New Sushi Head Chef promotes asset-backed tokens, receives 83% of vote

Jared Grey, a blockchain consultant and former CEO of EONS, has been appointed as the new Sushi Head Chef following an on-chain vote. Grey received support from 83% of Sushi token holders, with the runner-up, Andy Forman, achieving just 12.5% of the vote. Grey has experience consulting for some of the largest natural mineral miners…

Ooki DAO moves to raise funds to defend against CFTC lawsuit

Ooki DAO community members have commenced discussions to explore possible fundraising options to defend their case against the CFTC. The Commodity Futures Trading Commission (CFTC) had on Sept. 27 filed a lawsuit claiming that Ooki DAO’s leverage and margin trading services were illegal. Consequently, voting members of the DAO are considered liable to face sanctions…

Vitalik Buterin argues that highly decentralized DAOs will be more efficient than corporations

Ethereum co-founder Vitalik Buterin laid out arguments to support the view that decentralized autonomous organizations (DAOs) could be more efficient than traditional corporations in the presence of highly decentralized governance models. Ongoing conversations in the crypto community suggest that highly decentralized DAOs have been inefficient. Many are of the view that protocols could become more efficient…

CryptoSlate Wrapped Daily: Coinbase wants to give MakerDAO $24M per year in yield; Ripple has ‘several pilots’ in works on CBDCs

The biggest news in the cryptoverse for Sept. 7 includes Signature Bank seeing outflows in the digital asset banking space totaling $4.27 billion, Ripple’s CBDC initiatives, and Coinbase’s proposal that could generate up to $24 million annual passive income for MakerDAO. CryptoSlate Top Stories Signature Bank suffers $4.27B deposit outflows as crypto uncertainty takes hold…

Coinbase submits proposal that could earn MakerDAO $24M annually

Coinbase has submitted a proposal that could see MakerDAO (MKR) earn up to $24 million annually if passed. According to the proposal, MakerDAO will transfer 33% of its $1.6 billion Peg Stability Module (PSM) — roughly $528 million — into a Coinbase Prime custody account to earn a 1.5% annual yield on savings. PSM is a…

MakerDAO founder proposes converting $3.5B USDC reserve to Ethereum

MakerDAO (MKR) founder Rune Christensen has asked DAO members to consider converting its $3.5 billion USDC reserves to Ethereum (ETH) because of the extent of the Tornado Cash sanctions. MakerDAO is considering a $3.5 billion ETH market buy, converting all USDC from the peg stability module into ETH. — banteg (@bantg) August 11, 2022 Christensen…

Erik Voorhees urges MakerDAO community to exit USDC positions after Tornado Cash sanctions

Shapeshift CEO and founder Erik Voorhees recommended the MakerDAO community take precautionary measures after the U.S. Treasury sanctioned Tornado Cash. Specifically, Voorhees advised MakerDAO users to remove their USDC collateral and convert the funds into another stablecoin. But he stopped short of advocating a more censorship-resistant choice. Dear @MakerDAO $DAI community… you should start unwinding…

Start-ups turn to crypto-native messaging platforms

Crypto entrepreneurs think the need for crypto-native messaging platforms is increasing daily as the number of crypto users increases. Crypto is increasingly being used for things other than trading with an exchange. As DAOs and NFTs spread, the need to communicate through a blockchain-based, wallet-connected platform also increases. Prominent entrepreneur Elad Gil commented on the…