Entangle Weekly Degen SA Vol.1
FTX, Rugs and BORPAAA!
Gm everyone! Here is the first edition of a weekly newsletter to keep everyone in the loop with what is happening in the broader market. Whilst we are busy eating glass and building out products that are reshaping the way we interact with DeFi, we also like to keep up to date with what is happening in the market. We understand this can be difficult for our community and so will be collating this information for your digestion in this format!
TOP STORIES THIS WEEK
Justice has been served, kind of…
https://x.com/zerohedge/status/1788284012408025455
It has recently come out that in order to compensate for the disastrous collapse of FTX back in 2022, a plan has been made to repay all creditor claims as well as additional compensation for the loss and delay in time of recompensation. This is all subject to the approval by the U.S Bankruptcy Court. The plan offers a 118% recovery for claims below $50,000, covering 98% of creditors. Though some may see this as a win, many on X have been extremely vocal about the fact that these are just plans and until the funds are reimbursed, is just hearsay.
It’s raining cats and rugs!
https://x.com/Crypto_TownHall/status/1786248064916996589
In April, crypto losses from hacks and scams hit a new low of $25.7 million, as reported by CertiK! It appears that a lot if the newer money being generated in this space is not necessarily smart money as this number is an accumulation of various rugs and exploits! Whenever aping during this memecoin supercycle it is always imperative to retain a level of OpSec and remember that not your keys, not your coins, not your cats!
Borpa Whitelist Bonanza!
https://x.com/BorpaTokencom/status/1788214763274531027
In an amazing turn of events, Borpa have decided to guarantee whitelists to the community. The FCFS model has been extremely harsh to those community members that have been around and play by the rules. As a result, the community voices have been heard and every Golden Ticket owned by community members now guarantees allocation!
Memecoin Supercycle + Tiktok Meta
https://x.com/matthew_sigel/status/1788194380177715322
With the rising popularity of Memecoins, it appears that a Memecoin index is on the horizon! The proposed plans appear to incorporate popular memes such as PEPE and WIF, allowing customers to invest for ‘entertainment purposes only’.
In addition to this news, a new meme meta has seemingly emerged. With the growing popularity of the app Tiktok, keen Crypto degens have realized the value in tokenized communities being built around these various memes. The most recent popular edition of this being MICHI and HAMMY, with smaller caps such as CHIPI, DANG and PEDRO gaining more traction