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🛑 Ethereum Briefly Stopped Finalizing Blocks Last Week

The Defiant

DeFi Daily

GM Defiers!

A brief panic rippled through the Ethereum community last week as the network stopped finalizing blocks on two separate occasions. Meanwhile, Rune Christensen's proposed roadmap for MakerDAO includes the introduction of a new stablecoin, governance token, and dedicated blockchain. Finally, we dive into a recent decision by a U.S. bankruptcy judge that highlights the risks of storing funds on custodial platforms.

✍️ In today’s newsletter:

  • Ethereum developers are yet to determine the cause of last week's finalization issues
  • MakerDAO founder releases Endgame plan update
  • US court allows BlockFi to repay $297M to Wallet users

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📈 Markets in the last 24 hrs:

TickerValue24h
BTC$27,705 0.42%
ETH$1,864.6 0.14%
MKR$688 -0.29%
SPY$412.07 0.08%
UNI$5.451 0.41%
LDO$2.081 0.19%

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Ethereum

Ethereum Researchers Remain Mystified After Blockchain Briefly Fails To Finalize

TLDR Ethereum experienced multiple incidents last week where blocks failed to finalize, causing a brief panic in the web3 community. Transactions continued to be processed normally, and while the exact cause is still unknown, patches have been released for the affected clients.

SO WHAT The incident serves as a reminder of the experimental nature of blockchain technology and the ongoing work on Ethereum's upgrades. It also highlights the value of client diversity and the need for robust stress-testing.


DeFi

MakerDAO Founder Proposes Dedicated Blockchain and New DAI and MKR Tokens

TLDR MakerDAO founder Rune Christensen has proposed an updated Endgame roadmap for Maker, including the introduction of a new stablecoin, governance token, and dedicated blockchain. It aims to streamline governance, incentivize participation, and enhance security.

SO WHAT If implemented successfully, the roadmap could strengthen Maker's position in the DeFi space and provide new opportunities for users. However, the project will need to address concerns about centralization and ensure effective governance to maintain trust and support from the community.


CeFi

US Court Excludes 48,000 BlockFi Users From $297M Payout

TLDR A US bankruptcy judge has ruled that insolvent crypto lender BlockFi can return $297 million worth of assets to customers' non-interest-bearing "Wallet" accounts, excluding users who attempted to move $375 million out of interest-bearing accounts when the platform shut down.

SO WHAT The ruling highlights the risks associated with storing funds on custodial platforms and the potential complexities that arise when these platforms face insolvency. Users would be well advised to explore decentralized alternatives and take control of their own private keys to mitigate such risks.


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🌍 ELSEWHERE

  • EU states approve world's first comprehensive crypto rules ( Reuters)
  • ChatGPT’s Sam Altman Is Getting $100 Million for Worldcoin Crypto Project ( Barron's)
  • Peter Thiel Backs Bitcoin Startup River in $35M Round ( Coindesk)