Plasma-type sales encourage bad behavior: Depositing assets | DefiIgnas on Binance Square

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Plasma-type sales encourage bad behavior:
Depositing assets via a hot wallet as there was no time for hardware or a multisig wallet.

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Layzero voted twice to activate the fee switch with 95%+ voting in favor but... It failed because the quorum was not reached. The DAO votes on the fee switch every six months. Next vote in 6 months. Where are all the $ZRO holders? Just 13% of the quorum was reached. Voting apathy is an argument against DAOs and sticking to web2-like managed companies with strict hierarchy. Tbh, most DAOs would struggle to reach quorums if not for delegations where holders can give voting power to someone else. But Layerzero doesn't even have a forum for people can discuss proposals less a delegate program. Seems the DAO isn't a priority for them.

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What's the upside for L2 tokens? Fee sharing? Even if they turned on fee sharing, it's not much: Arbitrum made $19.5m in fees in a year. Optimism $18.3m. zkSync just $1.3m and Starknet $600k. This Price(FDV)-to-Fees ratio puts Arbitrum at 137.8x, and Optimism at 205.7x Starknet - 4204x In context, TSLA trades at 187x P/E ratio so Arbitrum might even look cheap. But Tesla is an exception. S&P500 trades at ~ 29x the earnings. This makes L2 tokens overvalued by a lot. Unless we expect their adoption and fees to pick up massively. Maybe governance? Hoarding tokens gives voting power to direct incentives. But projects like @lobbyfinance make bribing cheap. Recently one user paid 5 ETH (~$10k) on Lobby to buy 19.3M ARB (~$6.5m) voting power. I believe that most projects issue tokens for two main reasons: - To raise capital - To bootstrap adoption L2s are bootstrapping adoption, like the Arbitrum DRIP proposal, which allocates 80M $ARB. The goal is to attract sticky liquidity, outlive, and outcompete other L2s. If we apply the Pareto principle, 80% of the liquidity will eventually concentrate in 20% of the L2s. So, perhaps we need to wait until the L2 winners become clear and then invest in them. This implies waiting for most L2s to naturally phase out. Yet as more L2s launch with new tokens, the timeline for clear winners to emerge is extended. (Except for Base... Which doesn't have a token (just a stock)). $INK is about to launch a token with liquidity mining to inflict even more pain on the remaining L2s. A cursed sector to invest.

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Just claimed a fat Stimmy from @Moonberg_ai. Didn't even know I was on the list. You probably are too ●●

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The Russian ruble has entered the stablecoin game. A7A5, the first ruble-pegged stablecoin, moved $9.3B in just 4 months, @FT reports: - Launched in Kyrgyzstan, outside Western reach - Backed by ruble deposits in Promsvyazbank (sanctioned) - Runs on Tron & Ethereum - Used as a bridge to USDT & cash out abroad, bypassing SWIFT & sanctions After the US closed Garantex, Russia's CEX, A7A5 and Grinex (a new Kyrgyz exchange) stepped in. It’s not retail driven. Most flows are weekday, done during office hour, reportedly trade payments or state linked actors. The stablecoin are geopolitics now.

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How to Find Tokenless Protocols Worth Your Time In this blog I'll share: - 7 tools I use to find hot projects - 7 dApps to check out - 5 crypto bloggers to follow Read it here:

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