FeiRari & Sushi Restructuring - The WAGMI Journal #47
Collaboration seems to be the theme.
In today’s issue:
The crypto market is up with the global market cap sitting at ~$2.3-2.4 trillion. As its name suggests, LUNA continuous to rally into the moon; maybe this is a psyops to take profit, but I digress. Global markets are flat as we’re entering the holiday season without significant updates on the spending bill or the Omicron variant.
In other news, Jack Dorsey debates crypto VCs, Arca-Frog Nation submits SUSHI restructuring proposal, and Fei Protocol to merge with Rari Capital.
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- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Jack Dorsey Debates Crypto VCs
A tweet from Dorsey sparked a debate within the crypto Twitter community on how VCs are benefitting from web 3.0 by getting early access and private deals while retailers are left to buy their bags. Unsurprisingly, many people chimed into this debate but no one can deny that Jack said has some truth to it, hence why there is an effort to create DAOs that enable anybody to invest directly in early projects.
⎆Arca x Frog Nation SUSHI Restructuring Proposal
Crypto fund Arca and Daniele Sesta of Frog Nation have combined forces and submitted a proposal to restructure SUSHI from its current trouble. There are a lot of proposed changes in the proposal but in summary, it addresses leadership restructuring, tokenomics change, and introduces a new hierarchical/governance process.
⎆Fei Protocol to merge with Rari Capital
Fei, an algorithmic stablecoin project, is set to merge with permissionless lending markets providers, Rari Capital ($RGT). This merger will result in a $2B DeFi behemoth after both communities voted in favor of the deal. Looking into the details, RGT tokens will be exchangeable for TRIBE at the rate of 10 RGT = 267 TRIBE; additionally, the Fei team will also assume Rari’s liabilities stemming from the $10M exploit that happened earlier in the year. There’s a trend of combining lending protocol with stablecoin, as it benefits directly from DeFi composability. For instance, Abracadabra Money and Terra’s UST-ANC ecosystem. Thus, the Fei-RARI merger marks another entrance into this trend.
👨🏻💻Decentralized Finance (DeFi)
Yearn Finance Changes Up its Tokenomics and YFI Soars 85%
Polkadot Is Deutsche Telekom’s Latest Crypto Experiment
Rari Capital, Fei Protocol Token Holders Approve Multibillion-Dollar DeFi Merger
Ethereum Launches Kintsugi Public Testnet Ahead of Move to Proof-of-Stake
Switzerland's SEBA Bank Wants to Use Aave's Institutional DeFi Platform
Strip Mall Icon RadioShack Resurrected as a DeFi Play With Token
Polkadot’s Parachain Winners Make Strides in Building Sharded Ecosystem
Opyn to Unveil Squared ETH Token as DeFi Derivatives Race Heats Up
🏛Governance - Active Proposals
Gitcoin - PrimeDAO Mutual Grant Agreement
Babylon Finance - BIP-6: Babylon Diplomats
Elyfi - NAP10: Request for verification of ABToken
Fei - Update the TRIBE buyback Balancer LBP
🦮NFT & Metaverse
Ubisoft Calls Gaming NFTs a ‘Major Change That Will Take Time’
NFT Gaming Generated $2.32B in Q3 — BGA Report
Under Armour Steps Into the Metaverse With ‘Wearable’ Steph Curry Sneakers
Ivan on Tech’s Crypto Company Pitches Metaverse Devs on Software Toolkit
Twitch Co-founder's Fractal NFT Project Gets Hijacked — $154,000 Stolen
The Infinite Machine Collection’s Sells Out In 28 Hours, Raising $670K
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Render Network - $30M Unknown Round
UNQClub - $3M Seed Round
VIBRA - $6M Pre-Series A
Staked - Undisclosed Amount of Acquisition by Kraken
Lancium - $2.4B Development Partnership with Taylor Country and city of Abilene
⚖️Regulatory Update
Fitch Says Improved Regulation Could Moderate Stablecoin Credit Risks
Binance CEO Warns Against Isolating CBDCs From Broader Crypto Ecosystem
Binance to Help Dubai WTC Establish a Crypto Regulatory Framework
Indian Government Defers Introduction Of Crypto Bill
Bank of Russia to Allow Crypto Investment via Foreign Firms
📚Noteworthy Reads
Cobie’s Thread on Web 3.0 Financial Opportunity
Eva Beylin’s Read on DAOs: the anti-government, government clubs
Adam Cochran’s Thread on Reflexer
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.