How Axie Infinity Boosted Revenue 400%+ in 30 Days - Ep. 185

Transcript

hi everyone welcome to unconfirmed the show that reveals how the marquee names in crypto are reacting to the week's top headlines and gets the inside skip on what they see on the horizon i'm your host laura shin a journalist with over two decades of experience i started covering crypto six years ago and is a senior editor at forbes was the first mainstream media reporter to cover cryptocurrency full-time this is the july 9 2021 episode of unconfirmed my book the kryptopians idealism greed lies and the making of the first big cryptocurrency crates is available from pre-order so you can go to amazon barnes noble bookshop.org or any of your favorite bookstores you can go to bitly cryptopians which is bit.ly

c-r-y-p-t-o-p-i-a-n-s to purchase mir is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast scalable low cost and climate neutral blockchain protocol learn more at near.org the oasis network is a privacy-enabled blockchain platform for open finance and a new data economy start building your next idea on the oasis network the crypto.com app pays you up to 8.5 interest on your bitcoin get 25 when you download the crypto.com app with code laura the link is in the description today's guest is alexander larson

co-founder and ceo of axey infiniti welcome alexander thanks laura happy to be here i've seen infinity is having quite the moment as of wednesday night it had done about 28 times the trading volume of nba top shot and the price of both uh the axi infinity token and the small love potion token uh they're both up quite a lot in the last week but before we dive into all that let's just make sure all the listeners have a baseline level of knowledge tell us what is actually infinity sure laura um so at a very high level axe infinity is a digital pet game universe where you have cute game characters

called axes that can be used across various games some of the games are you know created by us and some of the games in the future will be created by the community and other developers and so why has there been such an uptick in activity on axiomfinity as of late yeah you know it's a combination of i think just actually hard work over several years you know we've been building since very early 2018 been tackling a lot of scaling issues um and you know finding product market fit over time and then some of that was you know being hindered because we were using ethereum as the as the base layer for all the asset ownership so part of the game was basically

unavailable for many many players and now over the past you know 60 days we've seen tremendous growth because we changed a large part of our infrastructure to our own side chain two ethereum which is called ronit and that's pretty much where the growth is coming from because we had a lot of you know pent up demand from from many many players who were very excited to play the game but just simply couldn't because the the barriers of entry were too high and they're still really high but um there was also you know many many like a lot of fees that was that were being extracted by ethereum especially as you know we were competing with d5 and the and uh and i guess d5 summer uh over the past couple of uh 12 months or so and and and other nfts

yeah the interesting thing when nft drops are happening that also spikes the the the the the you know the gas price really high block space is such a precious commodity and i think that's something that that we as a team have experienced you know very in depth and and has influenced our decision to to move down this path i love axe the infinity's origin story can you tell us how you all got started yeah you know it's it's um it's pretty interesting because we we gathered or we met each other first playing cryptokitties um early in or late in 2017 and um that's really when we started you know to to understand the power of nfts

and i was convinced that it's probably going to change the way the games are being played forever i mean we didn't have massive experience in creating games one of our our co-founders have been creating games since he was younger but nothing you know very in-depth we kind of came into it a bit naively um had a you know an initial sale of the axi assets and then we kind of kept learning and learning along the way shipped a few games some maybe weren't amazing but now you know a lot of people are are understanding you know where the where the the value is coming from so yeah we just gathered play that game and then and then we we figured that maybe cryptokitties had a little bit of a different idea of how how this should should turn out and i

think they also you know understood that there are many scaling issues and then we just decided to double down on that one thing rather than focusing on many many hours of different products so everything inside the same universe and and that's really how it happened so i you know i understand there's kind of like a cryptokitties element to axiomfinity in the sense that you can breed um these pets so can you describe how axiomfinity uses watching technology and nfts in a way that adds to the game and then separates it from typical video games yeah sure so so i think you know um the way we we can go down to kind of game mechanics which is you know the breeding

which is happening on chain where when you are reading two axes the the genes are mixed and then you and then we have an algorithm which then decides what's being like the child how that will look like um and that also you know consumes uh some uh some uh erc20 tokens on the ronin side chain i think that's like more on the on that technical side but like more on the high level side and what are the benefits of actually you know building on blockchain technology i mean in our opinion it's actually related to the transparency of players can actually see what's happening ideally you know it would be all fully decentralized but i think what we understood is that it's a long way out until until you can get there so you know transparency is a big part of it and you know the ability for

people to own their own game assets and actually you know withdraw them or use them in many different things if that's really what they want to and in our opinion i kind of it's related to actually owning your digital identity like game assets is such a natural thing for many many players and it's the natural it's the it's pretty much where people start their digital year journey so it only makes sense that that's also what they would own and then be able to bring with them to to many different things even if they can't use that it's just the point of that they have it and that's a part of your your history and identity and so earlier when you were saying that you expected that others would also develop games on top like presumably that's where they would take these assets to yeah so

we actually started seeing this happening very early in 2018 because when we were on ethereum we had an api people were able to tap into you know all the uh the art assets of axes and they started making something like flappy acci which is like a flappy bird clone pretty much where you sign in using web3 and then you can fly around with your axi that was like the very first proof of concept of a game that's not created by the main developers but but by someone else and that really you know made us understand the the potential for nfts um in the long term that they are the perfect vehicle for you know creating these these these larger game universes and and then eventually what what could become like a meta universe where you know

all the assets of many many different games are being pulled into uh but but that's uh i think uh maybe a decade uh ahead so a lot is also made of this play-to-earn concept in axi infinity can you explain you know what that is and also why that's so powerful plato iron is an interesting interesting concept because a lot of i guess more traditional game developers and you know skeptics they don't really understand how it's possible that people can actually play a game to make money but everything is actually tied into the way the economy works and to understand that first you need to like our thesis is that games are networks

and if you can you know reward players for contribution to their network that basically means that you can you know do yield farming inside games as long as there is like the yield that's being generated by the by these players um that that has a specific use case inside the game so for us you know the the smooth love potion for example uh that's like a core piece of how the play turn economy works it's not something that we've ever sold as a company the only way you can get that smooth love potion or small love potion as it used to be called is by actually playing the game and that part like the it's basically proof of work or proof of play because you play the game and you are rewarded by this token which

then again is required to breed for a new axi and if there isn't any like if nobody's playing the game they will not be produced any new axes so we are like we players are i would say they see that that we have this game they want some axes and then there was an initial you know sale of axes where they were able to get their first ones so this kind of slp production could start and i think that's you know where where we come from and the reason why we can reward players is once again like it comes from that network effect thing that we're looking for because each person in our opinion know they have an unlimited potential to add value to any kind of network they tell their friends they can create content they create their streamers they do all of these things that you

know connects humans together and that's why we can afford to reward them and then there's you know another challenge for games i think it's the same thing it's not the same thing as mining crypto but where you have you know people who are um not abusing per se but they in in the game sense they are butting uh in crypto sense they might be using you know asics miners or things that are way too efficient or kind of it changes the rules of the game so to say so we are you know combating that a little bit and that kind of goes against the decentralized ethos but for us i mean this is how we have to you know build a network you can't just ship like it's not finished by by just like shipping it like it requires a lot of iteration and i think that's you know how we found

that that platoon kind of makes sense for us and i guess as a final point i would say that it's related to also how we view players because in a traditional game studio your goal as a game studio is always to extract the maximum amount of value from the players in axi we actually delayed the gratification pretty heavily so we you know had these smaller early sales where you know we did primary sales but then rather than i guess diluting the the nfts uh by you know reissuing more and more and more you know we kept just adding more and more value to the entities that we issued and that is a very kind of different way of looking at it because we believe in the long tail of the ecosystem

so that we can capture value from the protocol or like a like a rather gay like game perspective if there is a long tail like and that's really when you know the marketplace fees start to kick in when people start using the the the product uh because they love it because they actually want to play the game and you know that i think is the key here um because you need to make something that people actually love to play and that they want to hold on to these assets so in a moment we're going to discuss more about some of these issues but first a quick word from the sponsors who make this year possible did you know nearly 338 million dollars worth of nfts were sent last year and in 2021 that number is growing faster than ever

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you feel you would just do now in this early stage while you're kind of more centralized or do you imagine that that would even happen later on there's an ongoing discussion about you know how uh how decentralized the game should be and you have the you know the the purists that i believe that all rules should be on chain and what's possible from uh from uh you know a bulk perspective if bots can use it then they should be allowed to use it um and it kind of goes a little bit against you know the network thing that we're aiming for because we need humans to actually care about the product and if only bots are there then it then i mean it's only fun for for the people who own the bots and not real humans so we're very confident in our approach right now even though it isn't

decentralized per se because the game as a whole is like there's so many centralized pieces of the game that we can tweak here and there because it's not you know ready to be released into the wild as a decentralized product i'm not going to say that that we're ever going to get there because it has never been created before in a sustainable way where you can actually do this um you can actually have you know a release of tokens without uh some kind of butters uh abusing the the the principles of the rules of the game that you set but i mean we do have a um an approach where we want to turn axi into more of a decentralized organization i don't like the word dao per se because i think like an autonomous organization is is also really far-fetched

but like having a decentralized organization where we can have token holders who have a stake in the ecosystem not only us you know sky mavis the team behind the main game but then we have other you know major stakeholders who have a vested interest in that this ecosystem is working as it should so i think actually we're treading new grounds here it's very easy to criticize all these guys aren't doing it in a super decentralized way i mean i i would advise to take a step back and you know see that uh but we're also experimenting here and we have to be very upfront about these are the things that we can change and we try to do that as much as we can but those who feel like this is it goes against their principles and then yeah probably actually is not the place to be right

now and you also talked about how um the price uh for the characters i believe has you know just really gone up so you know at this moment for people to kind of enter the game it's it's quite cost prohibitive so how are they starting with the game as in like basic economics it's all driven by you know supply and demand um and we i guess in in axi we kind of control the invisible hand because we can uh because we can increase or decrease the production cost of these axes uh so that we ensure that there's like a healthy inflation of newly axis being produced uh because we do believe that each axis

is a special character and and what the price should be for an axi it is not like 100 set yet because we are you know seeing very heavy growth spikes because nobody has i guess ever seen a game like axi before so suddenly you you get a lot of people who are super excited but one of the ways that we can combat this or to kind of make it a little bit more democratic is by letting other players you know borrow the axes of of uh that other players own so right now this has been done you know purely player driven they've started you know in-game i would say scholarships or guild systems uh where that where where if you're a player you don't own any axes you can go to another player and borrow from them but that's you know very uh it's

difficult to set it up so right now you know we're working on an internal tool to to make it easier for players to you know let others borrow the axes that they own and i think i'm very excited to see to see that happen and but what you're referring to with the yield guild was that um yeah is one of the uh yeah gilgal is one of the you know companies that sprung out of axi super interesting i i know gabby very well he's he's the he's the one of the co-founders there so i mean the the thing is this this uh blockchain game ecosystem has been slowly brewing uh in the back not seeing much of the spotlight compared to d5 but but it takes a long time to build a sustainable ecosystem within games

and i would say you know actually is probably a product cycle ahead of many others because you know we've been just doing it over like for the same like the same thing over and over again for many many years and in the end i guess if you just keep doing things for a long enough time as long as it's not you know the worst thing ever then probably people are going to start noticing it so yield guild yeah it's super exciting to see how they are how much attraction they are finding too i think they have over 1500 you know employees or scholars who are being hired by them so and they're also producing a whole lot of yield uh so to say for for their future token holders i think they're planning to do and axiomfinity is also especially

popular in the philippines why is that yeah i think it's related to the to the go to market strategy that we had when we were when we were experimenting a little bit um we quickly found that the philippines is a great test market for games um because there's a high level of like english knowledge there and the the the cost of labor is is quite cheap uh so if you can then empower a couple of influencers in the right in the right place then they will quickly so they spread the word about this opportunity and we saw that happening like a small village outside uh nueva asia i believe it's called it's even a documentary about axi infinity how it started there where people are quitting their normal

jobs to play axi to farm there i think that's incredibly powerful and the interesting thing is in the philippines right now i think slp and the axi actually game has a quite a meaningful impact on the gdp and the growth of that entire economy which is crazy and it's not something that i think we had initially imagined at least that it wouldn't happen as fast as it suddenly did um but yeah when people realize that something like new and exciting is happening they can actually use their cryptos for something inside the game i think that's uh that's really when when things started to blow up yeah there's at least one multi-generational family that was playing it as a way to earn money during the pandemic can you talk a little bit about

that story i'm not i'm not sure if i recall oh yeah the the the there is an older i guess a grandparent um who who learned it from from their uh from uh from their children and he was playing i think while he was at work um and that was also you know featured in the play to earn documentary so incredibly strong story there i think he wrote that he was praying that that actually infinity was never would never go away and sometimes you almost get emotional uh when you read some of these things because you're so crazy um but uh from a team perspective we try to try to keep a little bit of a distance there and stay focused because if not then you you i mean the the the responsibility just kind of

piles on and on and on and on uh in the end because suddenly a lot of people are you know there might depend on this for their living uh which is which is pretty pretty wild yeah and i think um someone on your team noticed that there were like multiple players at the same ip address and um they investigated that because they thought it looked fishy and then and uh somebody took a little video and it was like yeah all these different um members of the family that were all playing so let's also now just touch on the side chain that you mentioned earlier ronan um what technology does it use and now that you've

implemented it how has it affected play on axiom kennedy yeah so uh you know we came up actually uh as the theory of maximalists i would say i mean we love it here and we think that uh probably ethereum would be the will will be the foundation of web3 if it isn't already um so the story goes that we were on ethereum and we we were looking for various scaling solutions even early on in 2019 and that's when we deployed a large part of our infrastructure on the loom network which at the time was being you know pitched as the the end-all be-all of scaling solutions it was using plasma everything was going to be great um until it wasn't so so they pivoted into something else that

wasn't game related at all and that you know not didn't leave not only axi but also so rare had deployed a large part of their infrastructure there and solar is another you know very successful i would say adapt maybe not as known in the crypto space but i think the valuation for that company is only like 3.6 billion um they were also using loom network at the time um and when they pivoted we we realized that we need to take a step back and you know do more research into it um and then it turned out that not that many uh scaling solutions were really uh where we needed them to be um there was a lot of promises in terms of you know optimism um cks things and even starkware seems very promising but you know you none of

them were production ready and especially not for nfts so then we just decided that okay i mean we're been building on ethereum for so long uh we know the ebm and we're just gonna build our own sidechain to ethereum make it more centralized so that it fits our needs specifically like only for axi related stuff only nfts and what that and the comparison that i would take is you know we believe that we're you know in the server eras of blockchain technology and when i say that i mean back in when the internet was scaling was the same thing that was happening you know the the most successful applications or website they needed to have their own you know backbone in the basement to be able to handle all of the all of the attraction that they were

getting and that's pretty much the choice that we made okay so we're building using the ethereum virtual machine building a side chain that has to be connected to ethereum and then we can take a step back in terms of decentralization for now using poa at first and then it's going to be pos once we release the the rolling token to to the chain and then we have then we have a couple of validators some of our closest partners and eventually we we might open it up but everything that that we do with ronan it is like it comes from um you know the the it's by necessity it's not something that we necessarily wanted to create and i'm not sure if it's going to be the end-all be-all of scaling solutions our approach is very simple we want to

make a holistic end package for for the for the user for the consumer who wants to experience blockchain technology in an easy way and if you can then combine like you can take if you build using the evm you can take things that exist on ethereum like the dexes that are there and and all these other cool d5 things and put onto your own sidechain eventually and any kind of innovation that's also happening on the ronin evm will that also benefit the ethereum main network uh so that's that's our belief and then that's why we chose to build using the avm and how does xe infinity make its money so axe infinity has uh currently two ways to to earn revenue

a part of that is whenever an an axi is being bred or becomes you know produced by the by the players you know there is that smooth or small potion part that i mentioned but there's also a developer fee that we take right now that developer fee is about 40 per axi that's being read because it's paid in our axs like native token uh and then you know that did get put gets put into the into our treasury and on the other side we have our own you know native marketplace where we take a 4.25 fee and the interesting part here is when we look at revenue streams uh back in january we had about 100k in total revenue across the board

and then and then in in april it was about 600k in may 3 million and then june 12 million and now in july it's been eight days and we've already made something like 13 million so this is going pretty crazy exponential and and um from the developers perspective it's it's of course cool but i mean it's going into the treasury so it's not like i'm putting all that money in my pocket i mean we we we have a uh our belief in the tokenomics have been developed by delphi digital or in collaboration with them um very early with one of the first projects that that they worked with oh wow great yeah delphi digital is a great um organization um all right well what's

next for xc infinity the current game i think this is a little bit less known by by some players but you know the current game that we have it was released into the market about 18 months ago so early on in 2020. over that time we've been you know polishing and looking a little bit into that and then we've been like developing at the same time a new like battle version which then will be like parts free to play newer game mechanics better graphics so i would say like an upgraded version of the battle game that we have just you know primed for even more mainstream adoption so that we can distribute the game on traditional app stores like epic games google play and the app store for now there is no way to even get

started with axia unless you go directly to us so so i'm incredibly excited you know to finally open it up a little bit more and you know the comparison i'd like to say right now actually is like an island without a bridge to it everyone has to swim to get there it's super hard you need uh yeah you need to download our wallet and all that stuff and then eventually uh it will get that that bridge so i think that's that's really where we are where we're headed i mean just making it easier for players to play the new battle game and then eventually you know releasing the the decks that we have uh on the ronin side chain and the then land the gameplay eventually and so the the the culmination of all this is going to be an axi in a virtual world

and i think that's the interesting part of how we are developing axi is that you know when you say see something like decentraland or the sandbox or even some namespace the end goal for them is also to make their product into a virtual world but they don't have the content piece our belief is that to make something into a virtual world it's much easier to go from a place where you have users who actually love your product to actually play play with it every day because then you can bring the users from that one game into anything else that you create so users are power and that's you know basically what we understood when we're making a consumer facing product as i think should be pretty great well we'll have all that to look forward to

i'm really excited to see where all this goes and it's been such a pleasure talking to you thank you so much for coming on unconfirmed thank you for having me don't forget next up is the weekly news recap stick around for this week in crypto after this short break with over 10 million users crypto.com is the easiest place to buy and sell over 90 cryptocurrencies grow your crypto with crypto.com earn which pays up to 8.5 interest on your bitcoin and 14 interest on your staple coins when it's time to spend your crypto nothing beats the crypto.com visa card which pays you up to 8 back instantly and gives you 100 rebates for your netflix

spotify and amazon prime subscriptions download the crypt.com app now and get 25 by using the code laura the link is in the description [Music] thanks for tuning in to this week's news recap first headline uk bank customers are being blocked from binance on monday barclays announced that its customers would no longer be able to use credit or debit cards to make payments to buynets the uk based bank sent a notice saying quote as you've made a payment to binance this year we wanted to let you know that we're stopping payments made by credit debit card to them until further notice this is to help keep your money safe on thursday spanish banking giant banco

santander announced a similar move by blocking payments to binance for uk customers a spokesperson explained quote in recent months we have seen a large increase in uk customers becoming the victims of cryptocurrency fraud keeping our customers safe is a top priority additionally according to the financial times finance has temporarily suspended payments from the single euro payments area or sepa the eu's payment network binance described the suspension as quote beyond our control and said it is quote working hard to find a solution with our partners the company expects to have sepa payments live within seven days for now customers in 36 countries cannot use this system to deposit cash on a binance though withdrawals are still allowed finance's regulatory struggles come

after a june announcement from the uk financial conduct authority or fca which said binance should not be allowed to operate within the uk likely as the result of numerous actions adverse to finance across several jurisdictions on thursday ceo chiang pang published a blog outlining the company's plan for regulation and development as the crypto industry grows zhao called for clear regulations and expressed plans to grow binance's international compliance team expand compliance partnerships with companies like ciphertrace which disclosure is a former sponsor of my shows and to localize business operations according to cnbc binance's struggles

have boosted rival exchanges for example bitstamp has seen its customer base grow 138 since the fca's notice and kraken and gemini have seen an uptick in uk sign ups over the past few weeks next headline our evil ransomware attackers demand 70 million dollars in bitcoin last friday ransomware cyber crime syndicate our evil executed an attack that impacted the systems of at least 200 companies in the us on sunday our evil published a statement declaring quote we launched an attack on managed service providers more than a million systems were infected if anyone wants to negotiate about universal decrypter our price is 70 million dollars in

bitcoin once paid the group would publish a decrypter in less than an hour that would decrypt the victim's files the hackers initially broken a cassaya a miami-based i.t firm and used that access to breach cosea's client information disrupting the systems of hundreds of companies john hammond a security researcher at huntress called our evils move quote a colossal and devastating supply chain attack an increasingly prevalent form of hacking that involves taking over one piece of software to compromise hundreds slash thousands of computers our evil is also connected to the attacks and subsequent bitcoin ransoms of colonial pipeline and jbs holdings the two companies ended up paying ransoms of

5 million and 11 million in bitcoin respectively for now no ransom has been paid or reported and president biden has directed u.s intelligence to investigate the situation next headline circle to go public circle is going public via a spac transaction valuing the crypto financial services company at 4.5 billion dollars once closed circle will trade on the new york stock exchange under the ticker crcl the company's announcement comes after raising over 1.1 billion dollars in capital including a 440 million round last month one of the largest raises in crypto history the company is going public just as its stablecoin usdc

is at an all-time high of market cap of 26 billion dollars missouri's ryan watkins in a monday tweet storm made a case for usdc as quote the dominant stablecoin on ethereum in large part due to its growing role in d5 watkins says quote over 50 of the usdc supply now sits in smart contracts and has become the preferred staple coin in d5 for now next headline ethereum's london hard fork set for august 4th ethereum's much anticipated london hard fork is expected to launch on august 4th at block number 12 965 000 london features five ethereum improvement proposals that aim to make

the blockchain more efficient while preparing the network for ethereum 2.0 which will replace proof of work with proof of stake notably london introduces eip 1559 which introduces a new fee structure for transactions on unchained as i recently discussed with taylor monahan and tim baiko eip 1559 should make gas prices easier to determine and could potentially make ether a deflationary asset since part of every theon ethereum will be burned eip-3554 is also highly anticipated as it effectively freezes ethereum's mining difficulty until the blockchain is ready to shift to prove of stake next headline the bitcoin mining council claims

half of bitcoin's electricity usage is sustainable according to a statement from the bitcoin mining council 56 of the electricity used to mine bitcoin came from sustainable sources during quarter two of 2021. the statistics stem from a voluntary survey of the bitcoin network which the bmc plans to initiate and publish every quarter the bmc claims to have collected information from 32 percent of the current bitcoin network survey participants say they currently use a 67 sustainable power mix and the council estimates that this means the global industry's sustainable energy mix is at 56 percent however as the blocks larry cermak debated the merits of the survey

asking on twitter how can any conclusions be made from the survey if more than 50 percent of hashrate went offline and is relocating at the moment which can easily take months speaking of hash rate on saturday bitcoin's mining difficulty dove 28 at block 689 471 marking the largest decrease in mining difficulty ever the adjustment is the third straight decline in mining difficulty which has not occurred since 2018. with mining difficulty plunging mining profitability should increase and already has in some cases as metrics from bituda a digital asset financial services platform show revenue has potentially almost doubled accordingly

june results from marathon digital a las vegas-based mining firm show the miner produced 17 percent more bitcoin than in may bringing in 256.6 marathon's q2 hall of 654 bitcoins is more than three times its production from q1 next headline tesla could face 100 million dollars in bitcoin impairment according to cnbc's kate rooney tesla may have to list its bitcoin holdings at a loss due to how the sec requires companies to report intangible assets when news of tesla's purchase of 1.5 billion dollars in bitcoin was announced in february of this year bitcoin traded at 38 000. in q2 bitcoin fell as low as 31 000 the number

tesla must report on its balance sheet like any intangible asset bitcoin must be listed as an impairment charge if the price dips below the initial value it was purchased at while tesla has not published its bitcoin purchase price rooney explains that analysts expect to see a loss between 25 million dollars and 100 million dollars in tesla's next quarterly report she added quote the big thing crypto and analyst communities are watching did tesla sell any bitcoin in the quarter to make up for some of those losses per sec guidelines tesla could not mark up the value of its bitcoin of course tesla sold 10 of its bitcoin in q1 a sale made public when bitcoin was priced around 50 000

next headline defy summer part 2 institutions welcome two d5 protocols set to release an institutional product saw their tokens jump this week avi increased by about 25 percent after announcing its ave pro platform would launch later in july ave pro is a permissioned version of ave built for institutions through a partnership with fireblocks ave pro will require institutional investors to pass kyc verification to interact with the d5 protocol comp also jumped about 25 following an institutional define announcement of its own last week compound labs the company behind comp announced a new company compound treasury in collaboration with fireblocks and circle

compound treasury will allow institutional investors to access juicy d5 yields without directly interacting at a protocol level the newly minted institutional d5 company is offering a guaranteed interest rate of four percent in addition to ave and comp many of the best performing tokens came out of the d5 sector this week including over the past seven days synthetics being up about 45 percent and una swap up also 15 next headline wyoming welcomes first legalized dow into the us on july 1st the american crypto fed dao was legally recognized in the state of wyoming becoming the first decentralized autonomous organization to be recognized in the united states

the recognition arrives after wyoming passed a bill in march allowing dows to officially register and obtain the same rights as llc's within the state the american crypto fed dow is built on the eos blockchain and plans to create a fee-free monetary system via its algorithmic stablecoin ducot the protocol's governance token lock will be minted according to the token definitions an sec commissioner hester person's safe harbor proposal which would grant projects a three-year grace period to decentralize before coming under u.s securities law time for fun bits zero contact to be first feature film nft two-time oscar winner anthony hopkins latest film zero contact will be released on valet's nft viewing

platform marking possibly the first time a feature-length movie will be minted and sold as an nft while they will most likely have four to five different nft drops in july and august regarding zero contact while the nft distribution tactic is bold it sounds like the entire film is a bit out there quote everything about this film is unconventional from the way we shot it using zoom and remote production to its distribution it says rick dougdale producer and director of enderby the company the company behind zero contact all right thanks for tuning in to learn more about alexander and axie infiniti be sure to check out the links in the show notes heads up everyone the unchained newsletter has switched from a weekly news recap to a daily

email each morning you'll get four to five quick headlines a crypto meme or two and a few recommended reads head to unchainedpodcast.com and the sign up from the newsletter is right on the home page you can also find the link in my twitter bio unconfirmed is produced by me laura shin with help from anthony yoon mark murdock and daniel ness thanks for listening [Music] you