Supernova Shines Bright
The first global Internet Computer hackathon is now officially underway after a stellar kickoff event on May 10th, featuring distinguished speakers from around the crypto world. There are now over 1700 participants competing for a total prize pool worth over $6 million. Be sure to show support for your favorite developer teams by cheering them on Twitter, Discord, or any of the social dapps unique to the Internet Computer (DSCVR, Distrikt, DSocial, etc.)!
Building a Better Internet
ICP continues to top the charts for Github activity, consistently ranking in the top 10 crypto projects for most commits and new lines of code written since the beginning of April, according to CoinCommit.
What Bear Market?
The Internet Computer’s NFT scene saw strong activity despite the larger market witnessing one of the craziest weeks in crypto (the UST/LUNA saga being the most discussed event) and the general downturn in price action.
Dogfinity shattered all expectations as buyers minted out the entire collection of 3969 NFTs in under 48 hours. DCity released a trailer and demo of their 3D city, along with news of an airdrop, which sharply raised the floor price of around 4 ICP to 19.70 ICP (as of the time of writing). VRSTL took a novel approach to the standard whitelist process and sold out their entire second collection in under 10 seconds, at twice the intended public mint price. Artist ShuFan’s The Girls series of hand-illustrated collections have continued to sell out on the Yumi marketplace, the most recent sale doing so in under one minute.
The Mother of All Merges
The DFINITY Foundation is steadily releasing positive updates about the most anticipated feature of the Internet Computer blockchain: native Bitcoin integration. This unprecedented technological feat will eliminate the need for bridging. After a successful integration using testnets, the process of syncing the BTC main net to an internal ICP test subnet is underway, bringing us one step closer to a historic integration.
Community Discussion Heats Up
Prominent IC community member Wenzel Bartlett highlights some of the most relevant NNS proposals in his latest Medium post. The Network Nervous System (NNS) and its governance rewards model has been the subject of debate for weeks as community concerns over spam proposals, and proposal clarity has grown. Governance participation is incentivized, and it’s highly encouraged that any ICP holder currently staking neurons in the NNS take the time to understand how the largest functioning DAO in web3 operates.
The Vampire Squid in the Room
DFINITY founder and CTO Dominic Williams recently addressed a long-standing community “conspiracy theory” regarding ICP’s price action. You can read his Twitter explanation thread here.
Regardless of your opinion on Williams’ take, it’s probably worth thinking about moving your ICP out of centralized exchanges and into a private wallet (or stake them in neurons), especially in light of Coinbase’s recent disclosure that users’ assets could be seized in the event of a company bankruptcy.
Interesting Read of the Week
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