MAR 22, 2022 • 9 Min Read
DISCLOSURE: DELPHI VENTURES HAS INVESTED IN ETH, BREEDERDAO, AND LIDO. MEMBERS OF OUR TEAM ALSO OWN STETH AND APE. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.
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We would like to point out two things regarding participation this week. First is the relative centralization of decision-making we saw. Lum Network, Synapse, Tracer DAO, Notional, and Stake DAO only had a few dozen addresses vote on their proposals, even if voters used a large portion of the token supply for voting. There is an extra bit of nuance in this particular case, however. LUM holders delegate tokens to validators who then vote on their behalf. So for Cosmos chains, we can expect a large portion of voting tokens originating from a small number of voters. The second point is, given ongoing regulatory uncertainty surrounding crypto, protocols and DAOs should seek to decentralize further than we are seeing. Admittedly, this isn’t the first time we’ve called for this, but we do believe many protocols are carrying more “centralization risk” than we’d like to see. Again, each project and protocol has different needs. Therefore, their approaches to decentralization will often differ, but it’s hard to argue that a few dozen voting addresses would constitute as “decentralized.” In this regard, Quickswap and dYdX showed a reasonable level of decentralization with at least a few hundred addresses voting.
In this episode, we sit down with Renz Chong, CEO of BreederDAO, an NFT asset factory for blockchain games. We discuss BreederDAO’s business model, $BREED tokenomics, critiques of the guild model, and much more!
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Watch out for Social Engineering Attacks
Found out the likely root cause for the exploit, it’s a targeted social engineering attack. Received a spear-phishing email that really seems to be sent by one of our portco with content that seems like general industry-relevant content.
They are likely targeting all crypto peep
— Arthur 🌔⛩️🦔👻 (@Arthur_0x) March 22, 2022
Crypto 101
I spent a lot of the past year trying to learn about crypto, web3, NFTs, DeFi, etc. But the explainers I found were bad — boring, biased, inaccessible. So I pitched my editors on letting me write my own Crypto 101 series.
14,000 words later, here it is!
https://t.co/1krPZ8nz1g
— Kevin Roose (@kevinroose) March 21, 2022
Metis Launches NFT Bridge
🎉🔊 We’re thrilled to announce our NFT Hub, our highly anticipated NFT Bridge!
Starting today, NFT enthusiasts will be able to bridge NFTs back & forth from Ethereum and Metis. Users can now use the Metis NFT Bridge at http://nftbridge.metis.io! 🎉
— Metis (@MetisDAO) March 21, 2022