WolfDAO Newsletter - #34
Exploring Yearn Finance's Curve Rocket Pool Vault! Read more about Banco Galicia, Klaytn, Yuga Labs, Wikipedia, Fidelity, and other protocol happenings.
Exploring Yearn Finance's Curve Rocket Pool Vault!
Yearn Finance provides an opportunity to earn a yield on staked Ethereum through Curve rETH-wstETH pool yVault. A Yearn vault is a pool of funds with an associated strategy to maximize returns. Users shall deposit a vault token to receive a yToken representing their share of the vault. The user will receive the original deposit and yield earned after redeeming their yToken.
The vault involves Lido and RocketPool as the ETH2.0 liquid staking platforms. The pooled staking solutions allow users to partake in ETH 2.0 staking. When you stake ETH, you receive stETH and rETH, respectively. Users can then wrap stETH to wstETH and submit equal amounts of rETH and wstETH to the Curve Finance pool. After then, they can stake them within the Yearn Finance vault.
Despite the mentioned protocols having undergone several audits, the staking opportunity has market risks, impermanent loss (IL) risks, smart contract risks, etc. We advise only to invest the amount that you can afford to lose.
Source: DeFi Pulse Farmer
Argentina's Largest Private Bank to Offer Bitcoin, Ethereum Trading
Buenos Aires-based Banco Galicia is Argentina's largest private bank, making Bitcoin, Ethereum, USD Coin, and XRP available to customers. Bank customers posted screenshots of the buying options on Twitter, while Banco Galicia later confirmed that it had added those services in an emailed statement.
"Banco Galicia launches a new and innovative service for its customers customers, offering the purchase, sale and custody of cryptocurrencies in a simple, secure and one-stop place," the bank said. One reason crypto is popular in Argentina is that the country has one of the highest inflation rates in the world—year-on-year, it's currently over 50%, according to the nation's central bank.
Klaytn
Klaytn is a public blockchain focused on the metaverse, gamefi, and the creator economy. It was launched in June 2019 and has been a dominant blockchain platform in South Korea. Klaytn is undergoing global business expansion from its international base in Singapore. Klaytn Foundation manages and disburses the fund, a Singapore-based non-profit organization established in August 2021.
Klaytn offers an end-to-end metaverse package that includes customized L2 solutions, wallets, chain explorers, oracles, bridges, etc. The platform utilizes an optimized version of Istanbul BFT that enables transactions to achieve absolute finality within a second.
Klaytn's IBFT consensus algorithm guarantees that data recorded on the blockchain is correct and will never be reversed to deliver the reliability and data consistency needed for large-scale applications. It supports EVM as one of the emerging standards for the metaverse and Web3.
Klaytn's unique take on decentralization at the core is their Governance Council (GC). It aims to further increase decentralization by onboarding more DAOs to their GC to create a DAO of DAOs. The platform utilizes the hub-and-spoke model, widely acknowledged as one of the leading scalability solutions.
KLAY is the native digital asset that fuels and secures the Klaytn protocol. Klaytn was launched with 10 billion KLAY issued at genesis, and there are currently 2.6 billion KLAY coins in circulation. With every new block, the platform will mint 9.6 KLAY.
Yuga Labs Sees $561 Million in Otherside Ethereum NFT Sales
Yuga Labs had its highly anticipated Otherside metaverse mint clogging the Ethereum mainnet and sending gas prices to incredible heights. Within 24 hours, the company generated more than $561 million from just the Otherside's "Otherdeed" NFT sales. People minted some 55,000 NFTs at 305 APE each, which means each Otherdeed cost about $5,800. Yuga Labs raked in over $318.7 million from this mint alone.
Wikipedia stops accepting Bitcoin and Ethereum Donations after eight years
The Wikimedia Foundation, Wikipedia's parent organization, will no longer accept any donations in Bitcoin, Bitcoin Cash, or Ethereum after some community members sparked a three-month-long debate about the pros and cons of crypto. The foundation conducted a poll that resulted in 70% of the respondents wishing to discontinue all cryptocurrency donations.
Axie Infinity's AXS Token Down 30% as Gamers Abandon' Play-to-Earn' Title
Axie Infinity is a popular play-to-earn game with AXS as the native token. Over the past few days, AXS has dropped nearly 30%. Just last month, AXS was worth just under $75 per token. The token holders can participate in various proposals, such as how Axie Infinity should spend the platform's treasury and in-game mechanics. Last November, AXS hit an all-time high of $165.37. Today's prices indicate a drop of more than 81% since then.
Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accounts
Fidelity Investments plans will become the first primary retirement-plan provider to allow investors to put a bitcoin account in their 401(k)s. Employees won't be able to start adding cryptocurrencies to their nest eggs right away. Still, later this year, the 23,000 companies that use Fidelity to administer their retirement plans will have the option to put bitcoin on the menu.
Telegram Users Can Now Send Crypto via the Messaging App
The Open Network (TON), a decentralized blockchain initially designed by Telegram, adds a bot that lets Telegram's more than 550 million users send cryptocurrency to other users via chat. The initial rollout of the "wallet" bot will allow the sending and receiving of Toncoins, which the developers claim will come with no transaction fees.
Dragonfly Capital Raises $650M
Dragonfly Capital is a crypto-focused investment firm that raised $650 million for its third venture fund. The Dragonfly Fund III handily eclipses the firm's previous funds, which raised $100 million in 2018 and $225 million in 2021. Its limited partners include Tiger Global, KKR, Sequoia China, and the endowments of multiple Ivy League universities, among others. The firm invests in crypto companies across the spectrum of decentralized finance, smart contracts, NFTs, Web3 development, DAO infrastructure, and the metaverse.
Bored Ape Ethereum NFT Price Drops 32%, Down $135K Since Last Week
While the land offering was a smashing success in trading—with almost $1 billion to date between the initial mint and secondary sales—there's now been a downturn. The backlash to Yuga Labs' sale format and its response has been swift, APE's price has tanked, and now the original Bored Ape NFTs on Ethereum have dropped to the lowest entry price since March. The cheapest available BAYC NFT on OpenSea is available for 105 ETH, or about $292,000, sliding from the record price of 152 ETH.