🐱💻Ethereum Merge Date Confirmed - TWJ #216
Starting with Bellatrix on September 6.
Hi folks,
DAO is a mess. A few days ago, TRIBE DAO, one of the most notable DeFi DAO in the crypto space announced its intention to shut down. Maybe I’m a young boomer, but optimizing for accountability and effectiveness is extremely difficult when something is “autonomous”. Perhaps a good idea for decentralized financial mechanisms, but an extremely bad idea for builders.
Here are the quick takeaways:
Decentralizing too fast or early is the number one mistake.
DAO insiders often create a “false narrative” that every decision is “the will of the community”.
Having a hierarchical structure in a DAO is not a bad thing.
A mature DAO probably looks a lot like a publicly traded company.
Accountability needs to be enforced on-chain.
In today’s issue:
The crypto market is flat with its total market cap above ~$1 trillion. Celsius (CEL) is the worst performer in the top 100 in the past 7-d.
In other news, Ethereum merge date confirmed, Coinbase launches ETH liquid staking, and Tether won’t ban Tornado Cash addresses.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Ethereum Merge Date Confirmed
Ethereum developers have confirmed September 6 as the merge date. The upgrade is split between “Bellatrix” at 11:34 AM UTC on September 6, and “Paris” sometime between September 10 and 20.
⎆Coinbase Launches ETH Liquid Staking
Coinbase launched liquid ETH staking, cbETH, ahead of the upcoming ETH merge.
The exchange revealed cbETH, which stands for Coinbase Wrapped Staked ETH, in a tweet on Wednesday and released a detailed white paper explaining the rationale. Users will be able to transfer for cbETH as early as August 25 at 12:00 p.m. EST, provided that necessary liquidity conditions are met.
⎆Tether Won’t Ban Tornado Cash Addresses
Tether stuck to its decision of not banning Tornado Cash addresses until government tell it to.
"So far, OFAC has not indicated that a stablecoin issuer is expected to freeze secondary market addresses that are published on OFAC’s SDN List or that are operated by persons and entities that have been sanctioned by OFAC,"
👨🏻💻Decentralized Finance (DeFi)
ETH Merge on September 6, 2022
Coinbase Announces cbETH Wrapped Ethereum Staking Token
Professor Republishes Tornado Cash Code Following GitHub Takedown
🏛Governance - Active Proposals
🦮NFT & Metaverse
More than $100M Worth of NFTs Stolen since 2021 — Elliptic
Uniswap Eyes NFT Financialization, in Talks with Lending Protocols
Beijing Announces Two-year Metaverse Innovation and Development Plan
M&M’s Releases NFT-Inspired Candy
Neopets Brings Noughties Nostalgia to Web3 with Metaverse Launch
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Quivr - $3.55M Seed Round
Safeheron - $7M Pre-series A
Thirdweb - $24M Series A
Bitcoin Depot - $885M SPAC Deal
⚖️Regulatory Update
Tether Sticks to Decision Not to Bar Tornado Cash Addresses
Voyager Can Pay Employees 'Retention' Bonuses, US Judge Rules
Law Society of England and Wales Tells Members to Be Wary of Bitcoin Use
📚Noteworthy Reads
Unlocks Calendar’s Thread on Optimal Token Vesting Structure
LD Capital’s Read on Blockchain Picks for the Next Bull Run
Forrest’s Thread on The Next Big Crypto Narratives
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.