Ethereum Bulletin #35

SSV DAO to Distribute $10M in Grants, Immutable X Will Allow Ether-to-Dollar Withdrawals, U.S. Bank Will Connect with MakerDAO To Borrow $100 Million, Reddit Will Launch NFTs On Polygon, Aave is launching a stablecoin, Aztec Launches First Ever Private DeFi, Celsius gets sued

Ethereum Bulletin #35


SSV DAO to Distribute $10M in Grants for Staking Projects Ahead of Ethereum Merge

SSV DAO (Secret Shared Validator), the decentralized autonomous organization behind decentralized staking infrastructure, will distribute $10 million in grants to development teams working on decentralizing Ethereum’s consensus layer in preparation for The Merge.
The SSV DAO accrued $10 million in assets through strategic partnerships with Coinbase, Digital Currency Group (DCG is the parent company of CoinDesk) and OKEx.

To know more about this, have a follow-up here.

MakerDAO community has voted to add Huntingdon Valley Bank

Ethereum’s decentralized finance protocol MakerDAO proposed a historic vote to connect the Huntingdon Valley Bank (HVB), a U.S. bank to its platform. The MakerDAO community has approved the proposal and the financial entity will be able to access an initial debt ceiling of $100 million.

This partnership will enable the bank to submit potential lust in which MakerDAO can participate via the RWA Master Participation Trust. Thus, the DeFi protocol can have a stake and real-world participation in this process.

With nearly 87% of the total delegates backing the U.S. bank’s proposal to borrow up to a $100 million DAI loan, the MakerDAO community has voted to add Huntingdon Valley Bank (HVB) as a new vault type in the Maker Protocol.

According to the proposal, the loaned DAI will provide a 3% net yield to the MBPTrust (MakerDAO Bank Participation Trust).

Reddit Will Launch NFTs On Polygon

One of the most popular social media platform Reddit will launch a new feature called Collectible Avatars. These blockchain-backed items are non-fungible tokens (NFTs) running on Ethereum’s second-layer scalability solution Polygon.
Reddit has tested the feature since January 2022, but rumors about a potential deployment have been around since 2021. The initiative is part of a series of steps to, according to Reddit, “empower” their self-managed community.

The new items will be purchasable with fiat currency only. As of now, users can sign up for early access and view some of the items in the collection.

To know more about this have a follow-up at their blogpost.

Aave is launching a collateral-backed stablecoin

Aave, one of the many Defi tokens in the Ethereum Blockchain is launching GHO, a decentralized multi-collateral stablecoin that is fully backed and native to the Aave Protocol which will be pegged to the US dollar. All decisions relating to GHO will be in the hands of Aave Governance.

If approved, the introduction of GHO more competitive, provide more optionality for stablecoin users and generate additional revenue for the Aave DAO by sending 100% of interest payments on GHO borrows to the DAO.

As a decentralized stablecoin on the Ethereum Mainnet, GHO will be created by users (or borrowers). As with all borrowing on the Aave Protocol, a user must supply collateral (at a specific collateral ratio) to be able to mint GHO.

Aztec Network Launches First Ever Private DeFi Solution for Ethereum

Aztec Connect is live on the Ethereum mainnet enabling private DeFi on Ethereum for the first time ever.

By fusing full privacy and L1 DeFi liquidity right on Ethereum mainnet, users no longer need to trade convenience for privacy via alternative privacy chains. With Aztec Connect, Ethereum is now capable of private DeFi all on its own.

Aztec Connect is the next major leap toward our long-term vision: a fast, decentralized zero-knowledge network with native smart contract privacy.

Celsius gets sued amidst Ponzi scheme allegations

KeyFi Inc, a DeFi staking software developing firm, has filed a lawsuit against embattled crypto lending company Celsius Network over allegations of fraud while also alleging that the firm operated in a Ponzi-like manner.

Celsius had refused to honor the terms of a 2020 agreement which saw KeyFi help the crypto lender manage and invest its customers’ funds.

A review of the court filing showed that KeyFi did not sign any formal written agreement with Celsius Network until January 2021. However, the firm had been operating as Celsius investment manager under a special purpose vehicle named Celsius KeyFi since August 2020.

At the peak of this partnership, KeyFi was helping Celsius to manage as much as $2 billion of its users’ funds, and the firm had over $800 million in assets under management as of April 2021.

To know more about it, have a follow up here.

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