ETH Mining > BTC Mining

Good morning. Today we've got coverage on a DAO selling tweets, an update from the whale who bailed on Sotheby's, and ETH mining taking the revenue from BTC. All that and more today in the CT5!

Market Update (as of 8:15am ET):

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Top 5:

1. NFT whale who ditched auction of 104 CryptoPunks lands $8M loan. In February, a pseudonymous seller at Sotheby's withdrew their lot of 104 CryptoPunks minutes before the auction was to take place. According to Sotheby's, the lot of NFTs had an estimated value of $20-30 million at the time. The seller has since reached out to Blockworks, to clarify that by withdrawing the sale they were looking for a way to retain exposure to CryptoPunks while also unlocking liquidity. The seller has since received an $8.32 million loan backed by the same NFTs at the Sotheby's auction. Lending protocol, MetaStreet, facilitated the loan with a 10% annual percentage rate and a 90-day duration.

2. A DAO is selling NFTs for the right to tweet — in a bizarre experiment. TweetDAO, a new decentralized autonomous organization, is selling the right to send tweet from their account (@TheTweetDao). The experiment uses NFTs, in the form of eggs, which if purchased allow the holder a single tweet from the account. The tweets are scattered in the topics covered, but many are "full of praise for the idea itself". It's unclear if selling tweets is a violation of Twitter's rules, but if you're interested, eggs can be found here.

3. Ethereum miners reach $1.29 billion in revenues in March. That number outpaced bitcoin miners by about 8% with most revenue ($1.21 billion) coming from the block subsidy. Additionally, revenues increased 7.2% month-over-month, marking the first such increase since November 2021 when monthly revenue reached just north of $2 billion.

4. Twitch co-founder's NFT startup nets $35 million in seed funding. The NFT gaming platform, Fractal, saw investments from Paradigm and Multicoin Capital in the massive seed funding round. Fractal, which runs on the Solana blockchain, currently enables gaming companies to launch NFTs for their fans and players and provides a secondary market to buy and sell those NFTs. The company plans to use the funding to hire additional engineers and to recruit game developers.

5. DeFi protocol Inverse Finance suffers exploit, loss of $15 million in crypto.  On Saturday, DeFi lending protocol Inverse Finance, lost $15 million of crypto in a hack of the network. It's the third multi-million dollar DeFi hack in the last week, with Ola Finance ($3.6) and the Ronin Network ($625 million) serving as the other two examples. An interesting note on the attack from Coindesk:

The attack was notably well-financed; in order to pull it off, the attacker first withdrew 901 ETH (about $3 million) from Tornado Cash, which is used to disburse crypto without leaving a clear trail... A representative from PeckShield noted to CoinDesk that the attack was high-risk, since the $3 million worth of crypto used to trick the price oracle would have been completely lost if the price of INV fell back to normal levels before the attacker took out the loans.

Updates and other stories:
- Ronin Network hack recovery continues...Read More
- Turkey seeks 40,000-year jail sentences for crypto CEO, officials...Read More
- More than 90% of all bitcoin is now in circulation. What's next?...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.