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  • Big Gains and Scams: Memecoin and Airdrop Season – WoW by Ludo #10

Big Gains and Scams: Memecoin and Airdrop Season – WoW by Ludo #10

Your recent digest of all things Web3, NFTs, and the Metaverse

Hi Ludo Family! 🎉

We're thrilled to bring you the latest updates as we navigate the exciting world of NFTs and Web3 together. In this edition, we're giving you an exclusive behind-the-scenes look at what's happening at Ludo, spotlighting our recent developments, and diving into the hot topics of airdrops and memecoins.

Whether you're a Web3 newbie or a seasoned pro, we've got you covered with everything you need to know!

Join us as we break new ground and reach new heights together!

Best, Your Ludo Team

Behind the Scenes at Ludo

With Ludo X, we introduced our game-changing Chrome extension, your essential tool for navigating the Web3 world. Your feedback has been invaluable, guiding us to enhance and refine the extension to better serve your needs.

Now, we're working hard to shape the future of Ludo. We're excited to share some upcoming features we're focusing on in the coming months. Alongside improving the Ludo X experience and partnering with amazing projects to bring you valuable opportunities, we're also working on several major projects!

Here are four exciting features to look forward to:

  • Ludo App for Telegram: We're developing a mobile-first Ludo app for Telegram that also works seamlessly from the desktop. This app will allow users to easily check their on-chain reputation and will soon display the same opportunities listed in Ludo X.

  • Ludo Rank: Our on-chain reputation system is constantly improving and expanding to provide even more detailed and actionable insights. This makes it easier to identify top-tier projects and creators, opening new possibilities within Web3.

  • Ludo (reputation) NFT: Soon, you'll be able to mint your on-chain reputation as a Ludo NFT. This step decentralizes the Ludo Rank, opening more opportunities for third parties to utilize it. Plus, Ludo NFT holders will receive an airdrop of Ludo Tokens based on their rank.

  • Ludo Token: We're preparing to launch the Ludo Token to enhance our ecosystem. With its focus as a reputational token, we will introduce many unique concepts in the Web3 space, offering new ways of incentives, rewards, and engagement opportunities within the Ludo platform to elevate the Web3 space to a whole new level.

Follow us on our social platforms to not miss the official announcement and more.

Don't Miss Out on the Revolutionary Tool of Web3!

If you haven't joined our community yet or downloaded the Ludo X Chrome Extension, now is the time! The public beta launch of the Ludo X Chrome Plugin with MultiversX support marks a significant milestone in our mission to make the Web3 world more accessible, transparent, and rewarding for everyone. Whether you're a seasoned NFT collector, a curious newcomer to blockchain, or somewhere in between, Ludo X is designed to enhance your digital exploration.

Stay tuned for updates, tutorials, and tips on getting the most out of Ludo X. Welcome to the next level of Web3 interaction!

🤝 Partnership Announcement  🤝

We’re thrilled to announce our partnership with OMA3 (@oma3dao - Open Metaverse Alliance for Web3)! 🤩

OMA3 is a collaboration of Web3 metaverse platform creators. Their goal is to ensure virtual land, digital assets, ideas, and services are highly interoperable between platforms and transparent to all communities. OMA3 is open to all Web3 metaverse builders.

As a leading DAO dedicated to forging an interoperable and user-owned metaverse, OMA3 aligns perfectly with Ludo’s vision for the future of Web3. This collaboration places us among esteemed innovators in the Web3 space, united in our commitment to decentralization, transparency, and inclusivity.

At Ludo, we believe in the power of reputation to foster a secure and vibrant Web3 ecosystem. Joining forces with OMA3 allows us to leverage collective expertise and drive forward initiatives that will shape the future of digital interaction and ownership.

Stay tuned as we embark on this exciting journey together! 🚀

Airdrop & Memecoin Season

The cryptocurrency market continues to grow and gain popularity, and with it, the complexity and frequency of cyber threats targeting crypto investors and enthusiasts. Airdrop scams and phishing attacks rank among the most frequent and harmful threats, resulting in significant financial losses and the leakage of confidential information.

But what is an airdrop and how do the scams work?
An airdrop is a promotional strategy where a blockchain project, protocol, company, or creator distributes free tokens or coins to the wallets of a specific (pre-qualified) group. The primary goals of airdrops are to increase awareness, promote new projects, reward loyal users, help decentralize the project/protocol, and ensure the wide distribution of a token. An example of a project rewarding loyalty would be the airdrop of $BONK, a Solana memecoin, to its holders.

Indeed, airdrop scams are out there, and without proper precautions, you could easily fall victim to them. Fake Airdrop Announcements are one of the most common forms of airdrop scams. Scammers create websites, social media posts, and emails that mimic real projects, tricking victims into clicking on supposed airdrop links, known as Phishing Links. Once victims connect their wallets to these fake sites and have their sensitive information stolen, their wallets can be drained, resulting in the loss of all funds.

A phishing link is a kind of cyberattack where attackers impersonate legitimate entities to trick individuals into stealing their sensitive information, such as private keys. These attacks usually come in the form of fake emails or messages with malicious links. One recent example of this scam involved emails from the Bitfinex exchange announcing an upcoming ERC20 airdrop of their “new $BFX token.” The email offered a “claim now” link that redirected to a fake website asking users to connect their wallets.

Similarly, some users reported receiving suspicious emails from Coinbase requesting verification of secondary addresses, claiming that the crypto exchange was about to shut down and that all funds would be lost if the secondary email wasn't verified for withdrawal authorization. Both cases were scams, as Paolo Ardoino, Tether, and Bitfinex’s CTO, warned of an ongoing crypto scam due to a security breach of a prominent vendor used by crypto companies.

Another example involved scammers attempting to defraud $FLOKI holders. Floki, the top MemeFi platform, has warned users not to connect to any website or send tokens to participate in an airdrop.

How to Stay Safe from Airdrop Scams

  1. Verify the Source: Airdrop news will be announced on official websites and social media accounts associated with the project. Always cross-check with these official channels.

  2. Protect Your Private Keys: Never share private keys or seed phrases. No legitimate service will ever ask for this information.

  3. Be Skeptical of Too-Good-To-Be-True Offers: If an airdrop promise seems too good to be true, double-check its legitimacy through official channels.

To tackle these issues, Ludo offers a robust solution with our Ludo Rank system. This system verifies the genuineness of projects, allowing users to judge the credibility of a project. Projects with a very low Ludo Rank can be flagged as potentially fake, helping users exercise caution and avoid falling for scams.

If you ever fall victim to these scams, don’t be too hard on yourself— even crypto insiders can fall for them. Bill Lou, the co-founder of the crypto wallet startup Nest, fell victim to an airdrop impersonation scam, losing $125,000 worth of stETH. He attributed the loss to fatigue and greed, chasing an airdrop late at night rather than going to sleep.

Stay vigilant and always verify to keep your assets safe in the rapidly evolving world of crypto.

Coming up next: Memecoins

Memecoins are a unique subset of cryptocurrencies that draw inspiration from popular internet memes, characters, pop-cultural references, and trends. Examples like Dogecoin, Shiba Inu, Pepe, Bonk, and others have gained traction primarily through enthusiastic online communities, often emphasizing entertainment over practical utility.

Navigating the landscape of memecoins, scams, and legitimate cryptocurrencies can be challenging and confusing for many. It's crucial to understand the distinctions to avoid potential volatility and financial losses. While memecoins are known for their speculative nature, they also attract traders seeking high returns.

Even prominent figures like Curtis James Jackson III, known as 50 Cent, have been unwittingly involved in cryptocurrency scams. Hackers exploited his account to run a pump-and-dump token scam named "GUNIT," leading to significant financial losses and highlighting the risks associated with memecoins.

In this dynamic and evolving market, conducting thorough research and gaining experience are essential steps to navigating the complexities of memecoins and making informed investment decisions. Stay informed, stay cautious, and tread carefully in the world of cryptocurrency investments.

🚀 Web3 & NFT Pulse Check! 🎨 📊

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Ludo’s Industry Digest 🗞

We've read all the important Web3 news in the past weeks (mainly June), so you don't have to, and filtered the most important ones. So let’s have a look…


Congestion: $NEAR's plans for 2024:

From stateless validation to zkWASM, congestion control, and Ethereum wallet support, $NEAR is set to enhance usability, scalability, and decentralization.

Halvening: Mid-May’s Halvening event could lead Bitcoin prices to an all-time high. After every 210,000 blocks are solved, mining rewards are halved, which cuts the supply as fewer miners stay in the game. Past bitcoin halvings were followed by a surge in demand. Will Bitcoin spike again?

Upgrade: Founded in 2018, MEXC is known as the exchange of high-performance and mega transaction matching technology. And soon they will support the Multiversx (EGLD) Network Upgrade.


Sony Group, one of Japan's largest companies, is launching a crypto exchange and its own Ethereum Layer 2 blockchain. They acquired Amber Japan, previously known as DeCurret, which was a regulated cryptocurrency trading platform. Amber Japan faced difficulties after the collapse of FTX, leading to a debt-to-equity transaction with Fenbushi. Jun Watanabe, President of Sony Network Communications, highlighted that Sony, with a market value of over $100 billion, will follow a strategy similar to Coinbase, integrating their exchange with Web3 functionalities. This move indicates a trend among large institutions toward adopting Ethereum Layer 2 solutions.

ETH ETF: Despite ongoing rumors regarding the approval date for an Ethereum ETF, no credible reports from Reuters confirm that the SEC will approve Ethereum (ETH) ETF trading by today (July 4). We still waiting for the exact date.

BTC ETF: As Australia's first and only ETF to hold bitcoin directly, the Monochrome Bitcoin ETF (IBTC) aims to offer investors returns that mirror the price of bitcoin in Australian Dollars.


Meme Coins & Airdrops

Memecoins: Meme coins are gaining even more popularity in the market. Despite some of these coins, like $michi and $pepe, hitting their current peaks, there is potential for further growth after a period of stabilization. During these phases, lesser-known meme coins such as $NIGI and $DJCAT often outperform.

In the celebrity coin space, Iggy Azalea's $MOTHER is thriving due to her active promotion, setting it apart from other less successful celeb coins.

Airdrops: Ethereum layer-2 Blast network launched the Phase 1 airdrop.

NFTs & Ordinals & Runes

CoinGecko reports that the market cap of the top 10 Ordinals & Runes projects has surged to $1.03 billion, with an average daily trading volume of $2.25 million in May 2024.

Adoption 🛜

Igloo the parent company of Pudgy Penguins acquired the team that's building frame xyz to build their own layer 2 blockchain with the goal of becoming the biggest L2 in the market and the primary consumer chain. Their goal is distribution via community, having a strong community at its core they believe they can reach mass distribution faster than more tech-focused teams:

Gaming & Collectibles 🎮

Event: Announcing the Builders’ Challenge 2

The Sandbox is launching the second Builders’ Challenge from June 24 to August 26, 2024, offering a 1,500,000 SAND prize pool to encourage creators to innovate and engage. Participants can follow three steps:

1. Publish: Create unique experiences using Game Maker 0.10, focusing on engaging first-time user experiences.

2. Engage: Develop marketing strategies, interact with the community, collaborate with other creators, and set up player rewards.

3. Earn: Complete the KYC or KYB process to claim rewards.

This challenge aims to foster innovation and engagement, inviting both seasoned builders and new enthusiasts to shape the future of The Sandbox.

Upgrade: Axie Infinity is a blockchain game developed by Vietnamese studio Sky Mavis, known for its in-game economy which uses Ethereum-based cryptocurrencies, and it’s been around since 2018. The App.Axie is live and getting upgrades one after another.

Collectibles: Moonfrost is a 2D multiplayer, free-to-play, play-to-earn, life-simulation, and role-playing game for Mobiles and PCs that enables the player to immerse themselves whenever and wherever they choose, in a fascinating, constantly expanding world full of secrets and surprises.

Moonfrost will leverage the Solana (SPL Standard token) blockchain technology and the FROST token as its primary utility money. FROST can be used to stake, earn rewards, trade, and purchase expensive goods like NFTs. There won't be an in-game cash token for Moonfrost (QUID).

Logan Paul Sues YouTuber Coffeezilla: Logan Paul is suing YouTuber Coffeezilla (Stephen Findeisen) for libel, claiming Findeisen published false statements about Paul's involvement in the failed CryptoZoo game. Paul alleges that Coffeezilla maliciously concealed evidence that showed Paul's genuine efforts and concerns about the game, which ultimately did not fulfill its promises and resulted in significant financial losses for players. The lawsuit, filed in San Antonio, accuses Coffeezilla of spreading misinformation to boost his own profile and viewership.

SEC in Binance suit: A U.S. court has allowed most of the SEC's claims against Binance to proceed, including those related to Binance’s staking program, the sale of BNB after its initial coin offering, anti-fraud violations, and the role of former CEO Changpeng Zhao. However, claims concerning BNB's secondary market sales and all sales of Binance USD were dismissed, referencing a precedent from the Ripple case. A hearing is scheduled for July 9.

Airdrops: Floki Inu has issued a warning about unauthorized tokens falsely associated with its brand on the Solana and Base blockchains. The legitimate FLOKI token is only available on BNB Smart Chain and Ethereum. Users are urged to verify token information from official sources to avoid scams. Despite these threats, Floki Inu continues to develop its ecosystem, introducing features like the FLOKI Name Service on the BNB Chain and planning regulated digital banking accounts and other utility-focused initiatives.

Brands in Web 3: NFTs Revolutionizing Technology and Software

Dive into the cutting-edge world of NFTs revolutionizing the technology and software sectors in our latest "Brands in Web3" series! We're uncovering how digital assets are redefining the landscape, from enhancing software distribution to pioneering innovative tech solutions.

Discover how NFTs are being leveraged to secure software ownership, streamline licensing, and foster a new wave of digital innovation. Join us as we explore the intersection of NFTs with tech giants and agile startups, driving growth and transforming user engagement.

Don't miss this deep dive into the future of technology and software innovation in the Web3 era.

📣 What are your takes on the recent developments in Web3? What project do you want us to look at? What breaking news did we miss?

Join the discussion with our experts on Ludo’s social media channels:


The most interesting Twitter posts and threads we have come across recently 👇