The 59th edition of our curated newsletter.
In today’s newsletter we look at:
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- Disclosure and DeFi
- Axis’ Ronin Validator Hack
- Eth Decisions According to Vitalik
- Ledger Assesses EU’s TFR
- Dune’s Unicorn Status
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Transparency and Building a Sustainable DeFi Protocol
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As regulators continue to crack down on DeFi and other web3 projects, it is becoming necessary for the industry to deliver information about their protocols that lays out the risks and benefits so people can fully understand.
In his article “Introducing Disclosure NFTs, Disclosure DAOs, and Disclosure DIDs“, Chris Brummer explains how the future of DeFi is, in part, tied to not only compelling products and services but also to transparency. Brummer ideates new concepts for disclosure within the NFT and DAO’s spaces.
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One of the highlight crypto events of the year is taking place this week 🎉 Taking place in Miami, Bitcoin 2022 will see all companies (including Mercuryo!) building in the Bitcoin ecosystem converge for three days of networking, exhibits and speakers.
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A big shock over the past week was the news of the Ronin exploit, announced by the Ronin Network on 29 March, one of the biggest in DeFi history. An attacker managed to gain access to four nodes in the chain belonging to Sky Mavis and a validator run by Axie DAO.
Ronin runs one of the biggest and most successful play-to-earn games – Axie Infinity. While the team discovered the exploit one week after hackers had gained access, all Sky Mavis validators were replaced, and Binance resumed withdrawals.
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Vitalik Discusses Past ETH Decisions and ‘Roads not Taken’
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In one of his latest blog posts, Ethereum co-founder Vitalik Buterin muses over daily questions many in the industry ask about Ethereum and its humble beginnings. Of course, the main one is Should we have gone with a much simpler version of proof of stake?
Buterin also breaks down how the dev community based many early-stage decisions on consciously improving on Bitcoin’s mistakes, and the team chose other pathways to fill in a blank.
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Ledger Speaks Out on the EU’s Transfer of Funds Regulation (TFR)
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First applied in 2015 to traditional finance, TFR’s primary goal is to prevent payment systems from being used to money launder or finance terrorism. The TFR would require Crypto Asset Providers (CAPs) to register, collect and report identifying information of receivers and senders to AML authorities and ban CAPs from interacting with DeFi protocols.
Ledger, the crypto hardware wallet, believes this isn’t the right move as Chainalysis found that only 0.15% of crypto was involved in criminal transactions in 2021. However, 5% of global GDP was laundered in 2021. Ledger explains some of the more unintended consequences this regulation may bring to the crypto community in their article.
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Dune: from a $250,000 Round to $69,420,000 in Three Years
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A recent Series B round of $69,420,000 and a $1billion term sheet brought Dune Analytics to a unicorn evaluation – with only 16 employees. In March 2019, Dune was purely focussing on cleaning up Eth data, and at this time, traditional VCs had virtually no interest in crypto projects.
Their series A came two years later, and round B a short six months later. The Dune co-founders emphasise how funding size and fundraising time are inversely correlated. Especially in the cryptoverse, starting is a slow grind, but it can never end once you gain momentum.
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Join the Cryptocurrency Revolution!
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How to land your job in fintech?
If you seek your dream role in fintech — Mercuryo is the place to stay. Check out all the opportunities we cover today.
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