Mad News #59 🔐 WTF Is Multisig Wallet Security
This week we cover the hot topic of multisig wallet protection, the latest airdrop to Mad Lads, listing $CLOUD, the NX Finance 10% booster, an update on Solana Economic Zones (SEZ). Fock it.
Welcome to the Mad News! 📰
Multisig wallet protection, so hot right now 🔐
Mad Lads holders say YES YES YES to more airdrops 🪂
CLOUD token listed for trading on Backpack Exchange 🪙
Backpack Wallet gives 10% points boost on NX Finance 📈
Even when you lose, you win on Backpack 🎒
There is a new blockchain in town 🤠
Clear consistent communication is bedrock of Backpack and Mad Lads lore 📢
Solana Economic Zones off to hot start 🇦🇷
…and much more!
Multisig wallet protection, so hot right now 🔐
Backpack Wallet is the only Solana wallet to support three of the world's most trusted cold storage hardware providers:
This makes Backpack the only Solana wallet to offer true 2-of-3 (and 3-of-3) multisig protection.
Learn more about multisig in the "Crypto Cold Storage Guide For The Hyper Paranoid: Multisig Wallet Protection" article.
2-of-3 multisig is a wallet security deployment where users need 2 private keys and 3 public keys in order to access the assets and sign transactions.
Typically this manifests as:
Two cold storage hardware wallets and one hot wallet
Three cold storage hardware wallets
2-of-3 multisig requires that two of three designated wallets must approve a transaction before assets can be viewed or interacted with.
This setup ensures maximum security as an attacker would need to compromise multiple wallets to access crypto assets.
A hot wallet like Backpack acts as the hardware wallet connection point.
Users utilized one of several reputable multisig management platforms such as Squads and Realms to setup and manage the protection.
1) Import hardware wallets to Backpack
2) Connect Backpack to Squads
3) Setup multisig scheme
4) Manage multisig on Squads
Demands for multisig options are increasing as the crypto ecosystem matures and users gain the experience needed to use the advanced security measures
Mad Lads holders say YES YES YES to more airdrops 🪂
Mad Lads holders divvied up an allocation pool of 50,000,000 $YES tokens in a no-claim airdrop from Yes Token, the memecoin project by Chads.
It is estimated that Mad Lads holders have received ~$36k USD value in token airdrops and claims since minting in April, 2023 for 6.9 SOL.
In the end, history is written by the optimists and the winners.
"No" is the language of virgins and losers. For the real Chads out there, all roads lead to "YES".
By degens, for degens. $YES is the cultural meme coin from CHADS - the most prolific meme NFT project on Solana. It is the most based, fair launch community meme coin in the Solana ecosystem.
YES IS THE PEOPLE'S COIN
CLOUD token listed for trading on Backpack Exchange 🪙
Backpack listed Sanctums $CLOUD token for trading on July 18th, 2024
Sanctum's long awaited $CLOUD token launched last week and Backpack was one of the few CEX's to list upon the TGE (token generation event).
Sanctum is a Solana built protocol which has become especially renowned for their scalable and easy to use LST (Liquid Staking Token) tooling.
TL;DR they enable Solana projects to build creative staking mechanisms.
LST (Liquid Staking Tokens) is an advanced method of staking cryptocurrency where tokens are placed in a smart contract or staking pool rather than a typical validator.
In return for staking with an LST, the user receives a different type of token which represents the staked amount. Staked tokens typically continue to earn interest as well.
The tokens a user receives can be traded, used to fund transactions in DeFi apps or simply transferred to cold storage for safekeeping.
What is Sanctum (and $CLOUD)? Exploring Liquid Token Staking (LST) On Solana
Backpack Wallet gives 10% points boost on NX Finance 📈
Backpack Wallet users have benefited from numerous *bonus* multipliers on several blue chip DeFi platforms, NX Finance is the latest and greatest.
NX Finance optimizes returns on interest-bearing assets such as the JLP (Jupiter Liquidity Provider) pool and offers significant APR on traditional crypto lending strategies.
Even when you lose, you win on Backpack 🎒
Buy The Dip! was a roaring success and proof of concept for a new trading quest category on Backpack Exchange.
Eleven winners were selected in three different categories:
3 x $1000 Winners (Bought BTC, ETH or SOL at Lowest Price)
3 x $500 Winners (Bought BTC, ETH or SOL at Highest Price)
5 x $50 Winners (Randomly Selected)
There is a new blockchain in town 🤠
Monad is the newest L1 chain on the block and they have captured the attention of the greater crypto ecosystem with their novel approach to scaling EVM programs with Solana-esque parallel execution.
This means that existing EVM (Ethereum Virtual Machine) programs can easily port to Monad and experience Solana speeds and costs - hundreds of Ethereum builders are poised for the public testnet release.
While Monad x Backpack may be a new revelation, Monad x Mad Lads communities have a long standing relationship a la 'Mad Nads'.
NADS OF THE WEEK! 👑
After news of Backpack's day-one integration plans for Monad broke, the Mad Nad content floodgates burst open with hundreds of custom designs.
Congratulations to our NOTW, the Mad Nads community!
There is significant overlap between communities as Backpack users have become accustomed to performance of Solana tools while simultaneously accessing the Ethereum side of the blockchain.
Monad represents the ultimate Solana x Ethereum experience.
Though many Nad Lads may not hold an actual Mad Lad NFT, that does not make them any less vocal.
Nad memes have taken over Twitter and hardly a day goes by without the official Monad account posting community (and bespoke) graphics.
You can expect the meme volume to reach a fever pitch once Monad's testnet goes public and Backpack users are able to start experimenting with the new blockchain.
Learn more about Monad in our "What is Monad? How Parallel Execution is Transforming Ethereum Applications" article.
Clear consistent communication is bedrock of Backpack and Mad Lads lore 📢
Armani Ferrante threads about crypto minutia capture the heart and minds of blockchain developers.
Tristan Yver has either hosted or been the subject of more interviews than almost any other founder in the space.
Founding team members are regular guests on Spaces, IRL panels and non-English speaking platforms on a (increasingly) regular basis.
All of this time and energy from team members is placing Backpack and Mad Lads securely atop the crypto mindshare.
Solana Economic Zones off to hot start 🇦🇷
SEZs, Solana Economic Zones, are one of the more interesting IRL impact initiatives that have emerged in 2024.
The Solana Foundation has increasingly focused it's offchain presence on the political landscape over the last two years with regular meetings in Washington D.C., partnership with DMCC in the UAE and now promoting DeFi solutions Argentina.
Solana is working with the Argentinian government to host a month-long immersive coworking space where crypto founders, builders and newcomers will share their blockchain experience.
Forma chose Argentina as the location for its first Solana Economic Zone because of its already-widespread use of crypto (due to a turbulent local currency) and “progressive” immigration policies that include visas for digital nomads, Ahmadzadeh said.
The event will be located *within* Aleph, the Argentinian native event which is hosting the Regulatory Sandbox.
Blinks are not just a flash in the pan 💥
Blinks, shareable links which initiate a blockchain action, have taken X/Twitter by storm and piqued the interest of the broader crypto ecosystem.
Solana Foundation has doubled down on it's commitment to the movement with $400K in builder grants.
Dialect, creator of Actions and Blinks, has aggregated 200+ publicly available apps in their Blinks Public Registry.
There is no direct link available in the Tweet thread, see the Blinks Public Registry here.
If you are interested in exploring Actions and Blinks, there are technical sessions around the world (NYC, Seoul, Berlin, Bangalore, Tokyo, San Francisco) and a short hackathon happening this weekend.
Everstake announces that Solana has 5,400+ nodes across 43 countries 🥩
~1,500 validators maintain node Solana mainnet support (in 300 unique data centers).
This places Solana as one of the most decentralized blockchains with a self-reported Nakamoto Coefficient of 31.
The 'Nakamoto Coefficient" is a measurement of decentralization and represents the smallest number of validators which must act together to shut down a blockchain.
Traditional wisdom states: the bigger the Nakamoto Coefficient, the more decentralized a blockchain is.
Radiant's 6-week long Bonkathon comes to a close 🖥️
Radiants offline competition was focused on consumer products that utilize the $BONK token.
Bonk provides an extremely low barrier of entry to the blockchain that anyone with a crypto wallet can access.
See the full list of winners here.
PODCAST CORNER 🎙️
Validated
In this episode, Austin Federa chats with Raymond Jacobson about what decentralization unlocks for the music streaming ecosystem. In contrast with legacy streaming platforms like Spotify and Apple Music, Audius leverages blockchain to increase accounting transparency for artists.
The platform allows artists to have more control over monetization methods, helping to build deeper and more direct relationships with fans through tools like remix competitions, pre-release options, and more.
Logan Jastremski Podcast #1
Salvador Gala is the Managing Partner at Escape Velocity.
Logan Jastremski Podcast #2
Drake Evans is the CTO at Agora.
The dollar belongs in the world’s hands. Billions of people across the globe can now enjoy a more secure, inclusive financial system—built on the world’s most widely recognized currency, the US dollar.
Bankless Takes
In our discussion, we explore why fundamentals matter when analyzing crypto assets like ETH and SOL. We review the data for 2024 to see who’s winning and examine the catalysts for both ETH and SOL.
Additionally, Michael shares his price predictions for ETH and SOL this cycle and offers insights on which asset will outperform the other in the second half of the bear market.
Future Podcast
Today, we have Simon from Solana ID, who is revolutionizing the identity verification landscape on the Solana blockchain.
Simon shares his journey from finance student and venture capitalist to becoming a digital nomad and co-founding Solana ID, a fast-growing digital identity company. Learn how Solana ID aims to enhance user verification, tackle sybil resistance, and provide comprehensive digital identity solutions while integrating seamlessly with various dApps on Solana.
Altcoin Daily
Can The US Government Destroy Bitcoin in 2024? With Altcoin Daily and Austin Arnol.
Comprehensive Conversations
“In the future, humans will not work. They will own a share of economies run by autonomous agents – powered by blockchain and crypto.”
Joining me today on London Real is Viktor Fischer, an esteemed investor, entrepreneur, and blockchain expert who is front and centre of the digital revolution and working tirelessly to bring about the kind of change that will positively impact all corners of the world.