TLDR Crypto 2022-06-09

Active participants of the HOP protocol will be able to claim their HOP tokens starting tomorrow. An official announcement will be made when the claim site is live. This thread contains information such as the official HOP contract address, the official app URL, delegate applications, and the official Discord link.

Umee is bringing Maker's DAI stablecoin to the Cosmos ecosystem. DAI is an over collateralized stablecoin that is minted by depositing over $1 worth of cryptocurrency for 1 DAI. Each eligible asset has its own minimum collateral ratio that dictates how much of the asset is needed to mint DAI. Umee is a service that allows users to lend and borrow typically non-compatible cryptocurrencies. It is backed by Coinbase Ventures, Polychain, and others.

Decentralized exchange DeversiFi is launching cross-chain swaps. The new feature will integrate multiple chains to facilitate more efficient transactions. It will allow users to buy tokens on other chains without needing to consider bridges. DeversiFi will integrate with Polygon first before incorporating Avalanche, BNB Chain, Optimism, and Arbitrum. It has partnered with ParaSwap to help users convert USDT or USDC into Polygon tokens.

Ethereum's Ropsten public testnet will be upgraded to a proof-of-stake consensus algorithm today. The testnet is identical to the mainnet, except that no real funds are at risk if any technical issues occur. The new PoS model will solve some of Ethereum's biggest issues, such as high transaction costs and scalability. A successful Merge on the testnet will bode well for the real Merge planned for August this year.

Many crypto protocols' revenues have dropped further than the assets themselves over the past few months. Projects with real product market fit are currently trading at a relative discount. Ethereum's fee reflexivity makes it more competitive during periods of low activity, taking away the advantages that other alt-layer 1s have. Projects with 'fundamental value' have not weathered the downturn any better than their 'no revenue' counterparts. Some protocols, such as Optimism and Hop Protocol, are seeing revenue growth likely due to airdrops.

This Twitter thread analyzes the latest tokenomics benchmarks to help crypto operators and founders determine optimal token allocation and vesting schedules. Determining who receives tokens and how they are distributed impacts the token's perception and performance. The data presented in the thread can help teams plan for growth, develop fundraising strategies, and budget for engagement and community incentives. A link to a full detailed report is available.

Users often assume that any account accessible on Ethereum will also be accessible on other EVM-based chains. This is generally true, but not always on smart contract accounts. Contracts can be created at the same address on different chains with completely different code and different owners. Multisig wallet users on Ethereum should take the time to understand the security properties of their wallets and whether or not they can control the wallet on chains other than Ethereum.

The number of DAOs, proposals, and votes has exploded in the last year. There are now more than 6,000 DAOs, eight times more than last year. While the number of governance proposals has increased, a large percentage of proposals are created by a small number of DAOs. Voter activity has increased significantly, but recurring voters are rare. Voting power is still relatively centralized, but it is slowly becoming more decentralized.

Jamaica's Senate unanimously passed a bill giving authority to the Bank of Jamaica to issue and back a Central Bank Digital Currency (CBDC). The currency, called the Jamaican Digital Exchange, will not use blockchain technology. It will be available through a digital wallet called Lynk. Users will be able to send the CBDC to other wallet holders by scanning a QR code or by entering the wallet ID of the person they want to send funds to. There will be no fees associated with CBDC transactions. More details about the CBDC are available in the article.