Every industry has it up and down moments. So does crypto, with the current bear market. Besides this, each market also has its weird moments. Crypto most certainly doesn’t disappoint us in this field.
We are going to parade a list of peculiar crypto moments for you. Some of these moments may be new to you. Others you may remember well. So, let’s dive straight in and look at some weird crypto moments.
Weird Crypto Moments you Need to be Aware of
These weird crypto moments can relate to a variety of topics. They have one common denominator; they are all crypto-related. Dr. Nick Almond made a Twitter thread about some of these memorable moments. He is the protocol leader at FactoryDAO with a Ph.D. in Physics. Dr. Almond has 10 years of experience in governance design. Therefore, we will show you some of the best moments in crypto madness.
This crypto cycle was even weirder than the ICO frenzy of 2017/18.
Here’s my pick of the most ridiculous moments of this cycle.
TL;DR We deserve everything we got. 👇
— drnick (anti-crypto arc) 🗳️² (@DrNickA) June 19, 2022
1) New DEXs Use Cases
Remember when the last bull run started? DEXs started to see a new wave of use cases. Among others, it incentivized socialized market making. However, it came with a culinary taste for its names like Beefy, Cream, Sushi, Pickle, Pancake, among others.
Many of them are active in DeFi, as swaps or yield farming protocols. Like Pickle Finance, they claim $10.5 million TVL and over 6,000 users.
Source: Pickle Finance
2) Elon’s Tweets
At some time, tweets coming from the man could add billions to the crypto market cap. Even new coins surfaced, named after his dog. We knew this was getting serious when the top degens started to use leverage after his tweets. The tweet below has over half a million likes.
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021
3) DAOs and Forks
Most of the crypto ecosystem initially welcomed Olympus DAO as the best thing since sliced bread. They offered a staking scheme with up to 7,000% APY. That’s done with new OHM token mints. The whole game stuck together because of the early players deciding not to dump. That’s according to drnick (his Twitter handle). He also calls it: “A meme wrapped in a meme wrapped in a Ponzi.” And that it was, or is, a Ponzi.
Also, Constitution DAO was formed to buy the American constitution. Yes, they managed to raise $40 million. However, it was Citadel CEO Kenneth Griffin who took the strudel and the Constitution. Still, the PEOPLE token managed to reach an $800 million market cap. The following tweet captures this DAO in a nutshell.
i hope you all realize that the constitution dao core team is no more and this account is now basically run by 3 unhinged 20 year olds
— ConstitutionDAO (📜, 📜) (@ConstitutionDAO) February 9, 2022
Hacks are a plague that keeps following crypto and DeFi. The last one was for Harmony. They saw their Horizon bridge hacked for $100 million. That was on June 24th, 2022. Dr. Almond states that; “almost every DeFi project with any TVL got walloped.”
Now the bad actors switched to bridges. See today’s sample of Harmony. It’s still peanuts compared to the Ronin hack. This cost $650m from the lazy handling of private keys.
1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.
— Harmony 💙 (@harmonyprotocol) June 23, 2022
Remember the 2016 Bitfinex hack? Heather “Razzlekhan” Morgan and Dutch Ilya Lichtenstein ring a bell. They were the supposed hackers, caught in February 2022. Or were they just the whitewashing crew? This is what happened.
— RSN (@puttinyadown) February 8, 2022
5) Solana Breaking Down
Solana is one of the hottest layer 1 blockchains in town. However, they shouldn’t break down, right? TradingView shows all ups and downs of Solana. It includes the Solana-based Solend DAO decision to take over a whale’s wallet. Just to reverse the decision hours later. Their latest blackout was in early June 2022.
On June 1st, Solana's Mainnet Beta cluster suffered a four and a half hour outage caused by a bug in the durable nonce transactions feature, which resulted in stalled consensus. Read the full report belowhttps://t.co/1r3vGXnYrB
— Solana Status (@SolanaStatus) June 5, 2022
Luna/UST, Terra, Do Kwon. The beginning of the end? Pumping out 20% yield in an unsustainable set-up. A money printer that wasn’t to be. Quote; “It exploded in a ball of hubris and hyperinflationary shitcoinery.” Sadly, it took many people and their life savings down with it. We wrote plenty of in-depth articles about this Terra/Luna/UST debacle.
Here we are, at the end of a list of some weird crypto moments. There is so much more, that there may be a second thread. But, for the time being, we hope you enjoyed this article and had a good giggle.
it's going to get SO MUCH WEIRDER https://t.co/OUYry6ONHN
— loomdart (@loomdart) November 1, 2021
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