Arbitrum & Governance | Yuga Labs & Gucci | Li.Fi & Series A | Lido & NFTs | Sui & Testnet | &more
30.03.-04.04.2023
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1 | Arbitrum’s first governance proposal sparks controversy with $1B at stake
A proposal to fund the Arbitrum Foundation with 750 million ARB tokens — nearly $1 billion — raised controversy in the ARB community over the weekend after the foundation announced that the vote was only to ratify a decision that had already been made. The conflict comes after a few days the layer-2 protocol airdropped its governance token. According to the AIP-1 proposal on Arbitrum’s DAO, the 750 million tokens would be used to cover “Special Grants, reimbursing applicable service providers [...] and covering ongoing administrative and operational costs of The Arbitrum Foundation.” Over 70% of tokens taking place in the vote had been cast against the move at the time of writing:
2 | Yuga Labs Joins Gucci to Announce Otherside-Themed Jewelry
Luxury fashion house Gucci recently teased a metaverse-oriented partnership with Yuga Labs, the $4 billion company behind the dominant NFT collection Bored Ape Yacht Club, that would blur “the boundaries between the physical and digital.” That collaboration is now starting to take shape. On Monday, Yuga announced Otherside: Relics by Gucci, a limited-edition series of physical Gucci products and associated NFTs tied into the lore of Otherside, Yuga’s long-awaited ape-themed metaverse game. Otherside, which remains largely under wraps, centers around a mysterious species of aliens called “Koda,” and their as-of-yet murky relationship to the titular apes of the BAYC. The game has been previewed by owners of Otherdeeds—NFTs that grant rights to virtual land plots within the game’s virtual landscape—but has yet to fully launch.
https://decrypt.co/125360/yuga-labs-joins-gucci-to-announce-otherside-themed-jewelry
3 | Crypto Startup Li.Fi Raises $17.5M in Funding Round
Multichain liquidity and data gateway provider Li.Fi has raised $17.5 million in a Series A fundraise co-led by crypto-native investment firms CoinFund and Superscrypt. The fundraise will help Li.Fi execute its long-term strategy, which aims to bring more users to Web3 by enabling tokens and orders to trade across any chain in a seamless way, Philipp Zentner, CEO at LI.FI told CoinDesk in an interview. The importance of decentralized finance (DeFi) has reemerged as a trending topic in crypto after the collapse of centralized crypto exchange FTX. Investment firm Bernstein published a research note last month that said a decentralize finance (DeFi) revival was in the works, which is “far more sustainable, scalable, transparent and with improving token economics.”
https://www.coindesk.com/business/2023/04/03/crypto-startup-lifi-raises-175m-in-funding-round/
4 | Lido to Issue NFTs to Unstaking Users to Represent Withdrawal Requests
Mariya Muzyko, product manager at Lido, said during Tuesday's node operator community call that the protocol will offer withdrawal services with the help of NFTs. After Lido V2 goes live, users who unstake $stETH will receive NFTs representing their withdrawal requests. The Shanghai upgrade will be activated on Ethereum mainnet on April 12th at 22:27 UTC. Afterwards, Lido V2 will go live on Ethereum mainnet, allowing users to unstake their $stETH and receive $ETH at a 1:1 ratio. When a user requests a withdrawal, he/she will receive a NFT issued by Lido to represent the withdrawal request. After the user claims $ETH, the NFT will be burned. The NFTs are transferable and can be traded on the secondary markets. Lido won't charge a royalty from the NFT sales.
5 | Sui Launches Permanent Testnet
Layer1 smart contract platform Sui announced the launch of a permanent testnet, which will continue running after the mainnet launch, and won't be wiped on each software update. The permanent testnet has 95 validators. Validator candidates that meet sufficient stake requirements can join the network. The testnet is the earliest version of Sui DevX 1.0, which combines a number of core developer primitives of Sui, including Programmable Transaction Blocks, Object Display and Kiosk standards, Sponsored Transactions and gas station, and others. Sui launched Testnet Waves 1 and 2 before, which have sunsetted. Recently, Sui announced it will launch the mainnet in Q2 2023.
https://tokeninsight.com/en/news/sui-launches-permanent-testnet
6 | Payment Solutions Provider Alchemy Pay Integrates with OKX
Payment solutions provider Alchemy Pay announced that its fiat-crypto on-ramp solution is live on OKX. Alchemy Pay's payment on-ramp supports fiat deposits with Visa and MasterCard, as well as numerous fiat mobile wallets, allowing OKX users to buy crypto with fiat currencies. Alchemy Pay aims to make crypto and Web3 services more accessible via its fiat payment solutions. Its payment gateway supports payments with Visa and MasterCard in 173 nations.
https://tokeninsight.com/en/news/payment-solutions-provider-alchemy-pay-integrates-with-okx
7 | Euler Labs Has Recovered All The Money Stolen From Hackerst
Earlier on March 13, the loan contract Euler Finance was hacked, and the damage amounted to 197 million USD. As discovered by MetaSleuth, the offender was involved in the deflationary attack that happened a month ago. The attacker used the Multichain MultichainOrg bridge to transfer cash from Binance Smart Chain to Ethereum and carried out the most recent attack. Euler Finance has requested the return of 90% of the stolen funds within 24 hours. Otherwise, the perpetrator will face legal consequences. On March 14, Euler Labs sent a message to the hacker, attaching 0 Ether (ETH) and warning that if the funds are not returned within 24 hours, the company will offer a $1 million reward for the information leading to the arrest and return of the hacker of all funds.
https://cryptonews.net/news/security/20757871/
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