👀 Mainnet for Cardano's Hydra protocol goes live, ADA community is excited

👀 Mainnet for Cardano's Hydra protocol goes live, ADA community is excited 🫢 Former OpenSea manager found guilty in the first ever NFT fraud case 💀 Wall Street Bets token gets rugged

Good morning.

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Here's what recently happened in the space:

Mainnet for Cardano's Hydra protocol goes live, ADA community is excited

Cardano's new L2 protocol, Hydra Head Protocol or just Hydra, has recently gone live with its mainnet launch, ushering in a wave of new possibilities for scaling Cardano.

Hydra is designed to provide a number of scalability solutions, allowing for faster, cheaper, and more efficient transactions on the Cardano blockchain. The Hydra protocol works by allowing for users to create their own channels on the blockchain, each with its own unique rules and parameters. These channels are secured by nodes that are used to validate transactions. This allows for users to send transactions within their own channels, rather than broadcasting them out to the whole network. This results in a much faster and more cost-effective process for sending transactions, as well as allowing users to maintain full control over their funds.

Hydra's launch was considered one of the most important developments for the Cardano ecosystem for this year and has excited a community that believes it could position Cardano as a formidable smart contract hub in the space, but whether it will actually deliver on its promises remains to be seen.

Former OpenSea manager found guilty in the first ever NFT fraud case

The former OpenSea product manager that we wrote about recently was convicted on Wednesday. The jury found him guilty of wire fraud and money laundering, making this case the first of its kind to be prosecuted in the NFT industry.

The initial charge was announced back in June and caused a stir within the industry. Throughout the trial, many were watching closely to see what precedent this case would set for future legal proceedings. Nathaniel Chastain, the accused, maintained his innocence throughout the proceedings.

Before the trial started, the CEO of OpenSea has publicly called the case unfair and stated that it had taken a toll on Chastain’s mental health. Chastain had also tried to have evidence related to his OpenSea compensation and certain terms thrown out, but was unsuccessful. It's true that this guy got caught with the smallest possible bag and compared to the big players out there who commit even larger crimes every and never get caught, but unfortunately, that’s the way it goes.

Now that this case is over, we can only hope that it sets a precedent for other NFT-related cases and serves as a warning to those who may be thinking of engaging in such activities.

Wall Street Bets token gets rugged

WSB coin, an unofficial coin of the Wall Street Bets reddit community, has recently been in the spotlight due to its skyrocketing price that occurred over the span of a day. However, it has since plummeted by 86% amid allegations of a rugpull executed by its founders.

The project had a litepaper that explained the token allocation. However, most of the paper was devoted to marketing strategies instead of technical details about the project.

The WSB community became popular after it boosted the price of GameStop stock and made major headlines, since then it became a large and influential community.

This is just but one example of why regular investors are still scared of crypto investments and digital assets. There are many projects out there that are not genuine or simply do not have the necessary technical framework to be successful in the long term and we are powerless to stop them from scamming us.

Thank you for taking the time to read this, frens. Here's to meeting again soon! Until then, stay safe and healthy.

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