Welcome to Finance Refinite, 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, highlighting the roles of key stakeholders and transparency challenges.
Furthermore, most celebrity tokens are down more than 60% since their launch, with the exception of Iggy Azalea’s Mother Iggy (MOTHER) token, and Arthur Hayes sold $9.41 million worth of tokens Pendle (PENDLE), raising community concerns about a decline. Price possible.
Who runs 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 voting by Ethereum (ETH) holders. Christine Kim, vice president of research at Galaxy Digital, released the report on June 3. It reveals the many actors who hold the keys to the governance of Ethereum.
According to the report, groups collaborating on off-chain operations include customer teams, validator node operators, the Ethereum Foundation, and decentralized application developers.
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Celebrity tokens have fallen by two-thirds since Jenner’s cryptocurrency debut
Most celebrity-backed cryptocurrencies launched last week, including Caitlyn Jenner (JENNER), Timeless Davido (DAVIDO), and Rich the Kid (RICH), have fallen at least 66% since their peak – although. .. One of the tokens has bucked the trend and is still posting all-time highs.
One of the most notable token launches recently was that of JENNER, carried out by American media personality Caitlyn Jenner on May 28. Many initially thought the token was part of a fake X account hack.
JENNER’s market capitalization surpassed $30 million in the first 24 hours as netizens questioned whether the token was actually launched and endorsed by celebrities. However, although Jenner herself explained the legality of this measure, it has since fallen 79% from its all-time high of $0.0061.
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Arthur Hayes dumps Pendle for nearly $10 million: is it time to sell?
Arthur Hayes, co-founder of BitMEX and figure in the cryptocurrency community, minted 1.55 million Pendle (PENDLE) tokens worth $9.41 million. The unbundling of its PENDLE tokens has sparked community concerns about falling prices, with Hayes currently holding 1.69 million tokens.
With an average purchase price of $2.24 per token, Hayes’ holdings currently yield approximately $6.46 million in unrealized gains.
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Nocturne Protocol powered by Vitalik Buterin shuts down operations overnight
Ethereum’s native privacy protocol, Nocturne Labs, is shutting down operations. Nocturne, which is backed by prominent crypto experts including Ethereum co-founder Vitalik Buterin, announced the cessation of its activities in a post dated June 5.
The company provided no explanation for the closure. Cointelegraph has contacted Nocturne Labs for comment. Nocturne initially aims to bring 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 currencies 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.
