Solana dApp Bungles the Bag, Chainlink Meme Magic, Eth 2.0 POS Concerns

"Never throughout history has a man who lived a life of ease left a name worth remembering." — Theodore Roosevelt

Gm frens.

Welcome to another dose of Psychedelic Toad where we congratulate you on taking that promising new job:

Here's what's cooking on the good 'ol George Foreman today:

• Solana dApp Bungles the Bag

• Chainlink Marketing Team Getting More Brazen

• ETH 2.0 Deflationary Narrative Put into Question

• Other Tid-Bits

• Meme of the day

Solana dApp Bungles the Bag

Solana, quickly joining the high ranks of derision and bullying comparable only to the vitriolic abuse hurled onto Cardano and PulseChain maxis, has once again blown it – or to be fair, one of their dApp crypto wallets (Slope Finance) on their blockchain has thoroughly blown it.

As always, there was a great deal of commotion and confusion on the socials surrounding the exploit – many not knowing what the root cause was, and still don't – to the point that Solana's CEO, Anatoly Yakovenko, had to start manually surveying people through Twitter to narrow down what the issue could be. Ke.

While there isn't firm resolution on this yet, what is currently known is that:

• It's not a direct SOL blockchain attack, exploit, or randomness issue

• It looks like the Slope wallet sent plaintext seed phrases to external integration partners

• Compromised Phantom wallets came from seed phrase imports used in Slope. And compromised ETH wallets were also from seed phrase reuse

• Multiple wallets were drained, currently 9K+ victims

• Hacker has 4 known addresses discovered so far

The timing couldn't be more atrocious either, after the 4th largest DeFi exploit in history, to the tune of $190M stolen, occurred the day before with Nomad Bridge.

There were also reports of random normies on Discord and Twitter all grabbing $3K-$20K from the bridge. All one had to do was copy the first hacker's transaction and change the address, then hit send through Etherscan. That's it. The first decentralized robbery.

If you were on CryptoTwitter that day, you saw clownery like this all over the place:

Chainlink Marketing Team Getting More Brazen

Either we're all fucked and our bags are finally going to 0, or the Chainlink team finally perked up and hired genius marketers.

Chainlink has always maintained a very polished and serious brand presence throughout all of their communications and press releases online – and they still do, for the most part – but seemingly out of nowhere, it's as if their entire marketing team has just come out of a 5-day vision quest in some cave on the outskirts of Sedona, and started regularly microdosing shrooms when coming up these new press releases:

(e)xempli (g)ratia - upcoming SmartCon event:

(Credit to Link-182 for pointing this out.)

If that wasn't enough, they've discounted SmartCon tickets to $777 as Early Bird prices, and Sergey's even managed to smuggle in the pervasive Big Mac meme, while expressing his excitement to talk philosophy with schizo Marines. Pure rationality has left the building.

I think it's safe to say: Meme Magic actually works.

ETH 2.0 Deflationary Narrative Put into Question

It was not a good week for Ethereum in terms of people questioning its POS viability and post-merge tokenomics, after, what seems like, Galois Capital catalyzing the whole thing last week questioning the game theory behind what happens to the old ETH POW chain, and other possible forks, after The Merge.

This viral tweet by @macbrennan sums up why the deflationary narrative for ETH 2.0 isn't as rock-solid as many have touted it to be:

This was then followed by a great response from Benjamin (@0xFunk) – albeit without as much exposure, even though it deserved it with such a concise, and measured retaliation – who attempted to point out the flaws in Mac Brennan's argument.

Alongside a valid "ETH milkshake theory" by Eth-maxi Sassal:

Other Tid-Bits

• Big Mikey Saylor, CEO of MicroStrategy since 1989, is officially stepping down to serve as Executive Chairman to focus more on Bitcoin. Sounds fishy, but I'll take it.

• People are searching "credit card" "payday loan" and "personal loan" like never before. Not a good look for the general economy. Brb while I go apply for another one.

• Craig Wright, the man who entertains active delusions that he's Satoshi, won a libel suit against Peter McCormack yesterday for £1. Kek. Judge is clearly based out of his mind, and clearly has tons of unprotected sex. Article.

Meme of the Day

Until next time frens.

~ Basel

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.