Explore the latest in crypto: Aragon repurposes $177M treasury, Ethereum halts for 25 mins, U.S. Chamber supports Coinbase, and Litecoin transactions surge by 500%.
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Aragon DAO ‘Repurposes’ $177 Million Treasury & Ethereum Halts

Aragon DAO ‘Repurposes’ $177 Million Treasury & Ethereum Halts

Explore the latest in crypto: Aragon repurposes $177M treasury, Ethereum halts for 25 mins, U.S. Chamber supports Coinbase, and Litecoin transactions surge by 500%.

Date:
May 13, 2023
| Issue
#
16

Hi all, Happy Friday! We’ve reached the end of the week and we have another Datawallet newsletter for you. Here we cover the exciting topics that revolve around the world of crypto. Regardless of your experience level with crypto, we deliver topics for everyone. Enjoy the ride. 

Today’s drop will cover these key daily news items:

Aragon ‘Repurposes’ $177 million treasury

The Aragon Association has given the cold shoulder to a governance proposal aimed at handing over the reins of its $177M treasury to token-holders, citing the need to safeguard against any potential governance attack. In a bid to tackle the recent coordinated assault by the "Risk Free Value Raiders" that led to the downfall of Rook DAO, Aragon has decided to pivot its DAO and treasury into a developer grants program, providing a fitting response to these brazen attempts to undermine decentralized governance. 

However, this move also underscores the ongoing dilemma facing smaller teams with significant treasuries, as they remain vulnerable to malicious entities who accumulate their governance tokens. Conversely, project teams may also be hesitant to relinquish control over governance and treasury assets to their communities, thwarting the goal of true decentralization.

Ethereum failed to complete transactions for 25 minutes

On a fateful Thursday, the Ethereum mainnet found itself in a state of confusion and distress, unable to fully confirm transactions for a harrowing 25 minutes. Despite the blockchain's valiant efforts to propose blocks, they simply refused to be finalized, leaving users in a precarious position. While transactions appeared to be going through, they were at risk of being altered due to the troublesome malfunction.

Frantic whispers among Ethereum core developers could be heard across Twitter, as they tirelessly investigated the issue at hand. This wasn't the first time the blockchain had faced such a predicament; a previous bug in a client had caused a similar ordeal.

But hope was not lost. After what felt like an eternity, the mainnet finally regained its composure, and blocks were once again being finalized. Despite the relief, the developers continued to sift through the ashes of the past, determined to uncover the cause of this unforeseen hiccup. Rest assured, the community would be kept in the loop as their investigation pressed on.

U.S. Chamber of Commerce supports Coinbase

The Securities and Exchange Commission (SEC) was called out by the U.S. Chamber of Commerce for their lackluster regulatory approach towards the digital asset industry. In a bold move of solidarity, the Chamber filed an amicus brief in support of Coinbase's recent court case against the SEC. 

Coinbase is urging the SEC to respond to their "petition for rulemaking," filed last July, which asks for clear-cut rules and regulations regarding digital assets. And now, with the backing of one of the largest business organizations in the world, Coinbase is primed for success. The U.S. Chamber of Commerce represents over 3 million businesses and organizations across the country, from humble mom-and-pop shops to colossal multinational corporations. 

Amicus briefs, or legal documents containing outside advice, are crucial tools for third parties in legal cases. And the Chamber didn't hold back, slamming the SEC for intentionally sowing confusion and uncertainty within the digital assets industry. It's time for the SEC to step up and provide clear guidelines, and the Chamber is standing by Coinbase until they do.

Litecoin transactions up 500%

The Litecoin blockchain has been ablaze with activity like never before, following the release of the LTC-20 token standard. In just 24 hours, a staggering 585,000 transactions were processed - an incredible 500% surge in just one week. This beat the previous record of 225,000 from way back in January 2018. On the same day, the number of active LTC addresses and newly created addresses also hit new highs. 

The LTC-20 token standard was inspired by the incredible success of Bitcoin's BRC-20 token standard, which has already amassed a market cap of $663M just two months after launching. Meanwhile, Bitcoin's on-chain transactions hit a new all-time high of 682,000 on May 1st. 

DeFi experts may be wondering why there's so much hype around fungible tokens on Proof of Work chains right now. The answer lies in Ethereum's pioneering ERC-20 token standard, which paved the way for the ICO and DeFi crazes that fueled past crypto bull cycles. 

Other breaking news

  • Staked Ether deposits up 500%
  • Bitcoin prices slip to 2-month lows
  • Crypto VCs made $2.6 billion worth of deals in Q1
  • Cardano scaling node Hydra Head goes live
  • Texas votes to add crypto to state’s bill of rights

Wrapping up

That’s a strong end to the week, with another Datawallet newsletter. We’ve covered LTC and sETH transactions and deposits rising 500%, respectively. The US COC supports Coinbase, while Ethereum had a network freeze for 25 minutes.  Stay informed and ahead of the game with our daily crypto scoop. See you tomorrow!