A pair of altcoins that prioritize decentralization are joining top US crypto exchange Coinbase’s roster of crypto assets. In an announcement, Coinbase says BitDAO (BIT) will start trading on Coinbase Pro paired with Tether (USDT) once appropriate liquidity conditions are met. Coinbase will add support for BitDAO (BIT) & Coin98 (C98) on the ETH network […]
The post Coinbase Gives Surprise Support to Two Altcoins Built on Ethereum, Triggering Price Spike appeared first on The Daily Hodl.
As outlined by its creators, zkDAO will be community-driven and is currently seeking contributors.
On Thursday, a proposal to fund decentralized autonomous organization zkDAO passed via treasury protocol BitDAO with close to 200 million votes cast. The proposal was authored by Matter Labs — the organization behind Ethereum scaling protocol zkSync — and Mirana Ventures.
Utilizing zk-Rollups, zkSync and its family of technologies will build layer-2 infrastructure capable of returning succinct proofs to the Ethereum network without sending the entire data. The result, if implemented, would mean a vastly speedier network. Zero-knowledge-based solutions have attracted much attention in recent months due to recurrently high levels of congestion on Ethereum, as well as exuberant gas fees. For example, Polygon is committing $1 billion to zero-knowledge tech firms and protocols. Aside from scaling, zero-knowledge proofs can also be used to obscure transactions and enhance individual privacy, such as via the Panther protocol.
As for BitDAO, it is currently one of the largest decentralized treasuries, with a balance of over $2.5 billion. In November 2021, the entity allocated $500 million to a decentralized blockchain gaming proposal. Jonathan Allen, head of Mirana Ventures and a BitDAO contributor, gave the following remarks regarding the development:
“This proposal will not only benefit the collective Ethereum scaling effort but will provide tremendous value to the BitDAO ecosystem, which continues to act as a leading force across industries as it creates entirely new purpose-built DAOs that also need to scale effectively on-chain.”
DeepDAO ranks the Uniswap DAO, BitDAO and Lido Finance DAO as the top three in terms of treasury value at $2.9 billion, $2.4 billion and $602 million each.
The total combined value of treasuries, or assets under management (AUM) for the use of decentralized autonomous organizations, increased by around 40 times between January and September of 2021.
According to data from DAO stats platform DeepDAO, the total AUM for DAO treasuries listed on the platform increased from around $380 million in January to a peak of roughly $16 billion in mid-September.
Looking ahead at 2022:
— DeepDAO.io (@DeepDAO_io) December 30, 2021
✍️How far and how deep will DAOs go into the mainstream, and into which use cases?
✍️(When) will DAO treasuries exceed $100B?
Lots of interesting questions, but together we can BUIDL this! pic.twitter.com/JDEC9JBuHC
As of mid-December, the total AUM has decreased by 28.1% since the high water mark to sit at $11.5 billion, dropping a hefty $3.6 billion over the past 30 days alone.
User participation in DAOs has surged as well throughout 2021, with the total DAO members and token hodlers tallying in at around 1.3 million in December, marking a 130x increase since the start of the year.
DeepDAO ranks the DAOs for decentralized exchange (DEX) Uniswap, the general purpose BitDAO, and decentralized finance staking platform Lido Finance as the top three in terms of total treasury value at $2.9 billion, $2.4 billion and $602 million apiece.
The Uniswap DAO has roughly 275,000 members that can vote on the project’s roadmap and maintain governance over the DEX. Uniswap has been the dominant DEX throughout 2021, pulling in more trading volume than all of the other DEXs combined according to Dune Analytics data.
The Lido DAO governs its platform, and users are granted governance rights via the Ethereum-based LDO token. Lido Finance has also exploded in 2021, with the platform’s total value locked increasing from $12.5 million at the start of January to a whopping $11.68 billion in late December. According to data from DeFiLlama, Lido Finance currently sits as the sixth-highest ranked DeFi platform in terms of TVL.
Related: DAO aims to raise $5M to resurrect Blockbuster Video
BitDAO is focused on supporting decentralized projects across any blockchain that are voted on by BIT token holders.
The DAO has around 10,000 members and focuses on proposals relating to direct partnerships or swaps with projects, and expansion opportunities such as the launching of autonomous artist guilds, farming cooperatives and ecosystem funds.
DAOs are becoming the digital native dream of the future of work
— DeepDAO.io (@DeepDAO_io) December 28, 2021
A global movement that is amassing copious amount of capital and has turned into a powerful talent magnet providing alternative to big tech https://t.co/0LxGnRziYN
The funds from EduDAO will be used for research, education and entrepreneurship in Web 3.0 technologies among the world's top universities.
On Thursday, BitDAO, one of the world's largest decentralized autonomous organizations with over $2.5 billion assets under management and its partner Mirana Ventures, announced the creation of EduDAO with eight of the world's top universities including the University of California Berkeley, MIT, Harvard and Oxford University.
EduDAO is financed by the BitDAO treasury and will allocate $11 million each year to funding project grants, research and standalone product development with $33 million in initial capital. The funds will go to academic research for next-generation blockchain and Web 3.0 technologies.
"Tomorrow’s most promising products and designs are being devised at the university level right now; this partnership facilitates that growth at a scalable level by giving students and faculties access to sorely needed investment capital," said John Allen of Mirana Ventures.
Roman Ugarte and Virat Talwar, co-presidents of the Harvard Blockchain Club, said: "Placing the power of targeted funding and information distribution in the hands of a decentralized collective of students, faculty members, and alumni is a revolutionary step forward for institutions such as Harvard."
Jocelyn Weber Phipps, deputy director for UC Berkeley’s Center for Responsible, Decentralized Intelligence (RDI), added:
UC Berkeley is honored to partner with EducationDAO and further build on our new Berkeley RDI Center’s efforts to act as a hub and platform for collaborations globally with other organizations & researchers, as exemplified in leading the first DeFi MOOC with thousands of students enrolled from 30+ countries and our non-dilutive Berkeley Blockchain Xcelerator open to teams around the world.
The vast majority of the funding will come from BitDAO, one of the fastest growing decentralized treasuries in the world.
As outlined in a prepared statement obtained by Cointelegraph, Game7 is an upcoming $500 million blockchain ecosystem acceleration decentralized autonomous organization, or DAO, with the goal of onboarding gamers worldwide to the blockchain ecosystem. Entities backing the proposal include BitDAO, Forte, Alameda Research, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Games, Polygon Studios, and Solana Ventures. Meanwhile, Forte Labs and Magnus proposed its creation.
1/ BIP-5 has passed! @Game7_Official will be established by a diverse group of gaming and technology industry veterans, and will help create a future where blockchain and gaming unites! https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD
— BitDAO (@BitDAO_Official) November 16, 2021
Together, Forte will commit $100 million in fiat and crypto while BitDAO will commit $400 million worth of crypto assets in its treasury, such as Ether (ETH) and Tether (USDT). The funds will be released over a period of five years.
First, 15% of the funds will be allocated to grants promoting the research, development, tooling, and regulatory compliance of novel blockchain games. Next, 5% of funds will be used to educate developers on building token economies. Finally, 80% of the funds will be given directly to game studios and DAOs. In the distribution proposal, BitDAO will retain the majority of ownership rights regarding intellectual property, while most of the governance rights will be given to community partners.
Forte builds secure economic technology for blockchain games. As for BitDAO, it is one of the largest decentralized treasuries in the world, with billions of dollars in assets. Brian Lee, a partner at Alameda Research, a quantitative trading firm involved in the venture, had the following comment with regards to the development:
Gaming has become one of our main investment focuses this year and we are very excited to be part of Game7.io and work with Forte, the go-to token-based gaming infrastructure, BitDAO and Mirana Ventures, to back incredible game developers and accelerate blockchain-based game adoption.
The security researcher found a flaw in a dutch auction smart contract that could have resulted in the loss of 109,000 ETH.
The SushiSwap decentralized exchange has narrowly avoided becoming the latest DeFi hack victim thanks to assistance from a white hat hacker.
A security researcher from venture capital firm Paradigm known on Twitter as “samczsun” has managed to save SushiSwap and its MISO platform from a potential loss of as much as 109,000 ETH.
In a blog post published on Aug. 17, the programmer described how he began examining the smart contract code for the BitDAO token sale at SushiSwap’s token launchpad platform, MISO.
Just pulled off maybe the biggest whitehat rescue ever. Story time soon
— samczsun (@samczsun) August 17, 2021
On closer inspection, he found a flaw in the MISO Dutch auction contract whereby some of the functions lacked access controls.
“I didn’t really expect this to be a vulnerability though, since I didn’t expect the Sushi team to make such an obvious misstep.”
Upon deeper investigation, the white hat discovered a vulnerability that, if exploited, could result in all of the crypto assets in the token auction contract being drained by a malicious actor. An attacker could reuse the same ETH over and over to batch multiple calls to the contract and “bid in the auction for free.”
Samczsun tested the vulnerability with a successful exploit before contacting colleagues Georgios Konstantopoulos and Dan Robinson to take a look and double-check the findings. He also discovered that a hacker could steal the funds from the contract by triggering a refund by sending a higher amount of ETH than the auction hard cap.
“Suddenly, my little vulnerability just got a lot bigger. I wasn’t dealing with a bug that would let you outbid other participants. I was looking at a 350 million dollar bug.”
Related: Poly Network hack exposes DeFi flaws, but community comes to the rescue
It was then time to reach out to SushiSwap CTO Joseph Delong to formulate a rescue plan before the exploit was discovered in the wild. It was decided that the BitDAO team holding the token sale would manually end the auction by purchasing the remaining allocation and immediately finalizing the process and rescuing the funds.
SushiSwap noted that no funds were lost in the salvage effort, adding that it will pause the use of its MISO Dutch auction format until the smart contract can be updated. Crypto community member “DC Investor” commented:
“Everyone knows Paradigm has big UNI / Uniswap bags, but Sam from their team just helped save SushiSwap (an ostensible competitor) from a critical bug. This is the ethos of the space among the best actors.”
The BitDAO token sale went off without a hitch raising more than 112,000 ETH, valued at roughly $336 million, from over 9,200 participants according to a tweet from the protocol on Aug. 17.
As the decentralized finance movement proves its staying power and resilience, one of the world’s largest decentralized autonomous organizations, Bitdao, has concluded a private fundraising round to promote mass adoption of open finance. DAO to Allocate Capital Towards Improving Defi R&D, Funding, & Liquidity As decentralized finance (defi) slowly regains its footing following the May […]