This Week in Startups NFT NYC, Solend takeover, Why Non-Finance use cases are the key to Crypto, Magic Eden & more with Vinny Lingham | E1489
Jun 21, 2022
Vinny Lingham, an early investor in Solana and founder of Civic, dives into the latest upheavals in the crypto world. He discusses the chaotic scenes at NFT NYC and the fallout from Solend's controversial takeover of a major account. Vinny sheds light on the South Korean prosecutors' flight ban on Terraform Labs employees amidst a $40 billion collapse. Despite the turmoil, he reveals how Magic Eden secured $130 million at a staggering $1.6 billion valuation, highlighting resilience in the NFT marketplace.
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NFT NYC Fiasco
- Vinny Lingham attends NFT NYC and finds disorganization.
- Speakers are stuck in lines, passes are easily duplicated, and the venue is chaotic.
Crypto Drawdown Analysis
- The current crypto drawdown involves substantial deleveraging due to borrowed money.
- Opaque DeFi platforms with unsustainable returns, like Luna, collapsed.
Solend Whale Takeover
- Solend, a Solana DeFi protocol, voted to take over a whale's account.
- This action aimed to prevent market instability from a massive Solana dump.