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💔MakerDAO's Plan To Fork Solana Ignites Tensions With Ethereum Community

The Defiant

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Ethereum's chief scientist, Vitalik Buterin, offloaded his entire MKR holdings after MakerDAO founder Rune Christensen suggested forking the Solana codebase for its appchain. While Maker said the potential move won't happen for at least another three years, Ethereum supporters remain unhappy to learn the network's top decentralized stablecoin could be leaving.

The popular crypto casino, Stake, resumed operations hours after losing $41M to a hot wallet exploit. Analysts flagged similarities between the incident and recent exploits believed to have been perpetrated by North Korean state-backed hackers.

SOL rallied 5% after Visa announced a pilot program allowing merchants to receive payments in USDC on Solana. The move follows Visa launching payments via Starknet, an Ethereum Layer 2, last year.

The SEC's case against NFT project Impact Theory ended in a $6.1M settlement, leaving the Web3 space pondering its broader implications.

Finally, Kevin Owocki, the founder of Gitcoin, wants to return to the project after passing executive responsibilities over to a DAO in 2022. The news comes as Gitcoin is facing criticism for partnering with Shell and introducing a "diversity mandate" in May.

✍️ In today’s newsletter:

  • Vitalik dumps MKR after Rune floats plan to fork Solana
  • Top crypto casino Stake undeterred by $40M exploit
  • Visa eyes Solana for merchant stablecoin payments
  • SEC lawsuit against Impact Theory ends in $6M settlement
  • Kevin Owocki plans return to Gitcoin

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DeFi

Vitalik Offloads MKR After MakerDAO Founder Pitches Solana Fork

TLDR Vitalik Buterin, Ethereum's chief scientist, offloaded his MKR holdings after MakerDAO 's co-founder floated plans to launch its appchain on a Solana fork in around three years time. Buterin also promoted an expanded role for RAI, a competitor to Maker's DAI stablecoin, within the Ethereum ecosystem, suggesting the project expand its collateral

SO WHAT MakerDAO's appchain migration will complete the project's controversial "Endgame" overhaul. Maker will also reorganize into a series of subDAOs with distinct governance and tokenomics, and introduce a new governance token

READ MORE: Vitalik Offloads MKR After MakerDAO Founder Pitches Solana Fork


Hacks

Stake Crypto Casino Resumes Operations After $41M Exploit

TLDR Stake, a popular crypto-powered casino, resumed operations within hours of suffering a $41M exploit targeting multiple hot wallets. Stake said it will reimburse all affected users.

SO WHAT Security researchers have identified similarities between the incident and recent hacks associated with North Korean hackers. Stake enjoyed explosive growth in recent years to rake $2.6B in revenue last year.

READ MORE: Stake Crypto Casino Resumes Operations After $41M Exploit


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Business

Visa Taps Solana For Merchant Settlements In USDC

TLDR Investors pushed the price of SOL up 5% after Visa announced a pilot program allowing merchants to accept USDC payments via the Solana network. "By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we're helping to improve the speed of cross-border settlement,” said Visa's Cuy Sheffield.

SO WHAT The news serves as a welcome boon to the Solana ecosystem, with the network reeling after the collapse of FTX, a major Solana investor. Still, Solana's devs have continued to build throughout the bear market, with network TVL increasing 53% since the start of the year.

READ MORE: Visa Taps Solana For Merchant Settlements In USDC


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Regulation

SEC Settles Landmark NFT Enforcement Action For $6M

TLDR Impact Theory, a media firm that raised more than $30M by selling NFTs in 2021, settled a lawsuit filed against it by the SEC last week. Impact Theory agreed to pay $6.1M without admitting to the alleged wrongdoing.

SO WHAT Some legal experts believe the SEC was hoping for a settlement. Orlande Cosme of OC Advisory told The Defiant the SEC relies on achieving settlements for revenue. Jordan Teague emphasized that Impact Theory aren't a web3-native firm, may have been easy pickings for the SEC as they "may not care about the precedent for the space."

READ MORE: SEC Settles Landmark NFT Enforcement Action For $6M


Fundraising

Gitcoin Founder Kevin Owocki To Return

TLDR Kevin Owocki, the founder of the public goods funding protocol, Gitcoin, announced his intention to return to the project after handing decision-making over to a DAO in June 2022.

SO WHAT Gitcoin has recently faced criticism for maintaining an "almost unusable" interface and governance decisions including a partnership with Shell and the introduction of a diversity mandate for grant issuance. Its GTC token is down more than 50%% in the past year.

READ MORE: Gitcoin Founder Kevin Owocki To Return


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