| Base may launch mainnet in months; Arbitrum Foundation sells ARB tokens without approval from token holders (April 3)

headlines

Base: The main network may be launched in the next few months

headlines

Base: The main network may be launched in the next few months

Odaily News Coinbase's L2 network Base published a blog post stating that it will "push Base to the main network" in the next few months.

According to Patrick McCorry, the Arbitrum Foundation considers the comprehensive governance package Arbitrum Improvement Proposal (AIP-1) to be an “approval” of decisions it has already made, such as receiving 7.5% of all ARB tokens. To this end, the Foundation has begun using these tokens for the benefit of the DAO, including converting some funds into stablecoins for operational purposes.

Arbitrum Foundation May Sell ARB Tokens Ahead of Governance, Budget 'Approve' Vote

Odaily News According to Patrick McCorry's blog post, the Arbitrum Foundation began selling ARB tokens in exchange for stablecoins before its token holder governance community "approved" the organization's nearly $1 billion budget, sparking community controversy.
According to Patrick McCorry, the Arbitrum Foundation considers the comprehensive governance package Arbitrum Improvement Proposal (AIP-1) to be an “approval” of decisions it has already made, such as receiving 7.5% of all ARB tokens. To this end, the Foundation has begun using these tokens for the benefit of the DAO, including converting some funds into stablecoins for operational purposes.
McCorry's post is understood to be Arbitrum's first official response to Friday's events, after governance hawks called for the Arbitrum Foundation's "special grants" program. Under the proposal, the foundation would receive 750 million ARB tokens (approximately $1 billion), which could be used without approval from token holders.

Industry news

McCorry's post is understood to be Arbitrum's first official response to Friday's events, after governance hawks called for the Arbitrum Foundation's "special grants" program. Under the proposal, the foundation would receive 750 million ARB tokens (approximately $1 billion), which could be used without approval from token holders.

Industry news

Justin Sun: The news of "seeking to sell Huobi shares" is false

Odaily News Sun Yuchen stated that the news that Bloomberg’s previous release of “seeking to sell Huobi shares” was false.

Earlier news, according to Bloomberg News citing sources, Justin Sun, the founder of TRON and a member of the Huobi Global Advisory Committee, has negotiated the sale of Huobi Global shares.

Gemini Updates Earn Process: PSA in Work, Signed to Set Key Dates for Rest of Genesis Bankruptcy Proceedings

Odaily News According to official Twitter, the cryptocurrency exchange Gemini has updated the Earn process and is continuing to develop a plan support agreement (PSA). After signing, the PSA will set key dates that must be met for the rest of the Genesis bankruptcy process. In addition, Gemini also stated that the return of users' assets is its top priority, and work is ongoing.

As previously reported, in January, the U.S. Securities and Exchange Commission (SEC) accused Genesis Global Capital and Gemini Trust Company of offering and selling unregistered securities to retail investors through a crypto lending scheme. The SEC stated that Genesis reached an agreement with Gemini in December 2020 and began to provide the Gemini Earn plan to retail investors in February 2021. Gemini customers earn interest by lending cryptocurrencies to Genesis. Genesis and Gemini have reportedly raised billions of dollars worth of crypto assets from hundreds of thousands of investors. Genesis then filed for Chapter 11 bankruptcy papers, listing Genesis Global Capital with assets and liabilities estimated at between $1 billion and $10 billion.

Bittrex will close its U.S. business on April 30, and its business in other regions will not be affected

In a statement, Bittrex co-founder and CEO Ritchie Lai said that in the current U.S. regulatory and economic environment, continuing to operate is not economically feasible. Regulatory requirements are often unclear and enforced without proper discussion, resulting in an uneven competitive landscape. It is therefore no longer feasible to operate in the US. All client funds are safe and can be withdrawn.

Project News

In addition, Bittrex Global, which operates in regions such as Europe, Canada, and South America, will remain open for trading. (CoinDesk)

Project News

The Arbitrum community's first governance proposal allocates 750 million ARB without requiring holders to vote, triggering community discussions

Odaily News Arbitrum's first governance proposal, AIP-1, has become chaotic, with $1 billion worth of ARB tokens at risk. The first governance attempt on the Arbitrum blockchain began Saturday with a proposal that would give the Arbitrum Foundation control of 750 million ARB tokens, worth nearly $1 billion. These tokens will fund a "special grants" program aimed at promoting Arbitrum's growth. But under the AIP-1 proposal, ARB holders would not be able to decide to whom or how the Arbitrum Foundation’s nearly $1 billion in funds would be distributed. Because the Arbitrum Foundation does not need to place its grant allocations under “full on-chain governance.”

The backdoor proposed by the Arbitrum Foundation stands in contrast to other elements of AIP-1, which emphasized the importance of token holder claims. Voting is currently in the preliminary stages before the Arbitrum Foundation releases key elements of how it will manage the grants program before entering a formal final forum. (CoinDesk)

SubQuery is expected to launch the SubQuery Kepler network and airdrop in the next few weeks

Odaily News SubQuery announced that it is expected to launch the SubQuery Kepler Network in the next few weeks and announce the first batch of Kepler Network airdrop recipients.

The kSQT token is the token name used by participants operating in the Kepler Network, simulating the property of the final SubQuery network SQT. In return for being early adopters and delivering value to existing SubQuery customers, Kepler participants will enjoy incentives through kSQT, which will be burned in exchange for SubQuery Tokens (SQT) when the mainnet launches later this year.

The supply of kSQT will be strictly limited and airdropped to Indexers and Ambassadors. This is not the first or only airdrop for SubQuery, the distribution of rewards will be done retroactively sometime closer to the actual minting of SQT tokens.

OpenAI CEO's Encryption Project Worldcoin Launches Decentralized Identity Protocol "World ID"

Odaily News Worldcoin, an identity-centric encryption project co-founded by OpenAI CEO Sam Altman, launched a decentralized identity protocol "World ID". Through PoP certificates, the World ID protocol enables everyone to prove their humanity online, and No third party required. The protocol utilizes zero-knowledge proofs to maximize privacy and will eventually be governed by people through World ID itself.

World ID will be compatible with the verified credential standard, allowing the diversity of individual social interactions to be represented (soul-bound tokens, cross-social data, etc.).

data

To date, more than 1.4 million people have participated.

data

zkSync Era's total lock-up exceeds $100 million

ENS releases data for March, a total of 41,000 new .eth registrations

Metaverse GameFi and NFT

Odaily News ENS released data for March: 41,000 new .eth registrations, $1.7 million protocol revenue, 24,000 new ETH accounts with at least one ENS name, 3,307 avatar record sets, and 974 DWeb content record sets.

Metaverse GameFi and NFT

The NFT project DeGods has opened the migration to the Ethereum network and officially launched the NFT market Blur

Odaily News According to the official Twitter, the NFT project DeGods announced that it has opened the migration to the Ethereum network for NFT holders. Additionally, NFT marketplace Blur announced that DeGods has officially launched on its platform.

It is reported that within 48 hours, DeGods will waive DUST staking/unstaking fees on Ethereum. DeGods NFT transactions on the Ethereum chain will receive a 0.33% royalty.

Puzzle Game Tetris Launches Web3 Loyalty Program

Odaily News Puzzle game "Tetris" announced the launch of the Web3 loyalty program, players can redeem real-world rewards, such as Apple TV+ subscriptions, after winning game points through participation.

Luxury brand Gucci may participate in Yuga Labs metaverse game Otherside

proposal

Members of the 1inch governance team proposed to modify the DAO governance process to weaken the voting rights of investors and other insiders

Odaily news 1inch governance team member Jordan Reindl proposed to modify the linch DAO governance process, including removing st 1INCH(v1) voting and delegation strategy from 1inch Snapshot space; changing st 1INCH(v2) voting and delegation strategy to use Unicorn Power instead of tokens Balance; replace the existing 20% ​​weighted v 1INCH strategy with a strategy that simulates the decay of Unicorn Power, that is, fully vested and unclaimed v 1INCH will greatly weaken the voting power of v 1INCH at the beginning of its vesting contract and in 2 years st 1INCH at the start of the lockup period has full 1:1 voting parity; increasing the Snapshot proposal creation requirement to require 100,000 vote weight (currently 25,000).

It is reported that the proposal is still in the discussion stage.

Odaily news 1inch governance team member Jordan Reindl proposed to modify the linch DAO governance process, including removing st 1INCH(v1) voting and delegation strategy from 1inch Snapshot space; changing st 1INCH(v2) voting and delegation strategy to use Unicorn Power instead of tokens Balance; replace the existing 20% ​​weighted v 1INCH strategy with a strategy that simulates the decay of Unicorn Power, that is, fully vested and unclaimed v 1INCH will greatly weaken the voting power of v 1INCH at the beginning of its vesting contract and in 2 years st 1INCH at the start of the lockup period has full 1:1 voting parity; increasing the Snapshot proposal creation requirement to require 100,000 vote weight (currently 25,000).

It is reported that the proposal is still in the discussion stage.

Odaily News The Arbitrum community has launched the Arbitrum Improvement Proposal 1 (AIP-1) proposal, which intends to introduce a decentralized autonomous organization structure called ArbitrumDAO, which is managed by ARB holders. The Arbitrum Foundation located in the Cayman Islands will provide Served and managed by the ArbitrumDAO community, it aims to promote the growth and development of the Arbitrum ecosystem. Lemma, the entity behind the proposal, will also apply for a funding grant of 750 million ARB tokens (worth approximately over $1 billion).

Investment and Financing

Although the proposal has not yet been approved, a multi-signature wallet has been created with the address "Arbitrum DAO Treasury 2" and has received nearly 700 million ARB tokens, which a representative of the Arbitrum Foundation described as Administrative Budget Wallet. It is reported that the proposal has been opened for voting on Snapshot, and the voting will end on April 3. Up to now, the proportion of votes in favor is 87.12%, votes against are 12.2%, and abstentions are 0.69%. (blockworks)

Investment and Financing

GlobexUS, a digital asset infrastructure development company, plans to raise $2.5 million at a valuation of $74 million

Odaily News GlobexUS, a digital asset infrastructure development company, will raise US$2.5 million through Reg D (506 c) securities issuance. The company's pre-financing valuation reached US$74 million. It is reported that Globex US also submitted a Reg S product application. Therefore, qualified investors in the United States and other regions can participate.

Globex US, the backing company behind digital asset marketplace Upstream, has launched Open Order Book digital securities trading software that allows users to bid on an order-driven digital asset-backed marketplace via Ethereum. (crowdfundinsider)

DeFi lending protocol Granary Finance completes over $5 million in financing

Odaily News The DeFi lending agreement Granary Finance announced that it has completed more than US$5 million in financing through community fundraising. It is reported that this financing uses the US dollar stable currency USDC, and the new funds will be used for the development of Granary V2 and the support work related to the upcoming Granary governance token , to provide Web3 financial users with a frictionless lending experience. (blockworks)