Wildfiredao.ethWildfire Gov Update 8/26/22
DeFiAave Proposal; [ARC] Risk Parameter Updates for Ethereum Aave v2 MarketThis ARC proposes suspending deposits, disabling borrowing, and sending 100% of the interest paid by FEI borrowers to the Reserve Factor in reaction to the Tribe DAO's intention to reach a terminal state.The TRIBE governance token and the DAO's assets are being dissolved by Tribe DAO. Due to this, FEI will be backed by DAI 1:1 and redeemable at 1FEI:1DAI. Tribe DAO is entering a terminal condition, and the FE...
Wildfiredao.ethWildfire Gov Update 10/18/22
DeFiAave Proposal; Add TRYB to Aave V3 on Avalanche Network, Isolation ModeBiLira would like to onboard TRYB. This AIP lists BiLira (TRYB) on AAVE V3, Avalanche Network, Isolation Mode, the only 1:1 Turkish Lira-backed stablecoin.The full-reserve stable cryptocurrency BiLira (TRYB) is built on the Ethereum blockchain and available on 6 blockchains. It is secured, collateralized 1:1, and ERC-20 token compliant.TRYB (BiLira) is Aave's good borrowing and collateral asset.Aave will get more ...
Wildfiredao.ethWildfire Gov Update 8/12/22
DeFiAave Proposal; ARC: Add OP as Collateral to AAVE v3The objective of the proposal is to add the OP token to Aave V3 on Optimism as a collateral asset. As the pool's initial liquidity is bootstrapped, the Optimism Foundation may additionally provide incentives.Optimism is an L2 scaling solution that will be introduced by the end of 2021 and is EVM equal. Currently, optimism supports more than 100 dapps and $500 million in on-chain value. Having already saved its customers over $1B in g...
Wildfiredao.ethWildfire Gov Update 8/26/22
DeFiAave Proposal; [ARC] Risk Parameter Updates for Ethereum Aave v2 MarketThis ARC proposes suspending deposits, disabling borrowing, and sending 100% of the interest paid by FEI borrowers to the Reserve Factor in reaction to the Tribe DAO's intention to reach a terminal state.The TRIBE governance token and the DAO's assets are being dissolved by Tribe DAO. Due to this, FEI will be backed by DAI 1:1 and redeemable at 1FEI:1DAI. Tribe DAO is entering a terminal condition, and the FE...
Wildfiredao.ethWildfire Gov Update 10/18/22
DeFiAave Proposal; Add TRYB to Aave V3 on Avalanche Network, Isolation ModeBiLira would like to onboard TRYB. This AIP lists BiLira (TRYB) on AAVE V3, Avalanche Network, Isolation Mode, the only 1:1 Turkish Lira-backed stablecoin.The full-reserve stable cryptocurrency BiLira (TRYB) is built on the Ethereum blockchain and available on 6 blockchains. It is secured, collateralized 1:1, and ERC-20 token compliant.TRYB (BiLira) is Aave's good borrowing and collateral asset.Aave will get more ...
Wildfiredao.ethWildfire Gov Update 8/12/22
DeFiAave Proposal; ARC: Add OP as Collateral to AAVE v3The objective of the proposal is to add the OP token to Aave V3 on Optimism as a collateral asset. As the pool's initial liquidity is bootstrapped, the Optimism Foundation may additionally provide incentives.Optimism is an L2 scaling solution that will be introduced by the end of 2021 and is EVM equal. Currently, optimism supports more than 100 dapps and $500 million in on-chain value. Having already saved its customers over $1B in g...
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CZ vs SBF Summary
If you’re like me you might have missed some of the details that surround the CZ vs SBF debacle that has turned into Binance signing a Letter of Intent to buy FTX given that it conducts a full due diligence review.
On November 2nd a balance sheet for a Hedge Fund called Alemeda Research was leaked by Coindesk.
This balance sheet showed assets ($14.6B) > liabilities ($8B) which is a $6.6 billion price tag on the remaining assets.
Diving deeper into the balance sheet it turns out that around $6 billion of those assets were FTT tokens which are held to reduce fees and increase access to the FTX platform.
This means that Alemeda Research’s balance sheet is around even… which is not good for a hedge fund.
What does this have to do with FTX? Turns out Sam Bankman-Fried was actually a founder of Alemeda Research… The same Sam Bankman-Fried that owns FTX
Why does a hedge fund owning tokens of a platform matter? Well, it usually wouldn’t but in this case, it does because it signals co-mingling of funds between two companies of the same owner.
In response to this came a nuclear explosion of a tweet from CZ, the owner of Binance, stating that Binance (an early investor of FTX) will start unloading 2.1 billion dollars worth of FTT over the next few months.
On an ensuing day, SBF and Alameda Research’s CEO signaled that both companies are fine and are not faced with a liquidity crisis and even offered to buy up all FTT tokens for $22 per token.
The damage however was done and FTX faced a liquidity crisis threshold and halted all withdrawals out of FTX due to the FTT downward pressure and bank run on FTX’s customer accounts.
Within a couple of hours, CZ tweeted that Binance has signed an LOI to purchase FTX.
DeFI
Aave Proposal; [ARC] LDO Emission_Admin for Polygon v3 Liquidity Pool
In preparation for distributing incentives on the Aave v3 Polygon Liquidity Pool, @llamaxyz proposes amending the Emission_Admin address to enable the distribution of LDO rewards.
Llama and Lido want to give stMATIC Reserve LDO rewards on Polygon Aave v3.
The motivation of the proposal is to enable LDO rewards to be distributed on the Polygon v3 Liquidity Pool.
The Lido Liquidity Mining Committee sets LDO reward emission rates and duration.
The committee will decide each month whether to prolong LDO incentives or adjust the amount of LDO provided across the Polygon v3 Liquidity Pool.
Emission Admin is tied to token distribution over the Liquidity Pool and not confined to a Reserve.
EmissionManager determines LDO Emission Admin and Emission Admin can distribute LDO within the Aave v3 Polygon Liquidity Pool.
Public Goods
ENS Discussion; New Reddit Integration
This discussion post points out that Ethereum has a 1:1 ratio with ENS users that totals around 500k.
Reddit just launched its NFT marketplace and has more users than Opensea according to Accessor.eth.
Accessor’s main point is that “Reddit is integrating a system that subreddit communities will be able to mint their own tokens specific to that community for rewards distribution. Which widens the playing field for ENS users as well as sub-domains”.
This will open the door of Reddit to the ENS ecosystem.
CZ vs SBF Summary
If you’re like me you might have missed some of the details that surround the CZ vs SBF debacle that has turned into Binance signing a Letter of Intent to buy FTX given that it conducts a full due diligence review.
On November 2nd a balance sheet for a Hedge Fund called Alemeda Research was leaked by Coindesk.
This balance sheet showed assets ($14.6B) > liabilities ($8B) which is a $6.6 billion price tag on the remaining assets.
Diving deeper into the balance sheet it turns out that around $6 billion of those assets were FTT tokens which are held to reduce fees and increase access to the FTX platform.
This means that Alemeda Research’s balance sheet is around even… which is not good for a hedge fund.
What does this have to do with FTX? Turns out Sam Bankman-Fried was actually a founder of Alemeda Research… The same Sam Bankman-Fried that owns FTX
Why does a hedge fund owning tokens of a platform matter? Well, it usually wouldn’t but in this case, it does because it signals co-mingling of funds between two companies of the same owner.
In response to this came a nuclear explosion of a tweet from CZ, the owner of Binance, stating that Binance (an early investor of FTX) will start unloading 2.1 billion dollars worth of FTT over the next few months.
On an ensuing day, SBF and Alameda Research’s CEO signaled that both companies are fine and are not faced with a liquidity crisis and even offered to buy up all FTT tokens for $22 per token.
The damage however was done and FTX faced a liquidity crisis threshold and halted all withdrawals out of FTX due to the FTT downward pressure and bank run on FTX’s customer accounts.
Within a couple of hours, CZ tweeted that Binance has signed an LOI to purchase FTX.
DeFI
Aave Proposal; [ARC] LDO Emission_Admin for Polygon v3 Liquidity Pool
In preparation for distributing incentives on the Aave v3 Polygon Liquidity Pool, @llamaxyz proposes amending the Emission_Admin address to enable the distribution of LDO rewards.
Llama and Lido want to give stMATIC Reserve LDO rewards on Polygon Aave v3.
The motivation of the proposal is to enable LDO rewards to be distributed on the Polygon v3 Liquidity Pool.
The Lido Liquidity Mining Committee sets LDO reward emission rates and duration.
The committee will decide each month whether to prolong LDO incentives or adjust the amount of LDO provided across the Polygon v3 Liquidity Pool.
Emission Admin is tied to token distribution over the Liquidity Pool and not confined to a Reserve.
EmissionManager determines LDO Emission Admin and Emission Admin can distribute LDO within the Aave v3 Polygon Liquidity Pool.
Public Goods
ENS Discussion; New Reddit Integration
This discussion post points out that Ethereum has a 1:1 ratio with ENS users that totals around 500k.
Reddit just launched its NFT marketplace and has more users than Opensea according to Accessor.eth.
Accessor’s main point is that “Reddit is integrating a system that subreddit communities will be able to mint their own tokens specific to that community for rewards distribution. Which widens the playing field for ENS users as well as sub-domains”.
This will open the door of Reddit to the ENS ecosystem.
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