Bancor DAO hit with class-action suit
A group of enterprising investors have rallied together and taken legal action against the Bancor decentralized autonomous organization (DAO), its operator BProtocol Foundation, and its creators in the United States District Court for the Western District of Texas. Their claim is nothing short of groundbreaking - alleging that Bancor hoodwinked investors with its supposed impermanent loss protection (ILP) mechanism for liquidity providers, and furthermore, acted as an unregistered security.
The lawsuit details that Bancor's v2.1 investment product, which made its debut in October of 2020 and was the second to feature ILP, actually operated at a significant deficit, which the defendants knew full well. Attempting to cover their tracks, they launched a new product, v3, with promises of "some of the most competitive returns anywhere," all the while not requiring users to bear any risk.
For those not in the know, an impermanent loss is a potential pitfall that can arise in the automated market-maker model of decentralized finance.
Ripple acquires Metaco for $250 million
Ripple is shelling out a cool $250 million to swoop up Metaco, a Swiss crypto custodial firm that caters to bigwig investors. Renowned for pioneering one of the earliest blockchain-based payment networks, Ripple is aiming to broaden its horizons with this landmark purchase and offer clients the ability to securely stash their virtual valuables via its upcoming product line.
Ripple's top brass, including CEO Brad Garlinghouse and President Monica Long, heaped praise on Metaco's tried-and-true digital asset custody pedigree, underscoring their eagerness to revolutionize the way folks store their crypto on their platform.
Origin protocol launches Origin Ether (OETH)
Welcome to the new age of yield aggregation with OETH, an innovative Ethereum platform that optimizes your yield by balancing liquid staking derivatives and ether liquidity provision on leading AMMs. Origin Ether, with its groundbreaking yield boost mechanic, offers top-of-the-market APYs on ether, drawing on the success of Origin Dollar's pioneering approach.
As an ETH-based yield aggregator, OETH leverages our learnings from Origin Dollar and applies them to ether, providing an unparalleled experience. OETH is fully backed, liquid at all times, and grows directly in your wallet without the need for pesky gas fees. The cherry on top? Unlike its peers, OETH accepts liquid staking derivatives instead of stablecoins as collateral, setting it apart from the rest.
Tether to buy Bitcoin for reserves
Tether, the sturdy stablecoin issuer, has revealed its fresh investment strategy, putting a prime focus on the behemoth cryptocurrency, Bitcoin (BTC). Beginning this month, the firm will be regularly using a portion of its profits to purchase BTC, making up to about 15% of the realized profits from investments.
Tether intends to add the purchased tokens to its reserve surplus, fortifying its position in the crypto market. To ensure the utmost security and control, the company will take full custody of the BTC stash on its own, shunning the assistance of any third-party custodians.
For more information on Tether, you can compare them agains the other most trusted stablecoins in crypto.
Uniswap deploys on Polkadot
Today, the mighty DeFipowerhouse Uniswap has proudly proclaimed its imminent arrival on the Polkadot scene, a decision that was unanimously agreed upon through the visionary initiative of Blockchain at Michigan - a trailblazing educational organization paving the way for future blockchain industry leaders.
Within a mere month, the renowned decentralized exchange (DEX) will unleash its powerful Uniswap V3 iteration for the Polkadot community, boasting unparalleled advantages over its predecessors, such as increased capital efficiency, flexible fee structures, and a remarkably enhanced user experience.
Other breaking news
- Harvest 3 is live
- Rage trade v2 teaser released
- Reserve hyUSD live
- MetaMask supports Lido withdrawals
- Asymmetry launches Safe Asymmetry Finance Ethereum (safETH)
There it is, folks, another busy day in the crypto space. We’ve seen a lot of launches, from Uniswap, arriving on Polkadot, to Harvest 3 and hyUSD going live. In a string move Ripple has made an acquisition of a crypto custodian, and similalryl astounding Tether proclaimed that they’re looking to buy BTC and use it for its reserves. Stay informed and ahead of the game with our daily crypto scoop. See you tomorrow!