Discover more from Token Dispatch
What's with the Hamster hustle hype? The world's take on Worldcoin. Russia has a new bill and Argentina has non-fungible plants. Forta Network's got something to share.
Hello, y'all. We have a drop for you. Not once, not twice but for Every day. Go own it, for free 🙌
Crypto community is always finding ways to keep things exciting, and now they've discovered a new hobby: betting on hamster races!
Not virtual hamsters, the race is real - on the blockchain-based platform Hamsters.gg.
Meet the star racers like "Rocky" and "Buster," drawing bets up to $500 per race, while others, like "CK," might need a little more luck. These races are creating a frenzy, with at least 1,000 viewers cheering on the hamsters in the chatbox, complete with virtual beer and hotdog emojis.
On July 11, 2023, HamstersGG launched, adding a twist to betting. Users can wager using BUSD on adorable rodent races streamed on Twitch, blending DeFi with cuteness. Ethereum and Binance Smart Chain deposits were accepted, but payouts seemed to favour BSC.
What in the HAMS?
Along with the exciting hamster races, there's a HAMS token too! The Hamsters.gg site's whitepaper spills the beans that they take a 5% cut from all bets, and 4% of that goes straight to the HAMS token holders.
The HAMS token has zoomed to over $6 million capitalisation in no time! It experienced a soar above 780% on July 21st. The Uniswap pool is overflowing with $651.33K in liquidity.
But, The price is at $0.674912 today with a 24-hour trading volume of $4,155,510.42. This represents a -33.15% price decline in the last 24 hours.
It's not just hamsters anymore
We've got snails, rabbits, horses, and even rats joining the race to crypto fame.
🐌Snail Trail (SLIME)
🐌Snail Race (SNAILS)
🐎ZED Run (ZED)
🐇Rabbit Race (RABBIT)
🐀Rat Roulette (RAT)
Marble Bet (MARBLE)
it's a zoo out there!
The price of Rabbit Race (RABBITS) is $0.066491 today with a 24-hour trading volume of $395,145.58. This represents a -19.56% price decline in the last 24 hours.
But RAT, it took a wild dive - the current price is -29.03% lower than the all-time high and the trading volume is $353,054 in the last 24 hours, representing a -76.00% decrease from one day ago.
Even the big players like Coingecko's Bobby Ong are joining the fun.
Not all cute tho
The rise of hamster racing brought doubts and allegations of scams. Twitter users questioned the authenticity of races, suspecting staged events and looped videos. The platform blamed server crashes on the overwhelming interest in the furry athletes. Amid technical issues and delayed races, concerns about potential scams grew.
Viewership on Twitch fluctuated as races failed to start, and users reported withdrawal problems after races ended. While some dismissed it as FUD, others remained sceptical. As the crypto community contemplates the risks and rewards of betting on cute critters, the future of HamstersGG and its HAMS token hangs in the balance.
The Worldcoin has launched.
Vitalik Buterin, the Ethereum co-founder, is never one to shy away from speaking his mind, and he's got some serious concerns about Worldcoin, the hot new "digital passport" project.
While he sees the value of a proof-of-personhood system, he's waving the caution flag on four "major issues" that could spell trouble:
Privacy Predicaments: The idea of scanning people's irises for identification could lead to unintended data capture, revealing sensitive information like ethnicity and medical conditions – a recipe for privacy nightmares.
Accessibility Ambiguities: With only 1,500 Orbs available in 35 global cities, getting a World ID might be harder than finding a needle in a haystack. Even if Orbs become widespread, what if a government decides to ban them? Talk about a headache!
Centralization Concerns: The fear of backdoors in Orbs looms large, allowing malicious manufacturers to create fake human identities. If even one Orb maker goes rogue, it could cause a world of trouble.
Security Snags: Allowing AI-generated photos or 3D prints to create fake World IDs could be a Pandora's box of identity issues. Selling or losing World IDs or falling victim to phone hacking? It's a digital minefield!
Vitalik doesn't discount the importance of a robust proof-of-personhood system, but he believes Worldcoin should team up with other projects that excel in decentralisation, accessibility, and safeguarding against fake users. However, he warns that building such a system won't be a walk in the park and could take years to get right.
Industry figures like Jack Dorsey and Anita Posch also expressed skepticism about Worldcoin's centralized nature and data management.
Meanwhile exchanges line up:
Several major crypto exchanges, including Binance, Bybit, Huobi, OKX, and Gate, have announced their plans to list Worldcoin's newly launched WLD token. Binance, the largest exchange by volume, began trading the token yesterday, with support for leveraged trading through its isolated margin feature. ByBit got ahead of the game, with WLD already skyrocketing from $0.3 to $2.79 within minutes.
OKX has also started accepting WLD deposits and will begin spot trading soon. CoinGecko data shows a total token supply of 10 billion, priced at $2.00 atm and market cap of $216,007,518.
TTD Russia 🇷🇺
Russia's President Putin has just made a bold move, signing a bill that officially gives life to the "digital ruble" as legal tender in the country.
Amidst tough Western sanctions and rising inflation from the Ukraine war, this Central Bank Digital Currency (CBDC) is making its entrance.
Unlike wild and free crypto like Bitcoin, the digital ruble is a centralised token tied to Russia's national fiat currency. 🏦 With the Central Bank of Russia as the platform operator, this new CBDC has received the Putin seal of approval.
However, don't go rushing to get your digital wallets just yet. Most citizens won't have access until 2025 at the earliest.
Russia's ruble has been taking a bumpy ride in the markets, facing a whopping 90.6 rubles to the USD and 100 rubles to the Euro. But this digital ruble could be a game-changer amid those sanctions and soaring inflation rates. The concept of a digital ruble has been floating around for a while, but things got more urgent after Russia faced international financial market restrictions due to the invasion of Ukraine. Legislation for the CBDC picked up speed this year, and both houses of Russia's parliament gave their approval before Putin signed it into law. Starting from August 1, the central bank will start testing the digital ruble waters.
Citizens will be able to make payments and transfers through their digital wallets, either within the central bank's platform or partner banks.
But the digital ruble can only be used for payments and transfers, not for loans or deposits.
"If they want, they use it. If they don't want to, they don't use it," -Central Bank governor Elvira Naibullina.
Say hello to "non-fungible plants."
Concept Origins: 🌿
Two academics from Intellectual Property Centre Law School of Austral University, Argentina.
Addressing the gap in international IP law for unique plant varieties.
Solution: Create NFTs for seeds with smart contracts.
The Process: 🌱
Minting NFTs: Farmers create ERC-721 tokens for each seed of extraordinary plants.
ICO for Seeds: Conduct initial coin offering (ICO) using MetaMask to sell NFTs linked to real-world seeds.
Provenance Tracking: Ethereum blockchain ensures a clear relationship between creators and seed buyers.
Physical & Digital Connection: Mailed seeds come with QR codes to identify their NFT counterparts.
NFTs backed by real-world seed units, connecting the physical and digital realms.
"A digital token of an NFPV cannot exist without the backing of a seed unit of the same variety, nor vice versa…By the time the physical seed units are ready, they will have printed the QR code that identifies them with the NFPV purchased" - reads the paper
Addressing Concerns: 🤨
Democratising access to plant NFTs raises questions of trust and transparency.
Risks of tampered data and market manipulation.
Lessons from the Volkswagen emissions scandal as a cautionary tale.
Meanwhile, a TikToker and adult content creator, Stephanie Matto, made $200,000 by selling jars filled with her farts. She gained popularity through her 90-Day Fiancé appearance and decided to monetise her flatulence.
What a cool world we live in!
A new villain is on the loose in the cryptocurrency world, and it's as sly as a fox on roller skates. We're talking a fresh twist on the Sleepdrop scam, now starring - drumroll, please - NFT airdrops.
California's very own superhero squad, Forta Network, stumbled upon this trick when a mystery NFT popped into one of their multisig wallets. After some digital detective work, they unmasked this scheme.
Here's how our crypto-criminal mastermind pulls it off: first, they create an ERC-1155 NFT collection, impersonating a legitimate team. Next, they transfer these counterfeit assets to a genuine contract that had previously conducted an airdrop. Then, like a puppet master pulling the strings, the scammer triggers the airdrop function of the contract, sprinkling the phony NFTs across multiple addresses. As the cherry on top, they sneak a phishing URL into the NFT descriptions.
Unlike your run-of-the-mill Sleepdrop scams, this con artist lures you in with an NFT - not an ERC-20 token - as a fake reward. Plus, the scam contract is verified. It's all smoke and mirrors, though, because the real execution logic lies hidden within an unverified contract, leaving victims completely exposed.
"Do not interact with any token that you randomly receive. Even if it looks like the sender is a legitimate team," - Christian Seifert, a researcher at Forta Network
TTD Surfer 🏄
Japanese Prime Minister Fumio Kishida reiterated Japan's support for the Web3 industry.
The newly launched Worldcoin crypto and ID project may face inquiries from UK data regulators due to concerns over privacy and the safety of biometric data.
Binance, a leading cryptocurrency exchange, has chosen Turkey as the host country for its Blockchain Week event.
If you like us, if you don't like us .. either ways do tell us✌️
So long. OKAY? ✋
The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.