š Welcome!
El Salvador plans to purchase 1 BTC per day to increase the countryās holdings. Elsewhere, Redbullās Lei the Lightning Azuki NFT will be featured on their cars for the final race of the F1 season.
Today, we examine user retention on Sudoswap and our Research team explores the updates on top protocols building out decentralized reputational identity platforms.
This is theĀ Delphi Daily. Letās dive in.
šØ In Case You Missed It
- El Salvador President Nayib Bukele announces that the country will purchase 1 BTC per day to increase the countryās holdings.
- Trust Wallet launches a browser extension, which directly integrates with Binance Pay and Coinbase Pay.
- Adidas introduces āVirtual Gearā, its first NFT collection of wearables.
- Red Bull Racing will feature its Azuki NFT on cars for the final race of the F1 season.
- Tom Brady, Steph Curry, Larry David, and other celebrities are named in a class-action lawsuit against FTX.
š Recurring Users Continue to Surpass New Users on Sudoswap
- Sudoswap is an automated market maker (AMM) that uses customizable bonding curves to facilitate buying and selling NFTs.
- Liquidity providers deposit NFTs and/or ETH (or an ERC-20 token) into pools. They choose if they want to buy or sell NFTs (or both) and specify bonding curve parameters. Traders can then buy NFTs from or sell NFTs into these pools.
- Sudoswapās user base peaked at 1,922 daily active users (DAU) on Aug. 27 before beginning a slow decline. DAUs briefly spiked after the protocol announced details of its upcoming SUDO token launch on Sept. 1.
- At launch, 41.9% of the supply will be airdropped to XMON holders, 1.5% will be airdropped to 0xmons holders, and another 1.5% will be airdropped to LP providers.
- XMON holders can collect their SUDO tokens by participating in a lockdrop event, during which their XMON tokens will be locked for three months. Unclaimed SUDO tokens will be returned to the treasury.
- While Sudoswapās total DAUs continue to decline alongside overall NFT trading volume, recurring users increasingly constitute a higher portion of DAUs than new users.
- Currently, 68% of DAUs are recurring users, with this figure reaching an all-time high of 76% on Nov. 13.
ā” Reputational Identity ā 2022 Progress Update
- As a quick overview, a handful of āliveā reputation-layer protocols have already reached a substantial number of users: Galxe, POAP, RabbitHole, and DeQuest. Weāll dive into each of these to understand their growth metrics and use cases later.
- What is reputational identity? Identity in web3 can be approached in various ways, all of which can be combined to form the true picture of an individual.
- Think of the analogy of a group of blind men and an elephant ā everyone tries to imagine what the elephant is like when they touch it, but their version is different from the others. The elephant only emerges when all the information is put together.
- Some of these pieces of information include on-chain transaction history, asset ownership, biometric verification (bringing off-chain identity on-chain), and web3 social graphs.
- Reputational identity relies on track records and accomplishments to represent identity. Imagine a web3 LinkedIn-type resume. This typically involves NFTs and soulbound tokens (SBTs, essentially non-transferrable NFTs).
- We believe these are worth looking at because several reputation-based protocols have taken off this year, some with over a million users.
- For more on reputational identity, Delphi members can read our Delphi ProĀ reportĀ here.
š£Ā Notable Tweets
The State of Affairs at FTX
THE FTX FIRST DAY DECLARATION
New CEO John Ray is scathing about Sam Bankman-Friedās management.
āNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information.ā
https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdf
Thoughts on NFT Trading
Over the past 12 months, Iāve established NFT trading rules that have led to numerous 5 figure trades.
Here are my 6 main trading rules for NFTs.
(a thread)
-Aaron (@AaronSage)
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