DeFi Debates DAO Governance After Vitalik's Critique
Hello Defiers! Here's what we are covering today!
News
- DeFi Debates DAO Governance After Vitalik’s Critique
- Polkadot Projects Forge Alliance to Protect Blockchain From Bad Actors
- Orthogonal Trading Misses $10M Loan Payment
- Three Arrows Liquidators Target $30M Yacht in Hunt for Assets
- UNI Surges After ‘Fee Switch’ Vote is Proposed
NFT Markets
Market Action
Podcast
Video
Today’s Sponsors
Opolis is a digital employment cooperative providing Web3 contributors with automated payroll in dollars and crypto, W2s, affordable benefits and tokenized rewards. Learn more
Minima is a new mobile-native layer 1 blockchain. Join over 400,000 node runners on Minima’s Incentive Program, to start earning $MINIMA every day until Mainnet launch. Get started at minima.global/get-involved
Metis Andromeda is a permissionless & secure Ethereum Smart Layer 2 creating the decentralized finance foundations for the web3 economy. Bridge Free & explore our ecosystem during our first anniversary!
Chainalysis, the leading blockchain data platform. Download your copy of the 2022 Geography of Cryptocurrency report to access original research on crypto adoption around the world. Download today!
News
DAO Governance
DeFi Debates DAO Governance After Vitalik’s Critique
Ethereum’s Chief Scientist Said Governance Tokens Benefit Whales at Expense of Users
By Samuel Haig
In a critique that may throw the future of token-based governance into flux, Vitalik Buterin, the influential co-founder and chief scientist of Ethereum, said decentralized voting systems are benefitting whales at the expense of tokenholders.
Read the full story in The Defiant
Polkadot
Polkadot Projects Forge Alliance to Protect Blockchain From Bad Actors
Seven Founding Projects Include Acala, Astar and Interlay
By Samuel Haig
Seven of Polkadot’s leading projects have joined forces to establish standards and ethics for open-source development, the new collective said on Nov. 30. The Polkadot Alliance was founded by Acala, Astar, Interlay, Kilt, Moonbeam, Phala, and Subscan, seven of the top projects occupying Polkadot’s parachain slots. The on-chain collective aims to support development standards and expose bad actors within the ecosystems of Polkadot and its sister canary-chain, Kusama.
Read the full story in The Defiant
Sponsored Post
Elon Musk’s AI-Enhanced Monkey Stock Pickers
We’ve all heard the (true) story of the blindfolded dart-throwing monkey that got better returns than stock-picking pros. You may have also heard that Elon’s Neuralink is equipping monkeys with intelligence-enhancing brain implants (Also true). So, is itreally soooo crazy to think this could all be his evil plan to “outsmart the market”?
You be the judge. What’s clear is that the unpredictable stock market can make anyone go bananas. But there are alternatives. In fact, as stocks and crypto crashed, one investment platform had 3 recent exits, realizing: +13.9%, +17.8%, and +21.5% net returns each.
It’s called Masterworks. They’re unlocking the $1.7 trillion high-end art market for investors like you. Now, nearly anyone can invest in shares of multi-million dollar art by names like Banksy and Picasso. Why art? Well, contemporary art prices:
- Outpaced the S&P 500 by 131% over the last 26 years.
- Have the lowest correlation to equities of any asset class, according to Citi
- Beat gold, real estate, and stocks in inflationary periods historically
The Defiant readers are invited to skip the waitlist with this exclusive link. It’s so easy, a 🐒 could do it.
See important Regulation A disclosures.
Crypto Bankruptcies
Three Arrows Liquidators Target $30M Yacht in Hunt for Assets
Teneo Says Hedge Fund Founders Are Uncooperative as It Corrals Assets for Creditors
How much for Much Wow? $30M.
That’s the amount liquidators are seeking for the yacht purchased by Zhu Su and Kyle Davies, the founders of defunct crypto hedge fund Three Arrows Capital. Once a pacesetting $10B fund, Three Arrows’ collapse in June sent shockwaves through the industry and briefly sent the price of Ether below $1,000. At the end of June, a court in the British Virgin Islands tapped Teneo to liquidate Three Arrows and repay its creditors.
Read the fully story in The Defiant
FTX Contagion
Orthogonal Trading Misses $10M Loan Payment
Maple Finance and M11 Credit Allege Firm Misrepresented Financial Position
By Owen Fernau
The dominoes continue to fall after FTX’s collapse. Orthogonal Trading, a crypto trading firm, is said to be insolvent after it missed a loan payment of $10M on Maple Finance, a DeFi protocol that facilitates uncollateralized borrowing.
Read the full story in The Defiant
NFT Collecting
Mints Double at Music NFT Platform as Collectors Shrug Off Bear Market
Sound Records Heavy Minting Action in Last Two Months
By Owen Fernau
In the latest sign that NFTs remain popular with collectors, Sound, a platform for music tokens is singing a very catchy tune. The number of mints on Sound have doubled in each of the last two months. At 12,080, according to a Dune Analytics query, over a third of the platform’s total of 30,562 mints came in November.
Read the full story in The Defiant
DEXs
UNI Surges After ‘Fee Switch’ Vote is Proposed
Pilot Program Would Divert 10% Of Trading Fees From Three Liquidity Pools To Uniswap’s Treasury
By Owen Fernau
Uniswap’s UNI token jumped over 7% on Dec. 2 after a governance proposal calling for a vote to reserve a portion of trading fees was posted. If it passes, it will only apply to three pools on Uniswap V3 — an ETH-USDC pool which charges 0.05% on trades, a DAI-ETH pool at the 0.3% fee tier, and a USDC-ETH pool at the 1% tier.
Read the full story in The Defiant
Market Action
Markets Rally After Powell Hints At Smaller Interest Rate Hikes
Bitcoin and Ether Hit Three-Week Highs
Crypto markets rallied this week after US Federal Reserve Chairman Jerome Powell hinted that the next rate hike would be smaller than the mega-hikes of recent months. “The time for moderating the pace of rate increases may come as soon as the December meeting,” Powell said in a speech Wednesday at the Brookings Institution.
Read the full story in The Defiant
Defiant Video
Will Maple recover from this?
Weekly Recap: SBF’s Publicity Tour
Juan Benet is Working to Upgrade the Heart of The Internet with Blockchains
Free newsletters
Good reporting. Delivered.
Choose your coverage: crypto and DeFi, the future of finance, or both.
Free. Unsubscribe anytime.
