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🤨 UNI Sale by Committee Member is Latest Controversy in DeFi Education Fund
Hello Defiers! Here’s what we are covering today…
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TLDR A series of unexpected trades in the last two days roiled the DeFi Education Fund set up by Uniswap token holders, leading to finger-pointing and accusatory tweets as the newly formed lobbying organization struggled to fend off more controversy.
FIVE HOURS It started when Igor Igamberdiev, a research analyst at The Block, said on Twitter that Larry Sukernik, one of the individuals controlling the fund, sold $50K of Uniswap’s UNI token five hours before the Education fund itself sold a significant portion of its allotment.
TRADES The DeFi Education Fund sold 500K UNI for USDC. That amount is worth roughly $10M, which is half of the fund’s 1M token allotment. The trades triggered speculation that Sukernik had taken advantage of his position to execute trades ahead of the Education Fund’s sale.
Select projects are being invited to have their tokens made available as collateral for minting a new stablecoin: USDO, OpenDAO’s multi-collateral stablecoin.
USDO is minted via OCP’s OmniCOMP Minter, where users can supply assets, mint the USDO stablecoin against their collateral, and earn rewards for each step of the process - Incentives for staking, minting, and borrowing!
The minter is already live on BSC and soon launching on Polygon and ETH.
Communities with access get working capital without having to sell their holdings, benefit from going long on their projects, and further take tokens out of circulation (while getting capital to possibly buy more.) Using their favorite token to mint USDO allows them to earn and buy more of it!
First tranche onboarding of partners is already underway and there is currently no fee (save for community incentives) for first wave participants while slots last. Reef, Dfyn, Big Data Protocol, and others are already lined up!
Learn more at: https://Opendao.io
NEWS Damien Hirst, still the enfant terrible of the UK art scene and reportedly the nation’s richest living artist, is about to add to his fortune with a $20M NFT drop.
VAULT His project, called The Currency, is a collection of 10,000 NFTs, which correspond to 10,000 unique paintings of spots created by the artist in 2016. These physical artworks are currently stored in a secure vault in the UK. Each is individually signed and numbered, and the handmade paper used includes myriad security features such as watermarks and holograms, making them difficult to copy. The NFTs representing the artworks will be sold for $2,000 apiece during a July 29 drop.
SCALING Pushing the dream forward is Hop Protocol, a project which allows users to “hop” across scaling solutions has launched on the Ethereum mainnet.
LAUNCH Hop, which works with protocols compatible with the Ethereum Virtual Machine (EVM), currently facilitates transfers of USDC across Polygon, xDAI, and Ethereum. Support for leading optimistic rollup providers, Optimism and Arbitrum, are coming soon, according to the launch post. DAI, USDT, ETH, WBTC and MATIC transfers are also coming soon.
NEWS It’s a good time for Layer 2 enthusiasts as Uniswap V3 has soft-launched on Optimism, a leading optimistic rollup solution for scaling Ethereum.
COSTS Optimism “currently reduces baseline user transaction costs by ~10x-50x,” the project states in a blog post.
Phantom, a crypto wallet and browser extension for accessing decentralized finance (DeFi) applications, has raised $9 million in a Series A funding round. Andreessen Horowitz (A16z) led the round, with participation from Variant Fund, Jump Capital, DeFi Alliance, and the Solana Foundation.
A vibrant community of developers, entrepreneurs, artists and crypto enthusiasts chart the future of the Ethereum blockchain as it experiences unprecedented growth. ETHEREUM: THE INFINITE GARDEN is a character-driven documentary film on the challenges and rewards of building a new world.
🔗 Genesis MoonCats (uGMC) auction is now live at http://miso.sushi.com: @SushiSwap
Founded in 2018, Blocknative builds and operates critical infrastructure for monitoring and managing public blockchain transactions. Today, we are excited to announce that we have raised $12.0 million in new Series A financing, bringing our total raised to more than $19.0 million.
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🧑💻 ✍️ Stories in this newsletter were written by Owen Fernau, Dan Kahan and yyctrader and edited by Edward Robinson, Bailey Reutzel and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).