🎭Ethereum Naming Service Drama - TWJ #78

DAO enables token owners to truly vote with their capital.

Feb 07, 2022

In today’s issue:

The crypto market is up with the global market cap sitting at ~$1.9-2 trillion. SHIB led the top 100 assets daily performance. Maybe meme coins are back while global markets stay mixed.

In other news, the SEC requested comments on Grayscale’s spot BTC ETF proposal, Bored Ape (BAYP) founders got doxxed, and Ethereum Name Service voted to remove its (previously) strongest delegate, Brantly Millegan.

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📰Market News

⎆SEC Seeks Comments on Grayscale’s Spot BTC ETF Proposal

The SEC has not accepted any US Spot Bitcoin ETF. The agency is known to be extremely skeptical towards a spot-based Bitcoin ETF but has previously approved futures-based products instead. While many filings are currently under process (with some already getting rejected and delayed), the SEC is seeking comments on Grayscale’s spot Bitcoin ETF proposal, which is arguably one of the stronger contenders in the race. The specific comments being sought are around market manipulation.

⎆Bored Ape Founders Got Doxxed

BuzzFeed News has found the identity of Bored Ape Yacht Club’s pseudonymous founders. BAYP is one of the most successful NFT projects in the market and was reportedly seeking funding as large as $5 billion from VC firms. CEO of Yuga Labs, Nicole Muniz, confirmed BuzzFeed’s findings—that said, both founders of BAYP declined to comment. Perhaps unsurprisingly, many crypto-native market participants don’t like the idea that BuzzFeed is doxxing the identity of those who chose to remain pseudonymous.

My take: in this day and age if anybody wants to truly find your identity on the internet they will eventually do it — be pseudonymous/anonymous if you choose to, but don’t think you’re truly invisible.

⎆ENS Voted to Remove Brantly Millegan

Over the weekend, one of the ENS core team members and strongest delegate, Brantly Millegan, was voted out after archives of his tweets from 2016 were discovered by the crypto Twitter crowd. I’ll skip the actual debates and you can go to Twitter to find various takes that people have, but the key takeaway here is that crypto now enables people to directly vote with their capital, by redelegating their $ENS token to other delegates, creating a much more democratic process.