😡 Ethereum Community Can't Catch a Break

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GM Defiers!

It hasn’t been a great week year for Ethereum— ETH has underperformed most major cryptocurrencies for months, the Ethereum Foundation just sold millions of the asset, and to top it all off, Vitalik Buterin is saying most of DeFi is a big pointless casino — an “ouroboros,” as he so elegantly put it.

Speaking of DeFi, the sector’s grandfather MakerDAO is now rebranding to “Sky.” The project will launch new governance and stable tokens on Sept. 18.

Crypto markets are trading lower for a second consecutive day, but some analysts remain bullish into the end of the year. ETH dropped 5%, SOL dipped 2%, and DOT was relatively flat on the day.

Also, French authorities published the charges levied against Telegram CEO Pavel Durov, Polygon Miden integrates QED Protocol for accelerated proof generation, FantasyTop bounces back with Tactics v2 competitions, and Abra is the latest CeFi lender to face the SEC’s wrath.

✍️ In today’s newsletter:

Ethereum Foundation under fire for ETH sales
MakerDAO completes Sky rebrand
Telegram CEO accused of cybercrime complicity
Polygon Miden integrates QED to speed up transaction validation
FantasyTop’s trading volume spikes
SEC charges Abra for securities violations
Crypto markets drop amid leveraged liquidations

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️🔥 Ethereum Community Rattled by Foundation’s ETH Sales and Vitalik’s “DeFi Hate”

The Ethereum Foundation is facing backlash after on-chain sleuths spotted the organization transferring $94 million to the Kraken centralized exchange. An Ethereum Foundation representative said the transfer will fund its $100 million annual budget and be sold off progressively. However, onlookers remain frustrated with the lack of transparency surrounding the foundation’s ETH sales.

🌈 MakerDAO Rebrands To "Sky" and Schedules USDS Stablecoin Launch

MakerDAO, the protocol behind the largest decentralized stablecoin, rebranded to Sky as part of its Endgame overhaul. The project will next launch a new governance and stable token on Sept. 18 alongside farming for the new SKY token.

🇫🇷 France Reveals Charges Levied Against Telegram CEO Pavel Durov

French authorities published the charges facing Telegram’s founder and CEO, Pavel Durov, after his arrest over the weekend. Durov received extended detention while the charges are investigated, with Durov accused of complicity in cybercrimes including narcotics sales, child pornography distribution, fraud, and money laundering for failing to enforce content moderation on the platform.

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🏎️ Polygon Miden Integrates QED Protocol To Accelerate Transaction Execution

Polygon Miden has integrated QED Protocol’s WebGPU, an API enabling in-browser parallel computation. Miden said the integration will speed up transaction validation by 10 times. Miden is powered by client-side proving, meaning users generate ZK proofs off-chain on their own devices.

🚀 FantasyTop Mounts a Comeback with ‘Tactics V2’

Activity on FantasyTop, a socialfi card trading game on Blast, is exploding following the launch of its Tactics v2 competitions. Trading volume surged to its highest level since June, while paid mints jumped to a four-month high.

⚖️ SEC Charges Abra, Prepares To Battle Kraken In Court

The U.S. Securities and Exchange Commission charged Abra, a CeFi lender, with securities violations over its Earn program. At its high, Earn amassed $600 million in assets, with more than 80% of the funds coming from U.S. investors. The news comes as the SEC is readying to battle Kraken in court over alleged securities violations.

📉Bitcoin Drops as Crypto Markets Erase Weekend Gains

Crypto markets traded lower on Tuesday for a second consecutive day. Bitcoin fell by 3% to $61,648, while Ether dropped by 5%. Polkadot was flat, and Solana dipped 2%. Despite the bearish price action, more than 45,000 Bitcoin were withdrawn from crypto exchanges on Aug. 27, making it the third-largest net exchange outflow of 2024.

🌍 ELSEWHERE

Celsius distributes $2.53 billion, some creditors leave funds unclaimed (Decrypt)
Nasdaq seeks SEC approval to list and trade bitcoin index options (The Block)
Trump Releases Fourth Drop of His NFT Trading Cards (Bitcoin Magazine)
Lido’s Staked ETH Has Grown Year-To-Date – But its Market Share Has Dropped (Unchained)