Welcome to Finance Redefined, your weekly digest of crucial insights into decentralized finance (DeFi) – a newsletter designed to keep you informed about the most important happenings from the previous week.
In the recent days, a new report from Galaxy has shed light on how Ethereum’s decentralized governance operates without direct on-chain voting, outlining the key roles of stakeholders and the challenges related to transparency.
On a different note, the majority of celebrity tokens have seen a significant decline of over 60% since their launch, with the exception of Iggy Azalea’s Mother Iggy (MOTHER) token, and a notable unstaking of $9.41 million worth of Pendle (PENDLE) tokens by Arthur Hayes, which has raised concerns within the community regarding a potential drop in price.
Who is in charge of governing Ethereum? Galaxy’s report exposes all the details
Galaxy Digital recently published a report that reveals how Ethereum’s decentralized governance is managed through off-chain voting rather than on-chain voting by Ether (
ETH
) holders. The report, unveiled by Christine Kim, the vice president of Galaxy Digital’s research team on June 3, highlights the various stakeholders who play a crucial role in Ethereum’s governance.
According to the report, the groups involved in the off-chain processes include client teams, validator node operators, the Ethereum Foundation, and decentralized application developers.
Celebrity tokens take a hit since JENNER’s peculiar cryptocurrency debut
Following their launch last week, most tokens associated with celebrities, such as Caitlyn Jenner (JENNER), Timeless Davido (DAVIDO), and Rich the Kid (RICH), have plummeted by at least 66% since reaching their peak, except for one token that continues to reach new all-time highs.
One of the most noteworthy celebrity token launches was JENNER by Caitlyn Jenner on May 28. Initially mistaken for a deep fake or account hack, JENNER quickly reached a market cap of $30 million within the first 24 hours. Despite Jenner confirming its legitimacy, the token has since dropped by 79% from its all-time high of $0.0061.
Arthur Hayes unstakes almost $10 million worth of Pendle: Is it time to sell?
Arthur Hayes, the co-founder of BitMEX, recently unstaked 1.55 million Pendle (PENDLE) tokens valued at $9.41 million. This move has sparked concerns within the community about a potential price drop, as Hayes still holds 1.69 million tokens.
With an average purchase price of $2.24 per token, Hayes currently has an unrealized profit of approximately $6.46 million.
Nocturne protocol, backed by Vitalik Buterin, abruptly shuts down
The Ethereum-native privacy protocol Nocturne Labs has announced the abrupt closure of its operations. Backed by notable cryptocurrency experts, including Vitalik Buterin, the company revealed its decision to cease operations in a post on June 5.
No explanation was provided for the closure, and Cointelegraph has reached out to Nocturne Labs for comment. Initially focused on introducing private accounts and transactions to the Ethereum ecosystem, Nocturne raised $6 million in a seed funding round in October 2023, led by Bain Capital Crypto and Polychain Capital, with Buterin also participating.
DeFi market overview
Data from Cointelegraph Markets Pro and TradingView indicates that the top 100 DeFi tokens by market capitalization had a positive week, with most showing gains on the weekly charts. The total value locked in DeFi protocols remains above $105 billion.
Thank you for exploring the highlights of this week’s significant DeFi developments with us. Join us again next Friday for more stories, insights, and learning opportunities in this rapidly evolving landscape.