MakerDAO Reconsiders Sky Rebrand

Alpha Team
October 23, 2024

🌀 MakerDAO Rethinks Sky Branding Approach

Sky Rebrand and Stablecoin Success: MakerDAO is reviewing its decision to adopt the Sky brand after it received mixed reactions. However, the USDS stablecoin launched in August has shown success, with a $1.2 billion supply and a 6.5% savings rate, reflecting strong community adoption.

Community's Preference for Maker: Rune Christensen emphasized that the community still strongly identifies with the original Maker brand, which stands for stability and security. Proposals are being discussed, including restoring Maker as the core brand or maintaining the Sky branding but with adjustments.

Governance Poll to Decide Next Steps: Despite spending around $25 million on the rebrand (13.79 million DAI and 9,535 MKR), the introduction of the SKY token has underperformed, with its value down 23%. Christensen announced a community call to discuss these issues, followed by a formal governance poll scheduled for November 4 to decide the future direction. Read More.

️ On today's Top Picks:

📝 Aztec opens applications for its Sequencer & Prover Testnet.
💸 Gitcoin launches Gitcoin Grants 22; live until November 6th.
📜 Scroll launches $SCR Season 1 Airdrop claim.
🔍 MistTrack discovers connection between Indodax & BingX hacker.

Read time: ⏰ 8 minutes

Crypto News

• ⭐️ MakerDAO to potentially drop Sky rebrand as community debates; formal governance poll scheduled for November 4th.

• Avalanche $AVAX announces the Avalanche Card, a crypto-friendly VISA credit card.

• ⭐️ Aztec opens applications for its Sequencer & Prover Testnet; a crucial next step in reaching a fully decentralized L2.

• ⭐️ Gitcoin launches Gitcoin Grants 22; over $1.4m in total matching & live until November 6th.

• Nigerian Government drops charges against Binance executive Tigran Gambaryan.

• Blockchain[.]com faces scrutiny for not filing current accounts in the UK.

• Vietnam seeks to become leading country in its region for blockchain technology.

Alpha

• Proxy Providers: Unlocking the Internet by mystri.

• Reddio to launch next phase soon; posts "Let’s get ready for the exciting “card fusion” mania" on X.

• Superseed launches Superseed Testnet Phase Three: Orange Finance quest on Layer3.

• Corn launches support for $uniBTC; earn 1.5x Kernels, 3x Bedrock Diamonds, & 1x Babylon Points.

• Catalyst announces CrossCats, a bridge built for altVMs; private testnet is live.

• Ostium launches Strategies; automate trading strategies based on US election data.

• OpenCover launches Base DeFi Pass; offers onchain protection across several Base protocols.

• Guild launches last mission on Bounty Hunters' Guild.

Airdrops

• ⭐️ Scroll launches $SCR Season 1 Airdrop claim.

• Linea to airdrop LXP for Testnet Voyage NFTs, private testnet participants, & more; Linea Voyage ending soon.

• P2P launches $ETH EigenLayer Season 2 Operator’s Allocation Share to delegators.

• Elixir to launch $ELX; Phase 1 of Mainnet to launch on October 31st, then Public Mainnet shortly after.

• Suilend to launch $SEND in December; tokenomics coming soon.

• Kroma to launch $KRO Season 1 Airdrop on October 30th 01:00 AM UTC.

• ICYMI Weekly Airdrop Updates by Earndrop.

• ICYMI GVRT Airdrop Strategy by Earndrop.

• New Potential & Confirmed Airdrops by Alpha Drops.

• Reddio Airdrop Strategy by Atoms Research.

Finance News

• Tesla $TSLA reveals none of its ~$763m of Bitcoin was sold in Q3 2024.

• Metaplanet raises $66m as it completes 11th series of stock acquisition rights; holds ~$58m of Bitcoin.

• CoreWeave contracts Core Scientific $CORZ for an additional 120 megawatts of computing capacity.

• BRICS Alliance adds 13 new nations as partner countries.

• Goldman Sachs $GS fined tens of millions of dollars by US CFPB over its credit card business.

• HSBC to split UK & Hong Kong banking arms into two separate units.

• US SEC charges Unisys Corp $UIS, Avaya Holdings, Check Point Software $CHKP, & Mimecast for downplaying SolarWinds breaches.

• SAP $SAP overtakes ASML $ASML to become Europe’s most valuable tech company.

• TSMC uncovers Huawei plot to circumvent US export controls; potentially used a proxy to produce chips at TSMC.

Security and Exploits

• ⭐️ MistTrack discovers connection between Indodax hacker & BingX hacker; used same address for money laundering.

• ZachXBT exposes Yicong Wang, a Chinese OTC trader who has helped Lazarus Group convert stolen crypto to cash.

• Malicious NPM Packages discovered targeting Ethereum wallets with SSH backdoor.

• RevokeCash integrated into Ledger Live App; includes new batch revoke feature.

• US CISA proposes new security requirements to protect American's personal data.

• Free SAS allegedly suffers data breach affecting 19.2m customers; legitimacy of the breach has yet to be confirmed.

Token Unlocks

• Cardano $ADA / ~$7m / OCT 22nd
• Galxe $GAL / ~$1m / OCT 22nd
• EigenLayer $EIGEN / ~$4m / OCT 22nd
• Ethena $ENA / ~$5m / OCT 23rd
• Cardano $ADA / ~$7m / OCT 27th
• Yield Guild Games $YGG / ~$7m / OCT 27th
Sourced from Tokenomist

Funding

• Validation Cloud raises $10m in funding led by True Global Ventures.

• Variational raises $10m in Seed funding led by Bain Capital Crypto & Peak XV Partners.

• Karpatkey raises $7m in Seed funding.

• Azura raises $6.9m in Seed funding led by Initialized Capital.

• Hata raises $4.2m in Seed funding led by Castle Island Ventures.

• Fluid Protocol raises $3.9m in Seed funding.

• Ordzaar raises $2m in Seed funding led by LongHash Ventures.

• B² Network raises an undisclosed amount in funding led by Spartan Labs, Animoca Ventures, Alliance DAO, & P2 Ventures.

The Degen Farmer

Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!

PROTOCOL	ASSETS	APY
Pearl V2 (Re.al)	ARCUSDUSDC	76.33%
Tangible Arcana (Re.al)	ARCUSD	49.57%
Morpho Blue (Ethereum)	USD0USD0++USDC	21.16%
Notional V3 (Ethereum)	NUSDC	21.08%
Indigo (Cardano)	IUSD	19.82%
Pendle (Ethereum)	SYRUPUSDC	19.01%
Avantis (Base)	USDC	18.68%
Yearn Finance (Ethereum)	USDT	17.72%

. . .

🔴 ebi.xyz: Unlocking Liquidity On All Tokens

ebi.xyz: Ebi is a Perpetual DEX that styles its ecosystem for high-risk or "degen" assets. The platform offers deep liquidity, low trading fees, and access to the latest assets. All trades are settled on the Ebi chain powered by Arbitrum Orbit.

🧧 Ebi Points Program: Ebi recently launched their Points Program where users can earn Ebi Points through trading, referrals, social tasks, and more! Users can track accumulated points, trading volume, and successful referrals on the Ebi Points Dashboard.

Collaborations: Ebi plans to collaborate with leading projects and their respective communities to provide users with ample opportunities on pre-market listings. These partnerships will entitle community members to special benefits in Ebi's Points Program.