The State of Crypto - May 14th
In today's episode, we cover several intriguing stories from the world of cryptocurrency:
1. **Airdrops Value Analysis**: A short and insightful discussion on how to value airdropped tokens using relative value and comparables. We dive into the case of the $MODE token, which appears to be significantly undervalued compared to its Layer 2 competitors.
2. **Bitcoin's Distribution**: We explore the ownership landscape of Bitcoin, highlighting that no entity owns more than 2% of its total supply while noting that a significant portion is estimated to be lost forever due to locked wallets and forgotten keys.
3. **Coinbase Outage**: The episode includes updates on the recent system-wide outage on Coinbase, its implications, and the reassurances given to users regarding the safety of their funds.
4. **Chinese Crackdown**: Chinese authorities have dismantled an underground bank that illicitly exchanged yuan and won for cryptocurrency, with transactions summing up to an estimated $296 million.
5. **Blockchain Gaming Surge**: The web3 farming game 'Pixels' has achieved a milestone of one million active daily users, reflecting the growing trend of play-to-earn games in the blockchain ecosystem.
Tune in for a concise yet comprehensive overview of the latest happenings in the crypto world, only on "The State of Crypto".
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