Welcome to Finance Redefined, your weekly digest of crucial insights into decentralized finance (DeFi) – a newsletter designed to keep you informed about the most important updates from the previous week.
In recent days, a new report from Galaxy shed light on Ethereum’s decentralized governance structure, highlighting the avoidance of direct on-chain voting and outlining the various roles of key stakeholders and the challenges in transparency.
On a different note, the majority of celebrity tokens have experienced significant drops of over 60% since their launch, with the exception of Iggy Azalea’s Mother Iggy (MOTHER) token. Additionally, Arthur Hayes unstaked $9.41 million worth of Pendle (PENDLE) tokens, leading to concerns within the community about a potential price decline.
Who holds the reins of Ethereum’s governance? Galaxy’s report reveals all
Galaxy Digital recently published a report unveiling that Ethereum’s decentralized governance relies on off-chain voting rather than on-chain Ether (ETH) holder voting. The report, released by Christine Kim of Galaxy Digital’s research team on June 3, identifies various stakeholders who play crucial roles in Ethereum’s governance.
The report highlights that the off-chain processes involve collaboration between client teams, validator node operators, the Ethereum Foundation, and decentralized application developers.
Celebrity tokens plummet after JENNER’s peculiar crypto debut
The launch of celebrity-backed tokens last week, such as Caitlyn Jenner (JENNER), Timeless Davido (DAVIDO), and Rich the Kid (RICH), saw significant declines of at least 66% since their peak. However, one token has defied this trend and continues to reach new all-time highs.
One notable launch was JENNER by Caitlyn Jenner on May 28, which initially sparked confusion and speculation about its authenticity. Despite reaching a $30 million market cap within 24 hours, the token has since dropped by 79% from its peak of $0.0061.
Arthur Hayes unstakes nearly $10 million worth of Pendle: Is it time to sell?
Arthur Hayes, the co-founder of BitMEX, recently unstaked 1.55 million Pendle (PENDLE) tokens valued at $9.41 million, raising concerns within the community about a potential price drop. With an unrealized profit of approximately $6.46 million, Hayes currently holds 1.69 million PENDLE tokens with an average buying price of $2.24 per token.
Vitalik Buterin-backed Nocturne protocol ceases operations abruptly
Ethereum-native privacy protocol Nocturne Labs has announced the shutdown of its operations. Backed by prominent figures in the cryptocurrency space, including Ethereum co-founder Vitalik Buterin, the closure was revealed in a post on June 5. Despite the lack of explanation for the closure, Nocturne Labs had aimed to introduce private accounts and transactions to the Ethereum ecosystem.
DeFi market overview
Data from Cointelegraph Markets Pro and TradingView indicates a positive week for DeFi’s top 100 tokens by market capitalization, with most showing gains on weekly charts. The total value locked in DeFi protocols remains above $105 billion.
Thank you for exploring this week’s significant DeFi updates with us. Stay tuned for more stories, insights, and education on this rapidly evolving space next Friday.