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Curve founder Michael Egorov proposes 21m CRV funding for Swiss Stake AG

  • Michael Egorov’s proposal seeks new funding for Swiss Stake AG, the organisation building Curve.
  • The Curve founder says a 21 million CRV grant will help fund the DeFi protocol’s research and development projects.
  • Community members have criticised the proposal’s lack of a clear roadmap and transparncy to how funds will be used.

Curve founder Michael Egorov has outlined a proposal seeking community approval for new funding for Swiss Stake AG, the company building the decentralised finance (DeFi) protocol.

In his proposal, the Curve Finance founder requests that the community approves a 21 million CRV token grant to the Switzerland-based entity. The 21 million CRV total $6.34 million at current CRV prices and will be used to finance Swiss Stake AG’s research and development initiatives, Egorov wrote.

If approved, the funding will come from the Curve Community Fund and tokens would be vested over one year. The Community Fund currently holds just over 47.5 million CRV tokens.

“This proposal requests a grant for software research and development work as well as related tasks for the benefit of Curve as outlined within this proposal. The grant will be for one year, unused funds will be rolled over to the next year,” the Curve founder noted.

Swiss Stake AG has depleted the CRV allocation it received in August 2020, and needs the funding to continue its R&D task, including remuneration for the over 25 team.

Proposal faces some backlash

Reactions to the Curve founder’s proposal have included criticism over the lack of a clear and detailed roadmap for grant utilisation.

“I totally understand the need, and the Swiss Stake AG deserves it! However, it would be amazing if you could share a product/strategy roadmap + cost breakdown like Aave does. More transparency is always appreciated!” a Curve community member said.

The CRV token price was $0.3035 as of 10 am CET on Tuesday, August 20, 2024.

The post Curve founder Michael Egorov proposes 21m CRV funding for Swiss Stake AG appeared first on CoinJournal.

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Whale accumulates $118M in Wrapped Bitcoin (WBTC) amid controversy

  • The whale acquired 347 Wrapped Bitcoin (WBTC) within just 12 hours on August 19.
  • BitGo plans to transfer control of WBTC to a joint venture involving itself, BiT Global, and the Tron ecosystem.
  • Coinbase has hinted at launching its own wrapped Bitcoin token, dubbed “cbBTC.”

An unidentified whale has been rapidly accumulating Wrapped Bitcoin (WBTC), amassing over $118 million worth of WBTC in a short span of time.

According to blockchain analytics firm Lookonchain, the unknown wallet has gathered a total of 1,953 WBTC, purchased at an average price of $58,853 per token.

The most recent transaction was particularly notable, with the whale acquiring 347 WBTC — valued at approximately $16 million — within just 12 hours on August 19.

 

This sudden and significant accumulation has raised eyebrows, especially as it coincides with ongoing debates and controversies surrounding the ownership and management of WBTC.

BitGo’s plans to transfer control of Wrapped Bitcoin (WBTC)

The controversy began earlier this month when BitGo, the firm responsible for issuing Wrapped Bitcoin (WBTC), announced plans to transfer control of the token to a joint venture involving itself, Hong Kong-based investment manager BiT Global, and Sun’s Tron ecosystem. This decision has led to heightened scrutiny and concern among major DeFi players.

In response, MakerDAO, a leading decentralized finance protocol, moved quickly to mitigate potential risks associated with WBTC. On August 16, the platform approved a proposal that prohibits borrowing against WBTC collateral on its Sparklend platform.

Similarly, Aave, another major DeFi protocol, is reportedly considering the adoption of an alternative wrapped Bitcoin token, TBTC, offered by Threshold Network.

Amid these developments, speculation is rife about the potential entry of Coinbase into the wrapped Bitcoin market. The US-based crypto exchange has hinted at launching its own wrapped Bitcoin token, dubbed “cbBTC,” which could further shake up the market.

The mystery whale’s aggressive accumulation of WBTC, in light of these industry shifts, adds a new layer of intrigue to the ongoing narrative in the crypto space.

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Mango Markets DAO proposes to offer the US SEC a settlement deal

  • Mango Markets DAO proposes a $223,228 SEC settlement.
  • The proposal aims to resolve SEC charges after a $110M exploit in October 2022.
  • Mango DAO will destroy MNGO tokens, cease US sales, and delist from exchanges in the settlement offer proposal.

Mango Markets DAO, the governing body behind the Solana-based decentralized exchange (DEX), has made a proposal to its community for a settlement offer with the United States Securities and Exchange Commission (SEC) for accusations of violating US securities laws.

Voting on the “SEC Settlement Offer Proposal” was opened by Mango DAO on August 19, and it has already reached a quorum, with over 106 million votes cast in favour.

The settlement offer includes a $223,228 penalty, which would be paid from the DAO’s treasury, currently holding nearly $2 million in USD Coin (USDC) and other assets.

In addition, Mango Markets DAO would destroy all MNGO tokens in its possession, cease all token-related activities in the United States, and seek to delist the tokens from all exchanges. The proposal allows the DAO to resolve the SEC’s allegations without admitting or denying any wrongdoing.

Mango Markets challenges

This potential settlement follows a series of challenges that Mango Markets has faced since October 2022, when trader Avraham Eisenberg exploited the platform, leading to over $100 million loss.

The incident resulted in criminal charges against Eisenberg, who was found guilty of fraud and manipulation in April 2023. Consequently, Mango Markets became the subject of investigations by the SEC, the Department of Justice, and the Commodity Futures Trading Commission.

Despite witnessing a 5.3% uptick over the past 24 hours after the settlement proposal was revealed, the MNGO token has lost over 91% of its value amid the ongoing legal pressures. The token reached an all-time high of $0.50 in September 2021, after which the token descended into a continuous bear trend.

The DAO’s settlement offer reflects its strategy to avoid further litigation and move forward from the controversy, though it remains to be seen if the SEC will accept the terms.

The post Mango Markets DAO proposes to offer the US SEC a settlement deal appeared first on CoinJournal.

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Self-custodial Bitcoin staking protocol Babylon announces mainnet

  • Babylon, the self-custodial Bitcoin staking protocol, will launch its mainnet on August 22, 2024.
  • The launch brings a “third native use-case of Bitcoin” to users, adding staking to its store of value and payment, Fisher Yu, co-founder of Babylon, said.

Babylon, a self-custodial Bitcoin staking protocol, has announced the launch of its phase-1 mainnet as it eyes the growing decentralised finance market on the leading blockchain network.

Babylon announces Bitcoin staking mainnet

In an announcement on Monday, the protocol revealed its mainnet launch will go live on August 22, 2024. The first phase of the mainnet will allow BTC holders to stake their coins with the self-custodial protocol.

Meanwhile, upcoming phases will see the Bitcoin protocol allow proof-of-stake networks to tap into the $1 trillion bitcoin network security. Projects that can gain access to and utilise this ecosystem include layer-2 chains, data availability layers and oracles.

“This launch leads to the third native use-case of Bitcoin, the asset beside value storage and simple payment: stake to secure networks and earn,” Fisher Yu, co-founder of the Babylon project, said. “We expect this to enhance the crypto-economic security of PoS chains and other decentralised applications, offering them a more secure and reliable infrastructure, while at the same time unlocking the value from the idle, unencumbered $1 trillion Bitcoin ecosystem.”

Babylon’s announcement comes after the platform raised $70 million in a funding round led by crypto venture capital firm Paradigm. Mainnet is supported by more than 200 finality providers, including Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish.

The project has also received support from top wallets such as Binance Web3 Wallet, OKX Web3 Wallet, Bitget Wallet, Keystone and TomoWallet.

The post Self-custodial Bitcoin staking protocol Babylon announces mainnet appeared first on CoinJournal.

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AC Milan inks new sponsorship deal with crypto exchange, Bitpanda

  • AC Milan has signed Bitpanda as its premium crypto trading partner for 2024/25.
  • The partnership includes branding coverage at the San Siro stadium; the deal value is undisclosed.
  • This trend reflects a broader move by sports teams to partner with web3 companies.

AC Milan has announced a new sponsorship agreement with Bitpanda, marking a notable shift towards the web3 sector for the prestigious football club. The 2024/25 season will see Bitpanda, a leading crypto trading platform, become the premium sponsorship partner and official crypto trading partner of AC Milan. 

The partnership will feature prominent branding coverage across the iconic San Siro stadium, although the financial details of the deal have not been disclosed.

High-visibility branding opportunities for Bitpanda

AC Milan’s new deal with Bitpanda is part of this evolving landscape, as sports teams explore new revenue streams and innovative partnerships. 

The deal provides Bitpanda with high-visibility branding opportunities at the San Siro, enhancing the exchange’s profile in the global sports arena. This move not only aligns AC Milan with cutting-edge technology but also places Bitpanda at the forefront of crypto-related sports sponsorships.

The collaboration between AC Milan and Bitpanda reflects a broader trend within the sports industry, where professional teams in Europe and North America are increasingly seeking sponsorships from web3 companies. 

A growing number of professional sports teams in Europe and North America are keen to court sponsorships from companies in the web3 sector, whether that company happens to be a crypto exchange or a crypto casino site, a broker or a p2p platform. Teams are turning to these partnerships to tap into the growing digital economy and engage with tech-savvy audiences who are invested in the future of cryptocurrency and blockchain technology.

Similar moves by other football clubs

AC Milan is joining a growing list of clubs that have embraced crypto and web3 sponsorships. 

Notably, Tottenham Hotspur recently announced Kraken, a major cryptocurrency exchange, as its new sleeve sponsor. This partnership underscores the increasing acceptance and integration of digital currency companies into mainstream sports. 

Furthermore, Crypto.com has secured a multi-year sponsorship deal with the UEFA Champions League, a deal that insiders speculate could be worth hundreds of millions of dollars. 

These agreements highlight a significant shift in how sports organizations are leveraging the digital economy to enhance their brand value and reach.

As sports teams like AC Milan and Tottenham Hotspur align themselves with web3 companies, they not only open up new revenue channels but also connect with a demographic that is deeply engaged with the digital and financial technologies shaping the future. 

The AC Milan-Bitpanda deal is a prime example of how traditional sports institutions are innovating and adapting to the evolving landscape of global sponsorships and partnerships.

The post AC Milan inks new sponsorship deal with crypto exchange, Bitpanda appeared first on CoinJournal.