🦄Uniswap Establishes a $74M Foundation - TWJ #215
The largest DEX aims to bootstrap open-source development.
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. Evmos (EVMOS) is the best performer in the top 100 in the past 7-d.
In other news, Uniswap establishes a $74M foundation, 3AC liquidators get Singapore’s nod, and Ready Player Me raised $56M.
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
⎆Uniswap Establishes a $74M Foundation
The world’s largest DEX has agreed to establish a $74M foundation to support open-source development.
The foundation is requesting $74 million from the DAO treasury, which currently holds over $3 billion in UNI, the protocol’s native token. $14 million of the funds will support the foundation’s team, and $60 million will be used for developer grants.
⎆3AC Liquidators Get Singapore’s Nod
Teneo, the firm appointed to liquidate 3AC by a British Virgin Islands court, was granted a petition by the Singapore High Court to recognize the liquidation order in the country. This will give Teneo greater insight into 3AC’s remaining assets in Singapore.
⎆Ready Player Me Raised $56M
Virtual avatars platform, Ready Player Me, raised a $56M Series B led by a16z. It allows users to create avatars that can be used across multiple metaverses. As part of the deal, a16z's Jonathan Lai and Plural's Tamkivi have joined the board of directors.
👨🏻💻Decentralized Finance (DeFi)
Connext Amarok AMB Update
Timeless Finance Becomes Permissionless
Bitfinex Offers New Chain Split Tokens ahead of Ethereum Merge
Polynomial Finance Launches a New Vault
Swell Network Live on Ethereum Mainnet via a Guarded Launch.
🏛Governance - Active Proposals
Idle DAO - IIP-24: Reduce LM for Best Yield and Fund restructured leagues
🦮NFT & Metaverse
Nike, Gucci has Made $260M off NFT Sales
Metaverse, NFT Tokens Have Plummeted More Than 20% This Week
DeFi Kingdoms to Leave Harmony for Metaverse-focused Blockchain
Sotheby’s Hires NFT Specialist to Join Digital Art Team
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Distributed Finance - $2.5M Seed Round
Mural - $5.6M Seed Round
Ready Player Me - $56M Series B
Orange DAO - $80M Web3 Fund
⚖️Regulatory Update
US Lawmaker Emmer Asks Treasury to Explain Tornado Sanctions
Singapore High Court Recognizes 3AC Liquidation Order
Ontario Securities Regulator Warns Against Kucoin in Latest Alert
Mark Cuban Slams SEC Chair Gensler's Stance on Crypto
Miami Trio Charged With Defrauding Banks and Crypto Exchange
📚Noteworthy Reads
Arthur Hayes’s Read on Teach Me Daddy
Westie’s Thread on Fat App Thesis
Token Terminal’s Read on DeFi Exploits: Trends, Patterns, and Lessons Learnt
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.