Aave, Sky float partnership to bridge DeFi, TradFi

September 3, 2024 Coin Telegraph

Aave

The plan would create markets for DAI-replacement USDS on Aave.

Decentralized finance (DeFi) protocols Aave and Sky (previously Maker) are exploring a partnership designed to “close the gap between DeFi and TradFi,” according to a Sept. 2 announcement.

The proposed partnership, referred to as the Sky Aave Force, follows a Sept. 2 governance proposal by Phoenix Labs, a DeFi research and development organization. The proposal suggests issuing SPK tokens—native to Sky’s subDAO, Spark—to help establish a market for USDS, a stablecoin launched after Maker’s August rebranding to Sky.

“Sky Aave Force has an ambitious goal: to drive mass adoption and close the gap between DeFi and TradFi. Now is the time to work together,” said Aave Labs, the developer behind the Aave DeFi lending platform.

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DeFi protocol Threshold proposes Bitcoin wrapper merger to ‘save WBTC’

August 30, 2024 Coin Telegraph

BiT Global

The proposal would effectively transfer control of WBTC to Threshold.

Bitcoin (BTC) decentralized finance (DeFi) protocol Threshold is proposing to merge its own BTC “wrapper” token, tBTC, into Wrapped Bitcoin (WBTC) in a bid to “save WBTC” following concerns about an impending change in control of the popular BTC wrapper, according to an Aug. 29 proposal in Threshold’s governance forum.

On Aug. 9, BitGo — the cryptocurrency custodian holding the Bitcoin backing WBTC — announced a planned partnership with BiT Global, a Hong Kong-based crypto exchange. Per the partnership, which aims to diversify WBTC’s United States-centric footprint, BiT Global is expected to gain partial control of the multisignature wallet custodying WBTC’s Bitcoin backing.

“This announcement has proven controversial due to the involvement of Justin Sun, with many in the ecosystem, expressing concern over his ‘affiliated projects show worrying signs of possible misappropriation’ of collateral,” Threshold’s proposal said.

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Hong Kong Lawmaker Calls for DAO Regulation to Boost Web3 Investments

August 21, 2024 Bitcoin.com

bitcoin.com

Hong Kong lawmaker Johnny Ng Kit-chong has called for a legal framework to regulate decentralized autonomous organizations (DAOs) to boost Hong Kong’s Web3 investment landscape. Ng said a recent High Court ruling underscores the rule of law in Web3 operations and sets a significant legal precedent. The Mantra Chain Case A Hong Kong lawmaker, Johnny […]

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Dark DAOs: Vitalik Buterin explores ways to mitigate bribery threats

August 16, 2024 Coin Telegraph

Coin Telegraph

Proof of Complete Knowledge (PoCK) aims to prevent bribery attacks by ensuring real control over voting keys.

A group of researchers from Cornell University is investigating potential threats that could turn into “dark” voting systems in decentralized autonomous organizations (DAOs).

This group is formed by Ethereum co-founder Vitalik Buterin and PhD students Mahimna Kelkar, Kushal Babel, Philip Daian and James Austgen. Their work revolves around how to mitigate an imminent threat to decentralization as DAOs go mainstream: unified attacks against protocols through smart contracts bribery.

During the Science of Blockchain Conference held at Columbia University in early August, Cointelegraph spoke with Mahimna Kelkar about the group’s research on proofs of complete knowledge (CK) — a new cryptographic notion they introduced in 2023.

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World’s first fully anonymous DAO created to ‘defend freedom’

August 13, 2024 Coin Telegraph

Amir Taaki

Everything about this DAO is designed to be completely anonymous and invisible on the blockchain, said Bitcoin OG Amir Taaki.

A pioneering Bitcoin developer claims to have created the first fully anonymous onchain decentralized autonomous organization (DAO) with a mission to “defend freedom.”

In a post on X on Aug. 12, OG Bitcoin (BTC) developer Amir Taaki unveiled an anonymous DAO that cannot be seen onchain.

He explained that everything about the DAO is designed to be completely anonymous and invisible on the blockchain, including the DAO itself, its treasury and transactions, membership and token ownership, and proposals and voting.

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How DePin Networks can decentralize law enforcement

July 4, 2024 Coin Telegraph

Coin Telegraph

Everything from radar arrays to acoustic networks that triangulate active shooters can be decentralized and community-owned.

A new report from venture capital firm Zee Prime Capital highlighted the decentralized physical infrastructure networks (DePin) can potentially transform law enforcement from a collection of centralized structures monopolized by the state to community-based enterprises that maximize transparency.

Decentralized security (DeSec) is a nascent subsector of distributed infrastructure that involves building distributed surveillance and law enforcement architecture, like ballistic triangulation systems, radar arrays, and community patrol decentralized autonomous organizations (DAOs).

According to an article from Luffistotle, a writer at Zee Prime, blockchain and decentralized architecture can excel in these areas because of the tendency to build security redundancies in these systems.

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HectorDAO files for Chapter 15 bankruptcy in the US

June 20, 2024 Coin Telegraph

Bankruptcy

The decentralized autonomous organization was first impacted by the collapse of the Terra ecosystem in 2022 and suffered $16.4 million in losses.

HectorDAO, a decentralized autonomous organization, has filed for Chapter 15 bankruptcy in the United States following a series of market collapses and hacks that drained the community of funds.

According to the June 17 filing from Interpath Advisory, a court-appointed firm specializing in bankruptcy stewardship and reorganization, HectorDAO’s current financial condition is mainly due to three factors: the collapse of the Terra network in May 2022, the collapse of the Multichain protocol, and a hack impacting the Hector treasury.

In the filing, Interpath Advisory noted that it was still investigating whether the January 16 hack, which resulted in $2.7 million in funds being drained from HectorDAO, was an inside job committed by former managers of the DAO’s treasury.

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Stablecoins to make up 10% of money in the next decade or so: Circle CEO

June 20, 2024 Coin Telegraph

Check Account

Circle CEO Jeremy Allaire revealed four of the biggest reasons he’s “more optimistic” about crypto and stablecoins than ever before.

Stablecoins could account for 10% of “global economic money” over the next ten years or more, according to stablecoin issuer Circle CEO Jeremy Allaire.

It’s arguably a bold claim, but Allaire pointed to several factors that could trigger an exponential expansion in stablecoin adoption over the next “10+ years.”

“Most of the world’s largest payments companies are actively using this technology and exploring how to expand their usage as the benefits of public chains and stablecoins become apparent to everyone,” Allaire explained in a June 19 X post.

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Korean Exchanges Set to Reevaluate Over 600 Listed Virtual Assets

June 18, 2024 Bitcoin.com

bitcoin.com

South Korean cryptocurrency exchanges are set to reevaluate more than 600 digital assets, and those failing this process will ultimately be delisted. Once the process is completed, crypto exchanges will be required to conduct maintenance reviews quarterly. The reputation of the issuers and user protection tools are among the factors related to virtual assets that […]

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MakerDAO and Aave’s DeFi conflict reopens over DAI’s perceived risk growth

May 13, 2024 Coin Telegraph

Aave

Aave has reduced its loan-to-value requirements for DAI after MakerDAO’s stablecoin gained indirect exposure to Ethena’s USDe.

The once-symbiotic relationship between decentralized stablecoin issuer MakerDAO and lending protocol Aave is fraying.

As new innovations are being tested within the decentralized finance (DeFi) sector, tension has started building up. The perceived risk of these innovations puts the two major protocols at a crossroads.

At the center of the controversy is a controversial stablecoin mirroring what’s known as a “basis trade” and Maker’s Direct Deposit Dai Module (D3M), Ethena’s USDe.

DAO

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