DeFi Debates DAO Governance After Vitalik's Critique

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NFT Markets

Mints Double at Music NFT Platform as Collectors Shrug Off Bear Market

Market Action

Markets Rally After Powell Hints At Smaller Interest Rate Hikes

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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

Polkadot Projects Forge Alliance to Protect Blockchain From Bad Actors

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

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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

By Aleksandar Gilbert

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

By Aleksandar Gilbert

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