🏠Real Estate-Backed Stablecoin Crashes 46%

GM Defiers!

Real USD (USDR), a Polygon-based stablecoin backed by real estate, crashed 46% in the past 24 hours to last change hands for $0.54. USDR began losing value after the project’s DAI reserves were exhausted, leaving only U.K.-based rental properties and its issuer’s native token to shore up its value.

The ApeCoin community is pushing back against Polygon’s proposal to build the project a Layer 2 network for $200,000 per year. “The economics of this proposal are one-sided in Polygon's favor… There is no recognition of the value APE brings to the Polygon ecosystem,” one person said.

JPMorgan completed the first collateral settlement using its closed blockchain network. JPMorgan’s Tokenized Collateral Network was used to settle a trade between BlackRock and Barclays.

Gauntlet, Arbitrum’s seventh-largest governance delegate, cannot participate in Arbitrum’s ongoing vote to allocate grant funding due to a wallet incompatibility issue. The company commands the voting power for 12.6M ARB, equating to 1% of the token’s circulating supply.

Stars Arena has recovered $2.2M worth of stolen assets after offering a $250,000 bounty to its hacker. The incident precipitated Stars Arena crashing from $3M to $0 last week.

And Lido, the top liquid staking provider, suffered a 20 ETH slashing penalty after one of its validators, Launchnodes, went offline. Launchnodes launched an investigation into the incident.

✍️ In today’s newsletter:

• USDR sheds close to half its value
• Polygon proposal ruffles ApeCoin feathers
• BlackRock and Barclays trade via JPMorgan's blockchain
• Gauntlet unable to participate in Arbitrum grant voting
• Stars Arena retrieves stolen funds
• Lido slashed for 20 ETH

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