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Although the spot ETH ETFs have seen some heavy outflows, things may be looking better for ETH holders soon. In today's news:
Read on! | | | We will be performing a database upgrade on Monday, August 12, 2024, from 2:00 AM to 4:00 AM UTC. While we expect services to remain operational, there may be performance degradation and some downtime relating to crypto price and market data.
We apologize for any inconvenience this may cause and appreciate your understanding and continued support as we work to enhance your experience! | | | 24h Hot Searches Worldwide 🔥 | | How High Will Ethereum Go? | | Unlike with Bitcoin, our survey found that crypto participants had rather mixed expectations for Ethereum price.
21% predicted Ethereum would exceed $10,000, followed closely by 19% who predicted it would top at $5,000 maximum. | | | Coup on Compound 🗳️ Is the Compound DAO under siege?
The decentralized lending protocol recently passed Proposal 289 to allocate 499,000 COMP tokens, worth approximately $24M, to the goldCOMP DeFi vault, created by a group of actors known as the Golden Boys.
However, community members claimed that the protocol suffered a governance attack, where entities affiliated with the Golden Boys had tried to push the proposal's approval by acquiring more COMP through the secondary markets.
The proposal was put up for voting last Thursday and was recently passed on Sunday, with votes of approval edging out rejections by just 50,000 votes.
However, Michael Lewellen, a security advisor for Compound, noted that the account that had proposed the allocation was recently delegated 95K COMP, along with several other wallets that had withdrawn significant amounts of COMP from Bybit.
The supposed leader of the Golden Boys, nicknamed Humpy, readily defended the proposal, claiming that the requested investment goes through a Trust Setup, which restricts the misappropriation and diversion of funds.
Since the proposal was passed, the price of COMP has fallen slightly by 2.9% from $49.69 to $48.27.
Editor's Note: Controversies regarding DAO governance are not new in the space, with smaller users often complaining that larger holders are able to push through proposals for their own benefit despite the overwhelming disapproval from the wider community. Situations like this are often another reminder that, like most things in the crypto space, decentralized governance is still in its experimental phase, and a lot of work needs to be done to ensure a fairer voting process for all. | | | With Ethena's yield-bearing USDe stablecoin quickly climbing the ranks into the top 5 stablecoins by market cap, many have raised concerns and comparisons to Luna's ill-fated UST. Learn about how Ethena works and how it's different from Luna. | | | The next strategic reserve 🏛️ The former US president, Donald Trump, has vowed to create a strategic stockpile of Bitcoin for the country if he is reelected.
Speaking at the Bitcoin 2024 conference in Nashville over the weekend, Trump also promised to keep all of the Bitcoin currently held or acquired by the United States.
Additionally, Trump has pledged to remove Gary Gensler, the current chairman of the SEC, on the first day of his return to the Oval Office.
Prior to Trump's speech, Bitcoin was trading close to $69K but fell sharply to $67K soon after. | | | Paris 2024 will make Games history by organizing the first-ever opening ceremony to be held in a city center, delivering Games like never before. CoinEx celebrates Olympics' avante-garde mentality through delivering world-class services, fostering exceptional values and encouraging the champion spirit for the gold.
Here's to the #OlympicGoldRush at the Summer Olympics! | | | | Elixir is powering liquidity across orderbook exchanges, allowing users to deploy liquidity to trading pairs and DEXs to earn rewards. Find out how to take part in Elixir's Apothecary initiative, where users can earn potions to qualify for future rewards. | | | In Other News... Proof of You. Hardware wallet manufacturer Ledger has announced the launch of its new Ledger Flex wallet, featuring a design language and E Ink touchscreen interface similar to its previous Stax model. Can't Spell Bitcoin Conference without Bold Predictions. Michael Saylor has predicted that Bitcoin will reach a market cap of $280 trillion by 2045.
Ownership to NFT Holders. Investment syndicate Vanta DAO is transferring ownership of its million-dollar business to its DAO members, making them "owner-operators."
Olympics Betting on Polymarket. The decentralized predictions platform now features an "Olympics" category, with $1.2 million already wagered on which country will win the most medals.
Going Beyond Ethereum. The Arbitrum community is voting on extending its Orbit chains to networks outside the Ethereum ecosystem.
Digital IDs on Solana. For $248, Solana users will be able to mint their Republic of Palau digital IDs.
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