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Charles Hoskinson defends Cardano, explains ISPOs, and their possible regulatory implications

Courtesy of Charles Hoskinson’s Twitter

Cardano founder Charles Hoskinson has called out critics who say the network has recently gone dormant.
He also explained the concept of ISPOs and how regulatory policies could limit their uses.

Cardano founder Charles Hoskinson has given a status report on Cardano blockchain. He also gave a detailed explanation of the new Cardano-based fundraising method utilizing Initial Stake Pool Offering (ISPO).
In a Nov. 30 broadcast shared on Twitter, Hoskinson silenced critics alleging recent inactivity of the network. Cardano has been experiencing high developer activity, he notes as he displays some of the project’s building on the network.
Cardano, the MELD Protocol, and ISPOs
More importantly, the tech entrepreneur covered ISPOs – a new crypto fundraising strategy propagated by the non-custodial banking protocol MELD.
“An ISPO is a liberating new way for investors and the community to support MELD using the Cardano blockchain,” reads the MELD official website.
Interested persons get to participate in the ISPO by delegating their ADA tokens to one of 10 MELD’s public stake pools. Delegation happens through Cardano-based Yoroi or Daedalus wallets, and users get to choose their preferred staking period. Delegators get rewards in the form of MELD tokens proportional to the duration and amount of ADA staked. Staked ADA is not lost as users get refunds at a later time.
Notably, the ISPO fundraising effort began at the start of July and is set to close on Dec. 8. Its idea stemmed from the concept of stake pool operators (SPOs). The latter has been functioning since the 2020 launch of the Cardano Shelley era. ADA holders simply stake their tokens to pools to earn rewards in ADA while the SPOs get a fee. The more the number of registered stake pools, the higher the degree of network decentralization. Differently, MELD Labs receives either 100 or 50 percent of the staking rewards depending on the staking pool used.
Regulatory liabilities and ADA price movements
Hoskinson notes that this method could raise security offering concerns with the US Internal Revenue Service (IRS). This has been the case for some projects that raised money to support their further development.
Additionally, the “draconian” infrastructure bill brings with it new reporting requirements for crypto brokers, and there are concerns that ISPO delegators may be liable. Similar regulatory concerns have led to the delisting of ADA by eToro. Eventually, ISPOs may be forced to exclude US citizens, Hoskinson adds.
That said, Twitter user @TITW_STAKEPOOL has criticized the fact that about 23 SPOs are minting 50 percent of blocks on Cardano. Eventually, the small single-pools will be pushed out by the multi-pools, increasing the degree of centralization, he warns.
At press time, our data shows that ADA was trading at $1.59, down 0.6 percent in the day. The digital asset is now the sixth-largest by crypto market cap, having lost the fifth position to rival Solana (SOL).

Jack Dorsey’s Square rebrands to Block in a bid to dive further into Blockchain

Payments processing firm Square is rebranding to Block, a move likely to increase its influence and contributions to blockchain technology.
The name change is accompanied by a joining of five of Dorsey’s projects under the Block family.

Digital payments firm Square is rebranding to Block, supposedly in a shift towards blockchain technology.
According to a Wednesday tweet, Square said the change would bring together five related projects under the Block umbrella. These include Square itself, Bitcoin-focused decentralized exchange (DEX) TBD, music and video streaming platform Tidal, and Square Crypto. The latter is a crypto-focused branch of the payment processing company. Per an accompanying press release, Square Crypto will also be rebranding to Spiral as it joins the Block ecosystem.
“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” said Square.
We’ve been working to make this change for over a year, and it only represents a change of our official corporate name; not our purpose, our vision, our structure, or how we operate.
Square rebrands to Block
Just two days ago, Square – now Block – CEO Jack Dorsey stepped down as Twitter CEO. Parag Agrawal, the company’s chief technology officer (CTO), took over the post. Dorsey cited the need to give his replacement space to work without his influence at the social media giant.
Dorsey’s resignation brought on speculations that he would focus more on crypto and blockchain through Square, similar to Facebook when it rebranded to Meta. This might just be unfolding, starting with the name change. However, his efforts are likely to lean more on Bitcoin, a cryptocurrency he has, on multiple occasions, shown to be his favorite. One time he even expressed his willingness to leave Square or Twitter, should Bitcoin “need more help.”
“Block is a new name, but our purpose of economic empowerment remains the same,” said Dorsey on the name change. “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”
Notably, the legal name change will take effect “on or about” Dec. 10, according to Square. No organizational alterations will occur to any of the five projects.
Brief history and achievements
Based in San Francisco, Square was jointly founded in 2009 by Jack Dorsey and Jim McKelvey. Since going public in Nov. 2015, Square has quickly risen to the ranks of one of the largest payment companies in the US. It has also expanded its business model to include business analytics, employee management, and scheduling. Additional offerings are the peer-to-peer (P2P) payment service Cash App, and software, and point-of-sale hardware for businesses of assorted sizes.
Square contributed to the development of the Bitcoin-focused DEX TBD. Moreover, In June, Dorsey noted some tentative plans for the company to produce a hardware wallet for Bitcoin.

Jury is still out on the Kleiman v. Wright case with 1.1M Bitcoin at stake

According to the latest update, all jurors are finding it difficult to come to a common conclusion in the Kleiman v. Wright case.
A staggering 1.1 million Bitcoins worth roughly $62 billion in Satoshi’s Bitcoin wallet are currently at stake.

The ongoing court case between self-acclaimed Satoshi Nakamoto Craig Wright and his now-deceased friend David Kleiman remains open. It’s been three years since the case started in 2018 when the state of Kleiman sued him on the grounds that David was a partner to Craig in inventing and mining Bitcoin and thus should receive half the share.
In the past, Wright has claimed several times of holding the keys to Satoshi’s Bitcoin wallet. As a result, a staggering 1.1 million Bitcoins worth $62 billion are at stake as of now. Well, the case has just got interesting over the last few months with neither of the parties refusing to give their stand. This has increased the complexities for the presiding jury. In a statement on Wednesday, December 1, Judge Beth Bloom wrote:
Unfortunately we cannot come to a conclusion and we cannot all agree on a verdict on any of the questions.
Judge Beth Bloom further issued an Allen Charge thereby instructing the Jury to continue the deliberation until they reach a verdict. She added: “I suggest that you now carefully reexamine and reconsider all the evidence in light of the court’s instructions on the law”. As of Wednesday, the jury remained deadlocked and is set to return tomorrow.
The stakes are high with chances of a mistrial
As said, both parties are claiming their share over Satoshi’s Bitcoin wallet that holds 1.1 million Bitcoins. This makes it clear that a staggering $62 billion is currently at stake.
On one hand, Craig Wright is claiming that he’s the sole contender as the Bitcoin inventor. But on behalf of the estate, David Kleiman’s brother Ira has argued that Wright has broken an oral agreement with David to develop and mine Bitcoin together.
On the other hand, Wright claims that no such partnership existed between the two. He further noted that at the most, Kleiman’s contribution was in proofreading the Bitcoin whitepaper. In court, Wright has argued that his partner David Kleiman was not a partner and thus couldn’t have debugged the Bitcoin code. Well, there’s a high enough probability that the case could lead to a mistrial.
On Wednesday, Bloom also called other jurors in the trial room and read the specific language of the trial. She further explained that “the trial has been expensive in time, effort, money and emotional strain for both plaintiff and defendant. If you fail to agree on a verdict, the case remains open and may have to be tried again … There is no reason to believe either side could try it better or more exhaustively.”
Bloom has also told other jurors that they could take all the time they need.

Solice Raises $4.36M to Build the First Cross- Platform VR Metaverse on Solana

Amsterdam, The Netherlands, 2nd December, 2021, Chainwire
Solice, a Solana-based 3D Metaverse, has successfully closed $4.36 million in a seed and private sale led by Three Arrows Capital, Animoca Brands and Defiance Capital. Solice’s vision is to offer a deeply immersive Metaverse in which users can play, build, own, socialize, and monetize their virtual experiences across multiple platforms. 
Additional backers and partners in the round include Alameda Research, Solanium Ventures, Skyvision Capital, Jump Capital, Genblock Capital, Kucoin Labs, Solar Eco Fund, CMS Holdings, Maven Capital, A41 Ventures, ZBS Capital, Peech Capital, Icetea Labs, SkyNet Trading, Double Peak Group, Rarestone Capital, DaoMaker, Cropperbros Research, Mintable, DWeb3 Capital, and many more. 
Solice’s Founder Christian Zhang says, “Solice will provide a convenient and fun solution for regular people who want to enjoy themselves in a virtual and dworld living a different life. We plan to expand our team rapidly, onboarding industry veterans from both the traditional gaming industry as well as blockchain experts. We strive to deliver our soft launch within the next 3 to 4 months in 2021 Q1.” 
“Three Arrows is delighted to support Solice, disrupting the Solana ecosystem with a true immersive VR Metaverse. Blockchain secures the immutability of our connection and access; VR brought us a new immersion that engages our senses. The Metaverse offers a combination of both in what we might call a complete liberation of the human experience,” said Kyle Davies & Zhu Su, Founders of Three Arrows Capital.
“We are excited to lead this fund-raising round for Solice as the leading metaverse VR platform. The metaverse space is poised to grow exponentially going forward and Christian and team are amongst the most experienced veterans of Virtual Reality we’ve met, we believe they will be able to create a phenomenal and immersive VR user experience in the Solice metaverse,” said Arthur Cheong, Founding Partner, DeFiance Capital.
Solice plans on allocating a certain percentage of their total token supply to a public sale for their community members. More details around the upcoming public sale will be soon released on the company’s official social media platforms. 
About Solice
Solice is an open 3D world with limitless possibilities. A VR (Virtual Reality) Metaverse where users can play, build, own, socialize and monetize their virtual experiences in an immersive way on the Solana blockchain.

Contacts

Christian Zhang
[email protected]

Badger DAO exploited for nearly $100M, BADGER down by 18%

Badger DAO has reportedly been victim to a front-end hack that left it about $100 million short of user funds.
Users have been asked to revoke permissions given to the malicious smart contract as investigations proceed.

Badger DAO (decentralized autonomous organization) has lost approximately $100 million user funds in a front-end cyberattack. One user has lost 896 Bitcoin (BTC), or about $50 million at the current price, according to blockchain security company PeckShield.

One most affected user (w/ the loss of ~900 BTC): 0x53461e4fddcc1385f1256ae24ce3505be664f249. And here is the transfer-out tx: 😭https://t.co/megVFFy2Z8
— PeckShield Inc. (@peckshield) December 2, 2021

The attack, which was made public at around 2 AM UTC on Dec. 2, targeted the protocol at contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107. Early reports say many users’ wallet providers prompted unusual requests for additional permissions. Core contributor Tritium wrote on the protocol’s official Discord server noted;
It looks like a bunch of users had approvals set for the exploit address allowing it to operate on their vault funds and that was exploited, 
“Once we noticed we froze all the vaults so nothing can move and are trying to figure out where the approvals came from, how many people have them, and what next steps are,” he added.
Badger DAO takes $100M cyberattack hit
In a Twitter statement at 4.30 AM UTC, the Badger DAO team acknowledged “reports of unauthorized withdrawals of user funds.” The incident is now under investigation by the organization’s engineers.
At present, the protocol’s smart contracts have been halted to prevent more potentially malicious withdrawals. Additionally, users have been urged to revoke permissions to the compromised smart contract to stop further losses. Revoking is done by visiting Etherscan.com and logging in with a wallet that one believes is compromised. This is a necessary measure since the malicious requests may have been made weeks ago, even if theft only took place in the last few hours.
About Badger DAO
Badger DAO is a Bitcoin-focused decentralized finance project built on the Ethereum blockchain. Its purpose is to build products and infrastructure for accelerating Bitcoin’s adoption as collateral on other blockchains. Users convert their Bitcoin to either Wrapped Bitcoin (wBTC) OR renBTC which they deposit into Sett vaults. The vaults then algorithmically determine users’ yields and allocate them. The yield vault protocol was just a few days away from its first anniversary when the hack took place.
Currently, Badger DAO is the 23rd largest DeFi protocol on Ethereum, based on data from DeFi Pulse. Last month, its total value locked (TVL) topped $1 billion.
The DAO, like many others, touted good intentions of bringing DeFi to Bitcoin. The latest hacker strike has, however, left it quite shaken. According to our data at press time, BADGER was trading at $22.66, having plummeted 17 percent in the last 24 hours. SnowdogDAO is another similar project on Avalanche that was recently rug pulled with millions in user funds after just eight days of running.
Related: SnowdogDAO, a rival for Shiba Inu on Avalanche, rug pulled after 8-day experiment

Bank of America says Metaverse offers a massive opportunity for crypto as digital land sales top $100M

The global head of thematic investment strategy at Bank of America Haim Israel says the metaverse presents a massive opportunity for the widespread adoption of cryptocurrencies.
This comment comes as data from DappRadar shows that four Metaverse projects generated roughly $106 million worth of virtual land NFT sales last week.

In an interview earlier this week, the global head of thematic investment strategy at Bank of America Haim Israel made some bold comments that have been welcomed by the crypto community. Haim Israel predicted that the metaverse offered a massive opportunity for the widespread adoption of cryptocurrencies for transactions. These comments come amidst growing interest in the virtual world with four projects generating over $100 million last week.
Israel went on to add; “this is a massive, massive opportunity… You need the right platforms… that are definitely going to be a big opportunity for this entire ecosystem.” The BoA strategist added that the metaverse would impact the crypto world positively, and “we’re going to start using cryptocurrencies as currencies”.
But while cryptocurrencies are likely to go mainstream, the executive thinks private cryptocurrencies such as BTC and ETH will not act as currencies due to their volatile nature. Instead, stablecoins such as Tether and USD coin are more likely to succeed in this role.
Much like BoA, Grayscale recently released a report on metaverse. The firm noted that during the third quarter of 2021, the Metaverse projects attracted 12 percent of the total funding in the crypto space. It further predicted that the metaverse industry presents a $1T opportunity.
Read More: Grayscale says Metaverse industry is a $1T opportunity amid strong user growth
Understandably, part of the hype in metaverse has been triggered by the recent rebranding by Facebook into Meta. Since, it’s been revealed that the company plans to focus on the metaverse space. However, with little details about its plans, some have speculated that the company is not ready for the upcoming revolution.
Metaverse taking off
The recent comments from BoA follow a record week for the metaverse. According to data from DappRadar, last week saw four blockchain-based Metaverse projects generate over $100 million for virtual land NFT sales. One of these was the Axie Infinity metaverse digital land sale of 550ETH (over $2.3 million).
Read More: NFT-based game Axie Infinity registers record-breaking $2.3M digital land sale
A post from DappRadar noted;
Undoubtedly, Metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.
These sales have signalled a growing interest in the space. Furthermore, with the transactions performed using cryptocurrencies, BoA’s prediction is coming to fruition.

IOTA announces new decentralized smart contract network Assembly for Web 3 and Metaverse

Source: Morrowind – Shutterstock

The new Assembly platform by IOTA will offer developers the flexibility to customize and launch their own smart contracts chains.
Assembly will offer developers, creators, early participants and DAOs of the Assembly ecosystem a staggering 70 percent of the total ASMB token supply.

One of the largest cryptocurrency platforms IOTA has recently introduced a new decentralized layer-1 smart contract network, Assembly. As per the official announcement, the Assembly mainnet will launch in 2022 as a permissionless network governed by the IOTA community. The Assembly smart contract network will also have its native cryptocurrency ASMB token.
The open distribution of the ASMB tokens shall begin very soon with the first airdrop going to the IOTA token holders. In an unprecedented decision, developers, creators, early participants and DAOs of the Assembly ecosystem will receive a staggering 70 percent of the total ASMB token supply.
Assembly aims to become one of the biggest crypto ecosystems by providing limitless opportunities and unique technical features for dApp developers. By building an open and community-governed network, Assembly also aims to take Web 3.0 and Metaverse mainstream. Speaking of this development, Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation stated:
Assembly is a key component of our mission to build the decentralized economy. It is a perfect illustration of democratic, inclusive, interoperable technology that harnesses the power of the decentralized, permissionless, and feeless Tangle to deliver unmatched performance and to move a whole ecosystem forward. With a spirit of inclusion, cooperation, and empowerment, we are transforming one more facet of digital life and inviting as many people as possible to join us.
Understanding the architecture and functioning of Assembly
The new decentralized smart contracts platform Assembly boasts a novel architecture based on the framework of the smart contracts of IOTA. It also leverages the IOTA network as an immutable trust anchor and a trustless bridge for interoperability between smart contracts.
Related: Its finally here! IOTA Foundation launches Smart Contracts Beta
Besides, Assembly will also offer developers the flexibility to customize and launch their own smart contracts chain. Thus, developers can benefit from the shared security of the entire network. Furthermore, IOTA’s directed acyclic graph structure will facilitate smart contracts execution in parallel. This assures horizontal scaling of the Assembly platform while maintaining the network’s interoperability, composability, and security.
Assembly will also introduce a decentralized validator marketplace. Here, the smart contract chains will economically compete with each other via their properties and fee schedules. Assembly will also employ a unique rewards structure for incentivizing validators. This will include fixed-fee payments in stablecoins along with creative token distribution of the ASMB tokens.
With these innovative features, Assembly provides powerful toolsets to all the stakeholders thereby eliminating the existing barriers of crypto adoption. The announcement notes:
Assembly’s combined characteristics will supercharge smart contract development in its various forms, including DeFi and NFTs, and create an open and interoperable decentralized economy.
However, Assembly shouldn’t be identified as an Ethereum-killer. Rather, it itself is a platform that can co-exist with Ethereum. Developers who prefer the Ethereum Virtual Machine (EVM) for smart contracts can enjoy full compatibility with the Assembly infrastructure.

Top cryptocurrency executives set to appear in Congress

Congress will soon question eight top cryptocurrency executives on the benefits and challenges of financial innovation in the US.
US politicians have contradicting views on the crypto and blockchain industry, with some calling on support and others strict regulation.

The executives of eight major cryptocurrency firms are set to appear before a US Congressional committee on Dec. 8. This marks the first time in the history of the crypto sector that such a hearing will be held.
According to an announcement from the House Financial Services Committee on Wednesday, the executives will provide insight into the benefits and challenges of financial innovation in the US. They include Alesia Haas of Coinbase, Jeremy Allaire of Circle, Brian Brooks of Bitfury, and Sam Bankman-Fried of FTX Trading. Others are Chad Cascarilla of Paxos and Dennelle Dixon of the Stellar Development Foundation.
Notably, Bitfury’s Brooks previously served as a top banking regulator under the Trump administration. As acting Comptroller of the Currency, Brooks campaigned for several policies aimed at easing banks’ engagement with cryptocurrency.
Lawmakers in the US have been attempting to understand the cryptocurrency industry and the subsequent regulations that should be enforced upon it. While some of the country’s politicians have come out in support of digital assets, others have staunchly stood against them.
In the list of crypto supporters are Wyoming senator Cynthia Lummis, alongside senators Pat Toomey and Ron Wyden. In August, the trio presented a proposal on the infrastructure bill that exempts an array of crypto players from certain tax liabilities. Even though they lost, their support was widely felt in the nation’s crypto community.
Cryptocurrency cheerleaders vs skeptics
Miami Mayor Francis Suarez and New York’s Mayor-elect Eric Adams both plan on taking their paychecks in Bitcoin. Adams intends to get a New York coin similar to MiamiCoin, other than encouraging schools to add cryptocurrency and blockchain to the curriculum. Meanwhile, Suarez announced plans to pay Miami residents Bitcoin dividends accruing from a newly-developed Bitcoin fund. The two Mayors are now in a “friendly race” to establish their jurisdictions as crypto-friendly hubs.
Read More: New York to get its own crypto as the new mayor’s battle with Miami takes shape
Other supporters are Congressman Jared Polis and California’s Lieutenant Governor Gavin Newsom.
On the other hand, progressive Democrat and Senator Elizabeth Warren has on multiple occasions expressed skepticism for digital currencies. She has called for a tougher regulatory crackdown, citing financial risks. Even more, former POTUS Donald Trump publicly declared cryptocurrencies “a scam.”
And just like the US, other countries around the globe have taken radically different approaches to cryptocurrency and blockchain. China has enforced a wide-sweeping ban on crypto, and there are speculations of the same happening in India.
Differently, El Salvador is the first to adopt Bitcoin as legal tender. The country also plans to build a coin-shaped Bitcoin city at the base of a volcano. Part of the proceeds of its Bitcoin stash is to be used in building classrooms and a veterinary hospital.

The “bribery mechanism” that has led Curve to outperform all DeFi rivals

Curve has outperformed all other major DeFi tokens by a mile including Uniswap and Compound, largely due to a “bribery mechanism” it applies.
Its total value locked is also up 70 percent and looks set to become the platform to beat in the ever-growing DeFi sector.

In the past three months, most cryptocurrencies have recorded a rise in value, with Bitcoin and Ethereum setting a record in that time. DeFi tokens have not lagged behind either – Aave is up over 30 percent in that time, SushiSwap is up 40+ percent and Uniswap is up over 30 percent. However, these DeFi tokens’ rise has been dwarfed by Curve DAO Token which has more than doubled in that time.
At press time, CRV is trading at $4.85, up by 17.5 percent. With $2.1 billion in market cap, it’s still way below its DeFi rivals like Uniswap which is worth $13.6 billion. Curve ranks 72nd on the charts but is significantly above SushiSwap and Compound.

According to DeFiLlama, its total value locked is now at $21.8 billion, the majority of which is locked on Ethereum at $19.1 billion. The staked CRV is now at $1.76 billion, making it higher than the TVL locked on any other platform aside from Ethereum.
Curve Finance has the second-highest TVL in the entire industry after Maker, DeFi Pulse data shows.

Also Read: Institutional DeFi will go big in 2022 fueled by banks and NFTs: Chainlink’s Sergey Nazarov
The Curve “Bribery Mechanism”
DeFi platforms like Uniswap, Compound and Balancer all have native tokens, as does Curve with its CRV token. However, Curve has a unique mechanism in place that has led to the community working together to put CRV on the path to being net deflationary.
For the other platforms, users are awarded native tokens such as UNI for Uniswap and COMP for Compound for providing liquidity in the marketplace. These tokens are governance tokens, in that their holders have the right to participate in decision making and potentially determine the direction in which the platform takes in the future.
On Curve, once market participants are awarded the CRV tokens, they have the option of selling them immediately, holding onto them for speculation, or staking them. They can stake them for a period of between one week and four years, with the length one chooses to lock up his CRV tokens determining the level of voting rights he has. Once they stake their CRV, they receive vote escrowed-CRV (ve-CRV) which they then use as governance tokens.
Presently, about 750,000 CRV tokens are awarded to liquidity providers on the DeFi platform. The holders, if they chose to stake their CRV and get ve-CRV tokens, get the chance to decide on which liquidity pools these CRV tokens go to.
This is where a sort of bribery dynamic has emerged on Curve, and the CRV token has been the beneficiary. With ve-CRV holders having the right to determine which liquidity pools (LPs) get their CRV tokens, it has created competition between the LPs which are now incentivizing the ve-CRV holders to allocate the liquidity to their pools.
This ‘bribery’ mechanism has become so widespread that there’s even a platform that gives ve-CRV holders a guide on which pools are giving out the best rewards at any one time.
As a result of these bribes, more liquidity providers are choosing to stake their CRV tokens and hold the ve-CRV governance token instead. This is causing the CRV supply to reduce increasingly, despite the 750,000 daily output.

This mechanism is not unique in the least. However, what Curve has done better than the other DeFi platforms is offer some of the best rewards in the market. As a result, CRV holders are much more likely to stake their tokens than sell them, unlike other platforms.
Compound, for instance, has one of the highest selloff rates in the market. A recent report revealed that most of the major liquidity providers who earn COMP sell it off almost immediately. The report found that of the top 100 accounts earning COMP, less than 20 percent retained more than 1 percent of their COMP tokens and just 7 percent kept more than 50 percent.
The research also found that most major COMP earners don’t care about the governance of the platform. “Indeed, only 1 address from the top 100 ever voted on a Governor Bravo proposal,” Ethereum researcher Alex Kroeger found.
He concluded:
Do the users who mine the most COMP work to shape the future of the protocol? The answer is a clear “no.”
Alex further found that most of the COMP major holders engage in perpetual ‘playing with the system’ to earn never-ending rewards.
Once they earn their first batch of COMP tokens for providing liquidity on LPs, they deposit this batch and then use it as collateral to borrow more COMP. They then deposit this new batch and borrow another one, and so on. This is because, on Compound, you earn rewards for both lending and borrowing. As such, the Compound protocol gives the impression that it’s full of economic activity while in fact, it’s a few major players ‘playing the system.’

Moralis #1 Coinbase Engineer Craig Hammel As A Senior Tech Advisor

Sunbyberg, Sweden, 1st December, 2021,
Decentralized application platform Moralis welcomes Craig Hammel to its team as a senior technical advisor. Attracting Craig Hammel, the first engineering hire of Coinbase will bring his expertise to the Moralis project and enhance the project’s capacity to scale and encompass more blockchains. Furthermore, Hammel will help brink Moralis’ tools to mobile devices and gaming engines, including Unity. 
Moralis, a blockchain solution powering decentralized applications (DApps), welcomes a new member to its team. The project has generated a lot of attention following its recent $13.4 million seed funding round, courtesy of EQT Ventures. That seed capital will fuel product development and corporate expansion, bringing Moralis’ user-friendly interface for dApp development to a broader audience. 
Adding Craig Hammell to the team as a technical advisor will help scale Moralis into the standard for web3 development. Moreover, it will enhance the appeal of its middleware product, as the team adds a senior technical advisor with a proven track record in the crypto world to its ranks. Craig Hammell will fill the role of advisor; as he immediately acknowledged the potential and use case for Moralis and its role in taking Web3 into the mainstream. 
Moralis’ Web3 development may become the next big thing in the cryptocurrency space. Receiving a nod of approval from Hammell confirms that possibility. In addition, Craig Hammel was the first external engineering hire outside of the people who founded the Coinbase platform, making him a perfect fit for the future development of Moralis and its product. 
Hammel recognized the potential for Coinbase from day one and helped it to become a household name among cryptocurrency enthusiasts over six years. Having him join Moralis at this crucial development stage indicates Craig sees similar transformational potential in this project. Allowing Moralis to scale up its workforce, appeal, and technology will be the first order of business.
Craig Hammel comments on joining Moralis:
“I knew Moralis was important when I discovered it as a developer working on my own Web3 project. It’s like having my own infra team for DeFi, like the missing piece that will enable a thousand times more developers to build on blockchains. I’m very excited to help the Moralis team grow, and the whole ecosystem along with it.”
Blockchain developers face a fragmented landscape of tools and solutions today. While that is sufficient to solve most individual problems, there is no unified solution for cross-chain and cross-platform DApp development, Moralis will fill that gap and provide a more streamlined user experience for front-end development. 
About Moralis
Founded in 2020, Moralis is a blockchain development platform powering decentralized apps (dApps). Moralis offers a complete, end-to-end blockchain application development platform, allowing developers and companies to focus on the front-end while handling the entire back-end. The unique platform is empowering the next generation of developers to build highly scalable and secure dApps in a matter of days, saving both time and money for projects that don’t have the resources or teams to build, manage, and maintain complex blockchain infrastructure. 

Contacts

Ivan
[email protected]