Step into the world of Finance Redefined, your go-to source for all things decentralized finance (DeFi) with our weekly newsletter designed to keep you in the loop with the latest highlights from the past week.
In recent days, a fresh report from Galaxy shed light on Ethereum’s decentralized governance system, shedding light on the avoidance of direct on-chain voting and highlighting the roles of key stakeholders and transparency challenges.
Meanwhile, the world of celebrity tokens saw a significant decline, with most tokens dropping by over 60% post-launch. However, Mother Iggy (MOTHER) token by Iggy Azalea and Arthur Hayes’ unstaking of $9.41 million in Pendle (PENDLE) tokens raised concerns within the community about a potential price drop.
Unveiling the Governance of Ethereum: Insights from Galaxy Report
Galaxy Digital’s recent report unveiled the inner workings of Ethereum’s decentralized governance, showcasing that off-chain voting mechanisms drive decision-making rather than on-chain Ether (ETH) holder voting. Christine Kim, a key member of Galaxy Digital’s research team, released the report on June 3, highlighting the various stakeholders crucial to Ethereum’s governance structure.
The report revealed that client teams, validator node operators, the Ethereum Foundation, and decentralized application developers are the key players in the off-chain governance processes.
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Celebrity Tokens Take a Hit Since JENNER’s Cryptocurrency Debut
Most celebrity-backed tokens, including JENNER by Caitlyn Jenner, DAVIDO by Timeless, and RICH by Rich the Kid, plummeted by at least 66% since their peak after launch. Despite this trend, JENNER managed to buck the trend and reach new all-time highs.
The launch of JENNER on May 28 by Caitlyn Jenner sparked speculation, with many questioning its authenticity. While it initially hit a $30 million market cap within 24 hours, it has since dropped 79% from its peak value of $0.0061.
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Arthur Hayes Unstakes $10 Million Worth of Pendle: Cause for Concern?
Arthur Hayes, the co-founder of BitMEX, recently unstaked 1.55 million Pendle (PENDLE) tokens valued at $9.41 million, raising fears of a potential price dump as he still holds 1.69 million tokens. With an average buying price of $2.24 per token, Hayes stands to make an unrealized profit of approximately $6.46 million.
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Nocturne Protocol, Backed by Vitalik Buterin, Shuts Down Operations
Nocturne Labs, an Ethereum-native privacy protocol supported by prominent figures like Vitalik Buterin, announced its closure without providing a reason in a post on June 5. The protocol aimed to introduce private accounts and transactions to the Ethereum ecosystem and had raised $6 million in seed funding in 2023.
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DeFi Market Insights
Data from Cointelegraph Markets Pro and TradingView indicates a bullish week for DeFi’s top 100 tokens by market capitalization, with most showing gains on weekly charts. The total value locked in DeFi protocols remained above $105 billion.
Thank you for exploring the latest DeFi updates with us. Join us next Friday for more exciting stories, insights, and educational content from the ever-evolving DeFi space.