Avi Eisenberg, the "highly profitable trader" aka criminal value extractor, was arrested by authorities in Puerto Rico on 12/26 on charges of commodities manipulation. Avi definitely was one of the main villains of crypto.
Avi Eisenberg, the "highly profitable trader" aka criminal value extractor, was arrested by authorities in Puerto Rico on 12/26 on charges of commodities manipulation. Avi definitely was one of the main villains of crypto. He exploited FortressDAO (his own OHM fork) for $14M, Mango Markets for $115M, and left Aave with $2M in bad debt. With Avi's arrest being a first for DeFi market manipulation, the case will set a crucial precedent for future DeFi legal proceedings. It is interesting to note, however, that he is under arrest for "commodities" manipulation and not "securities" manipulation. Solana is front and center this morning after another painful candle below $10, as the market cap of UNI flipped SOL. The community and investors are in shambles watching their favorite L1 token continue its descent. If it's already down 95%, it can only go down 5% more right? Despite this, it is important to highlight some key developments that the community is working on. OpenBook forked Serum to create a new community led orderbook to power all of Solana DeFi. Jump Crypto is still working on Firedancer, which should theoretically scale the network beyond what was previously thought possible. Saga, the icing on the cake, will begin shipping its phone in Q1/Q2. - 0xpibblez |
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Since the Merge, the ETH supply has inflated by only 3.8K versus the 1.2M of inflation that would have taken place if the network were still operating under PoW consensus. In other words, in just four months over $1.5B of sell pressure has been removed from the market as a result of the Merge. The chart above visualizes the daily USD value of inflation (or deflation) under PoW and PoS, and assumes a PoW block subsidy issuance rate of 13,500 ETH per day and an ETH value of $1,250. This chart came from part one of our Year End Review report, unlocked for FREE by Consensys. Be sure to check it out below. |
About a month ago, Uniswap governors proceeded to discuss next steps for turning on the fee switch. The Uniswap Foundation previously hired Alastor to research potential benefits and drawbacks of implementing a fee switch and sharing revenue with token holders. I'm sure the compensation for doing the research and making a cute little slide deck about the fee switch was totally transparent, reasonable, and in no way handed to a company that is close to somebody on the Uniswap team. The Uniswap governance process starts with a forum discussion, proceeds to 2 off-chain snapshot votes, and then finally an on-chain vote paired with the txn to enact it. The fee switch passed both Snapshot votes with 100% approval in August. A party with 2.5M UNI is required to propose the final on-chain vote. After the fee switch report, the next step is a live pilot on agreed upon pools. However, your favorite people over at a16z, who definitely didn't even receive the OG UNI airdrop, hopped in the forums a few weeks ago to slow down progress on the fee switch. Here's a nice rule of thumb that DAO governance should consider - if you're not an active user of a protocol, you have no business posting in the governance forums. Miles and Porter, please leave the room. |
The wonderful team at Consensys sponsored and unlocked two free reports for the upcoming week. Part one, a 2022 Year End Review report covering all things networks and infrastructure was published this morning. Don't want to read another 100 page report? Well we packed it up concisely into just 14 pages. We talk all things ETH, L2s, Alt L1s, and bridges, so be sure to check it out. |
Our new Dune Dashboard tracks KPIs for Ethereum, the most developed Layer-1 blockchain. |
Arweave allows permanent data storage across a decentralized network of hardware for a one-time fee, and ensures its integrity and accessibility. |
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Argo Blockchain is selling its Texas facility to Galaxy and will use bitcoin mining rigs as collateral for a $35M loan. |
Abra, a company with aspirations to become the US' first regulated crypto bank, has taken a hard look at cost-cutting. |
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. |
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