DeXe Network - Announcements

2023-03-22 21:45:10 DAOs came a long way: Historical highlight reel

Can you believe the DAO concept has been around for a decade?

The first big DAO was actually called The DAO and raised $150 million worth of ETH (huge) to fund dApps but then was hacked for $50 million. Vitalik Buterin had to fork the Ethereum network. The DAO, sadly, still died a few months later.

Now, with thousands of DAOs in existance, some have proven very successful, like MakerDAO, Uniswap, and the Optimism Collective.

Others failed just as spectacularly, like ConstitutionDAO, PolkaDAO, and DAOStack.

There are currently over 11,600 DAOs (with a total treasury of nearly $14B) in the areas like lending, governance, community building (often NFT-based), public goods, and gaming.

DAOs are here to stay. But few are truly DAO: only 22 have AUM over $100M, only 27% of governance token voters actively vote, and only 91 DAOs have over 10,000 members.

Read the details about DAO successes, failures, and prospects in the full article here Open / Comment

2023-03-22 15:05:03 Believe it or not, the first DAO was called The DAO

Crypto OGs may remember the hype, drama, and the decision that may forever haunt Vitalik Buterin.

The DAO was formed in April 2016 in a token sale that became one of the biggest crowdfunding events in history. It only took a couple of months for some users to discover a vulnerability in The DAO's code and steal 1/3 of the treasury.

The DAO's community and Vitalik Buterin faced an impossible choice: do nothing and let thousands of crypto's earliest adopters suffer huge financial losses or fork Ethereum and violate the sacred law of irreversibility of blockchains.

Choosing the latter, Ethereum not only survived but becomе crypto's technological and innovation backbone. The DAO went into obscurity in a few months.

But its legend lives on — DAOs number in the thousands and are experimenting with various new models of governance and protecting against vulnerabilities. And the game between builders and hackers continues. Open / Comment

2023-03-18 18:10:06 DeFining news: March 18th, 2023

The sudden failure — and now bankruptcy — of Silicon Valley Bank where USDC issuer Circle held $3.3B dropped USDC to 87 cents and scared everyone before the FDIC announced that all of the deposits will be returned in full. Bad for crypto’s banking.

Uniswap’s V3 is going live on the BNB Chain, expanding the reach of the biggest and most known AMM.

A hacker stole $200M from Euler Labs using a self-liquidation exploit of a donation function.

Meanwhile, BlockSec helped ParaSpace prevent nearly 3k ETH (~$5M) from being stolen by a hacker.

Newly released ChatGPT 4 can identify vulnerabilities in ETH contracts.

A 40 billion won (~$30M) Metaverse fund partially funded by the South Korean government is intended to boost local development.

The Doodles DAO has a proposal to launch a community fund with a 6-month trial run capitalized at 9.99 ETH. Open / Comment

2023-03-17 19:40:10 Did you hear about soulbound tokens and NFTs? They’re all the rage right now. Once you get one in your wallet, it stays there and cannot be transferred. Why is that a good thing?

To prove your identity or status online without having to reveal your physical/legal information.

Why such a big deal? Think of all the applications:

*Prove the wallet is really yours to grant meaningful trust to any transactions and votes cast by the wallet.
*Showcase your status and achievements.
*Fight sybil attacks for fairer drops

These are just a few use cases. How would you use souldbound tokens? Let’s hive mind brainstorm this! Open / Comment

2023-03-15 17:40:14 Someone just turned $1.45 into $2 million! Here’s how.

One bold crypto user is now sitting on a $2 million fortune by trading $1.45 for it.

One trader’s loss…

When one trader forgot to set maximum slippage on a swap of $2M worth of 3CRV tokens for $2M in the USDT stablecoin in a very illiquid pool, the return was just 5 cents because the pool only had about $2 worth of liquidity.

…is another’s gain

Somebody else was swift enough to notice this and balance the pool out with just $1.45 (plus 23 ETH/~$33k in validator bribes).

It could’ve been you

Set minimum slippage. Or, consider joining a fund with a proven successful track record (in DeXe Funds, traders’ history is on-chain and is easily visible to anyone, along with the fund’s strategy, size, and other parameters).

You can also use pro traders to monitor dormant pools like that 3CRV/USDT one and nab you a piece of that lucky arbitrage pie.

Btw, if you prefer to invest together with friends, you can use a DAO pool or a sub-DAO to do that. Open / Comment

2023-03-14 14:10:19 PeopleDAO hack so dumb it’s almost funny

Unbelievably, PeopleDAO used a Google Sheet to handle automatic payrolls and linked to it in a public Discord server with edit access.

All the hacker had to do was insert their own address with a payment due of 76.5ETH — and then make that info invisible.

PeopleDAO, formerly ConstitutionDAO, was formed in Nov 2021 to purchase a rare original copy of the U.S. Constitution only to be outbid by a billionaire after disclosing their max bid publicly.

ConstitutionDAO failed in another way: they had no clear mechanism to unwind the individual contributions, causing massive gas losses in the process.

They should’ve used better tools. In DeXe’s DAO builder, payroll is done via proposals and voting — like all DAO governance is meant to be done. And integration with any other DeFi protocol is done automatically.

Read more » here Open / Comment

2023-03-10 18:45:06 DeFining news: March 10th, 2023

Silvergate - one of the most crypto-friendly U.S. banks - has announced sudden voluntary self-liquidation, promising to return all assets back to their owners.

Circle seems to have surprised Dapper Labs and other crypto clients by suddenly dropping ACH payment servicing, leaving many crypto users with fewer options to on-offboard.

More lawsuits news. ETH fell 7% when the NY AG called it a security in a lawsuit against Kukoin. Yet Grayscale’s GTBC and ETHE financial products both gained in price after its attorneys’ arguments in Grayscale’s lawsuit against the SEC apparently impressed the markets.

Meanwhile, Kraken is planning to launch a crypto bank very soon, no matter the tough regulatory environment.

Finally, thanks to the EIP-1559 upgrade, Ethereum’s total supply is in a small but steep decline since the upgrade was implemented, making ETH a deflationary crypto, burning $77.5M worth of ETH in the process. Open / Comment

2023-03-08 22:25:05 DAO treasury management lessons

Having taken a deep dive into the Top 10 DAOs earlier, let’s see what big trends are noticeable — and what can be done to improve each one.

For details and for DeXe’s take, read the full article here Open / Comment

2023-03-08 15:00:03 Happy International Women’s day to every female member out out wonderful community and in crypto overall!!

Women play a huge role in DeXe, DeFi, and every part of blockchain development.

We wish all women success and are so proud to have such a strong community of women in crypto!

Open / Comment

2023-03-07 14:40:02 We're so excited to partner up with the Multichain Bridge so you can have $DEXE on multiple chains easily.

Thanks to our collaboration, you can use Multichain to move $DEXE between ERC-20 and BEP-20 in both directions.

Try it now here https://app.multichain.org/#/router

PS. Yes, you can still bridge $DEXE via Binance. It's good to have options. Open / Comment