Grinch Gensler

Good morning. In our last issue of the year, we've got a massive DAO merger, another ETF rejection from the SEC, and even a last minute Christmas gift suggestion! We've also got a new leader on the Top Sharers list at the bottom of the newsletter, so check that out and forward to friends and family if you want to rise up the rankings. Merry Christmas and Happy Holidays!

Programming Note: this newsletter will be off starting tomorrow and returning in the New Year. Thanks for reading and see you in 2022!

What this is:
A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis

My asks from you:
- Send to your friends, family, and anyone that would be interested (check the Top Sharers leaderboard at the bottom of this email to see where you stand!)
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Top 5:

1. Arcade Raises $15M to Offer NFT-Backed Loans
Arcade, a firm that "appraises, validates and curates NFT collections for institutions, decentralized autonomous organizations (DAOs) and wealthy collectors," raised $15 million in a Series A funding round that will be used to bring collateralized lending to the NFT space. The company aims to provide liquidity to NFT owners and connectivity to the world of DeFi. Arcade is open-source, compatible with all ERC-20 tokens, and will allow developers to build on top of the platform.

2. Bitcoin's Proof of Work is Well Worth Its Fees
This piece from @nic__carter is in response to comments from the exchange FTX that essentially stated proof of work blockchains mean high feeds and proof of stake blockchains result in lower fees. In the article, Nic covers fees, blockspace, basics of PoW, and security. But, I think the most important point he hits on is covered in the second tweet below. Exchanges are incentivized to support PoS, because they will ultimately be massive holders of these coins and can therefore have large influence on the protocols themselves.

3. SEC Rejects Kryptoin Spot Bitcoin ETF Proposal
The Grinch strikes again and just in time for Christmas. On Wednesday, the SEC rejected Kryptoin's proposal for a spot bitcoin ETF. This latest rejection comes five weeks after the SEC denied a similar application from VanEck.

4. Rari Capital, Fei Protocol Token Holders Approve Multibillion-Dollar DeFi Merger
DAO on DAO crime (read: mergers) in these crypto streets (read: marketplaces). Earlier this week, two DAOs, or decentralized autonomous organizations, completed what is one of the biggest mergers in DeFi history. Members of Rari Capital and Fei Protocol voted 93% and 90% respectively to approve the merger. Moving forward the projects will be united under Fei's token called TRIBE. The combined DAO aims to offer full-stack DeFi infrastructure including, lending, borrowing, liquidity-as-a-service, automated market makers (AMM), structured products, derivatives, etc.

5. Best Crypto Wallet: Overview of the 7 Best Hardware Wallets (2021)
Need a last minute Christmas gift, received some money over the holidays? I'd recommend investing in a hardware wallet to secure your cryptocurrencies off-exchange. The best products are no more than $150 and can support thousands of cryptocurrencies with more being added on a regular basis.

Top Sharers of the Crypto Top 5:
1. Jake Y. - Greenville, SC
2. Cameron S. - New York, NY
3. Lauren A. - Nashville, TN

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.