Can LUNA make a comeback?

Welcome back to another issue of Web3 Seems Legit. Every week, we give you the latest scoop on web3, even if it's bad and soggy like the last bite of a melted ice cream 🍦. 

It's the start of a new month and this is what you need to know so far: 

• Key dates to look out for in September. A look ahead at some macro events in September that will affect your investments.

• LUNA Classic skyrockets despite the crash. The market may be in the red, but $LUNAC was up as much as +179% in the past week.

• Snap axes their web3 team. As part of their massive lay offs, Snap has decided to terminate their web3 department and move away from further development.

• The ETH Merge process begins. In a few days, the Bellatrix upgrade will kickoff the The Merge, one of the most important events in crypto history.

Key dates to look out for in September

Mark your calendars 📆. Here are some key macro events you should keep a look out for in September that will likely affect your portfolio.

Why does it matter? Whether its stocks, real estate or crypto, these events will have an impact on all markets and purchasing power.

LUNA Classic skyrockets despite the crash 

Most of you probably know about the devastating TerraLUNA crash that completely wiped out over $40 billion of investor assets 👎. Since then, $LUNAC has emerged in attempt to revive the ecosystem. 

Why does it matter? Despite the massive losses the first time around, there is still a strong, cult-like community rallying behind $LUNAC. With its upcoming network upgrade, we could see it soar even more into meme coin levels 👀.

Snap axes their web3 team

Things are not looking good for Snapchat. While Zuck and the social media giant crew ramps up their web3 efforts, Snap has decided to shutdown their web3 division in a massive 20% company lay off.

With the slow revenue growth of only +8% this quarter, they will be restructuring to focus on "community growth, revenue growth, and augmented reality."

Why does it matter? It's a strategic move for Snap to deprioritise web3 development, at least for now. Could it be foreshadowing a broader trend in the industry? Either way, stay warm folks, it's a web2/3 winter 🥶.

The ETH Merge process begins

On Tuesday, the first step towards The ETH Merge will begin with the Bellatrix Upgrade, but did you know that there is a whole roadmap for the Ethereum blockchain and that The Merge is just the first stage? 👇 

Why does it matter? By the end, it is said that Ethereum will be able to process 100,000 transactions per second. It goes to show just how much untapped potential there is left with Ethereum. 

Here are some other light reads for the week:

👉 The unrealistic expectations of NFT founders👉 Inside the mind of an NFT holder👉 Tips for breaking into the web3 workforce

That's all we have for you today folks. We're all on a journey together trying to navigate this crazy, weird, but interesting world of web3. If you want to invite a friend along to this part of the internet, sharing our newsletter is a good place to start! 

For regular updates and memes, follow us on Twitter 👉 @web3seemslegit.