Number of DAOs surge, Solana launches $100M DeFi fund

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Number of DAOs surge, Solana launches $100M DeFi fund
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Last week, the decentralized finance (DeFi) ecosystem was ruled by DAOs and a new fund was launched for the growth of the Web3 ecosystem. When Solana launched a $100 million DeFi fund, the total number of DAOs surged eightfold.

Ethereum’s layer 2 protocol Optimism, recently praised by Vitalik Buterin for its governance model, lost 20 million tokens due to confusion between layer 1 and layer 2 addresses. A leaked copy of a 600-page draft U.S. crypto bill has also drawn community attention as it proposes intense regulatory scrutiny of DeFi and DAOs.

The market performance of the top 100 DeFi tokens has been mixed, with a few tokens posting double-digit gains over the past seven days, while the weekly chart remains overwhelmingly bearish.

The number of DAOs has increased 8x as votes and proposals surge

The past 12 months have seen a phenomenal increase in the total number of Decentralized Autonomous Organizations (DAOs), the number of governance proposals made, and the number of votes.

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Data compiled by Snapshot Labs and shared in a Thursday tweet by Electric Capital engineer Emre Caliskan highlights the more than eightfold increase in the number of DAOs, from 700 in May 2021 to 6,000 now. The number of proposals has increased 8.5 times, and the total number of votes has increased 8.3 times over the past 12 months, from 448,000 to 3.7 million.

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Solana Ventures sets up $100M fund for Korea’s GameFi and DeFi

Solana Ventures and Solana Foundation have launched a $100 million fund to help support the development of non-fungible tokens (NFTs), blockchain gaming and DeFi projects in South Korea.

In addition to supporting projects built on Solana, the fund will help some Terra-based projects stay afloat after the ecosystem collapsed last month.

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Leaked copy of US draft bill shows DeFi and DAOs from a regulatory perspective

Earlier on Tuesday, a leaked draft of a U.S. bill on cryptocurrencies began circulating on Twitter. The 600-page copy of the leaked bill highlights some key areas of concern for regulators, including DeFi, stablecoins, decentralized DAOs and cryptocurrency exchanges.

User protection appears to be the main focus of the regulator, with policies aimed at requiring any crypto platform or service provider to be legally registered in the US, be it a DAO or a DeFi protocol.

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Optimism loses 20 million tokens after L1 and L2 obfuscation exploited

The honeymoon period of the Optimism layer-2 scaling solution has been shortened due to a bug in its market maker smart contract that resulted in the loss of 20 million OP tokens.

The exploit took place on May 26, but was just reported to the community. One million tokens worth about $1.3 million were sold on Sunday. At 12:26 am UTC today, another 1 million tokens worth about $730,000 were transferred to Vitalik Buterin’s Ethereum address on Optimism. The remaining tokens are currently dormant but can be sold at any time or used to influence governance decisions.

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DeFi Market Overview

Analysis data shows that the total value locked in DeFi has declined slightly over the past week, falling below $80 billion again. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap saw wild price swings over the week but broke out of a bearish trend over the past few days.

Most of the top 100 DeFi tokens by market cap trade in green, with Chainlink (LINK) seeing the biggest gain with a 29% gain, followed by Theta Network (THETA) with a 17.2% gain. The price of Tezos (XTZ) is up 14.14%, while PancakeSwap (CAKE) is up 1.23% over the past 7 days.

Thank you for reading our roundup of the week’s most influential DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically growing space.

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