😲 MakerDAO’s Expulsion of Content Team Stirs Debate About Tougher Governance
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GROWING PAINS MakerDAO is DeFi’s oldest and arguably most effective protocol, punching well above its weight of $1.6B in market cap. Yet it’s still going through growing pains.
RATIFIED A vote to jettison one of the protocol’s Core Units, MKT-001, a team in charge of content production, was ratified by a slim margin of MakerDAO’s members on Jan. 24. Slightly more than 49% of the votes said “yes,” to letting the team go while 47% voted against.
FIRST TIME Members vote with the project’s MKR tokens, or can delegate their tokens’ voting power to other community members. The vote was the closest of the 16 polls that closed on Jan. 24. It was the first time Maker governance had voted for involuntary removal of one of its Core Units from the DAO.
UNTESTED Core Units are ways of organizing different kinds of work in Maker. The protocol’s governance ratified a framework for their establishment in March so the use of Core Units within the DAO is relatively new, with the offboarding of one entirely untested.
APP Block explorer Etherscan has just launched Blockscan Chat, a messaging app that allows Ethereum users to chat with each other simply by connecting their wallets. Metamask and Wallet Connect are currently supported.
We tested it, and it works quite well.
NFT TRANSACTIONS The app allows users to delete messages once sent, block addresses, login from multiple devices, and get notified on the block explorer when they receive a message. One obvious early use case will be to facilitate NFT transactions.
COLLECTORS Until recently, communicating with the person making a bid on your NFT, or with the holder of an NFT a collector had their eye on, meant playing detective to figure out who they were, and then somehow reaching out.
WAGER On Monday, the DeFi derivatives platform Opyn offered a way to bet on a sideways market, and investors took the wager.
LAUNCH Opyn’s new “crab strategy” is designed to profit in a market where ETH price doesn’t move much one way or the other (a so-called sideways market). Opyn sold its maximum capacity at launch of 420.69 ETH in about 90 minutes, according to the Opyn team.
BELIEF The team increased the cap Tuesday to 696.9 ETH (approximately $1.7M). The cap is likely to keep going up with market demand, Opyn staff said. If buyers continue to go in on the crab strategy, that’s a sign that there’s a belief out there that the market is going to stay roughly where it is. Currently, the crab strategy pays out if ETH doesn’t move more than 9.14% (either way) in a day.
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With OpenSea hinting at a potential IPO in the future and LooksRare swooping in with a vampire sneak attack, it's clear that the war for top NFT Marketplace is starting to heat up. Who will come out on top?
The Ethereum Foundation has removed all references to “Eth1” and “Eth2” in favor of calling the original blockchain the “execution layer” and the upgraded proof-of-stake (PoS) chain the “consensus layer.”
Project Galaxy, a way to rethink how digital credentials are handled in the next generation of the internet, has closed a $10 million funding round co-led by Multicoin Capital and Dragonfly Capital.
Cryptocurrency exchange FTX US said on Wednesday it had notched a valuation of $8 billion after raising $400 million in its first funding round from investors including Japan’s SoftBank Group Corp and Singapore’s Temasek Holdings.
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OlympusDAO Created a Breakthrough DeFi Model – Now It’s Down 93% and Called a ‘Ponzi’ OlympusDAO held so much promise when it exploded on the DeFi scene in 2021.
Uniswap Crosses Milestone With Greater ETH/Stablecoin Volume than Coinbase or Binance Uniswap, the leading decentralized exchange by trade volume, now processes more ETH/stablecoin volume than any centralized crypto trading venue.
LooksRare Surges to $7B Valuation as Torrid Volumes Fuel Staking Rewards LooksRare, the upstart NFT marketplace that airdropped its $LOOKS token to NFT traders on Jan. 9, is having a stellar run.
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