Rug Radio Recap - March 5, 2023
Ethereum Smart Accounts have been deployed and they might just onboard the next billion users. In Rug Radio news, the Rewards Store is launching this week.
gm! From NFT Paris to presenting our latest long range plan to the launch of our Rewards Store later this week, it's been a busy Q1 for us...and we're just getting started.
Speaking of NFT Paris, we got the amazing photos back from the photographers and they perfectly capture the vibes of an IRL Rug Radio event.
Here's what we've got in this week's recap...
Rug Radio Updates
Ethereum Smart Accounts
Did Farokh pass the internship interview with Fair.xyz?
Introducing our 2nd Long Range Plan (LRP)
In Friday's Town Hall, we presented our quarterly report for December 2022 - February 2023 as well as our Long Range Plan for the next 6 months where we are anticipating over $1.7 million USD in revenue. We'll be submitting this as a proposal for the community to vote on, so be sure to swap your $RUG for $RDAO.
To see the full quarterly report and LRP, check out the Town Hall notes from Friday or the financials section of our Wiki.
Rewards Program Updates
Looking to earn more $RUG tokens? You have the opportunity to earn up to 81 $RUG by completing all 19 bounties that are currently available which include engaging with Tweets, subscribing to GM Web3 as well as our YouTube, and tons more!
The Rewards Store is also launching this week where you can use your $RUG tokens to purchase our NFTs, get access to an IRL event, and even schedule a 30 minute consultation with Farokh!
Celebrating the Women of Rug Radio
March is Women's History Month and we want to spotlight the women within the Rug Radio community. Fill out the form below for an opportunity to be featured in our blog and on Twitter!
Community Spotlight, GMAN.ΞTH
GMAN.ΞTH's growth as a web3 leader is rooted in community and a vision for the future. How have his support of friends and enthusiasm for web3 principles contributed to his success?
Learn more about GMAN.ΞTH in this interview with WagginWendy.
Ethereum Smart Accounts
You've probably heard of smart contracts, the programs that run on Ethereum, but with the deployment of ERC-4337 and Account Abstraction, we've now entered an era of smart accounts that essentially make Ethereum more user friendly with the potential to contribute to wider adoption.
Let's take a look at a few key features of smart accounts...
Wallet Recovery & Security
Instead of having to write down a 12 - 24 word seed phrase and store it in a secure way, you can set up recovery methods that mirror the idea of guardians or beneficiaries; these guardians can be individually selected people or community based groups such as DAOs that you participate in.
This also introduces built in multi-sig capability - where multiple people have to sign off to execute a transaction - as well as 2-factor authentication, which is something many have been calling for to be implemented into crypto wallets.
Transaction bundling eliminates the need to sign multiple times when executing transactions, even if those interactions are with separate contracts.
For example, I recently did some wallet reshuffling and had to sign ~20 transactions just to transfer all of those NFTs (It took waaaaay too long). If I had done that on a smart account, it only would have taken 1 signature to transfer everything.
Sponsored transactions mean that someone else or another wallet can pay the gas fees associated with a transaction.
Let's say that you set up a burner wallet to mint a free NFT, but don't have any ETH in it to pay the gas fees. You could actually set a different wallet, such as your primary or vault wallet, to pay those gas fees without exposing that wallet to any potential risk.
The idea of Account Abstraction isn't new. There have been 3 proposals since 2016 that aimed to implement it, but have since gone stagnant primarily due to the fact they require changes to the consensus-layer of Ethereum, which is a challenge from a tech perspective. Visa, the largest credit card network in the US, even proposed the idea to integrate auto payments back in December of 2022 using account abstraction as the underlying technology.
There's a LOT more that this enables, but when we look at onboarding the next billion users into this space, focusing on the user experience and creating simple, secure user journeys should be one of the key focus points and smart accounts are a step in that direction.
ERC-4337 crypto wallets will onboard the next 1 billion users to web3.
Here's how it will help a normal user:
(in Simple words)
— Rohan🧢 (@Rohan_0g)
Mar 3, 2023
Yuga Labs introduced TwelveFold, a limited edition generative art collection as inscriptions on Bitcoin.
Leah Lamarr, LA based comedian who gained popularity on Clubhouse, conducted the first live auction of a comedy NFT at ETH Denver.
Coindesk released Microcosms, an NFT collection that gives holders three years of access to Consensus and a multi-tiered rewards system.
Fidenza #724 sold for $440,000 USD at the Christies Evening Sale in London, exceeding estimates of $361,000 USD.
Fair.xyz, the developers behind Stubs, released a hilarious skit with Farokh. Do you think he'll get the job?😅
LEAKED FOOTAGE OF @FAROKH's INTERVIEW FOR AN INTERNSHIP WITH @FAIRXYZ
Interviewed by @misosoupqueen https://t.co/BW3quoRICv
— FAIR.XYZ (@fairxyz)
Mar 3, 2023
Fears of a potential Silvergate Bank collapse caused crypto to dip early Friday, and price movement has been relatively sideways ever since.
Airdrop farming continued on Blur as the platform continues to outperform OpenSea processing 70% - 80% of all NFT trading volume.
This upcoming week, we'll get key employment reports such as job openings (Wednesday) and non-farm payrolls (Friday) that could bring more volatility to the markets. As the fed continues to fight against inflation, seeing these numbers come in higher than expectations could mean continued rate hikes.
What did you think of this week's newsletter?