🤯The go-to Social Media for Web3 BUIDLers is NUTS

Hello Nutty Family!

Hope everyone had a nutty weekend! I bet all our friends from Argentina defintely had one.

Felicitaciones Argentina! 💙

This weekend saw major volume come into Trump NFTs. Remember we talked about it in our last issue? 👀

Hope you made some quick flips! Without further Espere, let us dive in,

• The go-to Social Media for Web3 BUIDLers is NUTS 🤯

• The Chain that has survived it all 💪🏻

• Some other NEWS in a Nutshell 🥜

• Nutty Meme 🥜

The go-to Social Media for Web3 BUIDLers is NUTS 🤯

Twitter has been going nutty since Elon Musk took over. There have been reports about 📫

1. How Elon took on a big financial risk 💣

2. How Elon is neglecting his duties at Tesla due to Twitter💨

3. How he is banning journalists on Twitter for writing negative reviews about Twitter or him 🤕

4. How he shut down Twitter spaces after a negative space on him 🔴

5. Major advertisers stopped advertising on Twitter.

and many more.

There are 2 more hot nuts 🥜 that dropped yesterday. 👀

• Elon might step down as the CEO of Twitter. This comes after a poll run by him on Twitter had 57.5% of voters voting in favour of it. This was followed by a tweet where he said, and we quote, "As the saying goes, be careful what you wish, as you might get it" 😯

• The second news, which has now been deleted, was that Twitter would stop promoting other social media accounts on its platform. Yes, you heard that right. Twitter could potentially ban people for posting links to their profiles on Instagram, Facebook, and several others. 🚨

Before we discuss any further, you might be asking, "Why are we talking about Twitter in a web3 focused newsletter?" 🤔

Twitter has been one of the biggest platforms for Web3 builders. A web3 company might not have accounts anywhere else, but it was almost impossible not to have an account on Twitter. 🐤

Nutty Take 🥜

Elon’s multiple actions clearly show how Twitter is a far cry from the decentralised social media platform vision he preached about before and after buying it. ⏬

Now, if Elon maintains his censorship policies, where will Web3 builders go? 😣

Among our centralised social media applications, we think Instagram and Linkedin are the likeliest challengers. However, there are several decentralised social media platforms emerging, like Lens Protocol, Desprotocol, Farcaster, Mastadon, and many more 🏅

We think it would be a nutty (wise) decision for you to start building your company profile and personal brand outside of Twitter as well! 🏃

You never know when Elon will go nuts and ban you. 🔨

The Chain that has survived it all 💪🏻

Solana had a rough patch this year.

• A defi platform, Solend It almost took control over a wallet containing $20 million. 👛

• Several outages shut down the Solana chain for many hours. ⬇️

• The Solana chain got hacked, with over $5 million in losses. 🕵️

• It nosedived from $30 to $12 after the FTX fallout. 📉

• One of the biggest protocols on Solana, Serum faced an existential crisis. 😢

• There is ongoing tension between the biggest marketplace and the creator of its NFT protocol. 🆚

• The most recent news is, Raydium, its largest defi-exchange, was hacked and drained for $2 million. 😲

According to reports, the hackers gained access to the owner's authority and drained the liquidity pool. This resulted in the price of RAY (Raydium’s native token) falling 20% and its TVL (Total Value Locked) decreasing by 30%. 🧐

Do note that we are not trying to FUD Solana, but the list is literally mind-boggling. 🥹

The only silver lining? It is still running despite so many setbacks. This is literally a miracle in itself. We believe no other chain would have survived so many setbacks. 🫡

What do you believe is the blockchain's final support? 🤔

To be honest, only time will tell. It is still holding its own due to the large number of developers building in its ecosystem. We believe if these developers withdraw and start searching for alternative chains to work on, Solana might have a bad time. 😇

We do not want a headline about “So-long went Nuts” 🫣

Do reply to us on what is your take on this situation! The best replies will get featured. 😉

Some other NEWS in a Nutshell 🥜

• Nigeria is set to recognize bitcoin and cryptocurrencies and is expected to pass a bill on it soon.

• Amazon is releasing a series on NFT titled, NFTMe. It has interviews with famous creators and influencers.

• Yuga Labs hires ex-COO of Activision Blizzard Daniel Alegre as the new CEO.

Nutty Meme 🥜

We know there are'nt many positive web3 news in store for us today. We hope everything gets better towards the end of the week! See everyone on Wednesday! <3

Psst..Do not forget to drag the email to primary inbox so that you can keep recieving the nutty emails.