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Weekly Crypto/DeFi Update with Synchrony

Here are top news from the crypto/DeFi space last week.

Sam Trabucco has resigned as co-CEO of Alameda Research. He will continue on as an advisor and Caroline Ellison will continue as sole CEO.

Genesis Trading CEO steps down

⁠Bug bounty quadruples for white hats testing the Ethereum network — up to $1M payouts ahead of Merge

Additionally, submissions for low, medium and high-risk bugs are accepted under the reward program.

Coinbase is launching its own liquid staking token, called cbETH, ahead of Ethereum’s Merge and aims to cut into Lido’s dominance

The Block is moving parts of its consumer paywall exclusively to a crypto token model

Netherlands court has ruled that developer, Alexey Pertsev, accused of facilitating money laundering via the now-sanctioned Tornado Cash, must stay in jail for at least a further 90 days.

Court approves Voyager Digital to pay $1.9M in retention bonuses to key staff members to ensure they can continue operating through bankruptcy proceedings

Uniswap Foundation has passed after their proposal received over 99% of the votes from Uniswap holders.

Reddit has begun airdropping its Polygon-based “Collectible Avatars”

The Graph adds Gnosis Chain to its decentralized blockchain indexing protocol

Crypto ATM company Bitcoin Depot has struck a deal with an SPAC that should see it go public at an $885M valuation.

Coinbase eyes long-term growth of subscription revenue and NFTs are still a focus.

Binance Notice Regarding the Upcoming Ethereum Merge

Binance assisted law enforcement in China to suspend some accounts because users received unlawful crypto, causing a huge panic in the Chinese community

South Korean exchanges such as Upbit announced that deposits and withdrawals related to 16 overseas exchanges, including KuCoin, MEXC, Phemex, Bitrue, CoinW, CoinEX, AAX, ZoomEX, Poloniex are prohibited according to government requirements

D/Bond created a new ERC-3475 standard to introduce bonds and add value to improve Ethereum’s existing infrastructure and ecosystem. It is now accepted by the Ethereum Foundation. Makes it possible to issue bonds with multiple redemption data

Mercedes-Benz’s strategic project Acentrik has now become operational on Polygon Mainnet as part of its official enterprise release

The proposal to launch Compound III has succeeded; 200 addresses voted — 1,203,196 COMP in support

Alchemy, a web3 infrastructure platform backed by a16z, Coatue and Lightspeed Ventures, has announced its first acquisition, Ethereum developer education platform ChainShot

Synthetix founder Kain Warwick proposed a new proposal SIP-276: aiming to end inflation with the total supply of SNX tokens capped at 300M. The idea is to finally turn off the money printer which was originally necessary to bootstrap the protocol. Synthetix would much more closely resemble a traditional business by simply generating fee revenue and distributing the proceeds to SNX holders. Related to the growing acceptance of the “real yield” narrative

Maker DAO opens $100M Dai loan to huntingdon valley bank

Trader Joe introduced Liquidity Book, a next gen AMM protocol that is highly efficient, flexible and built for DeFi. This ground-breaking architecture pools liquidity into constant sum price bins which are aggregated to form a market. LB provides traders with zero or low slippage trades, for any trade size, due to constant sum price executions

Thorswap, a multichain DEX aggregator, has launched cross-chain swaps for over 8,300 ERC-20 tokens. This removes the need for users to bridge assets and enables native asset swaps directly in its platform

The $74M plan by two former Uniswap Lab executives for a new Uniswap Foundation has passed after their proposal received over 99% of the votes from Uniswap holders. The foundation’s aims to streamline Uniswap’s Grant Program and reduce friction in the protocol’s governance system. Raised questions regarding centralization.

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Adegbite Mubaraq

Blockchain Copywriter and Marketer |Technical Analyst |Budding Financial Engineer