Weekly newsletter of DAO highlights / Issue #27

Weekly newsletter of DAO highlights / Issue #27

From Balancer DAO’s decision to channel 1 million ARB towards LP incentives to a16z’s plan to establish its first international office in London, we’ve compiled a list of some of the most relevant DAO and crypto news over the past week.

Top Stories

1inch Hardware Wallet project approved for completion

Earlier this week, 1inch DAO ratified a proposal seeking to finalize the development of the 1inch Hardware Wallet, an open-source wallet that includes features such as transparent signing, data decoding, open-sourced hardware & firmware, and a multi-seed wallet. The dev team will receive $2 million to complete the product trade version (PTV) of the 1inch hardware wallet, with plans to roll out the first batch of the product in Q4 of 2023.

SturdyFinance suffers major security breach

On June 12, SturdyFinance became the victim of a security breach that resulted in the loss of 442 ETH. The breach was due to a read-only reentrancy exploit in the protocol’s smart contract. The loophole allowed a malicious actor to perform a callback to withdraw tokens, which updated the real token balance but not Balancer's accounting values. Although the protocol quickly moved to pause its stablecoin market, the market has now been unpaused.

zkSync ID debuts second wave of community airdrop

The zkSync ID team is set to airdrop a total of 780,000 USDT worth of ZKID tokens to community members in the second reward drop. There is however a clause as the drop is on a first-come, first-served basis and requires holding domains from zkns domains, ZNS protocol, era domain, zksync, or era ID from the platform.

a16z to establish its first international office in London

In a move that arguably highlights UK’s positioning as a global player in the crypto and blockchain industry, leading venture capital firm a16z will be establishing its first international office in London. The firm’s move to establish an office in London trails previous investments in UK-based crypto companies like Aztec, Arveave, and Improbable. Meanwhile, a16z will be hosting the next iteration of its Crypto Startup School in London in 2024 as part of its expansion strategy.

ENS DAO elects stewards for three working groups

The DAO of the popular Ethereum Name Service (ENS) has elected new stewards to head three working groups. Elections were concluded on Thursday morning for the DAO’s Meta-Governance, Public Goods, and ENS Ecosystem working groups, with some previous officials being re-elected to continue their roles within the subgroups. The elected officials will begin their terms on July 1, 2023, and function in their roles for a six-month term.

Balancer DAO reaches a decision on how to spend its ARB token allocation

Following its receipt of 3 million ARB tokens from Arbitrum, Balancer DAO has decided how to spend the airdrop. 1 million ARB will be used for LP incentives while the remaining 2 million tokens will go towards deploying protocol-owned liquidity in an ARB/BAL/AURA 33/33/33 pool.

Other News

  • Following a governance vote that ended on Friday, VitaDAO will be creating an operating entity for the execution of things like member services, finance, communications, and service provider management functions.
  • Idle DAO will be halting its staking reward program for stkIDLE holders on the grounds that the initiative “has fallen short of sustaining the token price through the buyback mechanism setup.”
  • Spartan Council has agreed to stop the L1 volume partner rewards, as well as its Curve 10,000 SNX inflation rewards. Moving forward, the rewards will be distributed to stakers.
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