DeFi Weekly: Ethereum Off-Chain Voting, Celebrity Tokens' Dip, and Arthur Hayes' Unstaking Drama
Summary:
This week in decentralized finance (DeFi) saw a new Galaxy report unveiled, highlighting indirect off-chain voting in Ethereum's decentralized governance. Most celebrity tokens fell over 60%, except for Iggy Azalea’s Mother Iggy token. Arthur Hayes raised community concerns by unstaking $9.41 million worth of Pendle (PENDLE) tokens. The report also covers the unexpected shut down of Nocturne Labs, a privacy protocol backed by Ethereum's co-founder, Vitalik Buterin. The overall DeFi market shows a bullish trend with the total value locked in DeFi protocols standing above $105 billion.
The latest in the sphere of decentralized finance (DeFi) has been compiled in the weekly digest, Finance Redefined. A recent Galaxy report says Ethereum is driven by indirect off-chain voting rather than direct on-chain voting. It also highlights the various roles of stakeholders and transparency aspects. In another development, most tokens endorsed by celebrities have declined by over 60%, bar Mother Iggy (MOTHER) by Iggy Azalea. BitMEX co-founder Arthur Hayes drew community attention when he unstaked $9.41 million-worth Pendle (PENDLE) tokens, raising fears of a possible price slump.
The report by Galaxy Digital, published on June 3 by vice president of the research team, Christine Kim, disclosed various stakeholders maintaining control over Ethereum governance. This includes client teams, decentralized application developers, the Ethereum Foundation, and validator node operators.
Celebrity tokens saw a plunge of nearly 66% in their value since launching last week. Among them were Caitlyn Jenner’s (JENNER), Timeless Davido (DAVIDO), and Rich the Kid (RICH). The only exception was American Media figure Caitlyn Jenner’s JENNER token which hit a market cap of $30 million within a day. Despite Jenner confirming its legitimacy, the token saw a 79% fall from its peak of $0.0061.
Crypto community figure and BitMEX co-founder, Arthur Hayes, recently unstaked 1.55 million worth of Pendle (PENDLE) tokens, amounting to $9.41 million. This move worried the community about a potential price dump. Hayes still holds 1.69 million tokens.
In a surprising turn of events, privacy protocol Nocturne Labs, supported by Ethereum co-founder Vitalik Buterin, is discontinuing its operations. The firm originally planned to introduce private transactions and accounts to the Ethereum ecosystem. It secured $6 million in a seed funding round in October 2023.
The DeFi market performance, as per Cointelegraph Markets Pro and TradingView, showed a bullish pattern. Majority of the top 100 DeFi tokens by market cap have shown a positive trend over the week. The DeFi protocols maintained a total value of $105 billion.
Published At
6/7/2024 10:25:00 PM
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