https://www.coingecko.com/learn/what-are-layer-3s-crypto

What are Layer 3s in Crypto? 

Layer 3 protocols are built on top of Layer 2s to provide enhanced scalability so developers can create customized application-specific blockchains based on their needs.

Key Takeaways

• Layer 3 protocols are built on top of Layer 2s to host application-specific decentralized applications.

• Layer 3s can solve a variety of issues such as scalability, interoperability, customization, and more. 

• Some examples of Layer 3 protocols are Orbs, Arbitrum Orbit, and zkSync Hyperchains.

How Do Layer 1s, Layer 2s, and Layer 3s Work Together?

Layer 1s are blockchains that form the foundation, where blocks are added and transactions are finalized. However, Layer 1s suffer from the blockchain trilemma, where they have to sacrifice either scalability, decentralization, or security. Blockchains like Bitcoin and Ethereum prioritize decentralization and security over scalability, and these networks experience low transaction speeds as network users increase. 

This is where Layer 2s, which tackle the scalability issue, come in. Layer 2s are off-chain vertical scaling solutions that run on top of Layer 1s like Ethereum to enable scalability, offering users faster transaction and lower gas fees. They can take the form of rollups or validiums, as in the case of Polygon 2.0. Many Layer 2 solutions, such as Polygon, zkSync, and Arbitrum, have released solutions that enable developers to create app-specific chains built on top of the Layer 2, which brings us to Layer 3s.

Layer 3s are advanced protocols built upon existing Layer 2 solutions, which offer interoperability and application-specific functionalities. This means that Layer 3s are highly customizable and are able to suit a developer’s specific needs, such as enabling solutions for targeted issues like privacy, or supporting a high volume of transactions, all while still inheriting the security of the Layer 1 blockchain. Currently, most Layer 3s are built on Ethereum, and there are blockchains, such as Bitcoin, which are not suited to host Layer 3 applications at time of writing. 

What Problems Do Layer 3s Solve?

Now, with an understanding of how Layer 1s, 2, and 3s work together, let’s take a closer look at Layer 3s and how they further scale the blockchain. 

Scalability

Designed to enhance scalability beyond the current capabilities of Layer 1s and Layer 2s, Layer 3s are extremely scalable. Therefore, the network would be able to handle a much larger volume of transactions and support a broader range of complex applications at the same time. 

Complex dApp Support

Layer 3s are able to provide the necessary infrastructure for the development of more complex decentralized applications that require more advanced features. This could potentially help improve web design to include more advanced features on the application, making it more accessible for layman users. Depending on the developer’s needs, Layer 3s can also facilitate more complex smart contract designs that Layer 1 and Layer 2s could not handle due to limited scalability.

Blockchain Interoperability

Layer 3s also addresses the problem of interoperability. Layer 3s can act as a bridge between the different blockchains so that the transactions and data can flow across the different platforms. This means that the Layer 3 dApps have the functionality to connect to different blockchains such as Ethereum and Solana. 

Customization 

Layer 3s can also be customized to the unique needs of the developers. For example, developers can introduce application-specific mechanisms that only allow the execution of private transactions and contracts, which would only allow some data to be revealed. Due to the highly customizable functionality of Layer 3s, developers can customize their dApp’s governing mechanism, rules, and functionalities according to their needs.

Arbitrum Orbit allows developers to customize different aspects of their chain. For example, developers are able to customize and choose which tokens to accept for transaction fees on their chain. This gives developers the flexibility to choose and potentially include a native token for the platform, allowing developers to customize the functionality of their dApp to their unique needs. In addition, developers can customize their dApp to ensure users have more consistent and reliable gas prices. Developers can also launch their own blockchain network with specific features – such as Arbitrum’s Nitro-powered blockchain network and Stylus for EVM+ compatibility. Some other customizations that Arbitrum Orbit provides include privacy, permissions, fee tokens, governance, and much more.

Cost-effective 

As Layer 3 networks process some of the transactions and operations off-chain, this helps to reduce congestion on the network, which in turn heavily reduces the transaction fees. This cost efficiency helps to reduce the cost barriers to entry, making it much more accessible for developers and users alike. 

For example, the Xai network is a dedicated gaming network built to power Web3 games. Built via Arbitrum’s Layer 3 network, the Xai network introduces parallel processing to increase efficiency and scalability while further reducing cost at the same time. 

Accessibility

Layer 3s can also be made to be more accessible to the masses, and easier to be implemented. For example, Arbitrum’s Layer 3, Arbitrum Orbit allows anyone to build and deploy their own Layer 3 on Arbitrum Nitro without needing approval. In comparison, launching Layer 2s require a proposal around their trust model and how they will accomplish full decentralization.  

Use Cases of Layer 3s

Now that we’ve looked at what problems Layer 3s solve, here are some possible use cases of Layer 3s:

Gaming Applications

One use case for Layer 3s is blockchain gaming. By operating on Layer 3, it enables the application to function on a dedicated blockchain which allows the transactions to handle a much larger volume of transactions at faster speeds. This is particularly important for gaming applications to help developers maintain a seamless in-game experience for users. 

Gaming applications tend to process many microtransactions which can tend to be most costly. As such, operating the application on Layer 3 can allow developers to ensure cost efficiency for users due to the lowered transaction fees of Layer 3s.

Decentralized Finance Applications 

Another possible use case for Layer 3 is decentralized finance applications. Operating on Layer 3s is ideal as it enables decentralized finance applications to be customized according to the needs of the application. This means that developers will be able to customize the privacy settings and the different functionalities of the application.

In addition, Layer 3s are extremely scalable, which ensures that the high volume of transactions can be processed quickly which is extremely important for real-time trading. Layer 3s also allows for interoperability among various blockchain networks, allowing users to transfer their assets across the different networks.

Examples of Layer 3s

While the concept of Layer 3s is still considered a relatively new development in crypto, here are some notable projects to look out for:

Orbs 

Working in conjunction with existing Layer 1 and Layer 2 protocols, Orbs is a Layer 3 blockchain that focuses on addressing the scalability issues faced by the Ethereum blockchain. According to their website, Orbs view their Layer 3 as an ‘Enhanced Execution’ which allows developers to develop their smart contracts by operating as a decentralized severless cloud. 

Source: Orbs

This means that developers are able to write and deploy their smart contracts on Orbs’ own decentralized network and do not have to worry about the network’s underlying infrastructure. This gives developers the convenience of not needing to maintain physical servers as well. Currently, Orbs works with a few Layer 1 and Layer 2 protocols, including Ethereum, BNB Chain, Avalanche, Polygon, and more. 

Arbitrum Orbit

In 2023, Arbitrum Foundation also released its new feature – Arbitrum Orbit, which is envisioned as a Layer 3 blockchain built on top of the Arbitrum Nitro platform. Other than even lower transaction costs and enhanced scalability, developers are able to create their own self-managed specialized blockchains on the Arbitrum Nitro platform. This allows the developers to utilize customized blockchains according to their specific needs.  

zkSync Hyperchains

Launched by the zkSync team, zkSync Hyperchains can become Layer 3s, which use Layer 2s for settlement. zkSync Hyperchains are powered by the same zkEVM engine available on the ZK Stack, where all ZKP circuits remain identical and inherit the security of the Layer 1, regardless of who deployed them. One benefit is that Layer 3s that settle on the same Layer 2 will have faster messaging between each other and interoperability within the wider ecosystem. 

Source: zkSync Era

Final Thoughts

The development of Layer 3s is an interesting innovation in the cryptocurrency space. It improves on what we had before by bringing together the best parts of Layer 1 and Layer 2 — such as making the network more scalable, yet secure. Despite this, it is still good to remember that each of these layers plays a crucial role in the blockchain ecosystem and does not compete against each other. Currently, Layer 3s is still in the stages of development, but I think it is clear that Layer 3s will play a pivotal role in shaping how we will be able to utilize blockchain technology in the future, by making it even easier for blockchains to handle high transaction volumes. 

https://www.coingecko.com/learn/top-telegram-trading-bots

What Are The Top 5 Telegram Trading Bots? 

In terms of social media following, some of the most popular Telegram trading bots are Mizar, Unibot, Maestro, Wagie Bot, and Banana Gun.

Key Takeaways 

• Telegram trading bots connect to your wallet and help users to automate and execute a wide range of trades quickly.

• Based on social media following, the top 5 Telegram trading bots are Mizar, Unibot, Maestro, Wagie Bot, and Banana Gun.

• In terms of features, all of the bots differ in terms of the specific services they offer and the bot interface.

Introduction To Telegram Trading Bots 

Telegram trading bots, with their accessibility and convenience, have taken the crypto space by storm and recently emerged as a new narrative in the cryptocurrency space. Helping traders to automate their trades, telegram trading bots connect to decentralized cryptocurrency exchanges and execute trades based on predefined rules. 

While different bots have slightly differing functions, most bots generally execute the same basic trades. These include a variety of features – stop loss and take profit orders, anti-rug and honeypot features, copy trading, multi-wallet, liquidity, and method sniping features.

In this article, let us look at the top 5 most popular Telegram trading bots based on their social media following and each bot’s different features. 

Mizar

Backed by notable figures like KuCoin Labs and Huobi Ventures, the https://mizar.com/Mizar platform allows users to trade cryptocurrencies, stake MZR tokens, and participate in copy trading.

The Mizar platform has two main products – CeFi and DeFi trading bots. 

DeFi Telegram Bots

Their DeFi telegram trading bot currently only supports Uniswap v2.0 and v3.0 on the Ethereum chain. Users can use the DeFi bot to snipe any new token launch or IDO. Some of these features are still under development. 

Using their DeFi bots, users can enjoy various features, including multi-wallet sniping, smart gas and slippage, block-0 snipe, anti-rug protection, auto-trade, and many more. 

The Mizar Telegram bot also has a token sniffer function where users can verify the security of any ERC-20 token. This includes features such as an anti-whale function, contract owner verification, and more. 

CeFi Trading Bots 

Their CeFi trading bots are not currently on Telegram and are only available on the Mizar website itself. It currently supports 10 different exchanges, including Binance, KuCoin, and OKX. Besides buying and selling tokens on the bot, you can also use copy-trade by inputting wallet addresses, which would automatically copy these wallets’ trades and transactions. Under the ‘Get Copied & Earn’ program, users can also copy wallets of their choice on the marketplace. The CeFi bot also has a unique DCA bot, which allows users to reduce their trading risk through Dollar Cost Averaging (DCA).

Native Token

MZR token is the native token of the application, and staking of the token unlocks benefits for platform users. For example, when MRZ holders stake their tokens, they can enjoy lowered fees when using the platform’s bots. MRZ holders who stake their tokens can also join competitions, receive referral rewards, and unlock advanced features on their platform. One interesting feature that MRZ holders can enjoy if they stake their tokens is their ‘Get Copied & Earn’ program, where holders can share their own bots on their marketplace and earn passive income from other users copying their trades. 

Unibot

The next on our list is Unibot, a Telegram bot designed to make extremely fast swaps on Uniswap. It currently only supports Uniswap v2.0 and v3.0 on the Ethereum chain. While using UNIBOT is free, it charges a 1% tax on every successful buy-and-sell transaction. 

According to the website, Unibot is able to execute trades 6 times faster compared to trading on the traditional website Uniswap. This is from the time saved from having to open your computer, connect your wallet to the website and approve transactions. When using the bots, all you have to do is simply copy and paste the contract address of the token and send it as a chat to buy the token, and it removes the need for users to approve permissions at every step of the transaction.

Features

The Unibot platform boasts a series of features such as limit orders, copy-trading, method sniping, fail guard sell, and private transactions. Users can also transfer ETH between their wallets. Unibot also has a PNL Analysis function, where users can view their profits or losses while trading with the bot. 

Unibot also offers a token scanner where users are able to get real-time updates on newly created tokens on the Ethereum chain. The token scanner is integrated with Unibot’s own sniper bot, and users can easily buy these new tokens quickly.

Native Token

Unibot also has its own native token UNIBOT. Holders of UNIBOT are also given a reduced fee of 0.8% if they hold more than 50 UNIBOT tokens. Unibot is widely regarded as one of the most popular trading bots, with a market cap of over $129 million.

Holders of UNIBOT tokens are also entitled to receive a portion of Unibot’s revenue share. Proportional to the number of tokens holders hold, Unibot redistributes 40% of its transaction fees and 1% of UNIBOT’s traded volume.

Maestro

Launched in 2022, the Maestro sniper bot is one of the earliest bots in the market. It supports 3 different chains, BNB Smart Chain, Ethereum, and Arbitrum. While using the Maestro bot is free, it charges a 1% tax on every successful buy and sell transaction.

Maestro also provides a paid premium subscription to use a more advanced version of the bot, ‘Maestro Pro Bot’, which will cost users $200 a month. According to the website, the subscription is meant for hardcore users and advanced day traders. The subscription gives users faster speeds, allows users to make more concurrent trades, exclusive access to token indicators, and more.

Features

The Maestro sniper bot also has extensive features such as anti-rug, method, liquidity, and launch sniping. 

The sniper bot also has ‘God Mode’, a mode for more experienced traders. This includes features like block delay, auto snipe, or slippage adjustments. 

One of the more unique features of the Maestro sniper bot is the ability to contribute to presales on PinkSale quickly. When trying to contribute to a presale, it is often a battle to contribute quickly before the presale reaches its hard cap, and many will resort to paying high gas fees to ensure a contribution. 

Wagie Bot

The Wagie Bot is both Telegram and Discord-based bot that operates on Ethereum, BNB Smart Chain, and Arbitrum. Just like other bots, using the platform is free, but Wagie Bot charges a 0.8% fee for every transaction except stable swaps. 

Features

The Wagie Bot currently has a rather extensive list of features, including copy trading, liquidity sniping, dollar cost average orders, and more. 

The Wagie Bot team is currently working on including additional features like sniping call channels on Telegram, Twitter, presale sniping, liquidity farming, and even a network bridge. 

Native Token

The native token WAGIEBOT launched on 10 July with a launch price of $0.02. Just 13 days later, on 23 July, WAGIEBOT reached its all-time high of $1.73. 
Depending on the number of tokens held, holders of WAGIEBOT tokens can enjoy benefits such as cheaper bot fees and a higher number of trades.

Banana Gun

The Banana Gun Bot categorizes its services into two different tiers – Tier 1 and 2. Their Tier 1 services have more limited services like manual buying, charges 0.5%. On the other hand, their Tier 2 services charge 1% but include more advanced features like auto sniping. 

Features

The Banana bot currently supports many different features, like generating wallets, anti-blacklist, and more. 

The Banana bot team is still working on more features and has released a roadmap for their future plans. On 1 August, the team recently released a new feature – a Telegram scraping bot that allows users to automatically buy any coins posted in a channel of their choice. In the future, the Banana bot team hopes to build an ecosystem for the bot.

Risks of Using Telegram Crypto Trading Bots

When you first start using Telegram cryptocurrency bots, you will need to connect your wallet to the bot so that the bot can execute trades on your behalf. However, this means that the bot has access to private keys and might pose a security risk. 

While the bots usually claim to delete your private keys after the bots are configured, we have no sure way of knowing if your keys have been deleted. As such, we should take note of the possible security tradeoffs they might pose. To be safe, if you are using Telegram bots, you might want to connect a separate wallet to the bot and only transfer in an amount they may be using. 

Final Thoughts

In terms of features, all of these bots differ regarding their services and the bot interface. Ultimately the choice of which bot to use depends on each individual’s trading needs and preferences. 

As Telegram trading bots are generally still a recent development in the cryptocurrency space, it is safe to say that we can expect further improvements and features in the future. It will be interesting to keep an eye on how bots will change the crypto trading landscape in the future. 

https://www.coingecko.com/learn/hsbaf-in-crypto

What Does HSBAF Mean?

“HSBAF” is an abbreviation for “Holy S*** Bears Are F***ed”. The term is used among investment communities where there has been a significant price increase in the market, and individuals who had a bearish sentiment get burned. 

In this case, for individuals who are bearish on the market and have shorted the market, this general price increase in the market would mean financial losses.

Connotation

For most, this term carries a generally positive connotation as it indicates a strong bullish market and has the potential for investors to profit. 

On the other hand, “HSBAF” carries a negative connotation for investors who were bearish on the market as they would have suffered losses. 

Examples

Here are some ways “HSBAF” can be used: 

• BTC at 50k. HSBAF!

• Crypto is mooning! HSBAF

• The market is looking really good lately. HSBAF

May I be the first to say, #HSBAF

— Don’t follow Shardi B if you hate trading (@ShardiB2) February 4, 2022

https://www.coingecko.com/learn/hfsp-in-crypto

What Does HFSP Mean?

“HFSP” is an abbreviation for “Have Fun Staying Poor”. The term is used particularly among crypto communities, mocking others that do not have investments in cryptocurrencies. 

The term is used to dismiss skeptics who doubt the legitimacy and value of cryptocurrency investments. This is founded on the belief that individuals who are not holding said investments will miss out on significant gains.

Connotation

The term carries a negative connotation as it has an arrogant undertone and is generally used to dismiss or mock someone. The term “HFSP” is also loosely related to “NGMI”, an abbreviation for “Not gonna make it”.

Examples

Here are some ways “HFSP” can be used: 

• If you sold your bag, you’re NGMI. HFSP

• Did you buy it, Anon? Or HFSP

• Missed this one. Guess I’m going to HFSP

First they laugh at you
Then they hfsp because they ngmi

— Balaji (@balajis) September 27, 2021

https://www.coingecko.com/learn/safu-in-crypto

What Does SAFU Mean? 

In crypto, the term “SAFU” denotes that funds or assets are safe. Among crypto communities, you can use the term “SAFU” interchangeably with “Safe”. 

“SAFU” is usually used among a project’s promoters or team to assure investors that their investment will be safe. It can also be used by investors asking one another if the platform is safe.

Depending on the context, “SAFU” can also refer to a monetary fund established by Binance. “SAFU” is actually an abbreviation for “Secure Asset Fund for Users”, a fund created by Binance to protect users’ funds. 

Connotation 

The term carries a positive connotation as it reassures investors that their funds are safe and protected. 

Word Of Caution 

When teams or promoters label their project as “SAFU”, it is important not to take it at face value, as sometimes, the project might still be a scam. It is important to do your due diligence on each investment you make.

Origin

The term was popularized by Changpeng Zhao, CEO Of Binance, who has repeatedly used the term “SAFU” in his tweets. 

#Binance does not have exposure to SVB. Funds are #SAFU.

— CZ 🔶 Binance (@cz_binance) March 10, 2023

Examples 

Here are some ways “SAFU” can be used: 

• Funds are SAFU

• Is the platform SAFU? 

• KYC and Audit done, 100% SAFU

Seems another hack happened to multichain. Chainge has paused crosschain service related to fantom. Other crosschain and crosschain swap service are all good and safe#SAFU

— DJ Qian 🪢 (@djqianfusion) July 7, 2023

https://www.coingecko.com/learn/hodl-in-crypto

What Does HODL Mean? 

“HODL” is an abbreviation for “Hold on for dear life”. “HODL” is derived from the misspelling of the word “Hold”. Used by investors, “HODL” refers to investors who do not sell their investments despite huge fluctuations in the market.

Connotation 

The term carries a positive connotation as it is generally associated with an investor that is strong-willed and not swayed by short-term fluctuations. 

Synonym

The term “HODL” is also associated with “Diamond Hands”, a term used to describe an investor who holds onto their investment despite huge price fluctuations.

Antonym

The term “HODL” contrasts with “Paper Hands”, a term used to describe an investor who sells their investment at the first sign of financial turmoil in fear of potential losses.

Origin

The term “HODL” originated from a post on a Bitcoin Forum. In the post, the user misspelled “Hold” as “HODL” while expressing his intention to hold Bitcoin despite the volatility in the market. 

Examples 

Here are some ways “HODL” can be used: 

• Everyone, let’s Diamond Hand this! Just HODL
• I am still HODLING
• LFG everyone HODL

What #cryptocurrencies do you think I should BUY and HODL this month?

— CryptoJack (@cryptojack) July 6, 2023

https://www.coingecko.com/learn/what-is-bearish-in-crypto

What Does Bearish Mean? 

The term “Bearish” refers to a negative sentiment for a particular investment or the general market. This refers to a general expectation that the investment or market will decrease in value. 

For example, if an investor is “Bearish” on ETH, this would mean that they expect ETH to decrease in price. 

Connotation 

The term has a negative connotation as there is an expectation that the market will decrease in value, which can mean huge losses for investors. 

Antonym

The term “Bearish” contrasts with “Bullish”, which is used to refer to a positive sentiment for the market or investment.

Examples

Here are some ways the terms “Bear” or “Bearish” can be used: 

• The SEC crypto lawsuit is so bearish 

• I am extremely bearish on Token X 

• Market’s been looking real bearish

$BTC

Looking to see if we can trade below the midrange to run the stops near the blue curve.

Would love an aggressive stop run below the range and see if we can get back inside or bearish retest the range low.

The market is waiting for CPI data it seems. pic.twitter.com/uAWkiTR87V

— Trader Koala (@trader_koala) July 10, 2023

https://www.coingecko.com/learn/what-is-bullish-in-crypto

What Does Bullish Mean? 

The term “Bullish” refers to a positive sentiment for a particular investment or the general market. This refers to a general expectation that the investment or market will grow. 

For example, if an investor is “Bullish” on ETH, this would mean that they expect ETH to increase in price. 

Connotation 

The term has a positive connotation as there is an expectation that the market will do well, which can mean potential gains for investors. 

Antonym

The term “Bullish” contrasts with “Bearish”, which is used to refer to a negative sentiment for the market or investment.

Examples

Here are some ways the terms “Bull” or “Bullish” can be used: 

• XRP looking bullish atm. LFG

• Wen next bull run? 

• Next bull run I am going it make it big

#BITCOIN BULL RUN BEGINS. pic.twitter.com/Hna7GItTL5

— TAnalyst (@AurelienOhayon) July 4, 2023

https://www.coingecko.com/learn/telegram-crypto-trading-bots

Telegram trading bots connect to decentralized cryptocurrency exchanges and execute trades based on predefined rules. While they are usually free to use, the team usually takes a small transaction fee. 

Key Takeaways 

• Telegram trading bots connect to your wallet and help users to automate and execute a wide range of trades quickly. 

• Most bots include a variety of functions, including stop loss and take profit orders, anti-rug and honeypot features, copy trading, multi-wallet, liquidity, and method sniping features. 

• The most popular trading bot is currently Unibot, with a market cap of over $129 million.

• It is important to note the possible security tradeoffs that using Telegram trading bots might pose, as they might have access to your keys.

What Are Telegram Crypto Bots?

Telegram bots are user-programmed applications on messaging platform Telegram that can help users automate tasks like trading and price checking. One of the more well-known Telegram bots includes Bobby Buy Bot, which sends alerts to Telegram groups whenever a buy is made. Telegram bots cover an extensive range of functions, and bots can give you up-to-date information on NFT prices, tracking wallets, and much more. 

For the purpose of this article, I will be focusing on the latest narrative – Telegram trading bots.

Source: https://dune.com/whale_hunter/dex-trading-bot-wars

In the last few months, the wave of Telegram trading bots boomed. On the 23rd of May 2023, the total marketcap of DEX Bot Sectors tokens was 5.5 Million. Just a little over two months later, on the 25th of July, the total marketcap has already increased more than 25 times, surpassing a total marketcap of 139 Million. 

How Telegram Crypto Trading Bots Work

Many users love Telegram trading bots because of their convenience and efficiency. For example, the most popular trading bot – Unibot, is designed to make extremely fast swaps on Uniswap. According to the website, Unibot is able to execute trades 6 times faster than trading on the traditional website Uniswap.

Instead of having to open your computer, connect your wallet to the website and approve transactions, all you have to do is simply copy and paste the contract address of the token and send it as a chat to buy the token. This seamless process makes it extremely convenient for users to buy and sell with a simple telegram command. 

What Can Telegram Trading Bots Do? 

While different bots have slightly differing functions, they generally execute the same basic trades. These functions include: 

Buy And Sell Tokens Efficiently

Integrated seamlessly into the messaging platform, you will be able to purchase tokens quickly by copying and pasting the CA into the chat. Most bots will also have a refresh function, which gives you live updates on how much you are up or down on your trade. You will also be able to sell your tokens quickly via the bot, as you are able to pre-approve and sign transactions. 

Stop Loss And Take Profit Orders

Users can also set stop loss and take profit orders where the bot will automatically execute the trades when the token reaches a certain price. This can be extremely useful as users can automate the trading experience and do not even have to be online for the trades to execute. 

Anti-Rug Features

Most of the bots also have anti-rug features. If the token developer attempts to rug-pull the token, the bot can detect the pending transaction in the mempool and execute a faster sell transaction to liquidate the position before liquidity is pulled.

HoneyPot Checking Features

Similar to the anti-rug features, the bot can detect incoming malicious transactions by a token developer. If the incoming transaction makes the token impossible to sell, turning it into a honeypot, the bot will immediately liquidate the position before it becomes a honeypot.

Copy Trading 

Users can also input wallet addresses and automatically copy these wallets’ trades and transactions. The idea is to “copy the pros” and thereby replicate their trading successes by following all their trades.

Multi-Wallet Sniping 

To bypass individual wallet restrictions on tokens, users can also use the bot to snipe with multiple wallets at a time. For example, if a user snipes a token with five multi-wallets, the bot will execute the same trade on each of the five wallets. This is done to bypass restrictions such as max wallet size, which are usually hardcoded into the smart contract by token developers.

Liquidity Sniping

Telegram trading bots are also able to liquidity snipe, which is a form of automatic sniping that executes a buy order when the bot detects liquidity being added. The bots are often programmed to send buy transactions with the same gas settings as the transactions of the developer, adding liquidity so that the buy transaction will occur in the same block right after the developer’s transaction. This maximizes the amount of tokens a sniper gains on a new token.

Method Sniping 

An advanced form of sniping tokens, similar to Liquidity Sniping. Tokens may not begin trading even when liquidity is already added, so users can choose to send buy transactions automatically based on the “Method ID” of a developer’s pending transaction. This Method ID indicates how the developer’s transaction interacts with the token’s smart contract, potentially enabling trading on a new token and allowing a sniper’s buy transaction to execute as early as possible.

Native Tokens 

Many of the Telegram trading bots have also released their own native tokens. Holders of these native tokens are usually given lower fees on the platform and exclusive access to certain features, such as faster trades. 

Following the Telegram trading bot narrative, CoinGecko has added a new category for Telegram bot tokens. 

In May 2023, Unibot launched its own native token, and the token has since been on a steady uptrend. As of today (26 July 2023), UNIBOT is up 91.41% in the last 7 seven days. Following the Telegram trading bot narrative, native tokens of other Telegram trading bots have also been on a steady uptrend. 

For example, UNIBOT holders enjoy lowered fees, special access, and a revenue share of the bot. According to the number of tokens users hold, Unibot redistributes 40% of the transaction fees and 1% of the total trading volume back to holders. 

For seasoned users of the bot, investing in the native tokens of the different Telegram bots may seem like a good long-term investment because of the lowered rates and special features. 

Risks of Using Telegram Crypto Trading Bots

To start using these bots, you will first need to configure and connect your wallet to the Telegram bots so that the bot will be able to execute trades on your behalf. While the Telegram trading bots claim to delete access to your account, we have no sure way of knowing that, and these Telegram bots may have some form of access to your wallet. 

While the Telegram trading bots are definitely convenient, it is always important to take note of the possible security tradeoffs they might pose. To be safe, users might want to connect a separate wallet to the bot and only transfer in an amount they may be using. 

Conclusion

While there are many different types of Telegram trading bots in the market, Unibot is currently the most popular bot due to its simplicity and user-friendly interface. Choosing which type of bot you will use depends on each individual’s needs and preferences. However, it is important to note that you should familiarize yourself with the bot and its features before attempting to trade, as it can result in a loss of funds. 

Telegram trading bots are definitely one of the more interesting advancements in the crypto space, as trading on decentralized exchanges is made more accessible and convenient for users. As the Telegram trading bot space is generally still quite new, it is safe to assume that we will be able to see much more advanced features in the future.

https://www.coingecko.com/learn/metamask-airdrop

In March 2022, Consensys founder Joe Lubin confirmed the release of a native token, as MetaMask currently does not have a native token.

Key Takeaways

• MetaMask is the most used self-custodial wallet in the crypto space.

• MetaMask is owned by Consensys.

• While the launch of a MetaMask token has been confirmed by Consensys co-founder, the token airdrop is still speculative. 

• To increase your chances of being allocated an airdrop, you will need to interact with the different features of the wallet and protocols. 

With more than 30 million active monthly users, the MetaMask wallet is undoubtedly one of the most used wallets in the crypto space. In November 2021, Consensys CEO Joe Lubin teased the release of the native token MASK for the wallet, causing many investors to speculate on an airdrop. It was only later in March 2022 that he confirmed that MetaMask intends to launch its own token and a Decentralized Autonomous Organization (DAO) to pursue ‘progressive decentralization’. 

Lubin also mentioned that the DAO would aim to introduce community ownership. As such, while there has been no confirmation that the token will be airdropped at launch, Lubin’s claim has resulted in many speculating that the token will be distributed through an airdrop. 

That being said, Jacobc.eth, the lead of operations at MetaMask, mentioned in an interview that MetaMask is taking extra precautions to ensure that the token launch would not be a “cash grab”. He also noted that if there were an airdrop, they would be putting in preventive measures against “airdrop farmers” as the goal of the token is to give governance. 

It is also good to note that as Consensys, the company that owns MetaMask, is an Ethereum-focused company and the airdrop might potentially prioritize projects that benefit the Ethereum ecosystem. This will include transactions from the Ethereum mainnet and Layer 2 projects like Arbitrum and Optimism. 

In this article, I will walk you through how to farm or increase your chances of being allocated an airdrop. 

Introduction To MetaMask and MASK 

MetaMask is a hot wallet that allows users to store their account keys, interact with the blockchain and connect to decentralized applications. 

In recent months, MetaMask has been rolling out more features, such as built-in swaps, a portfolio, a fiat on-ramp, a bridge aggregator, and even liquid staking services.

To qualify for a potential MASK airdrop, users will probably need to use the in-built features that MetaMask offers and interact with the different networks and protocols. 

Now, let us take a look at specific ways you can increase your eligibility for receiving an airdrop.

Deposit Or Purchase Tokens

To start, you should either deposit tokens by sending the tokens to your wallet address or purchase ETH from MetaMask directly. If you purchase tokens directly from MetaMask, you can use credit and debit cards, Apple Pay, and bank transfers. 

Use Metamask’s Swap Feature

To improve your chances of an airdrop, you can also use MetaMask’s own swap feature. To start, head over to your extension and click ‘Swap’. Select the token or coin that you would like to swap, and confirm ‘swap’ when done. 

It is also good to note that MetaMask’s swap feature functions as an aggregator, and MetaMask takes a 0.875% fee for the transaction.

It is also possible that one of the criteria for the airdrop will be the volume of your transactions, so it might be good to make a few swaps. You should also try to do this once every week or month, as the airdrop criteria may also include having done transactions over a period of a few distinct months.

Use Metamask’s Bridge Feature

To use the bridge feature, go to your MetaMask extension and select ‘Bridge’, which will bring you to a new page. 

After you are brought to this page, first select your destination chain and token to bridge. MetaMask will then automatically choose the cheapest fee for you. 

If you would like to, you can click on ‘Choose a different quote’ to change the bridge provider you. It is good to note that, similarly to performing swaps, Metamask takes a 0.875% fee. 

Another possible criterion for the airdrop might be specific amounts you would need to bridge. Depending on your choice, it might be good to do multiple swaps with larger amounts to help ensure that you hit their criteria. However, this might be quite costly, and you should remember to consider that the airdrop is currently speculative. 

Interact With Top dApps

After depositing your tokens, you can also interact with the decentralized applications on the different networks. The idea is to use your MetaMask wallet to conduct transactions such as swapping tokens, staking, yield farming, lending, or even purchasing NFTs. Just remember to connect your MetaMask wallet to the dApp.

For example, on the Ethereum chain, you can interact with popular dApps like Uniswap, SushiSwap, and OpenSea. Uniswap, a decentralized exchange (DEX), allows users to swap their ERC-20 tokens. On the other hand, Sushiswap is also a DEX but offers additional features such as yield farming and staking. 

Use Metamask’s Liquid Staking Feature 

To use the liquid staking feature, go to your MetaMask extension and select ‘Portfolio’, which will bring you to a new page. 

After this, click ‘Stake’ on the left side of the screen. As this function is still in its beta stage, there are only two staking providers – Lido and Rocket Pool. 

The provider with the highest rewards will be automatically selected for you. If you would like to switch to the other provider, simply click on it.

Once you click the provider, simply enter the amount of ETH you wish to stake, which would then show you an estimated staking reward. If you are satisfied with the rates, simply confirm the transaction, and you’re done! 

Final Thoughts

If MetaMask really conducts an airdrop, you can expect the team to be much more stringent on their criteria for their airdrop due to the large number of active users on the wallet. One of the criteria for the potential airdrop will likely be interacting with the different networks, so be sure to conduct all the different steps on different chains!

Please do keep in mind that this is not financial advice, and the airdrop is currently speculative. 

https://www.coingecko.com/learn/defillama-chatgpt-plugin

What Can DefiLlama’s Chatgpt Plugin Do?

With the new DefiLlama ChatGPT plugin, we are able to retrieve up-to-date current and historical data on blockchains, DeFi applications, and bridges.

Previously, while ChatGPT could help with some form of research, the model had limitations as it could not access up-to-date information as its data was only updated till September 2021. 

Key Takeaways

• ChatGPT Plugins are third-party applications that can help enhance the GPT-4 model by enabling users to access up-to-date information and much more. 

• The new DefiLlama ChatGPT plugin allows you to keep yourself updated on information about blockchains, DeFi applications, and bridges. 

• You can use the plugin to retrieve updated information, identify the best and worst performers, stay updated with current trends, and even find potential investments or hunt for airdrops.

While the normal ChatGPT model is a great tool for helping you with your crypto research, the model has limitations and should not be used as a standalone tool for your research. Without the plugins, ChatGPT would have to be manually trained by the user, or it would not have access to relevant information. 

To combat this, ChatGPT Plugins were introduced. These applications help enhance the paid GPT-4 model by connecting to up-to-date information, running computations, or using third-party services. These plugins are not just exclusive to the finance and cryptocurrency world, as there are a variety of plugins that can help you search for Google trends or even the cheapest airplane tickets. 

In this article, I will walk you through the basics of downloading the DefiLlama plugin and how to prompt the model to keep you updated on DeFi topics. 

Getting Started 

To get started, you must first sign up for a ChatGPT account. 

Step 1: Purchase ChatGPT Plus

While the DefiLlama ChatGPT plugin is free for everyone to access, ChatGPT plugins are only available for premium users. As of 12 July 2023, the premium ChatGPT subscription costs USD 20 a month. 

After purchasing the premium subscription, you can access exclusive features such as the GPT-4 model, plugins, and multimodal replies. 

Step 2: Enable Plugins On ChatGPT

To download the DefiLlama plugin, you must first enable plugins under the GPT-4 model. To do this, simply click on the GPT-4 model and click on plugins.  

If you are not able to view the plugin options yet, you need to enable this option in your settings, as the function is still in the beta testing stage. To do this, you will need to select the Settings options at the bottom left of your screen. 

After selecting settings, the website will bring you to a new pop-up window. In this window, select Beta features, and enable Plugins.

Step 3: Download DefiLlama’s Plugin

After you have enabled the plugin function, you will need to download the DefiLlama plugin from the plugin store. To access the plugin store, click the “No plugins enabled” option and scroll down all the way until you see the Plugin store.

After clicking on Plugin Store, the page will show you a variety of plugins you can download. On the search bar, search for “DefiLlama” and start installing the plugin. 

The installation will take less than 10 seconds, and after this, you are ready to use the plugin! Just remember to enable the specific DefiLlama plugin every time you want to use it.

Now that you have successfully installed the plugin, let us explore how we can use DefiLlama’s plugin to analyze the decentralized finance landscape.  

Retrieve Up-to-date Information 

With the DefiLlama plugin, GPT-4 is able to provide you with up-to-date information on everything related to the different protocols, chains, and bridges. For example, the plugin can access information such as the Total Value Locked (TVL) protocol fees and revenue of a protocol, providing investors insight into a protocol’s financial performance.

Example Prompts 

• What’s the current Total Value Locked (TVL) of the SushiSwap protocol? 

• What are the latest fees earned by the Aave protocol?

• What’s the current revenue of the Curve protocol?

• What is the liquidity of X? 

Identify Top And Worst Performers

Other than retrieving information, the plugin is also able to identify the top and worst performers in the DeFi space. This can be helpful for investors to identify any relevant trends or potential opportunities. 

Example Prompts 

• Name the top 10 protocols that gained the most TVL this week

• Which protocols have generated the least revenue this month?

• Name the top 5 protocols that have earned the most fees in the last 30 days.

• Give me a list of the top 5 single-sided pool stablecoin yields. 

• In terms of percentage change, what are the fastest-growing protocols in the last 14 days? 

Stay Updated With Current Trends

You can also use the plugin to get a bird’s eye view of the recent updates in the DeFi space. At a glance, these prompts can give you insights into the most significant developments, such as the fastest growing chains and top yields. 

You can also use a more general prompt to view the summary of the development in the DeFi space. This can be extremely helpful for potential investors to spot trends or even look for any potential investments. 

Example Prompts 

• Give me a summary of what has happened on the Optimism chain in the last 30 days. 

• In terms of percentage change, what are the top chain changes in the last 7 days? 

• What are the bridge flows for all the chains these last 14 days? 

• Which protocols have had the highest percentage growth in TVL in the last 24 hours?

Analyze A Project’s Potential 

If used correctly, the plugin can even help to find rising projects. As mentioned above, the DefiLlama plugin can help you spot any upcoming trends. Riding on that trend, you can use the plugin to analyze similar projects and their potential.  

Example Prompts 

In this thread, the user used the plugin to analyze and find potential investments in the Collateralized Debt Position (CDP) sector after the revenue of MakerDao skyrocketed. 

The revenue of @MakerDAO has massively gone up so now we need to check the whole CDP sector 🍰

DefiLlama brings us the most recent Data about hundreds of projects. Let’s discover the whole CDP sector in seconds 👇 pic.twitter.com/wFy3ja47LT

— Finish 🏁 (@0xFinish) July 6, 2023

To find potential investment opportunities, another user first looked for the blockchain that had attracted the most liquidity in the last week before trying to find the project that had captured most of the liquidity from the blockchain.

After a few seconds, ChatGPT returns the protocols that had the largest increase in TVL.

We can see that @VelocimeterDEX had an increase of approximately 30% in 7 days.

What happened?

6/ pic.twitter.com/AOVHQXEtkX

— The Smart Ape 🔥 (@the_smart_ape) July 12, 2023

After identifying the project, the user also used another plugin alongside with DefiLlama plugin – the LinkReader plugin. The plugin is an advanced tool that excels in understanding and synthesizing information. Here are some prompts you can use to prompt the LinkReader plugin to help you digest information:

3- The last step is to understand this increase, for that, we will use another ChatGPT plugin: Link Reader.

Use this prompt by providing all the important documentation links. 👇

Let’s consider @VelocimeterDEX as an example.

7/ pic.twitter.com/ZVxuTWXBMm

— The Smart Ape 🔥 (@the_smart_ape) July 12, 2023

Hunt For Potential Airdrops 

You can also use the DefiLlama plugin as an aid to hunt for any potential airdrops. Through the data and trends from DefiLlama, you can make an educated guess about which protocol or chain might be doing the drop. 

After coming up with this list, you will need to manually shift through protocols that are unlikely to have an airdrop – in this case, stUSDT.

After you have come up with the list, you can use the general prompt as shown above and use follow-up questions to analyze the different criteria that might constitute an airdrop. For example, protocols with a large and active user base may be incentivized to conduct an airdrop to encourage participation. To analyze this, you can look at the protocols with the highest transaction volume. 

Example Prompts

• In terms of TVL, what protocols are growing the fastest in terms of percentage change?

• What are the protocols that have the highest transaction volume? 

• Which protocols have the most liquidity? 

You should also always refer to updated news sources and be on the lookout for social media updates regarding airdrops, as the plugin is still unable to access such information.

Word Of Caution 

While the DefiLlama plugin can be extremely useful in terms of helping us analyze defi chains and protocols, it still has its limitations as it is a fairly new project. As of today, 13 July 2023, the plugin is still unable to satisfy all queries successfully.

For example, when asked for the historical TVL data for the Uniswap protocol, the plugin replies with hypothetical values. 

The plugin is also still unable to access certain information.  

The plugin is also not able to access live updates on cryptocurrency prices or news updates. Therefore, when using the plugin, you should always exercise discernment and use the plugin as an additional tool on top of other research methods including fundamental and on-chain analysis. 

Final Thoughts

Used correctly, this new DefiLlama ChatGPT Plugin can help users save time when conducting their research on Defi. While the plugin still does not allow users to track price changes on a certain coin or provide real-time news updates, the plugin still provides valuable and accessible information for investors. 

As the DefiLlama plugin is still in the beta phase, it is safe to say that we will be able to enjoy additional features on the bot in the future. With such advancements in AI, AI is changing how we can conduct our crypto research, and it will be interesting to keep an eye on how cryptocurrency and AI will interact in the future. 

https://www.coingecko.com/learn/diamond-hands-in-crypto

What Do Diamond Hands Mean?

The term “Diamond Hands” is used to describe an investor who holds onto their investment despite huge price fluctuations. When the market dips and crashes, “Diamond Hands” continue holding their positions in hopes that their investment will rise again. Conversely, “Diamond Hands” also continue holding their position even if the price is going up as they are known to only sell their investments after huge pumps in price.

It is a term used among crypto and investment communities due to the high volatility of their investments. Investors with “Diamond Hands” are associated with having a high-risk tolerance.

Connotation 

The term has a positive connotation. If someone is described as having “Diamond Hands”, they are known as reliable and strong-willed. 

Synonym

The term “Diamond Hands” is also associated with “HODL”. An acronym for “Hold on for dear life”, is used to urge other investors to hold onto their positions. 

Antonym

The term “Diamond Hands” contrast with “Paper Hands”, which refers to someone who sells their positions too early due to price fluctuations. The term “Paper Hands” carries a general negative connotation. 

Origin 

The term gained popularity during the notorious GameStop short squeeze in 2021 on Reddit, where investors caused a surge in the price of the stock. During that period, investors urged other investors to “Diamond Hand” the stock and hold their positions. 

Examples

On Twitter, the term is also used as a hashtag, #DiamondHands, to encourage people to hold on to their positions. 

I wake up. #safemoon is down 33%. All of #crypto is crashing. I’m unbothered cause I’m in it for the long haul anyway. #DiamondHands

— Dave Portnoy (@stoolpresidente) May 19, 2021

Here are some other ways “Diamond Hands” can be used:

• I have diamond hands 

• Diamond Hands Prevail 

• I am diamond handing this!

Diamond Hands Will Make Millions.

— JAKE (@JakeGagain) July 5, 2023

https://www.coingecko.com/learn/paper-hands-in-crypto

What Do Paper Hands Mean?

The term “Paper Hands” is used to describe an investor who sells their investment at the first sign of financial turmoil in fear of potential losses. Investors with “Paper Hands” are associated with having a low-risk tolerance, as they will often miss out on potential gains if the market rebounds.

Connotation 

The term has a negative connotation and is often used to mock early sellers. If someone is described as having “Paper Hands”, they are seen as easily panicked and lacking resolve. 

Antonym

The term “Paper Hands” contrast with “Diamond Hands”, which is used to refer to an investor who holds onto their investment despite huge price fluctuations.

Origin 

The term gained popularity during the notorious GameStop short squeeze in 2021 on Reddit, where investors caused a surge in the price of the stock. The term was used to describe investors who either cashed out for a small profit or sold their shares when the price dropped, losing on potential gains when the stock price skyrocketed.

Paper Hands Out 

A common term that many users also use is the phrase – “Paper hands out”. This refers to the “paper hand investors” selling their position. 

For example, an investor might say, “Paper hands out. Let’s moon!”. This phrase is generally seen as positive, and it urges other investors to purchase or hold onto their assets. 

This is despite the decrease in price, as when the “paper hands” sell their assets, it also helps to reduce the selling pressure on their investment.

Examples

Here are some ways “Paper Hands” can be used:

• Dip eaten. Paper hands wrecked!

• Shake out the paper hands

• Paper hands destroyed once again

Real talk. I enjoy picking up cheap NFTs during market downturns.

Shout out to all the paper hands.

— Crypto Snooper 🔎 (@CryptoSnooper_) June 30, 2023

https://www.coingecko.com/learn/btfd-in-crypto

What Does BTFD Mean?

“BTFD” is an abbreviation for “Buy the F***ing Dip”. The term is used among investment communities urging each other to purchase an investment that has dropped in value. 

When an investor advises other investors to “BTFD”, it implies that the investment is currently undervalued and will eventually increase in price. 

Connotation

The term carries a positive connotation as it represents a chance for the investor to profit.

Word Of Caution 

When investors use the term “BTFD”, it does not necessarily mean the token is undervalued. Rather, it might simply represent an investor’s enthusiasm, which might sometimes be unfounded. 

Investors may also urge other investors to purchase the “dip” as they are trying to prevent their own investment from going underwater. 

To avoid being used as exit liquidity, it is important to do your due diligence on each investment you make. 

Examples

Here are some ways “BTFD” can be used: 

• Paper hands out! BTFD

• PEPE 2x from dip… did you BTFD or are you NGMI? 

• Time to BTFD! 

Pro Tip: BTFD

— Tyler Winklevoss (@tyler) May 13, 2021

https://www.coingecko.com/learn/hopium-in-crypto

What Does Hopium Mean? 

The term “Hopium” merges the words “Hope” and “Opium”, a drug. Used among online communities, “Hopium” is an internet slang term that is used to mock blind hope or optimism. 

The word “Hopium” can sometimes describe a fictional drug that one would take when in need of hope. 

What Does Hopium in Crypto Mean? 

In crypto, “Hopium” describes an investor who holds false, unwarranted hope in their investments. For example, “Hopium” describes an investor who believes a dead coin still has potential and will moon. The term suggests that the investor is blinded by denial.

The term “Hopium” is also related to “Copium”, which is used in a situation where an investor might not be able to “cope” with hard truths. While both terms share similarities in their usage, they are not related as they are used in different contexts. 

In essence, “Copium” refers to the coping mechanisms used to deal with an unfavorable situation. While “Hopium” is used to describe unfounded hope.

Connotation

The term carries a negative connotation as it is used to mock individuals with unrealistic hopes. Sometimes, the term is used to describe themselves in a self-mocking manner.

Examples

Here are some ways “Hopium” can be used:

• Some Hopium for the degens

• Here’s a bit of hopium for us all

• Wen BTC 100k #Hopium 

5x for #BTC will be $150,000 & $6Tr MC.

Not impossible but Easy on the hopium Dawg. https://t.co/mgpry4ROYz

— Crypto Coach 🐒📈💰 (@WisdomMatic) July 10, 2023

https://www.coingecko.com/learn/copium-in-crypto

What Does Copium Mean? 

The term “Copium” merges the words “Cope” and “Opium”, a drug. Used among online communities, “Copium” is an internet slang term which an individual who is in denial and unable to cope with reality.

The word “Copium” can sometimes describe a fictional drug one would take when coping with something. 

What Does Copium in Crypto Mean?

In crypto, “Copium” describes an investor who is in denial and unable to accept hard facts. For example, if an investor has lost all his money in an investment, he might say “in need of copium”.

The term “Copium” is also related to “Hopium”, which is used to mock unfounded and unrealistic hope or optimism. While both terms share similarities in their usage, they are not related as they are used in different contexts. 

In essence, “Hopium” is used to describe unfounded hope. While “Copium” refers to the coping mechanisms used to deal with an unfavorable situation. 

Connotation

The term carries a negative connotation as it is used to describe an individual who is delusional or in denial. 

Example 

Here are some ways “Copium” can be used:

• It’s ok, I am not down that much…. just have to sell my house #Copium 

• Another day another Copium

• Copium to the max

Many will get the alpha, only few will act.

Then the few rejoice and the many drink copium 🫡

— Crypto Wealth Embassy🔶 (@CWEmbassy) July 9, 2023

https://www.coingecko.com/learn/ngmi-in-crypto

What Does NGMI Mean?

“NGMI” is an abbreviation for “Not gonna make it”. Frequently used among investment communities like cryptocurrency, “NGMI” is used to describe investors who make bad decisions or poor financial decisions.

“NGMI” is often used in discussions when criticizing questionable investment decisions such as “paper handing” a token. 

Connotation

The term carries a negative connotation as it suggests that the investor has made a flawed decision or investment. 

Antonym

The term “NGMI” contrast with “WAGMI”, an abbreviation for “We’re all gonna make it”. “WAGMI” carries a positive connotation and is a term that expresses solidarity among the community. 

Examples

Here are some ways “NGMI” can be used: 

• Paper hands are NGMI 

• If you’re not in ETH, your NGMI 

• Sold for 1.5x? NGMI 

If u are into solana Nfts and you are still grinding for someone
You are NGMI Fr

— THAT WEB3 DUDE (@Ebubechi_GMI) May 15, 2022

https://www.coingecko.com/learn/wagmi-in-crypto

What Does WAGMI Mean? 

“WAGMI” is an abbreviation for “We’re all gonna make it”. Frequently used among investment communities like cryptocurrency, “WAGMI” represents an optimistic belief that all the participants in the community will “make it”. 

In this case, “make it” refers to all the participants succeeding in achieving financial gains from their investments. In short, “WAGMI” means everyone will succeed financially. 

Connotation 

The term carries a positive connotation as it represents solidarity and optimism. 

Antonym

The term “WAGMI” contrast with “NGMI”, an abbreviation for “Not gonna make it”. “NGMI” carries a negative connotation as it suggests an investor has made a questionable decision.

Examples 

The term is also used on Twitter as a hashtag, #WAGMI, to encourage the investment community.

GM Fam

Always believe in yourself when no one else does. Create your opportunity today, don’t wait for it happen. Have a happy Sunday!#WAGMI #cryptotwitter

— Elite Crypto (@TheEliteCrypto) July 9, 2023

Here are some other ways “WAGMI” can be used: 

• Crypto is pumping. WAGMI guys!

• Have patience, WAGMI

• Hold strong, WAGMI

https://www.coingecko.com/learn/what-is-a-fair-launch-in-crypto

What Is a Fair Launch?

A fair launch refers to an equal distribution of a cryptocurrency token at launch. This means everyone will have an equal opportunity to acquire tokens from the beginning, preventing insider trading and price manipulation. 

Key Takeaways 

• A fair launch refers to an equal distribution of a token at launch, giving everyone an equal chance to purchase tokens. 

• While a fair launch strives to be fair and equitable, the token’s price can still be subjected to price manipulation.

• The success and fairness of a fair launch depend on the capabilities and intentions of the team behind the token.

How Does a Fair Launch Work?

In a truly fair ‘fair launch’, there will be no presale tokens or pre-allocated tokens set aside from the team. Buyers can only acquire tokens straight from decentralized exchanges such as Uniswap and PancakeSwap. This helps to minimize centralization and makes it fair for everyone to purchase the tokens.

One example of a fair launch is Bitcoin. Before its launch, Bitcoin’s creator, Satoshi Nakamoto, was not allocated any percentage of Bitcoin. This means that even the project’s team will have to go through the traditional method of purchasing or acquiring tokens, preventing price manipulation.

There are also different ways project owners can launch their tokens, such as through a presale, whitelisted presale, or stealth launch. I will be discussing them later in my article. First, let us start by understanding the properties of a fair launch. 

Properties of a Fair Launch

A fair launch generally embodies the following features: 

Transparency 

Before launch, the team will usually disclose information about the token. This includes general information such as the token’s utility, supply, and detailed roadmap. Typically, reputable teams will also release the whitepaper before launch.

Open Participation 

A key feature of a fair launch is open participation. This means that everyone and anyone will be able to have an equal chance to participate in acquiring tokens at launch. This is different from presales, where usually only selected individuals are given the opportunity to buy tokens before the launch.

Decentralized Launch

Decentralization is paramount in a fair launch. A decentralized launch means that no one, including the team, will be able to influence the distribution of tokens. As the tokens will be made available to everyone at the same time, this reduces the risk of centralization. This helps to prevent market manipulation against whales, who hoard large amounts of tokens. 

Cons of a Fair Launch

Without a presale, the team may have insufficient funding for a large marketing budget, translating into a lack of interest in the project. This may also affect the token post-launch, as the team may not have enough funds to continue the project after launch. 

In addition, as the team does not have tokens allocated to them, they may not have a clear stake in the project. Without a vested allocation or stake, this can ultimately result in the team abandoning the project very quickly. 

It is good to note that even though a fair launch typically means that the project’s team will have to go through the traditional method of purchasing tokens themselves. In the memecoin space, most teams still allocate a small percentage of tokens to themselves while still labeling their project as a ‘fair launch’. 

Are Fair Launches Really Fair?

Whether a fair launch is fair largely depends on each token and the team behind it. While a fair launch aims to be transparent and fair, the team ultimately has insider information that they can use to benefit themselves. 

Sometimes known as ‘friends and family tokens’, fair launch teams have been known to give insider information to their friends and family. This can come in the form of early contract addresses, where the team and their friends will buy up large amounts of the token minutes or seconds before its official release. To combat this, it is important to read the etherscan (or equivalent) of the contract to ensure that you are not being used as exit liquidity for such projects. 

Fair launches are also largely subjected to botting and snipers. With the help of advanced crypto bots, individuals can instruct their bots to purchase and sell tokens at a profit immediately at launch. The process can be so instantaneous that investors who are buying manually are subjected to large price fluctuations. 

To prevent price manipulation, the team may implement anti-botting measures such as blacklisting bots. Sometimes, the team may also impose a maximum wallet which sets a cap on the number of tokens each wallet can hold. Therefore, the fairness of a project overall comes down to the capability and integrity of the team behind the project. 

Fair Launch vs. Presale

A presale occurs before the public launch of a token. During a presale, tokens are offered for purchase at a lower price to a group of investors. The money raised from the presale will be used for paying developer fees or used for marketing the project.

In the crypto space, the platform that most teams use is Pinksale, a launchpad protocol that allows teams to launch their tokens on their platform. 

There are two different types of presales – capped and uncapped. A capped presale means that there is a hard cap on the amount that is going to be raised for the project. For example, token A has a hard cap of 10 ETH for their presale, and each individual has a max contribution of 0.1 ETH. For a hyped token presale, you might want to get in quickly with high gas despite the high fees, as once the amount is raised, you will be unable to contribute. 

Some capped presales may also have whitelists. A whitelist is a list of buyers who are given exclusive access to participate in the presale or initial coin offering. Whitelists are usually given to members of the team or active members of the community. 

For an uncapped presale, there is no hard cap on the amount of money raised, so you are able to contribute as long as it is within the time frame of the presale. It is good to note that generally, presales with an uncapped presale are subjected to large price manipulation during launch. 

Fair launch and presales are both vastly different methods of launch. While a fair launch may result in a fairer distribution of tokens, there may be problems with insufficient funding. Presales combat this issue of inadequate funding but may result in a tradeoff of price manipulation at launch.

Fair Launch vs. Stealth Launch

A stealth launch is a ‘fair launch’ with little to no community engagement pre-launch. This means that, unlike fair launches, no information about the token will be made available, and buyers will only know of the token’s existence after the launch.

Both fair and stealth launches attempt to equal the distribution of a cryptocurrency token at launch. A stealth launch aims to catch the market by surprise. This can help avoid botting and price manipulation, as buyers cannot speculate on the exact launch time. 

However, the lack of publicity before a launch can also impact interest in the token as it does not have a following beforehand. 

Conclusion 

A fair launch is just one of the few ways that teams may choose to launch their token. As with two sides of a coin, a fair launch has both pros and cons. While fair launches may have many advantages like transparency and fairness, they may also result in problems such as insufficient budget or lack of push after launch. 

Ultimately, the success and fairness of a fair launch depend on the capabilities and intentions of the team behind the token. It is beneficial for potential investors to conduct in-depth research on the team and the token before purchasing the token. 

https://www.coingecko.com/learn/chatgpt-for-crypto-research

How To Use ChatGPT for Crypto Research

ChatGPT is a powerful AI chatbot that can be used for crypto research. It can help simplify your understanding of complex crypto terms you might not be familiar with. If used correctly, you can even prompt ChatGPT to help you analyze complex information like whitepapers and tokenomics.

Key Takeaways

• ChatGPT is an efficient AI language chatbot that can be used for many purposes, including research and education. 

• You can use informational, instructional, opinion-based, and role-play prompts to aid you in your research.

• Used correctly, ChatGPT can help you simplify complex terms, review whitepapers, analyze tokenomics and the background of founders, and plan a detailed crypto study plan.

• While ChatGPT is a great tool to help your research, it is important to supplement your findings with up-to-date information from reputable sources.

Introduction To ChatGPT 

ChatGPT, developed by OpenAI, is an AI language model that is able to produce human-like text. Trained on a vast corpus of internet text, ChatGPT is knowledgeable in a wide range of topics and used by many in their day-to-day life. Today, the site estimates that it has almost 100 million active users.

Through machine learning algorithms, ChatGPT is able to understand and generate text based on the input it receives (prompts), allowing the model to answer a large range of questions. 

As of 23 June 2023, ChatGPT has two different models – GPT-3.5 and GPT-4.0. While GPT-3.5 is available for all users, only ChatGPT Plus users can access GPT-4.0. While GPT-3.5 should be sufficient for most users, it may be worth investing in GPT-4.0 for more in-depth research. For the purpose of this article, I will be using GPT-3.5 as it’s freely available.

Before we take a more in-depth look at using ChatGPT, let’s start with understanding how ChatGPT prompts work.

Understanding ChatGPT Prompts

ChatGPT Prompts refer to the input given to the model, which can be questions, statements, or requests. Before we go into specifics about how ChatGPT can aid you in your research, it is helpful to understand the different types of prompts you can use and how to structure them. 

While there are many different prompts, the relevant prompts for crypto research are informational, instructional, opinion-based, and role-play prompts.

Informational Prompts

You can use informational prompts to seek factual information and explain concepts. These prompts are used for general research purposes, like the definition of specific terms or the explanation behind how a particular mechanism might work. 

Example Prompts: 

• In crypto, what is staking, and is it profitable?

• What are gas fees? 

• What is a flash loan, and how does it affect a token’s price?

Instructional Prompts

These prompts are used to instruct the bot to perform a task, which can include reviewing whitepapers, summarizing information, or analyzing tokenomics. 

Example Prompts: 

• Summarize the key points of the BNB whitepaper.

• Analyze the tokenomics of the BLUR ecosystem. 

• Provide me an analysis of the Ethereum Triple Halving on its impact on its price.

Opinion-based Prompts 

Opinion-based prompts discuss the pros and cons of a project. While ChatGPT does not have opinions or thoughts, it is able to come up with a list of advantages and disadvantages based on known perspectives. 

Example Prompts: 

• What are the pros and cons of investing in initial coin offerings? 

• What are the advantages and disadvantages of using a cold wallet? 

• Evaluate the strengths and weaknesses of a proof-of-stake system.

Role-play prompts

Role-play prompts are used to ask ChatGPT to role-play a particular person or persona. While the answers do not come from the person directly, the AI comes up with a response that aligns with their public opinions and way of speech.

Example Prompts:

• Act as Vitalik Buterin and criticize the tokenomics of X.

• Pretend you are Brad Garlinghouse, the CEO of Ripple. Explain your vision for Ripple.

• Acting as Warren Buffett, express your thoughts on crypto.

Now, let’s dive into how we can utilize ChatGPT prompts to aid us in our crypto research.

1. Simplifying Complex Terms and Topics  

The world of cryptocurrency is constantly evolving, and there may be complicated concepts and terms we come across and do not understand. With ChatGPT, you can prompt the model to simplify them into digestible bites of information.

Informational and instructional prompts you can use:

• Explain Bitcoin mining to me in simpler terms 

• Could you explain ‘cryptographic hash function’ in a way a teenager would understand?

• Tell me about ‘proof of work‘ as if I were a complete beginner in crypto

• I have intermediate cryptocurrency knowledge. Explain liquidity pools to me. 

As ChatGPT is only trained up till September 2021, you will need to prompt ChatGPT on the subject matter before it is able to simplify the terms for you. To do this, you can use any high-level resources such as CoinGecko Learn.

For example, if you want to train ChatGPT about Account Abstraction, you can copy and paste CoinGecko’s article about AA into ChatGPT. 

2. Reviewing Whitepapers

Whitepapers are important reports of crypto projects issued by the team behind the project. They include in-depth information about the utility, tokenomics, roadmap, and any relevant information about the project. For investors, reviewing the whitepaper of a crypto project is crucial as it provides essential information about the project, helping investors to make informed decisions.

Step 1: Manually Input Whitepaper Into ChatGPT

As the current version of ChatGPT does not have access to internet browsing, you will need to manually copy and paste the project’s whitepaper into the model. If the paper is too long, you might need to separate the whitepaper into paragraphs, as ChatGPT has a word limit. It is also good to note that while GPT-4 has much better processing skills, the model has a much shorter word limit. 

If manually inputting the whitepaper into ChatGPT is too taxing, an alternative you can use is Bard, Google’s AI chatbot. As Bard can connect to the internet, you would only need to input the link to the whitepaper rather than manually copying it.

Step 2: Whitepaper Summary

For the purpose of this article, I will be using the Bitcoin whitepaper. After entering the whitepaper into ChatGPT, the model will respond with a summary. Here is a short snippet of GPT-3.5’s response: 

Step 3: Prompt ChatGPT For Relevant Information

As mentioned, the most relevant prompts for crypto research are informational, instructional, opinion-based, and role-play prompts. We want to get as much relevant information as possible from a whitepaper. 

To do this, we can use the following prompts: 

• Can you give me an overview of this whitepaper? 

• Give me an overview of ‘X’s roadmap.

• Can you explain to me the utility of the token? 

• List the pros and cons of ‘X’ 

• Explain to me how ‘X’ works. 

• Explain the economics of ‘X’ to me

• What are the risks associated with this token? 

• Act as Vitalik Buterin and criticize the tokenomics of ‘X’

If there is any part you do not understand or are confused about, you can ask follow-up questions to ChatGPT or use the aforementioned prompts to simplify complex terms. 

For example, if you are confused about the ‘medium of exchange’ of Bitcoin’s utility, you can further prompt ChatGPT to explain it in further detail.

Other follow-up prompts you can use: 

• Explain ‘X’ in further detail to me. 

• Can you provide a real-life example or use case to explain ‘X’?

• How does ‘X’ work step-by-step? 

• How does ‘X’ contribute to the overall functionality of ‘Y’? 

• Explain the relationship between ‘X’ and ‘Y.’

3. Analyze Tokenomics 

You can also use ChatGPT as a tokenomics analysis tool. Before we start, we would need to train ChatGPT to become well-versed with tokenomics and its implications. Here are two different prompts you can utilize: 

4/19
… project’s mechanisms and you will tell me the unique value propositions and mechanics of the project first in a summary form, then in an in-depth technical form. You can ask me any further questions about the project if you’d like to elaborate deeper.

— Surf (@0xsurferboy) March 31, 2023

Allocation & Distribution

How are the initial tokens distributed? There are roughly 2 ways:

Pre Mined:

1. The team distributes tokens to itself.
2. Distribution to insiders such as the team and venture capitalists

Fair Launch:

100% fair. Everyone has equal access.

Why…

— hoeem (@crypthoem) May 29, 2023

After you have done this process, you would need to manually input the relevant documents for ChatGPT to analyze.

After you have done this, we can use the following prompts: 

• Give me a general overview of the tokenomics of ‘X’ 

• What is the total, circulating, and maximum supply? 

• What is the marketcap? 

• Explain in detail the token allocation process and their vesting schedule.

• What is the utility of this token? 

• Explain the inflationary and deflationary mechanisms of ‘X’ 

• Does ‘X’ play a role in the governance of the project?   

• Is there anything that investors should know before investing in this token?

4. Analyze the Background Of Founders

Analyzing the background and credibility of a project’s founder is an important part of assessing a project’s potential. Often, having a reliable team in the crypto space is what would make or break a project. 

To analyze the background of a team, we can use the following prompts: 

• Provide an overview of the team behind ‘X.’ 

• What previous experience does the founder X have in the crypto space? 

• Tell me about notable achievements that the team behind X has accomplished. 

•  Has the team been involved in any scandals? 

• Is there anything investors should know about the team before investing in this token?

While ChatGPT can provide a general overview of the team and background of the founders, ChatGPT is not updated with any information after September 2021. They would not know about recent developments in the crypto space, so it is important to do your own research.

5. Planning A Detailed Cryptocurrency Study Plan

ChatGPT can also be used as a tool to help you create a comprehensive study plan for learning about the different aspects of crypto. 

To do this, we can use the following prompts: 

• Plan a comprehensive one-week study plan for learning everything about yield farming. 

• I am a beginner in crypto. Suggest a comprehensive study plan for me. 

• Suggest a comprehensive study plan for an intermediate learner in NFTs. 

• Provide me with a weekly study schedule about the different trading strategies.

• Break down the complex of crypto mining into smaller digestible topics for me to study.

After you have completed your study plan, you can also ask ChatGPT to come up with some questions to test your understanding of the topic.  

For example, if you are interested in learning about different blockchain platforms: 

ChatGPT will respond with a general listicle of study chapters you can focus on. You should then further prompt the model to provide a more detailed and in-depth guide about the different aspects that you can focus on.

ChatGPT will then respond with a much more detailed list of topics, in which you can refer to online resources to further your understanding. You can also check out our page ‘ CoinGecko Learn.’

Limitations of ChatGPT

Currently, ChatGPT cannot access the internet, and its data is only updated until September 2021. In addition, as ChatGPT functions on a prediction model, ChatGPT might also provide biased or incorrect information based on previously collected data. To combat this, it is important to cross-reference up-to-date market information from other sources. 

Final Thoughts

For now, while ChatGPT is a great tool for helping you with your crypto research, the model has limitations and should not be used as a standalone tool for your research. While the current version we are usually right now is still unable to surf the web by itself, ChatGPT is currently rolling out plug-ins.

As we speak, Defilama is in the midst of beta testing its plug-in, which can help users access current and historical data on blockchains on ChatGPT. This is an exciting advancement, and it is interesting to see how AI and cryptocurrency will interact in the future.

https://www.coingecko.com/learn/add-klaytn-to-metamask

There are two ways to add the Klaytn network to MetaMask. You either add it by manually inputting the RPC details using the “Add Network” feature in MetaMask or by using Chainlist, a third-party website. 

Key Takeaways 

• Klaytn is a Layer 1 blockchain platform that is concentrated on the metaverse, GameFi, and creator economy. 

• Adding the Klatyn mainnet to your MetaMask wallet lets you interact with the different decentralized applications on the network.

Developed by GroundX, Klaytn is a Layer 1 blockchain platform that is focused on the metaverse, GameFi, and creator economy. Klaytn offers a complete metaverse development package – including L2 solutions, wallets, smart contract libraries, and much more. The native token of Klaytn is KLAY, a utility token that is used in transactions and applications throughout the ecosystem. 

With over 10 million active users, MetaMask is generally considered one of the most popular crypto wallets. The MetaMask wallet can be used as a browser extension on computers or as an application on mobile devices. 

In this article, I will provide a comprehensive step-by-step guide on how to add Klaytn to your MetaMask wallet.

Installing MetaMask On Your Device

To begin, you will need to download and install the MetaMask web browser extension. It is currently supported across 5 different browsers – Chrome, Firefox, Brave, Edge, and Opera. If you use a mobile device to access MetaMask, you can download the MetaMask mobile app on iOS or Android. 

If you already have a MetaMask wallet, go ahead and import your seed phrase. If not, follow the instructions and “Create a new wallet.” After creating a new wallet, do remember to keep a secure copy of your wallet’s security phrase (preferable offline, and on crypto steel), as it will be used to recover your wallet and provides immediate access to your wallet and its contents. 

Adding Klaytn Mainnet To MetaMask 

You can add the Klaytn mainnet by manually entering its RPC details. 

Step 1: Open The Browser Extension

To begin, open your MetaMask browser extension. If you have your extension pinned, it should appear at the top-right corner of your screen. If not, go to your extensions list and pin your MetaMask extension for easier access. 

Step 2: Add Network

This will bring you to the network page, which shows some networks that you can add through MetaMask. As of today, MetaMask still does not have Klaytn as one of their default networks, so you will have to add the network manually. At the bottom, select ‘Add a network manually.’

Step 3: Enter RPC Details Manually

Enter the following information:

Network Name: Klaytn Mainnet
New RPC URL: https://public-node-api.klaytnapi.com/v1/cypress
Chain ID: 8217
Currency Symbol: KLAY
Block Explorer URL: https://scope.klaytn.com

Once you are done entering the information, press save, and you are free to explore the network.

Adding Klaytn To MetaMask Through Chainlist 

Alternatively, you can also add the Klaytn Mainnet through Chainlist. Chainlist is a platform that compiles Ethereum Virtual Machine (EVM) network information. The third-party website allows you to connect your wallets and add verified chains to your wallet. 

Here is a step-by-step guide for using Chainlist to add the Klaytn network to your wallet:

Step 1: Go To Chainlist’s Official Site (chainlist.org)

First, connect your wallet to Chainlist. After you are done, search for Klaytn Mainnet at the search bar at the top. 

Step 2:  Add Klaytn To MetaMask

After that, click on ‘Add to MetaMask’ and approve your transaction. You have now successfully added the Klaytn network to your MetaMask wallet.

Adding Klaytn Mainnet To MetaMask Mobile

If you are using MetaMask from a mobile device, the steps are rather similar. 

Step 1: Open Your MetaMask App

As mentioned, the MetaMask application is compatible with iOS and Android devices. If you have not yet installed the MetaMask application, you can download it from the application store on your device. Before you proceed with the download, please also ensure that it is the official application. 

After you open the application, click on networks and ‘Add a network’.

Step 2: Add Klaytn Mainnet Manually

After that, click on “Custom Networks” and key in the following information:

Network Name: Klaytn Mainnet
New RPC URL: https://public-node-api.klaytnapi.com/v1/cypress
Chain ID: 8217
Currency Symbol: KLAY
Block Explorer URL: https://scope.klaytn.com

After you are done, press ‘Add’ and you can now access the Klaytn network on your mobile device.

Conclusion

Congratulations, you have made it to the end of the article. You have now successfully learned how to add the Klaytn network to Metamask. You can now interact with the different dApps such as KlaySwap and Klap on the network!

In general, adding a new network to MetaMask is the same general process – either through Chainlist or adding the RPC details manually. If you are manually adding the network, you just need to enter the relevant RPC details. If you have just created a new MetaMask wallet, do remember to keep a secure copy of your seed phrase.

https://www.coingecko.com/learn/blur-and-blend-nft-marketplace

Designed for professional traders, Blur is an Ethereum-based NFT marketplace that is used by many NFT traders due to its trader-friendly features such as low fees, high speed, and NFT floor depth charts. On the same website, users can also use Blend, also known as Blur Lend, which is Blur’s very own lending protocol.

Key Takeaways

• Blur is an NFT marketplace that users can use to buy and sell NFTs. 

• On the same webpage, users can also access Blend, a lending protocol, and use their NFT as collateral to borrow ETH.

• Unlike other protocols, Blend loans do not have fixed rates or an expiry date.

In this article, I will cover both basic and higher-level topics, including navigating the platform, buying or selling NFTs, and using trader-friendly features such as NFT sweeping. We will also take a look at Blend, and how lending and borrowing works on the lending protocol. 

Connecting To Blur

You will first need to connect your wallet to view or trade on the platform.

Step 1: Ensure You Are On The Correct Website And Network

Before you connect your wallet to the website, first ensure that you are on the correct website domain (Blur.io). You should also check that you are on the Ethereum Mainnet. 

Step 2: Connecting Your Wallet

As of today (20 June 2023), Blur currently supports three different wallet types – Metamask, Coinbase, and OKX wallet. If you’re using a different wallet, such as Trust Wallet, you can use WalletConnect to connect other supported wallets. After connecting your preferred wallet to the website, you are free to explore the platform.

Step 3: Customizing Your Interface (Optional)

At the bottom of the screen, you will see a settings icon. There, you can choose between 3 different color themes, dark, medium, or light. Depending on your preferences, you may choose to use the preset dark theme as well.

You can also choose between trader or collector mode. The trader mode offers a more detailed interface, with more charts and data condensed into one view.

Trader’s Mode:

On the other hand, the collector mode offers a cleaner and more familiar interface but is much less detailed compared to the trader mode. 

Collector’s Mode:

As seen above, the trader’s mode incorporates more advanced charts like NFT floor depth charts and more detailed information about top bids or owners. NFt floor depth charts show the number of collections sorted by price. While the trader’s mode might be better for more seasoned traders, the collector’s mode might be more suitable and less confusing for other traders. 

Buying An NFT 

To search for an NFT collection you are interested in, you can search for it via the search bar at the top of the page. After selecting an NFT you are interested in, you can proceed with your purchase by clicking on ‘Buy item’. 

NFT Sweeping 

As mentioned, Blur has trader-friendly features such as NFT floor-sweeping. This feature allows users to purchase multiple NFTs of a collection at its floor price, which is the lowest price an NFT is listed for. There is also an ‘optimize sweep’ function which allows you to exclude pending or flagged NFTs while you sweep the NFTs. To utilize this feature, simply set the number of NFTs you wish to sweep (maximum of 50 at a time) and press ‘buy’, and complete your transaction.

Buy Now, Pay Later

Instead of paying for the NFT in its entirety, Blur Lend also offers an alternative payment mode, a ‘Buy Now, Pay Later’ scheme. 

Similar to how one might pay for a mortgage, users will have to make a down payment of a certain amount for the NFT and repay the remaining in installments. The downpayment for the NFT can be adjusted based on personal preferences, with users opting to pay more in interest for a lesser downpayment. 

7/ After making your BNPL purchase, you can repay your borrow at any time to take full ownership of your NFT. Or, list your NFT any time and keep any profit when you sell. pic.twitter.com/OTCQfy2Hfj

— Blur (@blur_io) May 1, 2023

OpenSea Flags

In your settings, you will also find an option called ‘OpenSea Flags’. When a particular NFT is stolen, the affected user sends in a report to OpenSea, and the NFT can never be traded or sold on their platform again.

This is a useful feature to utilize when purchasing NFTs as it shows NFTs that have been blacklisted on OpenSea, potentially protecting you from a fraudulent transaction. Blacklisted NFTs are also harder to resell on the secondary market, so it is important to be aware and look out for such signs. 

Selling Your NFT 

Selling your NFT on Blur is much more straightforward. When you connect your wallet to Blur, your NFT holdings will appear as part of your portfolio. 

Step 1: Go To Portfolio

To sell, simply click on your portfolio’s inventory tab, select the NFTs you would like to list, and click on the option ‘List Items’.

Step 2: Set Listing Price

Blur allows you to list multiple NFTs at the same time. You can also set your own listing price for your NFTs or utilize one of the three trader-friendly price listing features on Blur – ’Floor Price’, ‘Top Trait’, or ‘Ladder’. 

By selecting ’Floor Price’, Blur will automatically list all your NFTs at the floor price, which generally allows for your NFT to sell faster. Selecting ‘Top Trait’ would list your NFT at a higher price, the floor price of the best trait that your NFT has. You can also choose ‘Ladder’ which will help you ladder your listing prices.   

Step 3: Complete Listing

After setting your listing price, simply set your desired royalty fees, and duration of sale and confirm your transaction. After that, you are done with listing your NFT! You would now need to wait for an interested buyer to purchase or bid for your NFT.

Borrowing ETH

Blend is a peer-to-peer perpetual lending protocol. Other than the Buy Now, Pay Later scheme mentioned above, Blend also allows NFT holders to borrow ETH while using their NFTs as collateral.

4/ With Blend, NFT holders can borrow ETH against their NFTs without needing to sell. pic.twitter.com/mEGwPGdPVq

— Blur (@blur_io) May 1, 2023

As seen above, NFT holders will be able to borrow their desired amount of ETH and set their own APY(annualized percentage yield) and LTV(Loan-to-Value) as well. Lenders will then have the option to choose between the different types of loan offers. 

Unlike other lending protocols, Blend loans do not have fixed rates or expiry dates. In addition, as Blend does not use an oracle, users can also determine their own interest rates. Lenders are also on a flexible term, allowing them to withdraw their loan at any point in time. 

While this may generally seem like a good risk-to-reward play, there are still notable risks. For example, if your lender decides to withdraw his loan and no new lender can be found within a set timeframe, the borrower will lose his collateral (NFT). It is important to do your own due diligence and determine your own risk appetite. 

Final Thoughts 

In less than one year after Blur’s release, Blur has already surpassed OpenSea in terms of volume and has been consistently bringing new ideas into the NFT market. It will be interesting to see what other fresh ideas Blur will bring in the future.

https://www.coingecko.com/learn/new-nft-tracker

We at CoinGecko are thrilled to announce our application’s newest feature: NFT tracking! Now with just a few simple clicks, you can track both your favorite coins and NFTs in the same place. 

Our new NFT tracking feature supports multiple chains, including Layer 1 blockchains like Ethereum, Solana, Avalanche, Klaytn, BNB, and Layer 2 blockchains like Polygon, Arbitrum, and Optimism. With our new update, you can now view an NFT’s floor price, historical charts, market cap, volume, and more!

Download or update your app to get instant access to floor prices and charts of any NFT. Join us now and let’s get tracking!

https://www.coingecko.com/learn/blur-nft-marketplace

What is Blur?

Launched in October 2022, Blur is an Ethereum-based NFT marketplace that has taken the NFT trading landscape by storm with over 60% of NFT trading volume market share.

Key Takeaways

• The Blur ecosystem consists of an NFT marketplace, aggregator, and lending platform.

• Even though Blur launched less than a year ago, it has quickly surpassed OpenSea in terms of volume. 

• Blur is used by many NFT traders due to the low fees, high speed, and unique features such as NFT floor depth charts.

Blur has only been around for eight months, but the NFT marketplace already sees volume surpassing that of OpenSea.

Source: https://www.footprint.network/@NFT/NFT-Market-overview?series_date=past90days

Unlike other marketplaces, Blur was designed for professional traders. It boasts a variety of trader-friendly features, such as low fees, speed, collection sweeping, NFT analytics, and more. As a decentralized marketplace, the platform also has its own governance token, BLUR which gives users voting rights. Other than the Blur marketplace, users can also use Blur’s aggregators and NFT lending protocol. 

What is Blur’s Aggregator? 

Blur also has an NFT aggregator platform that combines NFTs from other marketplaces into their interface. With a unique target audience, Blur’s aggregator has several notable features that many traders utilize. 

Who Is Behind Blur? 

Blur is backed by Paradigm, a research-driven technology investment firm that has also invested in other notable crypto projects like Uniswap and Coinbase. 

One of the co-founders behind Blur is Tieshun Roquerre. On Twitter, Roquerre prefers to be known as ‘Pacman’. The 24-year-old has also previously founded Namebase and helped raise 5M in funding for this project. Just 3 years later, Namebase was acquired by Namecheap. 

Why is Blur Unique?

Unlike other NFT marketplaces, Blur is designed for professional traders, with most of the volume attributed to whales using the platform. In the following section, I will be talking about the unique features of this ecosystem that differentiates it from other platforms.

Speed

As users vie to make their trades, speed can sometimes mean the difference between a loss or profit. With Blur’s slogan being “Ditch slow. Execute trades faster and make more money on Blur”, Blur claims to be the fastest NFT marketplace, giving their users an advantage. Designed for professional traders, Blur claims that their enhanced speed allows traders to snipe and execute trades faster compared to any other marketplace.

Marketplace Fees 

Blur currently follows a zero-fee marketplace structure where NFT traders can trade NFTs on their platform without paying a transaction fee. While Blur encourages a marketwide royalty rate of 0.5% on their NFTs, this is not enforced. Users can establish their own preferred royalty rates at their own discretion. This proves cost-effective for professional traders who deal with large trading volumes. 

Trader-friendly Features

Blur also boasts an array of features that can help traders to make more informed decisions before making a transaction. These features include collection sweeping, NFT analytics, customizable gas fees, and in-depth floor charts for each NFT collection.

Incentives and Airdrops 

Blur also has a dedicated percentage of its native token supply set aside for incentives. For example, when users decide to list their NFTs with royalties, they receive loyalty points which can be exchanged for BLUR. 

On 14 February 2023, Blur held its highly anticipated multi-million dollar airdrop, where over 115 thousand recipients were eligible to receive the token. With at least 3 wallets receiving more than 1.5M in tokens, Blur’s airdrops garnered large social media traction, especially with users needing to Tweet about their airdrop to claim the amount. 

Keungz on Twitter received 610659 BLUR as part of the airdrop. At the time of the tweet (15 February), each BLUR token was roughly worth $0.65, amounting to around $397,000,000.

Money printer go BLURRRRR. I just received 610658.739770709 $BLUR from @BLUR_io’s Season 1 drop. Season 2 begins NOW. Start listing and bidding on Blur to get a head start on Season 2 rewards. pic.twitter.com/7Y3i6m8MMW

— Keungz (@keung) February 14, 2023

Blur is also currently in the process of its Season 2 airdrop.

What is Blend (Blur Lend)?

In May 2023, Blur introduced Blend, their own peer-to-peer perpetual lending protocol. The platform allows NFT owners to borrow ETH while using their NFTs as collateral. Similar to a Mortgage, Blend will also offer down payment installments when purchasing NFTs. 

Unlike traditional protocols, Blend loans have no expiration date or fixed rates, allowing positions to remain open at the user’s discretion. Blend also does not require an oracle, which allows users to determine their interest rates. 

Source: https://dappradar.com/blog/blur-dominates-82-of-the-nft-lending-market

As of May 2023, Blend comprises 82% of the borrowing volume among NFT lending protocols.

Tokenomics

BLUR is the ERC-20 native token of the NFT marketplace Blur. As Blur is a decentralized and community-run platform, holding the native token will give users voting rights to implement measures or improvements to the platform. Holders can also delegate their tokens and voting rights to another party on their behalf. The more tokens that a person holds or is delegated, the more voting rights they hold. 

According to The Blur Foundation, 3 billion BLUR has been minted and will be made available over the next 4-5 years. 

51% of the total supply tokens are allocated to Blur’s community members – 12% were airdropped to users, and the remaining 39% will be distributed to users through contributor grants, community initiatives, and incentive programs. 

Source: https://docs.blur.foundation/tokenomics

The remaining tokens are allocated to investors, contributors, and advisors – which would be vested over 4-5 years.

Source: https://docs.blur.foundation/tokenomics

BLUR Token Unlock

In anticipation of Blur’s token unlock happening on the 15th of June 2023, the price of BLUR is down 21% in the last seven days. Roughly making up 40% of the circulating supply, a whopping 196M worth of tokens will be unlocked. Some investors are worried that when the tokens unlock, holders might dump their tokens and cause the price to plummet.

The one and only cliff unlocks $BLUR, 40% of the total supply 📈

$ 196 million will be unlocked in 2 days 🔥🔥@blur_io

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– Price impact 📈

Free exclusive insights for 10 days
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— Token Unlocks (@Token_Unlocks) June 13, 2023

As of today (16 June), BLUR is trading at $0.32 per token.

Blur vs OpenSea

If you know NFTs, you know OpenSea. While Blur has the highest volume among NFT marketplaces, OpenSea is dominating the NFT marketplace with the most users and trades. 

Source: https://dune.com/hildobby/NFTs

As seen in the table above, both Blur and OpenSea differ in different aspects. 

So, Will Blur Replace OpenSea?

In 2022, OpenSea also acquired its own aggregator – previously named Gem then renamed OpenSea Pro. The company claims that it is the “most powerful NFT aggregator” and can track listings from over 170 marketplaces. Similar to Blur, OpenSea Pro boasts a selection of sophisticated features that are aimed at helping professional traders or collectors. 

At present, it remains uncertain to determine if Blur might one day replace OpenSea. Given the nature of the cryptocurrency and NFTs space, companies constantly have to evolve and compete for dominance. Ultimately, only time will tell which company will come out on top. 

Conclusion

In terms of features, both Blur and OpenSea possess their own distinct advantages. Ultimately the choice of which platform to use depends on each individual’s own needs and demands. For casual NFT collectors, some might prefer to continue using OpenSea due to familiarity with the interface or even their wide range of NFT collections. Others like professional traders may choose to use Blur for their competitive fees and in-depth analytic features.

https://www.coingecko.com/learn/ledger-recover-community-concerns

Why Are Users Concerned About Ledger Recover? 

Ledgers are secure physical hardware devices that store your private keys. Recently, Ledger released their new feature ‘Ledger Recover’, which allows users to retrieve their lost private keys. However, this feature has many users and critics concerned that it opens up a potential backdoor for exploits.

Key Takeaways

• Ledgers are secure hardware devices that store the keys to your cryptocurrency assets. 

• In May 2023, Ledger announced its new feature – Ledger Recover, a backup recovery service that allows users to recover their crypto account with their ID. 

• While the service is on an opt-in basis, many users have criticized this new update as they are worried that this new update has made their data vulnerable.  

Before we take a more in-depth look at Ledger Recover and the community’s reaction, let’s start with understanding how Ledgers work.

How Ledgers Work

A Ledger is a physical hardware device that stores your private keys which access your cryptocurrency assets, also known as a cold wallet. When you make a transaction, your Ledger device signs with your private key. However, as your private key never leaves the Ledger, your keys remain secure.

Safety Features Of Ledger

Ledgers are equipped with multiple safety features to safeguard your data. When you make a transaction, you will need to input your unique PIN code that you created when you first set your Ledger up. If your PIN code is entered incorrectly 3 times, your Ledger will hard reset, preventing anyone other than you from accessing your wallet. 

Your Ledger also contains a Secure Element (SE) chip, which protects you against physical hacks. Also found in passports and credit cards, this SE chip protects you against common attacks like power glitches, laser attacks, and electromagnetic tampering.  

Your Ledger also utilizes a custom operating system – ensuring that your data does not leave your Ledger. It also isolates each application in your Ledger, so even if one of your applications has been compromised, the rest will remain secure. Ledger also uses a trusted display system that can’t be hacked via the internet. Additionally, Ledger’s team is also constantly working to update their software against any new malicious software.

What is Ledger Recover? 

On 16 May 2023, Ledger announced their new opt-in paid feature ‘Ledger Recover’ for their Nano X model. For $9.99 a month, this new feature will allow users who have lost their private seed phrase to recover their crypto account with their identity card. 

To create a backup of your private seed phrase, Ledger Nano X will duplicate, encrypt and fragment your private key into three different parts within the SE chip. The encrypted fragments will then be sent to three different custodians – Ledger, Coincover, and EscrowTech. In the case where you lose their private key, two of the three fragments will then be sent back to your Ledger to get your private key restored.

While some expressed their support for Ledger’s new feature, many expressed their skepticism and concerns about whether this new feature could compromise their Ledger device’s safety.

Potential Risks And Concerns 

News of Ledger’s new feature triggered both a wave of criticism and praise from critics and users. In this section, we will be discussing the response from both experts and the community.

Community Response

While some expressed their support for Ledger’s new feature, many flooded to Ledger’s Twitter page, expressing their skepticism about whether this feature would be safe. Many users criticized the Ledger’s new update as a negligent move, fearing that this new update could lead to a potential exploit in the future. 

They were also concerned of the possibility that malicious firmware could force the SE chip to generate a backup of the seed. Users also pointed out that Ledger’s previous promise to customers – whereby their private key never leaves the Ledger, would no longer hold true. 

Another area of concern voiced out by the community was whether Ledger Recover would be able to pull the seed phrase directly from the device without requiring users to type in their seed phrase. 

Experts’ Response

In a Youtube video, Andrea Antonopoulos, a Bitcoin advocate, and author, expressed his concerns about Ledger’s “capability to export/ exfiltrate your private key, which is embedded in the firmware of every Ledger device”. This means that even if a user does not opt-in for Ledger Recovery, the private key extraction function would still be embedded within their device, potentially rendering everyone’s Ledger vulnerable. 

Antonopoulos also shares his privacy and security concerns about the KYC procedure and jurisdiction. He points out that someone will have access to your identity card, which can be linked to your wallet. This might defeat the purpose of having a Ledger wallet anonymously. Antonopoulos also claims that as the three custodians of your encrypted fragments operate under legal frameworks, law enforcement agencies might be able to coerce them to gain access to your fragments. This may result in law enforcement being able to access and even freeze your funds should they deem it necessary. 

Solana co-founder, Anatoly Yakovenko also tweeted about Ledger Recover, claiming that this new feature does not have much effect on users as long as they trust Ledger to keep their private keys safe.

if you trusted them before not to exfiltrate your keys, you can trust them now not to do it when that feature is off. I think the attack surface is about the same.

— toly 🇺🇸 (@aeyakovenko) May 16, 2023

Ledgers’ Commitment To Safety 

Ledger prides itself on its transparency and commitment to safety. Apart from Ledger’s marketing data breach in July 2020 due to a phishing scam, Ledger has never been compromised and there have been no recorded successful hacking attacks on their devices as well.

Response From Ledger Leaders

During a Twitter Space session, Ledger’s Chairman and CEO Pascal Gauthier emphasized that their recovery service is completely optional, and other users who do not choose to opt-in will not be affected. Gauthier also defended the service, claiming that days of writing your recovery phrase on paper are over and that “Ledger Recover is a thing of the future”.

Join us today at 6:30pm CEST/12:30pm EST for an AMA about our new opt-in service, Ledger Recover.

Our CXO @iancr, CTO @P3b7_, and co-founder @btchip will be there to answer all your questions.https://t.co/DvQlF5Job5

— Ledger (@Ledger) May 16, 2023

Gauthier also released a blog post on Ledger’s website reassuring customers that “Ledger never compromises on Security” and that their security team “is committed to reviewing… the entire ecosystem” of Ledger. 

In a bid for increased transparency, Charles Guillemet, CTO at Ledger also released an ‘Open Source Roadmap’ on Twitter that will allow other developers and security experts to review the majority of Ledger’s code over time.

Ledger’s mission is, and will always be, to provide our users with the right tools to own their digital value securely.

We have decided to accelerate our open-sourcing roadmap to bring more verifiability to everything we do.

A thread 🧵 pic.twitter.com/Dv0jBCM4Ys

— Charles Guillemet (@P3b7_) May 23, 2023

As of now, Ledger has temporarily postponed the launch of Ledger Recover.

So, Is There A Backdoor In Ledger?

Nicholas Bacca, the co-founder of Ledger, insists that there is no backdoor in Ledger devices and that “nothing will happen without the user’s consent”. As mentioned, the company has also emphasized that its recovery service is completely optional and those who do not opt-in will not be affected. 

That said, for users that are concerned about Ledger Recovery and its potential exploits, there is the option of moving to other hardware wallets, like Trezor. 

Conclusion 

In the cryptocurrency space, ensuring that your keys are safeguarded is paramount. While most in the space generally regard Ledger as safe to use, many experts and users have expressed their concerns regarding its safety. As with any updates or changes to systems, Ledger Recover will need to be further assessed for any potential exploits as there is still limited information available right now.

For now, as the Ledger Recover program seems to be on an opt-in basis and has been put on pause indefinitely, there is generally no cause for alarm for casual crypto investors. For seasoned investors who are dealing with large sums of money, some might choose to turn to other hardware wallets like Trezor or SafePal for an additional layer of security when the Ledger Recover program eventually rolls out.