DAO
The evolution of DAOs and why they are expected to take hold in 2022
In 2021, crypto has been one of the biggest trends shaping tech and finance, and according to mainstream news headlines, decentralized autonomous organizations (DAOs) are set to be a force to be reckoned with in crypto in 2022. Mark Cuban called them the “ultimate combination of capitalism and progressivism.” Yet, while DAOs are relatively easy to understand conceptually, they’re a segment of the crypto market in a state of rapid flux, with many innovative use cases emerging. However, setting up and running a DAO also comes with its own set of unique challenges, which are also changing and developing over time. What is a DAO? The purest definition of a DAO is inherent in the name. An organization is a group of people and entities with a common goal or idea. It’s decentralized, so the...
Bunny and Qubit turns to DAO following $80 million bug exploit
The development team behind Bunny Finance and Qubit has decided to disband the protocol and turn it into a decentralized autonomous organization (DAO). In an official medium post published on Friday, The Bunny Finance team announced that the exploit on Qubit that resulted in $80 million worth of loss has made it impossible for the team to operate at full scale. Thus, they have decided to disband the protocols and give authority to the community. As reported earlier by Cointelegraph, the Qubit bridge called X-bridge facilitated tokens swaps from Ethereum (ETH) to Binance Smart Chain (BSC). The hacker behind the attack managed to exploit a “logical error” in the X-Bridge smart contract that allowed them to withdraw tokens on the BSC chain without depositing any on Ethereum. pic.tw...
AssangeDAO concludes raise with $53M to help Julian fight for freedom
The Decentralized Autonomous Organization (DAO) supporting Wikileaks founder Julian Assange’s legal plight has concluded its raise, generating a whooping 17,422 Ether (ETH) worth roughly $53.7 million. As previously reported by Cointelegraph, the AssangeDAO intends to use the fund to bid on a one-of-one NFT from a drop called “Censored” by digital artist Pak in collaboration with Assange. The proceeds of the sale will go towards Assange’s defense fund and additional awareness campaigns as he fights extradition to the U.S. this month. Assange has been languishing in a U.K. jail for the past three years, with U.S. prosecutors seeking to try him on espionage charges. Supporters say that Assange is a whistleblower, journalist and publisher. BREAKING: Almost US $55m ($54.2m/ 17,422 ETH) raised ...
Wonderland’s treasury saga exposes the fragility of DAO projects today
The Wonderland protocol became the talk of the decentralized finance (DeFi) world after the platform was found at the center of a brewing controversy. On Jan. 27, DeFi analyst zachxbt revealed that one of the anonymous co-founders of Wonderland happened to be QuadrigaCX co-founder Michael Patryn, who has been operating under the name of Sifu. QuadrigaCX is a defunct crypto exchange from Canada which closed when Gerald Cotten, the exchange founder and sole person with knowledge of the exchange’s wallet keys, passed away. Following his death, $169 million worth of user funds were irreversibly lost. Cotten’s passing led to a wave of litigation as former exchange users sought to recover their funds. Others in the crypto community claimed that Cotten faked his death to get awa...
ENS dumps director of operations in condemnation of homophobic tweets
True Names Limited, the nonprofit behind distributed domain protocol Ethereum Name Service, announced it would be ending its contract with director of operations Brantly Millegan after many uncovered his previously posted anti-LBGTQIA tweets. On Feb. 6, the decentralized autonomous organization of Ethereum Name Service, or ENS, asked users to weigh in on what actions, if any, should be taken against Millegan in regards to a May 2016 tweet in which he said “homosexual acts are evil” and “transgenderism doesn’t exist.” The DAO said some had proposed suspending Millegan from his leadership roles at ENS, voting to remove him as a director of the ENS foundation, and asking him to step down from his position. Though the DAO did not officially vote on any resolution as of the time of public...
Altcoin Roundup: 3 emerging P2E gaming trends to keep an eye on in 2022
Blockchain-based play-to-earn (P2E) gaming had a breakout year in 2021, and as the cryptocurrency ecosystem evolves in 2022, the P2E gaming sector and those that invest in it will need to consider what the next steps are. During bull markets, vaporware, speculation and euphoria can lead to unrealistic valuations and expectations, and this appears to also have impacted the P2E sector. Now that the hype is “over,” investors and developers will need to identify new value propositions that catalyze growth and steady investment into the blockchain gaming sector. Here’s a closer look at some of the trends that could emerge in the P2E ecosystem in 2022. Profit-sharing communities The first trend to keep an eye on in 2022 is projects that are looking to harness interest in nonfungible tokens to cr...
IreneDAO NFTs causing a stir on crypto Twitter
The story of the IreneDAO NFT craze started in October when 28-year-old Chinese crypto influencer and model Yuqing Irene Zhao came up with the idea for “So-Col” with her business partner, Benjamin Tang. So-Col is short for “Social Collectables,” Irene explained to Cointelegraph, and the platform aims to help content creators monetize their content and build communities with their fans. Branded as the “decentralized version of OnlyFans, Discord, Twitch, and Patreon,” the platform allows content creators and influencers to convert their social media content into non-fungible collectible items (NFTs.) It is powered by StarkWare’s layer-two solution StarkEx and leverages the decentralized ID protocol. Fast-forward to Tuesday last week, Tang and Irene launched a sticker pack for Irene’s Telegra...
ConstitutionDAO, a ‘crypto red alert’ and other cases of crypto-powered social action in 2021
From the very beginning of the cryptocurrency movement, the societal potential of Bitcoin (BTC) has been one of the fundamental selling points. The decentralized design of crypto-based systems introduces the possibility of bringing individuals together to work toward shared goals, as well as enabling them to pool resources while remaining insulated from outside control. 2021 saw a number of cases that could serve as evidence of this emancipatory power of digital assets. ConstitutionDAO: $49 million raised in a few days Arguably, the most high-profile case of a massive fundraising effort enabled by a decentralized autonomous organization in 2021 was ConstitutionDAO. The group was formed in November with the sole objective of purchasing an original copy of the United States Constitution, whi...
DAO treasuries surged 40X in 2021: DeepDAO
The total combined value of treasuries, or assets under management (AUM) for the use of decentralized autonomous organizations, increased by around 40 times between January and September of 2021. According to data from DAO stats platform DeepDAO, the total AUM for DAO treasuries listed on the platform increased from around $380 million in January to a peak of roughly $16 billion in mid-September. Looking ahead at 2022: ✍️How far and how deep will DAOs go into the mainstream, and into which use cases? ✍️(When) will DAO treasuries exceed $100B? Lots of interesting questions, but together we can BUIDL this! pic.twitter.com/JDEC9JBuHC — DeepDAO.io (@DeepDAO_io) December 30, 2021 As of mid-December, the total AUM has decreased by 28.1% since the high water mark to si...
ECOMI, Aragon and Ramp breakout after Bitcoin price pushes above $49K
Cryptocurrency prices and investor sentiment reversed course on Dec. 15 after Federal Reserve chairman Jerome Powell confirmed the bank’s plan to hike interest rates in 2022 and slow down the bond purchasing program that had been in play since the emergence of the coronavirus in March 2020. Following the announcement, Bitcoin (BTC) price tacked on a 1.65% gain, bringing the price above $49,000 and Ether trekked back above the $4,000 mark. Altcoins followed suit with their usual double-digit gains and for the moment, it appears as if bulls have taken back control of the market. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were ECOMI (OM...
deadmau5 Shows Support for Music Industry-Shifting Decentralized Network, MODA DAO
deadmau5 has thrown his weight behind MODA DAO, a decentralized network designed to democratize the music industry in the metaverse. The decentralized autonomous organization (DAO) is now set to combine its ambitious NFT music streaming platform with $MODA, its governance token. DAOs are organizations collectively owned by their members in order to safely manage a network’s operations and cryptocurrency transactions. The token supply will hit the Ethereum, Fantom, Near, and Polygon blockchains on Wednesday, November 10th. Holders of the $MODA token will be able to distribute their music on the MODA DAO platform, which could ultimately compete with streaming giants like Apple Music and Spotify while offering a novel way for artists to control royalty contracts. Ac...
