DeFi

MakerDAO investment manager Monetalis survives ouster vote, commits to audit – DL News

Published

7 months ago

24 June, 2024

MakerDAO investment manager Monetalis survives ouster vote, commits to audit – DL News

A vote to oust MakerDAO asset manager Monetalis failed on Monday.
But the firm provided several late reports and pledged to conduct an audit.

Monetalis Group, a company that manages nearly $1.5 billion in U.S. Treasuries on behalf of stablecoin issuer MakerDAO, survived an ouster vote sparked by missed deadlines and a blowback disappointing investment.

The two-week voting period ended Monday, with nearly 59 percent voting against Monetalis’ ouster. Proponents led for part of the voting period, but several votes from top MakerDAO delegates swung the contest in favor of Monetalis last week.

Nevertheless, the author of the proposals called the result a “moral victory.”

On Friday, Monetalis provided several long-awaited reports and said it had scheduled an overdue audit for July. Additionally, it announced that it would hand over its reporting responsibility to another company, AccountAble.

“We thank Monetalis for recognizing community concerns and proactively arranging the transfer of functions and compensation to AccountAble in an orderly manner,” MakerDAO delegate GFX Labs, who led efforts to oust Monetalis, in the MakerDAO governance forum.

In DeFi, delegates are people or entities who vote on governance matters on behalf of a protocol’s token holders.

Maker issues the stablecoin DAI. It was the fourth largest DeFi protocol as of Monday, with over $7.7 billion in user deposits.

Maker is the fourth largest protocol in DeFi.

DAO controversies

The fight over Monetalis’ management of MakerDAO investments is the latest controversy aimed at shaking up crypto cooperatives known as decentralized autonomous organizations, or DAOs, and highlighting the power the protocol’s founders wield – indirectly or otherwise – in the DAOs to which they were supposed to cede control. .

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MakerDAO founder Rune Christensen is a lead investor in Monetalis, according to the investment manager. website. He is currently pursuing a major and controversial project reorganize of the Maker Protocol, in part to combat voter apathy within the DAO.

Monetalis did not immediately respond to a request for comment.

The company manages a pair of U.S. Treasury investments on Maker’s behalf, called Clydesdale and Coinbase Custody.

GFX propose The ousting of Monetalis after the firm failed to meet several reporting deadlines, as well as a promised audit. Additionally, despite the 5% yield on U.S. Treasuries, Clydesdale barely returned more than 4% to MakerDAO in 2023, according to data collected by Steakhouse.

BlockTower, another company managing U.S. Treasury investments on behalf of MakerDAO, returned about 5% in the 180 days ended May 31, according to Steakhouse.

“Monetalis has a long history of failing to produce required reports, failing to ensure their accuracy when they do, and its Clydesdale vault has significantly underperformed both its underlying assets and Andromeda, which shares the same investment mandate,” GFX wrote on May 7. , referring to the investment managed by BlockTower.

Monetalis’ response

Responding on MakerDAO’s online governance forum, Monetalis said: “Standards for reporting and reserve structure were increasing significantly for stablecoins” and had “underestimated” the time it would take to improve its own reports.

The company also denied that mismanagement of its Treasury investments cost MakerDAO millions of dollars in lost profits.

Among other things, Swiss-based investment management faced higher costs, according to Monetalis.

“But these costs come with benefits arising from varied transaction structures, relationships with a broader set of service providers, diversification of jurisdictional frameworks, and access to different rails,” the company wrote.

Several companies have stepped in to offer their own services, including Mountain Protocol and Superstate.

Shortly after voting began on June 10, several major delegates voted to oust Monetalis, and it looked like GFX’s proposal was going to succeed.

“Monetalis underperformed as an arranger and failed to fulfill its duty to report results, despite multiple calls for action from the community at large, and failed to provide a plausible justification,” a wrote StoneWill, pseudonymous MakerDAO delegate, after voting.

Delegates against GFX proposal

But several top delegates voted against GFX’s proposal last week, tipping the scales in the company’s favor.

A pseudonymous delegate, Vigilant, said he would not blame Monetalis for trying to shake up its reporting structure or the additional costs of operating outside Switzerland.

Nonetheless, Monetalis provided many of the documents late on Friday and said the reports would be prepared by AccountAble in the future.

“We accept responsibility for the missed reports,” CEO Allan Pedersen said. “We note that we have acted in good faith throughout this process and period.”

GFX said it would continue to advocate for the withdrawal of Monetalis, but called Pedersen’s announcement a victory.

“GFX’s initial requests have been met,” wrote GFX’s pseudonymous MakerDAO delegate, PaperImperium, on X.

“The failure to produce these documents by the May 15 deadline is what prompted the initial proposal.”

Do you have any tips on Maker and other DeFi protocols? Contact the author at aleks@dlnews.com.

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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