Morning Minute | 0 Days Since A Solana Outage
TylerD's Market Summary
Plus, the latest $DYM airdrop does not disappoint.
🙈 Solana Goes Down
One of the running jokes about Solana through the 2023 bear market was that the blockchain couldn't stay on.
ETH maxis and others would routinely turn to this (overused) joke in any debates about Solana's relevancy.
But Solana had been on a hot streak, staying up with no outages since Feb 25, 2023.
The joke was stale.
Until yesterday.
What Happened?
Yesterday Solana experienced a 5-hour outage where no blocks processed, between 10:00 UTC and 15:00 UTC.
Solana engineers did identify the performance issue, introduce some new validator software via patch and rolled it out to the validator network.
Node operators were told they effectively had to upgrade to the new software or lose ability to validate (and receive rewards).
After the blockchain "turned back on" yesterday morning, it seemed to be quickly back to business as usual.
Market Impact
Surprisingly, there wasn't much impact.
Solana itself is up 1% on the day, higher than it was before the outage.
NFTs were mostly even, and memecoins were a mixed board (but dealing with a variety of their own factors).
Clearly the market shook off the news.
So reset the calendars. In a few hours, we will be at "1 day since the last Solana outage."
📈 $DYM Does Not Disappoint
It started poorly.
Dymension was unable to initially launch its mainnet as the validators couldn't reach consensus due to a bad validator which held 34.8% of the staked token.
But the market largely shook that off.
Who cares about uptime, am I right?
What Happened?
$DYM opened trading over $4 yesterday and quickly went up only. It hit as high at $6, fell to $5 overnight and is back to $5.75 this morning.
At current prices, it holds an $838M marketcap and a whopping $5.7B FDV.
Nearly $6B for a new blockchain, which struggled to launch its mainnet on day 1.
That's crypto baby.
Screenshots started parading around X, with many holders (especially Penguins) catching 5-figure and even some 6-figure airdrops.
One of the reasons the token is doing so well, despite doing a wide and massive airdrop - it's very difficult to sell.
yuga.eth does a somewhat "tongue in cheek" description of how to sell $DYM here, showcasing 15 steps and a lot of struggles.
But anecdotaly, he was spot on. Many folks have not bothered to figure out how to sell this or are too scared to ask.
Take Action
For those who want to learn more about Dymension, check out the team's intro blog here.
For those who want to sell, this is one of the most succint lists of steps I've seen:
- Add DYM network to MetaMask
- Download Keplr wallet
- Buy ATOM
- Swap ATOM for Osmos (for gas)
- Bridge $DYM to $DYM on Osmos
- Swap $DYM on Osmos for ETH/USDC (currency of choice)
Good luck out there!
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- ETH trading volume fell to $19.5M on Tuesday; leading NFTs saw mostly red on the day
- Nobody led notable top movers on ETH, rebounding 28% to 0.88 ETH; FarCats jumped 60% to 0.82 ETH
- y00ts surged after Wormhole posted a cryptic teaser with the messages "you have than 12 hours" and "it was always more than a bridge."
- Pandora had another massive day, jumping to 5.1 ETH and a $120M marketcap on its token as more ERC404s start to follow
- Wasabi saw its biggest day of Perps volume yet with over $1M traded, largely due to its adding recently hyped ERC404 project Pandora
- Quantum Cats led action on BTC with 250 BTC in trading volume in 16 hours, with the floor grinding up to 0.33; RSIC saw 60 BTC volume and a new ATH at 0.12, Nodes at 0.183 and Puppets at 0.079
- Saturn and Ordinal Rugs announced a new $RUG airdrop, which will go live on Thursday for holders of several top Ordinals collections including Puppets, NodeMonkes, Bitcoin Frogs and more
- New BTC art project "Deus Ex Machina" by Cybersea minted out its 400 NFT supply for 0.01 BTC and surged to a 0.03 BTC floor in early trading (now 0.027)
- Solana NFTs mostly chopped on the day; Mad Lads at 173 and Tensorians at 80
- Sandbar led volume on Sol with 11.3k SOL volume and a 3.1 SOL floor in its debut as the latest web3 talent hub project
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are green this morning; BTC +0.5% at $42,910; ETH +2% at $2,360; SOL +1.3% at $95.20
- Farcaster memecoin $DEGEN rallied 95% to $159M, with its beta token $FRAME up 115% to $4.8M
- A Bored Ape blockchain (ApeChain) might be coming soon, as its latest proposal finished with a 95% "Yes" vote
- Metastreet shared new details on its Ascend XP program (Points), with information on timeline, distribution, bonuses and more
🚀 NFT Total Volume (ETH)
- Nobody (2,391 ETH, 0.88 ETH Floor)
- DeGods (1,997 ETH, 3.05 ETH)
- MAYC (812 ETH, 4.29 ETH)
- y00ts (553 ETH, 0.67 ETH)
- Pudgy Penguins (363 ETH, 15.25 ETH)
📈 NFT Floor Price Increase (ETH)
- Saints of LA (77%, 0.2 ETH Floor)
- Farcats (60%, 0.82 ETH)
- y00ts (38%, 0.67 ETH)
- Nobody (28%, 0.88 ETH)
- Pandora (24%, 5.1 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day of events, mostly focused in art.
The Floor app is back for ICONs Series 2 with big things planned for this season. Pindar Van Arman is launching Reflection (999 supply priced at 0.33 ETH), and Matt DesLauriers is dropping his 48-hour edition "Sierra."
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Andre Oshea - Town Square (9:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- Floor - ICONs Series 2 (11:00 a.m. ET)
- Pindar Van Arman - Reflection (12:00 p.m. ET)
- Matt DesLauriers - Sierra (12:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com
