🦍 Ape Diaries: Inside Gasless Yield Farming on Aurora
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NEWS ConstitutionDAO fell short in its bid to purchase the last remaining privately owned first edition print copy of the U.S. Constitution in a public auction held on Nov. 18. And some of the community’s members are grumbling that high gas fees may have been partly to blame.
LAYER 2 Although the community raised about $47M, the document was sold to an unknown bidder for $41M ($43.2M including auction fees). Supporters speculated that the DAO lost because it couldn’t produce enough additional funds to maintain the document. Others said the DAO may have made a stronger bid if it had used a Layer 2 blockchain instead of Ethereum’s mainnet.
AUCTION “The gas fees spent would have made up the difference of winning the auction,” said dennis hegstad, the founder of LiveRecorder founder. This version of the U.S. founding charter is one of thirteen surviving copies printed after the Constitutional Convention of 1787. The late real estate developer Howard Goldman purchased it from Sotheby’s in 1988 for $165,000.
DOUBLED The supply of UST stablecoin has more than doubled in the past nine days to reach $6.4B. That places the coin $2B behind DAI, the stablecoin produced by the Maker protocol, as of Nov. 18.
GOVERNANCE Fans of the Terra ecosystem, which produces the UST stablecoin, may need to hold off rejoicing though because the increase doesn’t stem from user demand but rather a governance proposal.
TREASURY Here’s what happened: The governance voted to burn 88.68M LUNA tokens, worth over $3.5B at the Nov. 18 price of $40.21. Those LUNA tokens came from “seigniorage rewards,” which were deposited in Terra’s treasury when users swapped them for UST tokens when demand pushed the stablecoin’s value above $1.
Yield Farming Primer
YIELD FARM The first yield farm is live on Aurora, an Ethereum Virtual Machine (EVM) compatible blockchain built by NEAR Protocol. The best part? Zero gas fees as a gesture of goodwill to early adopters.
SCALABLE “Aurora is an EVM built on the NEAR Protocol, delivering a turn-key solution for developers to operate their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, with low transaction costs for their users,” says the website.
INTERVIEW We went straight to the source and interviewed Matt Henderson, head of product at Aurora.
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Binance completes the Arbitrum One mainnet integration and has opened deposits for ETH on Arbitrum One Layer 2. Please find your assigned ETH deposit addresses on the Aribitrum One Network in the Deposit Crypto page.
Since its launch in January 2020, the Aave Protocol—an open source, decentralized, non-custodial liquidity protocol—has experienced exponential growth with peak liquidity reaching over USD 30 billion, and total active users totaling nearly one million.
Polygon is committed to providing developers with the best infrastructure for building secure and fully functional dApps in an accelerated manner. It’s why we integrated both Chainlink Price Feeds and Chainlink VRF to give developers access to time-tested infrastructure for decentralized price oracles in DeFi and secure RNG in gaming and NFTs.
The Winklevoss twins’ crypto exchange, Gemini, will allocate capital from its $400-million funding round into building a “Gemini experience in different Metaverses.”
Celebrities Snoop Dogg and Deadmau5, consumer brand guru Shaun Neff and the founders of Sandbox and the Polygon Network are the newest members of Outlier Ventures’ Base Camp Web 3 accelerator and will invest in and advise the program’s startups.
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ParaSwap Airdrops PSP Governance Token to ‘Active Users’ ParaSwap, a decentralized exchange (DEX) aggregator and market maker, launched its governance token, PSP, on Nov. 15.
OlympusDAO’s Success Inspires Dozens of Forks They say imitation is the highest form of flattery. In crypto, this manifests as forks, or copies of a project’s codebase. In that sense, OlympusDAO must be feeling pretty flattered.
0L Aims To Revive Facebook’s Libra Cryptocurrency With Fair Launch Every now and then folks adjacent to crypto Twitter like to tweet out some version of “Remember Libra?”.
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