DeFi
Finance redefined — TradingView News
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you the most important developments of the past week.
Last week, a new Galaxy report revealed that Ethereum’s decentralized governance avoids direct on-chain voting, detailing the roles of key stakeholders and transparency challenges.
Separately, most celebrity tokens have fallen more than 60% since their launch, with the exception of Iggy Azalea’s Mother Iggy (MOTHER) token, and Arthur Hayes unlocked $9.41 million worth of Pendle tokens (PENDLE), raising community concerns about a potential price drop.
Who governs Ethereum? Galaxy report reveals all
Galaxy Digital has released a report showing that Ethereum’s decentralized governance is driven by off-chain voting rather than on-chain Ether. ETHUSD voting holder. Christine Kim, vice president of Galaxy Digital’s research team, released the report on June 3. It reveals the multiple stakeholders who hold the keys to Ethereum’s governance.
According to the report, groups collaborating on off-chain processes include client teams, validator node operators, the Ethereum Foundation, and decentralized application developers.
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Celebrity tokens down by two-thirds since JENNER’s bizarre crypto debut
The majority of celebrity-backed tokens launched last week, including Caitlyn Jenner (JENNER), Timeless Davido (DAVIDO) and Rich the Kid (RICH), have fallen at least 66% since their peak – although a token has resisted this trend and is still setting new all-time highs.
One of the most notable celebrity token launches was JENNER by American media personality Caitlyn Jenner on May 28. Many initially thought the token was part of a fake X account hack.
JENNER surpassed a market capitalization of $30 million in the first 24 hours as people debated online whether the token was truly launched and endorsed by the celebrity. However, despite Jenner herself clarifying its legitimacy, it has since fallen 79% from its all-time high of $0.0061.
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Arthur Hayes Releases Pendle Worth Nearly $10 Million: Time to Sell?
BitMEX co-founder and crypto community figure Arthur Hayes has unlocked 1.55 million Pendle (PENDLE) tokens worth $9.41 million. The withdrawal of his PENDLE tokens has sparked concerns in the community about a price drop, since Hayes currently holds 1.69 million tokens.
With an average purchase price of $2.24 per token, Hayes’ holdings currently generate an unrealized profit of approximately $6.46 million.
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Vitalik Buterin-backed Nocturne Protocol shuts down operations overnight
Ethereum’s native privacy protocol, Nocturne Labs, is shutting down operations. Nocturne, backed by prominent cryptocurrency experts including Ethereum co-founder Vitalik Buterin, announced the cessation of its activities in a June 5 post.
The company gave no explanation for the closure. Cointelegraph has contacted Nocturne Labs for comment. Nocturne initially aimed to introduce private accounts and transactions to the Ethereum ecosystem.
In October 2023, the company raised $6 million in a seed funding round led by Bain Capital Crypto and Polychain Capital, with participation from Buterin.
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DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week. Most were trading in the green on the weekly charts. The total value locked in DeFi protocols remained above $105 billion.
Thank you for reading our summary of this week’s most notable DeFi developments. Join us next Friday for more stories, ideas and information about this dynamically evolving space.