In a possible decentralized finance (DeFi) first, Inverse Finance’s governance has approved today a proposal to buyout Tonic Finance in a $1.6 million-dollar deal that will bring Tonic under Inverse’s umbrella. First floated after “weeks of negotiation” in early April, members of the Inverse Finance DAO began voting yesterday on a proposal to acquire Tonic and hire its solo developer, Tony Snark. The proposal quickly crossed the 4000 token approval mark and as of today is set to pass — notably without a single dissenting vote. That feeling when your DAO is completely aligned in vision. Imagine how much you …

Decentralized finance protocols Badger DAO and RenVM have announced today the launch of “Badger Bridge,” a Bitcoin-to-Ethereum bridge that will allow Bitcoin (BTC) holders to bring their BTC to Ethereum and deposit it into yield-bearing vaults, purportedly with a single click. “The Badger Bridge is the first of its kind to enable users to earn yield on their tokenized Bitcoin immediately, all while transacting within the same app. What used to be an arduous process to obtain yield on your Bitcoin is now just a few short clicks,” reads a blog post from the Badger team. “With the launch of …

With a liquidity mining program set to launch on Monday, Aave could be on the cusp of becoming the dominant decentralized finance (DeFi) ledning protocol. Earlier today, Aave Improvement Proposal (AIP) 16 reached quorum, meaning that starting on Monday, 4/26 liquidity providers and borrowers in Aave’s USDC, DAI, USDT, GUSD, ETH, and WBTC pools will earn stAAVE rewards in addition to their standard interest yield. Per AIP 16, providers and borrowers in these pools will split 2,200 stAAVE tokens per day from the protocol’s current 2.9 million AAVE Ecosystem Reserve, currently worth nearly $1 billion. The proposal, written by Aave …

In a move that could point toward greater decentralization and wider access, the Nexus Mutual community is currently considering a proposal to sunset the coverage protocol’s legal entity and lift Know Your Customer (KYC) burdens currently necessary to interact with the platform. The proposal was announced on Thursday in a Tweet by Christopher Heymann, co-founder of investment fund 1kx. In it, Heymann notes that Nexus originally launched with a “a UK-based limited company” in order to protect the team from legal liabilities and tax-related issues. 1/ Attention Nexus Mutants: Nexus Mutual is evolving. We are launching Operation Wartortle with the …

Yield vault protocol Yearn.finance has revealed today the details of “Coordinape,” a new platform for distributing the $40,000-per-month Yearn DAO community grants budget — just one initiative in a wider effort to further decentralize Yearn’s governance. Yearn founder Andre Cronje — who said in an interview with Cointelegraph that he no longer takes part in Yearn’s “day to day” development — revealed the program in a blog post this morning. Each Coordinape member will have a set quantity of “allocation points” which they can distribute to other members who they worked with during a given month. Members with the most …

A layer-two DAO protocol has warned that there are some “significant issues” with many of the most popular Optimistic Rollup solutions on the market. As Ethereum continues to struggle with a long-running gas fee crisis, with spiraling transaction costs making the blockchain unusable for many DeFi enthusiasts, rollups have been touted as the silver bullet that will address scalability woes. Earlier in March, Ethereum co-founder Vitalik Buterin suggested that such a solution would serve as a sticking plaster until the long-awaited Eth2 upgrade delivers sharding — ensuring that the blockchain can scale by a factor of 100. But according to …

A new decentralized autonomous organization management platform is being built on Polkadot — and aims to shake up the way organizations are run. Companies, open-source projects, foundations, hedge funds and NGOs are among the entities that can be created and managed through the Idavoll Network. Basic functions such as shareholder votes, disputes and accounting matters can be executed with ease — and the organization’s behavior and operating rules are enshrined through the use of smart contracts, delivering “openness, fairness and justice” to all. Anyone within an organization can submit proposals that their peers can vote on, and a dispute mechanism …

Ethereum co-creator Vitalik Buterin believes NFTs can be applied to socially relevant causes such as charities and funding public goods, but not while the technology is still viewed as a “casino that largely benefits already-wealthy celebrities.” The author of the Ethereum whitepaper said there was little social value in helping celebrities like Elon Musk add another $1 million to their bank balance by selling NFTs. But he does believe that with support and coordination, non-fungible tokens could have a significant impact on other areas of society. In a blog post titled “The Most Important Scarce Resource is Legitimacy,” Buterin said …

Gnosis and Snapshot have collaborated to develop SafeSnap, a product that allows for automatically executing successful governance votes on Snapshot. The module, which combines features of Gnosis Safe Multisig and the Snapshot off-chain governance platform, was released on Tuesday. Snapshot is a “governance-as-a-service” provider for a number of decentralized finance projects, including Yearn.finance, SushiSwap, Balancer, Aave, Cream and others. It provides a simple interface to create governance proposals and lets users vote on them by connecting their wallets and the governance tokens contained within. The actual voting process is conducted off-chain, however, to save on gas costs and complexity. Snapshot …

A venture DAO is taking on the heavyweights of the blockchain VC world with a community-driven venture capital protocol and accelerator. Stacker Ventures claims that the current landscape is often dominated by exclusive deals that see VCs get significantly greater value than mainstream investors. As well as delivering capital to early-stage projects, the platform is also going to provide the manpower and skills that startups need to succeed through its involved DAO participants. Stacker Ventures is backed by a line-up of renowned crypto venture capital firms — including Senary Blockchain Ventures, Supernova Fund and Fourth Revolution Capital — who are …

As some brand-name decentralized finance tokens sputter, a crop of new projects have emerged that are catching strong bids on the back of aggressive yield farming programs, generous airdrops and significant technical advances. It’s a set of outlier projects pushing forward that has led one crypto analyst, eGirl Capital’s Mewny, to brand them as DeFi’s “Gen 2.” feels like theres a gen 1 and gen 2 of defi tokens now the former is stagnant and the latter is pamping has nothing to do with fundamentals. its all psychological — mewny (@mewn21) March 6, 2021 Mewny, who in an interview with …

Decentralized finance (DeFi) protocols Yearn Finance and Cover have announced today the end of a protocol merger process initiated in November last year. The two protocols were initially linked during a spree of a half-dozen Yearn acquisitions, mergers, or collaborations, the exact term depending on the project. The split comes as a surprise to many, given that Cover, a protocol that provides coverage or insurance for DeFi deposits, was a natural fit for yield vault provider Yearn. The teams had also collaborated in crisis situations in the past, such as when Cover experienced an “infinite mint” hack in late December …