New Sushi
Good morning. Today we've got insane DAO treasury growth, two stalwart DeFi protocols rolling out new features, and Russia pushing farther into crypto. All that and more today in the CT5!
Market Update (as of 8:04am ET):
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Top 5:
1. DAO treasuries top $8.2 billion on Ethereum, $1.3B on Solana. According to research from analytics firm, DeepDAO, decentralized autonomous organizations (DAOs) hold $9.5 billion in their treasuries. The growth 0f this ecosystem has spread from Ethereum ($8.2 billion in DAO treasuries) to Solana ($1.3 billion in DAO treasuries) and other blockchains like Polkadot and Kusama, which are not yet tracked by DeepDAO. Value in DAO treasuries tracked by DeepDAO has exploded over the last 12 months, with less than $1 billion in tracked treasuries at this time last year.
⚒️ We are delighted to announce our first listing of @solana DAOs on https://t.co/s4S2fUrErh 🥁📈
— DeepDAO.io (@DeepDAO_io) March 15, 2022
The @solana's DAO framework provides governance, treasury, and discussions fully on-chain.
2 of the new DAOs enter into our top 5: @mangomarkets at #3 and @UXDProtocol at #4 pic.twitter.com/aO58losPXj
2. Ethereum developer: thread on network complexity. Péter Szilágyi, an Ethereum developer put together the below thread on the complexity of the Ethereum network that made the rounds on Twitter over the weekend. It's a somewhat contrarian take, but an interesting viewpoint from the engineering side of the protocol.
As with scalability, complexity also keeps trickling unseen up to the breaking point. At that time, it's already past the point of no return. Complexity also has the nasty effect of causing cascading failures. Overload people too much, lose capacity, leading to even larger load....As good as it feels that we're approaching The Merge, I must emphasize that #Ethereum is not going in a clean direction. Tangentially it's achieving results, but it's also piling complexity like there's no tomorrow. If the protocol doesn't get slimmer, it's not going to make it.
Complexity is an often overlooked aspect of a system because usually someone else is paying the price for it, not the person creating it.
— Péter Szilágyi (karalabe.eth) (@peter_szilagyi) March 18, 2022
But don't be mistaken, someone *is* paying the price - whether money, time or mental capacity. They might not be willing/able to do forever.
3. Can new launches from Aave and Sushi usher in DeFi’s comeback? Two well-regarded DeFi protocols are rolling out new offerings in an effort to recapture the energy from 2020's "DeFi Summer". Sushi, a decentralized exchange built on Ethereum is close to rolling out 'Trident' - an update that will provide a framework for users to build and deploy automated market makers (AMMs). Aave, a DeFi lending protocol released its V3 app this week which expanded the protocol's cross-chain capabilities and security. Both native tokens ($SUSHI, $AAVE) are down over 75% from 2021 highs.
4. Russia’s Sberbank Receives License To Issue Digital Assets. The top lender in Russia, Sberbank, will soon be allowed to issue digital assets. The move follows a 95% drop in the company's value on the London Stock Exchange amidst global sanctions that came earlier this month. The bank's platform will also allow companies to issue their own digital assets provided they meet certain cash requirements to back those assets.
5. FTX, Animoca Back $500M Crypto Gaming Platform on Terra. South Korean gaming company, Com2uS, has raised $25 million in a private token sale for its C2X gaming blockchain. C2X is built on Terra and has plans to launch 10 games in 2022 including: play-to-earn role-playing game Summoners War: Chronicles, baseball game Crypto Superstars, and Golf Star. The round was led by FTX Ventures, Animoca Brands, and Jump Crypto.
Summoners & Monsters... We'll make it through TOGETHER. Here's a glimpse into the dynamic storyline of #SummonersWar Chronicles!
— Com2uS USA (@Com2uS) November 15, 2021
The game will also feature a P2E (Play to Earn) format utilizing #blockchain technology.
👀 Watch the new trailer: https://t.co/D5r3nibNv8 pic.twitter.com/asO49kBtFt
Updates and other stories:
- El Salvador’s Bitcoin bond issuance apparently delayed...Read More
- Bored Apes creator Yuga Labs teases new project called 'Otherside'...Read More
- Impossible for Russia to evade sanctions with crypto, FinCEN says...Read More
Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN
External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings
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.