VanEck Promises To Fund Ethereum Developers With ETF Profits
VanEck has promised to divert 10% of profits generated from its upcoming ETH ETF to support Ethereum development. The funds will go to the Protocol Guild, a collective of 152 core developers, for at least 10 years.
Aave is set to overhaul its governance structures with a new multi-chain design. Votes will be cast via the Polygon and Avalanche networks, with the Aave DAO subsidizing the associated transaction fees to provide fee-free voting.
The Bitcoin Ordinals community is locked in contentious debate over how to manage indexing the NFT-like inscriptions. Some researchers fear that a proposal from Casey Rodarmor, the inventor of Bitcoin Ordinals, could threaten to destabilize the protocol.
And Savings DAI, the yield-bearing version of MakerDAO's DAI stablecoin, has surpassed a total value locked of $1B. However, the market cap of DAI continues to decline despite sDAI's success.
✍️ In today’s newsletter:
- VanEck to support Ethereum development with ETF profits
- Aave prepares for multi-chain governance revamp
- Bitcoin Ordinals indexing drives fierce debate
- sDAI unable to reverse DAI downturn despite $1B TVL
- What is MetaMask Snaps? Main Functions & Features Explained
- Honeypot Challenge: Cartesi’s First Rollup DApp on Ethereum Mainnet
- Introducing ETH Saver - A new home for leveraged staking
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VanEck To Support Ethereum Development With 10% of Ether ETF Profits
TLDR VanEck, a leading global asset manager, has pledged to donate 10% of the profits from its upcoming Ether ETF to support Ethereum developers. The funds will go to the Protocol Guild, a collective of 152 core protocol contributors, for at least 10 years.
SO WHAT VanEck's announcement demonstrates the firm's commitment to supporting the Ethereum community. The firm urged other TradFi firms that stand to gain from the efforts of web3 developers to make similar contributions.
Aave Poised For Multi-Chain Governance Overhaul
TLDR Aave is readying to overhaul its governance processes. The new system will leverage Polygon and Avalanche for low-cost voting, with the Aave DAO covering associated transaction fees.
SO WHAT The Aave Governance v3 is a long time coming, with discussions surrounding the upgrade beginning in January 2022. After passing governance this July, the Aave community is now looking to finalize the upgrade's roadmap.
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Ordinals Community Grapples With Numbering Controversy
TLDR The Bitcoin Ordinals community is torn how best to index the protocol. A proposal to bless cursed Ordinals from the protocol's creator, Casey Rodarmor, could disrupt the order of inscriptions and impact the collectibility of early Ordinals.
SO WHAT Some researchers are exploring ways to fix the indexation issues while addressing the concerns of early collectors. Danny Yang of the Maicoin exchange suggested snapshots could be used to preserve the order of inscriptions prior to any future upgrades.