|March 17, 2023||View Online|
Arbitrum's governance token, ARB, is being airdropped soon! Meanwhile, LinksDAO, crypto's premiere golf DAO has purchased a course, and crypto influencers are under pressure for promoting FTX.
Let's dive in!
Arbitrum Announces Token Airdrop
Ethereum layer two scaling solution, Arbitrum, has revealed plans to airdrop a new governance token and transition to a DAO on Thursday, March 23rd.
The announcement was made via a promo video on Arbitrum's Twitter, currently scoring a 23% on Rotten Tomatoes.
The airdrop will target users actively participating in the Arbitrum ecosystem, from bringing their money to Arbitrum One and Nova to those providing liquidity, making trades and any other DeFi action you can think of.
Do you meet the eligibility criteria?
Of the total tokens, 11.5% will be airdropped to the community, which is not bad considering that Arbitrum could have a market cap of $1B+. (Complete speculation)
Where are the rest of the tokens going?
44% will be split between core team members and investors. It's a big chunk of capital, but maybe they've earned it building out the largest rollup for Ethereum.
The lion's share of the token supply (43%) will go to the Arbitrum treasury for the DAO to allocate as the project progresses.
Arbitrum users have been asking for a token since Arbitrum's biggest competitor, Optimism, released their OP token over a year ago.
The CEO of Offchain Labs (Arbitrum's parent co) commented on the timing, mentioning Arbitrum's working fraud proofs which Optimism has yet to achieve.
We've got a (maybe) friendly rivalry going on.
The big question is, on March 23rd, will users be buying, selling, or just holding the ARB token?
LinksDAO Buys a Golf Course
It can be common to see DAOs that move slowly and get stuck in limbo without clear member roles and responsibilities.
LinksDAO is not one of them.
Today the team behind "the modern golf & leisure club," announced that they have accomplished a major goal and their bid to purchase Spey Bay Golf Club in Scotland has been accepted!
The exact purchase price is unknown, but the course was listed with a guide price of $900k.
Crypto x Golf - who would've thought?
The DAO was waiting anxiously on the bid result after a proposal was put to a vote on February 20th, where members overwhelmingly voted to place the bid.
For the golf nerds out there, here are some of the course specs:
$900k seems like a steal, but how did they raise this money?
It all started in January 2022, when LinksDAO raised over $11M in 48 hours selling over 9000 NFTs to kickstart the mission.
Since then, the founding members have been busy organizing merchandise partnerships with brands like Callaway and partnering with golf design company IMG Prestige, offering access to over 100 private golf courses.
As DAO members prepare to take over Spey Bay, others will continue to hunt for courses to add to the network, keeping their sights on an American course next.
Is this a one-off occurrence, or will DAOs continue to claim their territory in real-world business?
Memberships are trading on OpenSea, with a floor price of around 0.5ETH
Crypto Influencers Promoting FTX Are Being Sued
This week in FTX unravelling: your favorite crypto influencer might be getting sued.
You heard that right.
Many high-profile crypto influencers "actively promoted FTX" to their audiences without disclosing any payment or compensation, claims the lawsuit.
The list of creators includes Erika Kullberg, Ben Armstrong (AKA BitBoy), and Kevin Paffrath, or "Meet Kevin".
Most of the influencers have since deleted content promoting the exchange, and a few have posted videos apologizing to their audience for any hurt FTX may have caused.
You might remember that a lawyer named Adam Moskowitz of the Moskowitz Law Firm, filed a lawsuit against FTX promoters, including Tom Brady, Gisele Bundchen, Steph Curry and Larry David, in November last year.
Guess who's back.
As it turns out, Adam Moskowitz is once again on the other side of the influencer lawsuit and is seeking class-action status.
Given that FTX could owe upwards of 3.1B to its top 50 creditors, it's not surprising that people are working hard to come down on whoever may have contributed.
The politicians receiving tens of millions from Sam Bankman-Fried did not know about the fraudulent activity.
Can we expect crypto influencers and professional athletes to take out their MBAs and dive into the books?
That's up for the law to decide, and in the meantime, we would like to flaunt that Coinsprout never has and never will promote FTX.
What else is sprouting
That's it for today!
Have a great weekend and we'll catch you in your inbox on Monday 👋