Ethereum

Pendle

DeFi

Arthur

<p data-ct-non-breakable="true">Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.</p>
<p>This past week, a new Galaxy report revealed Ethereum’s decentralized governance avoids direct on-chain voting, detailing key stakeholder roles and transparency challenges.</p>
<p>In other news, most celebrity tokens have fallen over 60% since launch, except for Iggy Azalea’s Mother Iggy (MOTHER) token, and Arthur Hayes unstaked $9.41 million worth of Pendle (PENDLE) tokens, raising community concerns about a potential price dump. </p>
<h2 data-ct-non-breakable="true" id="who-governs-ethereum-galaxy-report-reveals-all">Who governs Ethereum? Galaxy report reveals all</h2>
<p data-ct-non-breakable="true">Galaxy Digital has released a report showing that Ethereum’s decentralized governance is steered by off-chain voting rather than on-chain Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) holder voting. Christine Kim, vice president of Galaxy Digital’s research team, released the <a href="https://www.galaxy.com/insights/research/ethereum-governance/" target="_blank" rel="noopener nofollow">report</a> on June 3. It reveals multiple stakeholders who hold the keys to Ethereum’s governance.</p>
<p>According to the report, the groups collaborating on the off-chain processes include client teams, validator node operators, the Ethereum Foundation and decentralized application developers.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/ethereum-off-chain-governance-galaxy-digital-report"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="celeb-tokens-are-down-two-thirds-since-jenner-s-bizarre-crypto-debut">Celeb tokens are down two-thirds since JENNER’s bizarre crypto debut</h2>
<p data-ct-non-breakable="true">The majority of celebrity-backed tokens that launched last week, including Caitlyn Jenner (JENNER), Timeless Davido (DAVIDO), and Rich the Kid (RICH), have tanked at least 66% since peaking — though one token bucked that trend and is still setting new all-time highs. </p>
<p>One of the more <a href="https://cointelegraph.com/news/wave-crypto-influencers-celebrity-x-accounts-caitlyn-jenner-hacked">notable celeb token launches</a> recently was JENNER by American media personality Caitlyn Jenner on May 28. Many initially thought the token was part of a deep fake X account hack.</p>
<p>JENNER topped a $30 million market cap within the first 24 hours as <a href="https://cointelegraph.com/learn/deepfakes-how-to-spot-fake-audio-and-video">people debated online </a>whether the token was genuinely launched and endorsed by the celebrity. However, despite Jenner herself clarifying that it is legitimate, it has since <a href="https://www.coingecko.com/en/coins/caitlyn-jenner" target="_blank" rel="noopener nofollow">fallen</a> 79% from its all-time high of $0.0061.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/celebrity-tokens-dip-one-week-after-caitlyn-jenner-crypto-debut"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="arthur-hayes-unstakes-nearly-10-million-worth-of-pendle-time-to-sell">Arthur Hayes unstakes nearly $10 million worth of Pendle: Time to sell?</h2>
<p data-ct-non-breakable="true">Arthur Hayes, the co-founder of BitMEX and a crypto community figure, unstaked 1.55 million Pendle (PENDLE) tokens worth $9.41 million. The unstaking of his PENDLE tokens has sparked community concerns about a price dump, as Hayes currently holds 1.69 million tokens.</p>
<p>With an average buying price of $2.24 per token, Hayes’ holdings currently have an unrealized profit of around $6.46 million.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/arthur-hayes-unstakes-9-41m-pendle"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="vitalik-buterin-backed-nocturne-protocol-shuts-down-operations-overnight">Vitalik Buterin-backed Nocturne protocol shuts down operations overnight</h2>
<p data-ct-non-breakable="true">Ethereum-native privacy protocol Nocturne Labs is shutting down its operations. Nocturne, backed by prominent cryptocurrency experts, including Ethereum co-founder Vitalik Buterin, announced it was ceasing operations in a June 5 X post.</p>
<p>The company gave no explanation for the closure. Cointelegraph has approached Nocturne Labs for comment. Nocturne initially aimed to introduce private accounts and transactions to the Ethereum ecosystem. </p>
<p>In October 2023, the firm raised $6 million in a seed funding round led by Bain Capital Crypto and Polychain Capital, with participation from Buterin.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/vitalik-buterin-nocturne-labs-shuts-down"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="defi-market-overview">DeFi market overview</h2>
<p data-ct-non-breakable="true">Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week. Most traded in the green on the weekly charts. The total value locked in DeFi protocols remained above $105 billion.</p>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/491d7252-1b2e-4257-8f5c-bd9e3c9fca13.jpg" alt="" title="">
</figure>
<p data-ct-non-breakable="true">Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.</p>

Ethereum governance, and the downfall of celeb tokens: Finance Redefined

Table of Contents

Cointelegraph

Other articles published on Jun 7, 2024

From Presale Triumph to AI-Driven Horizons: BlastUP Prepares for Market Entry After Raising Over ...

CoinGecko Data Breach: 1.9 Million Users Affected by GetResponse Hack

MoonBag Crypto Live 88% APY Staking Whilst Solana and Notcoin Under Performs

MoonBag, the Top Crypto Presale in June 2024, Soars Past Dogeverse and Avalanche with 15,000% ROI

Top Meme Coins to Surge 3X Next Week

Donald Humps to Skyrocket 18,000% as KuCoin Listing Announced, While Shiba Inu and Dogecoin Struggle

Join our free newsletter for daily crypto updates!