All About Etherscan

GM fellow degens. Education and familiarization with web3 are essential for success. Without the proper knowledge, we won’t be able to capitalize on the opportunities in the space.

Education can be defined as receiving or giving systematic instruction, especially at a school or university. However, schools don’t teach us about trading JPEGs or fundamental analysis on a particular project or token. We hope to change that, starting with an introduction to Etherscan.

What is Etherscan and how does it work?

Etherscan is a platform that allows you to search transactions on the Ethereum blockchain for free. You can easily access Etherscan from your Metamask wallet. Think of Etherscan as a search engine. On this platform, you can find past transactions, wallets, smart contracts, and other things related to your Ethereum assets. 

By familiarizing yourself with the basics of Etherscan, you’ll be able to mint your NFTs directly from the smart contract if allowed to, track your expenditure on gas, and the progress of your transactions. If you’re well versed in reading smart contracts, you can also look through other projects’ smart contracts. As Etherscan is only an explorer, it does not store your cryptocurrencies and you cannot use it for trading. 

Knowing how you interact with different smart contracts will help you understand the various types of decentralized applications (DApps) and transactions. This knowledge will, in turn, help keep you safe and spot suspicious activities on the blockchain. You will be able to see what founders are doing with their project’s tokens and hence determine potential scams or rug pulls.

So how can you utilize Etherscan? 

Firstly, the tracking your transactions, a basic skill you need to know. With every transaction there is a transaction ID or TXID. All you have to do is head on to Etherscan and enter the TXID into the search field at the top of the page. You’ll then be able to see details about that transaction. Some important things you can check for is if you sent your ETH to the right address, it’s for the right amount and how much gas you paid for the transaction.

Breakdown of transactions details

These are the basic blocks of understanding how to read a transaction.

Transaction Hash - A string of numbers and letters linked with your transaction.

Status - Successful, In progress, or failed.

Block - The block number your transaction was included in. You will be able to see how many times your transaction has been confirmed

Timestamp - The timestamp of the block your transaction was added into 

From - From the sender’s address

To - To the recipient

Value - ETH amount transacted

Transaction Fee - The fee paid for the transaction, aka gas fees

Gas Price - The cost per GWEI

TXN Type - Information on whether the transaction used the legacy gas system or the upgraded EIP-1559

With the above information in mind, we’ll be sharing with you how to look up smart contracts on Etherscan in the next article.

Market Matters

Hey everyone! This marks the 15th article for Market Matters. We appreciate your unwavering support for being with us on this rollercoaster journey in the markets.

As we trudge on in this bear market, let’s remember that the prolonged decline in many of our longer-term investments can be countered and offset with short-term investments! Bear markets are truly a breeding ground for emotions when it comes to making trades and investment decisions. It is a testament to how we react to what's happening around us and can be the ultimate test of our capacity to make consistent level-headed decisions.

The power of emotions can transform the way we handle many decisions when investing or trading, just as they can within our everyday lives. Learning to control these rapidly changing emotions can ensure our continued ability to make sensible and rational evaluations with proper judgment. While we keep our feelings in mind, let's analyze events over the last week that may have been the root cause of some emotional swings.

Since last week's article, we were met with Retail Sales data, the Consumer Sentiment report, and most significantly, the inflation data from the Consumer Price Index (CPI). Let’s start with the Retail Sales data, which highlighted the changes in the total value of retail sales. Retail Sales data came in flat without change, a disappointing metric from the expected 0.2% rise. Though not a terrible report, it just shows more economic pain to come. However, the markets reacted positively to the news as it reflects a decrease in demand, ultimately helping combat future high-interest rate hikes.

Alternatively, the University of Michigan Consumer Sentiment report showed a level of 1.1, greater than forecasted. Investors received this increase poorly, resulting in a slight market drop. The data showed a daunting outcome for the Federal Reserve as they try to combat inflation with a rising consumer confidence level and a continuation of demand increases.

Lastly, let's dive into the more important and frequently discussed CPI inflation data. An overall awful report which showcased increased inflation across the board, which was 0.2% higher than projected for month-over-month inflation, 0.1% higher than projected for year-over-year inflation, and the Core CPI data was 0.2% higher than projected.

These increasing inflation data sets show us that various goods and services, including food and energy, are inflated across the board. This translates to investors expecting the FED to continue their hawkish policy approach on their mission to combat inflation. This CPI data slammed the markets down immediately but soon after recovering, with a large reversal likely due to many markets reaching key technical support levels.

Looking ahead from the past week, we are in a period of what is known as earnings season. It is a multi-week period where many publicly traded companies in the equities markets release quarterly earnings reports that are likely to have some impact on the crypto market as the two are still somewhat correlated in directional movements. We will need to keep a close eye on more data toward the end of October and the highly anticipated FOMC meeting discussing the next interest rate hike, likely to be another 75bps, in the first week of November.

Gainz's Glossary:

Consumer Confidence Index (CCI): A survey from the CB of many households that collect individual’s ratings of the level of their current and future economic conditions, labor availability, and general business conditions in relation to their consumption and saving

Consumer Price Index (CPI): Shows the changes in the average price of various goods and services purchased by consumers

Consumer Sentiment (CS): A survey of consumers by the University of Michigan (UoM) which measures the relative level of consumer’s current and that future economic conditions

Federal Open Market Committee (FOMC): A committee, within the FED, of twelve members that host eight meetings per year to review all economic and financial conditions within the economy to regulate monetary policy and evaluate the potential impacts of its goals on economic growth and overall price stability

Federal Reserve (FED): Manages all monetary policy within the United States to promote maximum employment and stable prices in the U.S. economy - they set interest rates, among other things, to stabilize the economy and intervene during uncertain times.

Gross Domestic Product (GDP): An important measure of total economic activity which is the leading measure of the economy's health, showing the changes in the adjusted value of all goods and services within the economy after inflation

Non-Farm Payroll (NFP): Shows employment changes in the number of people employed during the previous month, excluding the farming industry

Personal Consumption Expenditures (PCE): Shows the changes in the price of goods and services purchased by consumers, excluding food and energy

Purchasing Managers' Index (PMI): An indicator of economic health based on a survey of purchasing managers rating the level of overall business conditions

Producer Price Index (PPI): An indicator of consumer inflation based on the changes in prices of finished goods and services sold by producers

The Conference Board (CB): A global non-profit independent business research organization working in the public interest gathering peer-to-peer surveys of economic information

The Organization of Petroleum Exporting Countries (OPEC): A group of 13 of the world's largest oil-exporting nations that synchronize petroleum policies and establish a stable oil market to regulate appropriate supply to consumers

Banii Girl

My life was not one of glory - in this, I shall not deceive you. I never saw the victory we so desired. I was not alone in that.

But my life was one of purpose. I came into this world destined to leave it, and I left it fighting for something I believed in, something greater than me - greater than any of us.

For me, the journey is over, but the road travelled is long, and there are many miles yet to tread...

Wild Web3

The NFT Space Is A Blur No More

Dropping hard into the space, Blur.io is the newest NFT market aggregator in web3 town. Released to much fanfare with a future token airdrop, the VC-backed marketplace is creating ripples that could have market incumbents shaking in their boots.

Designed for “pro traders” and spotting a retro look and feel, Blur.io has all the advanced NFT trading features you’ve come to expect, such as aggregation, sniping, batch purchase, advanced portfolio analytics, and surprisingly zero marketplace fees till the launch of their tokens. The team also claimed to be 10x faster than Gem.xyz (a batch-buying tool) with the zippiest NFT drop sniper.

Planned to be majority-owned by the community with the $BLUR governance token, Blur.io incentivizes buyers to honor royalty payments, and they will be rewarded with tokens by opting to pay for royalties.

The first airdropped gift boxes, called Care Packages, come in three forms: Uncommon, Rare, and Legendary. They contain an undisclosed amount of $BLUR tokens and are given to “everyone who’s stuck around in the bear market,” according to their Twitter account. The second upcoming airdrop will be based on the NFTs listed, with those of higher value getting larger rewards.

If you’ve traded an NFT within the last six months, you should be eligible for the Care Packages, in which the tokens will be accessible in January 2023. List at least 1 of your NFTs on the platform and get your Care Package today, as there is a cut-off date for the claim!

Reddit and Crypto, An Unusual Union

Users on Reddit have always been in a love-hate relationship with crypto, so it is a surprise that over 3 million people have created their crypto wallets (Reddit Vault) to get and trade Reddit’s Collectible Avatars NFTs based on the platform’s Snoo, an alien character.

Reddit is an internet giant with $350 million in revenue and claims to have 50 million daily active users on its site. Not its first rodeo in web3, the company has progressively released its crypto initiatives, such as airdropping free Polygon chain NFTs to its power user with a high level of karma and leveraging Arbitrum Nova, an Ethereum layer-2 solution for its Community Points.

We guess it’s safe to say that NFTs are here to stay as we see more use cases and adoption by the masses.

Aptos, A Moon Rocket In Limbo

We recently saw the rocky launch of the highly anticipated Aptos chain, dubbed as the safest, most scalable layer-1 solution. Its actual release though was a big disappointment. Seen as a potential Solana killer, the launch was muddled with issues.

The tokenomics behind the chain’s native $APT token was not released to the public prior to launch. When it did get released, the token distribution of 49% to developers and private investors brought on the public ire as it’s seen to pander to the VC investors such as Andreessen Horowitz and FTX Ventures. The throughput for the chain also did not meet expectations. Aptos’s Discord went offline for a brief period, and many questions were raised as to how every CEX (Centralized exchange) was listing it in 24 hours without a single public disclosure of its tokenomics.

As with any investment, the best step forward is to take the time to do your due diligence and research. Not every hyped release will lead to moon-like profits. Not Financial Advice (NFA), Do Your Own Research (DYOR).

Phantom Files: 23

Phantom 23 was on an underwater mission. He was searching for enemy signs in the waters around his base, but there was only silence. His Phantom sensors were not picking up any heat signatures; no ships, subs, or anything else that could be a hostile presence, so he returned to his underwater base to report the result of the mission. Pineapple and Plortis were dispatched to his base for an interview.

Favorite video game?

Valorant

Someone that you look up to in this space?

Gigi (https://twitter.com/ggDaydreams)

Favorite Movie?

Grave Encounters

What’s your favorite food?

Chicken

What’s your least favorite food?

Abalone

What’s the last thing you cooked?

Chicken

Could you give us some hints about what inspirations your Phantom PFP will have?

Fish

What’s your favorite color?

Green

Coffee or tea?

COFFEE all the way

What’s your spirit animal?

Meow

Summer or winter?

Winter

What’s one thing people don’t know about you?

I got bitten by a bunny

A dessert you like?

Ice cream

A skill you’re working on mastering?

Communication and networking (if that's a skill)

What would you like to be remembered for?

Being a person you could rely on and be one to cheer you on

A book that everyone should read?

Grrr.. I have YET to start reading, so I will get back to you

Most adventurous thing you’ve done in your life?

Traveled alone to meet web3 people

Favorite app?

Facebook

Secret talent?

Badminton maxi

What’s your biggest fear in life?

To lose everything

Window or aisle seat?

Aisle

Story behind your name?

Camp name required a fake name, so guppy came to be

Favorite PxN memory?

Playing mini-games pre-mint. I feel very proud of introducing Duck games to the team