the ‘What’ and ‘Why’ of It All…

In one sentence: Warpcast (aka the Web3 version of X/Twitter) has grown +400% in the past week or so, thanks to its unique developer tools.

Everyone is excited about Warpcast (aka the Web3 version of X/Twitter) all of a sudden…but why is that?

Let’s start here 👇

The appeal of Web3 social platforms in general:

On Web3 social platforms your username, photos, videos, text posts, messages, and followers are all transferrable between apps.

So if you were to blow up on 'Web3 X/Twitter’ — and then someone created ‘Web3 Instagram’ using the same protocol (aka ‘software rule set’) — you could take all of your followers/content with you to the ‘hot new app.’

The appeal of Warpcast itself:

There are a BUNCH of Web3 X/Twitter clones out there, and no one is using them…so what is Warpcast doing right??

1. Unlike other Web3 social platforms, you don’t have to pay to use Warpcast’s basic features (think: posting, liking, commenting, etc.), so people use it more frequently.

2. The ‘Farcaster’ protocol, which powers the Warpcast app, just added a new feature called ‘Frames’.

‘Frames’ are the reason Warpcast has BLOWN UP recently, increasing daily active users +400% in the past week or so.

The feature works like this:

Frames lets developers build experiences that would usually require a website/browser directly into Warpcast, so you never leave the feed.

Which sounds kinda redundant (browser, no browser — who cares?), but it actually makes a lot of sense when you A/B test each experience:

Web2 social: 

See a product you want to purchase → click the ‘buy’ link → a browser opens the store’s website → click add to cart, cart page opens → click ‘go to checkout’ → autofill name/shipping info/billing address → enter card details → confirm purchase.

Warpcast:

See a product you want to purchase → click ‘buy’ → autofill shipping details → pay instantly via your linked crypto wallet.

One is high friction, while the other is ‘slippery,’ if you will.

And developers have been building all sort of things, from games, to a Warpcast-native store selling girl scout cookies!

That said, there is one BIG glaring problem with Warpcaster:

X/Twitter has the network effects (~260M daily users vs. Warpcast’s ~25k).

We can’t imagine that some cool new developer tools and the promise of interchangeable followers/content is enough to convince folks to leave X/Twitter en masse.

The cool part is:

If the Warpcast X/Twitter clone can’t bring millions of users to the Farcaster ecosystem — another app (with a new idea) might!

🥇 Want the news before anyone else?

🔎 This seems important:

Uh Oh! Solana Went Offline (Again)…But The Price Somehow Went Up?

In one sentence: Yesterday morning, the Solana network went down for a solid 5hrs, but SOL’s price actually went UP after the outage ¯\_(ツ)_/¯

“Hi um, yeah, lemme get an ‘Uh-oh’ with a side of ‘Yikes’ - and is your ‘OOFT’ made in-house?”

So, yesterday morning the Solana network went offline for a solid 5hrs.

In that time, the Solana core engineers identified the problem, rewrote some code, and sent an update out to the folks responsible for validating SOL transactions.

On one hand: that’s an impressive effort from the engineers.

On the other: this shouldn’t still be happening — if ever.

(Especially on a network that hopes to eventually decentralize the US stock market).

Add this to last April’s outage (when Solana went down for almost two whole days) and you might start to get worried…

But here’s the crazy part:

Judging from the price action, Solana holders don’t seem to care.

In fact, on a 24hr time frame, SOL’s price actually went UP after the outage (?)

¯\_(ツ)_/¯

🤝 Partner:

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🔪 Let's dissect this:

Hot Gossip: Binance Just Broke up With Monero

In one sentence: Monero is being delisted from Binance, presumably because the privacy coin (loved by crims) is getting too much attention from global investigators.

Oh boy, do we have some TEA for you.

Well…it's actually just crypto news, but we’re going to deliver it as if it's hot gossip (cause, it kind of is). 

Here’s what happened:

Binance announced that they will be delisting Monero (omg.) 

Which seems on brand right now, because: 

• Monero has been put under the microscope by global investigators (It’s a privacy coin and lots of criminals seem to love using it). 

• Plus, Binance has a whole new periodical due diligence program since CZ plead guilty to money laundering (old news). 

So, it’s not all that surprising that Binance broke up with Monero…

But, here's the thing: 

Since doing so, Monero’s price has plummeted over 20%.

And although the short term effect is apparent, the long term effect could possibly remove Monero from popular circulation. 

Think about it:

Most newcomers to crypto still go through centralized exchanges, and Binance (the world’s largest centralized exchange) is planning on stopping all trading of Monero? This will make it MUCH harder to find/trade.

And we’re not like huge Monero enthusiasts or anything, but… 

There is something to be said for a token that supports financial privacy as a standard.

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