Markets & Business
Crypto platform Vauld suspends withdrawals, trading and deposits amid financial challenges (3 minute read)
Vauld has suspended withdrawals, trading, and deposits on its crypto lending and exchange platform due to financial challenges. The platform has processed $198 million in customer withdrawals since June 12. It is exploring restructuring options and seeking financial and legal advice from several consulting companies. Vauld intends to apply to the Singapore courts for a moratorium. It will make specific arrangements for certain customers who need to meet margin calls.
Innovation & Launches
HTC launches metaverse phone with Ethereum, Polygon support (1 minute read)
HTC launched a metaverse phone that comes with a digital assets wallet and virtual reality headset pairing feature on Tuesday. The Desire 22 Pro will offer a rich metaverse experience without a VR headset through apps from HTC's metaverse arm Viverse. Users will be able to create virtual avatars and manage crypto assets on Ethereum and Polygon. The device will be available for purchase in Taiwan, Japan, and Europe.
Ethereum Difficulty Bomb Delayed to Mid-September (3 minute read)
Ethereum's developers have delayed the difficulty bomb by another 100 days. The delay is an acknowledgment that the Merge will take longer to complete. Rushing development for the Merge would be irresponsible. The developers are reluctant to announce a hard deadline for the Merge as the pressure could result in the team burning out or making bad decisions.
Guides & Resources
Last week saw the most participated / contentious vote in the history of DAO governance happening at @MakerDAO (2 minute read)
MakerDAO recently voted to remove an independent Lending Oversight (LOVE) unit that provided second opinions to MKR holders on complex lending collateral and process auditing and strategic oversight. LOVE's first meaningful assignment was to assess a loan for a startup that had many shareholders that were also large MKR whales. LOVE published a negative review for the loan, creating some conflict in the community. There was record participation in the vote to remove LOVE. The results of the vote were close and there were clear signs that some parties worked together.
Compound Finance published version III of the protocol last week (2 minute read)
Compound Finance has released its third version of its protocol. The new version introduces lending markets with single borrowable assets. Each market can be seen as a separate protocol instance with its own collateral and liquidation factors, which allows for the creation of tailored money markets. The project aims to enable more capital-efficient money markets by reducing overall risk.