As always, here are some of the most recent forum threads I recommend readers follow:
First, I want to highlight a thread from 1Inch that updates the community on the status of their hardware wallet. I, for one, was surprised to read that 1Inch was building a hardware wallet at all. Still, given the recent news around Ledger’s account recovery, a dedicated DeFi hardware wallet could be precisely what the industry needs. 1Inch funded the development of the wallet through their grants program for $175K. This forum thread, however, requests an additional $2M in funding to complete the product trade version, set up a manufacturing process, and conduct security audits. The wallet is not yet for sale, but a waitlist exists here.
The wallet actually looks pretty slick
However, as interesting as 1Inch’s hardware wallet would be – especially as it’s going to be open source – the benefits to 1Inch seem tenuous. The team will use 1Inch branding for the wallet, and 1Inch’s mobile app will be its main software interface, so presumably, 1Inch would bank on the app and wallet driving more volume to their dex aggregator. But, $2M is a significant spend considering the state of DeFi. But then again, given Ledger’s continued fumbling, this could be the perfect time to launch their wallet.
The SuperRare team has presented their forum with plans for a new token feature called RARE staking. Rare staking allows users to stake RARE tokens on each other to signal reputation and support. In the proposal’s estimation, this will help create a network of participant reputation which can help users discover relevant and reputable content. This thread presents the technical specifications of the reputation systems and some other helpful links like the code repo and an alpha app. But, this thread is instead for soliciting feedback from the community on how exactly to implement this functionality for the protocol and the token. Regardless, readers should follow how this develops; new utility can sometimes act as a catalyst for a token.
Due to the success of Nima Capital’s active liquidity management strategies, Synapse is exploring a significant reduction in SYN emissions. In March, Synapse onboarded Nima Capital to its protocol to be the first group to manage Synapse’s concentrated liquidity pairs actively. According to the proposal, Nima Capital has successfully reduced quotes to such levels that the DAO no longer needs to incentivize passive LPs. The proposal recommends immediately reducing SYN emissions on their nUSD stableswap pools by 50% (100K – 50K per week) and to reduce emissions to zero eventually.
Emissions are one of the most important token dynamics to be aware of. Tokens with high emissions behind them can face significant sell pressure. Heavy emissions are commonplace in protocols that pay for liquidity by emitting tokens. With no money entering a system, these tokens will most likely go down. As such, token investors should follow token emission changes – including this one.
