Key Points
Welcome to Finance Redefined, a weekly newsletter that provides vital information about the decentralized finance (DeFi) sector.
Last week, Galaxy Digital released a report that shed light on Ethereum’s decentralized governance.
The report showed that Ethereum’s decentralized governance refrains from direct on-chain voting, and instead relies on off-chain voting.
The report was released on June 3 by Christine Kim, the vice president of Galaxy Digital’s research team.
The report identified multiple stakeholders who play a major role in Ethereum’s governance.
These stakeholders include client teams, validator node operators, the Ethereum Foundation, and decentralized application developers.
Celebrity Tokens and Their Performance
Most celebrity-backed tokens have seen a significant decrease in value since their launch.
However, Iggy Azalea’s Mother Iggy (MOTHER) token has managed to avoid this trend.
Arthur Hayes, the co-founder of BitMEX, has also made headlines by unstaking $9.41 million worth of Pendle (PENDLE) tokens.
This move has raised concerns within the community about a potential price dump.
The celebrity-backed tokens that have seen a decrease include Caitlyn Jenner (JENNER), Timeless Davido (DAVIDO), and Rich the Kid (RICH).
Despite the initial hype and a $30 million market cap within the first 24 hours, JENNER, launched by American media personality Caitlyn Jenner, has fallen 79% from its all-time high of $0.0061.
Nocturne Labs, an Ethereum-native privacy protocol, is shutting down its operations.
Nocturne, which was backed by cryptocurrency experts including Ethereum co-founder Vitalik Buterin, announced its closure in a June 5 post, without providing any explanation.
Nocturne was initially established to introduce private accounts and transactions to the Ethereum ecosystem.
In October 2023, the company raised $6 million in seed funding from Bain Capital Crypto and Polychain Capital, with Buterin also participating.
As per data from Cointelegraph Markets Pro and TradingView, the top 100 DeFi tokens by market capitalization had a positive week.
Most of these tokens showed an increase on the weekly charts.
The total value locked in DeFi protocols remained above $105 billion.
Stay tuned for more updates, insights, and knowledge about the rapidly evolving DeFi space.
