May 5, 2022       /       Unchained Daily       /       Laura Shin

Daily Bits ✍️✍️✍️

• Luna Foundation Guard, the entity working on backing UST with a $10 billion forex reserve, announced the acquisition of 37,863 BTC (~$1.5 billion).

• Staking service Lido is now the largest DeFi protocol by total-value-locked.

• Bitcoin dropped 7% yesterday amid a tough day in financial markets.

• Block facilitated $1.74 billion in BTC transactions in Q1.

• Tron’s algorithmic stablecoin USDD went live yesterday.

• Former BitMEX CEO Arthur Hayes is asking for a non-jail sentence.

• Ribbon Finance is redistributing protocol revenue to stakers.

• Coinbase’s NFT marketplace only saw less than 150 users sign up for its platform on the first day.

Today in Crypto Adoption…

• Senators Elizabeth Warren and Tina Smith sent a letter to Fidelity CEO Abigail Johnson about the firm’s plans to offer bitcoin in its 401(k) plans, saying that bitcoin was too risky.

• Uganda’s financial regulator has asked payment service providers to halt the offering of crypto transactions inside the country.

• The SEC approved Valkyrie’s bitcoin futures ETF.

• Argentina’s central bank is banning lenders from offering crypto services.

• Congress scheduled a hearing for FTX’s proposal to disentermediate derivatives trading.

The $$$ Corner…

• To help him purchase Twitter, Elon Musk raised $7 billion in funding from Oracle co-founder Larry Ellison, venture capital firm Sequoia, investment behemoth Fidelity, and Binance.

• NFT protocol Zora raised $50 million in a seed funding round led by Haun Ventures.

• Bitcoin.com, a crypto exchange and wallet service, raised$33.6 million in a private sale of its VERSE token.

• Gaming startup Untamed Planet raised $24 million in a Series A.

What Do You Meme?

What’s Poppin’?

‘LoL’ Juno Sent Millions in JUNO to the Wrong Address

In a controversial move last week, 72% of the Juno community voted to seize millions of dollars worth of JUNO tokens from a user who allegedly gamed the token’s airdrop earlier this year. This appears to be the first time that a blockchain community has successfully voted to alter the token balance of a single user.

Due to a copy and paste error by Juno developers, the seized tokens were accidentally sent to a transaction hash instead of a wallet controlled by the Juno community. The fat-fingered mistake has left roughly $36 million worth of JUNO tokens stuck in an unobtainable location on the Juno blockchain.

“When I gave the [Proposal 20] developers the address of the [Unity] smart contract, I pasted the address of the smart contract and just underneath put the transaction hash. But I didn’t write ‘the transaction hash is this,’ I just put the transaction hash,” Dimi explained to CoinDesk.

The transfer of funds seems like it will force the Juno community to vote once again for a major change to the network. Juno Proposal 21, titled “Vertias Proposal Upgrade,” was published yesterday and plans to relocate the funds from the placeholder address to the original Unity smart contract. The logistics of how the team would actually do this are slim, but it could mean that Juno would reorder blocks during the upgrade to make the erroneous transfer disappear.

So far, it looks as if the community is responding positively to the vote, with 97.64% of votes going in favor of proposal 21.

Takumi Asano, the whale who had his tokens confiscated by the Juno Community, responded on Twitter in a very crypto-native way: “​​The targeted JUNO was NOT moved to the unity contract address, but moved to an unknown address LoL.”

JUNO was down 6.74% yesterday and its token price has dropped a whopping 47.2% over the last three months.

Recommended Reads

1. Tim Beiko on the merge:

2. Tascha Che on bridging:

3. 1kx on DAOs:

On The Pod…

RAC and David Greenstein on Why Music NFTs Are Better Than Spotify

André Allen Anjos, who is better known as the crypto-friendly artist RAC, and David Greenstein, co-founder of Sound.xyz, a web3 music platform, analyze the current state of the web3 music scene and discuss how artists can leverage web3 tools to get paid at fair market value for their art. Show highlights:

• RAC’s experience in the traditional music industry

• why David believes music is the most undervalued sector in the world – and how Sound and crypto can help value it correctly

• the different types of NFTs with which musicians like RAC are experimenting

• what Sound.xyz is and how it is helping artists unlock their fanbase and community

• why David is so passionate about creating a social experience when it comes to music NFTs

• Sound.xyz’s decision to allow artists to deploy their own smart contracts

• what RAC has made in NFT drops compared to Spotify streams

• why Sound.xyz was built with “editions” as the most common format for NFTs sold on the platform

• what makes blockchain technology well-suited for the music industry

• RAC’s crypto adventures: $TAPE, $RAC, and more …

• how the famous “Amen Break” sample would work as an NFT

• what artists will be measured by in the NFT world

Book Update

You can purchase it here: http://bit.ly/cryptopians