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November 17, 2020 Sponsored by: By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.
Top shelf Bitcoin is nearing all-time highs in price and market cap last set three years ago. Anchorage has applied with the OCC for a national bank charter. Community members have proposed a vote to reinstate Unsiwap’s liquidity mining program.
Origin unknown Crypto-native bank Galaxy’s fund Chump change? My Data, My Money: Data Dividends and the Digital Economy Few could have imagined the true costs of “data for a service,” driven in large part by a monopolistic economy for users’ information as powerful internet giants and platforms have melded into our daily lives.
A movement of scholars, professionals and activists is exploring alternative ways to remedy the power imbalance of data via a data dividend – a mechanism whereby companies share profits derived from the use of personal data directly with users.
Is the data dividend an opportunity to restructure the digital economy on more equitable terms, or merely a redesign of the current data ecosystem?
In “My Data, My Money: Data Dividends and the Digital Economy” on Nov. 18, CoinDesk privacy reporter Ben Powers invites leaders from the Data Dividend Project, The Data Union and HACKYLAWYER to explore the alternative ways to remedy the imbalance in power through a data dividend or by other avenues.
Watch CoinDesk TV live on Twitter, YouTube or CoinDesk.com. Learn more.
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Quick bites As DeFi grows, investors look to Polkadot as the next Ethereum. (CoinDesk)Mask Network allows users to send encrypted messages, cryptocurrencies and even dapps over Twitter and Facebook. It just raised $2 million from Balaji Srinivasan, Alameda Research and others. (CoinDesk) Tether’s blacklistings on Ethereum grew by 130% this quarter. (The Block – paywalled) Crypto execs need liability insurance, thinks McLeod Law's Matthew Burgoyne. (CoinDesk – op-ed) In a reminder of crypto’s core value proposition of censorship resistance, Western Union will suspend U.S. dollar transfers to Cuba. (CoinDesk) Market intel Outshining gold Bitcoin is outshining gold by a significant margin. While the top cryptocurrency by market value has risen 22% to cross $17,000 this month, the precious metal is up just 0.5% at the current price of $1,890 per ounce.
"Digital silver" flips Litecoin jumped to nine-month highs early on Tuesday, replacing bitcoin cash as the seventh-largest cryptocurrency by market value. The cryptocurrency, sometimes called “digital silver,” rose approximately 10% to $75.77 during the Asian trading hours, a level last seen on Feb. 24, according to the CoinDesk 20. With the jump, Litecoin now has a market capitalization of $4.90 billion, higher than bitcoin cash – which underwent a hard fork on Sunday – at $4.67 billion.
SPONSORED BY POLICY 4.0 Policy 4.0 is a research and advisory working on policy strategy for the future of money and data. Our team of blockchain engineers, financial and policy experts have spent some months reverse engineering China’s digital yuan. This four-part research series will be unveiled on Nov. 18 with CoinDesk at 15:00 -16:30 UTC. The event comprises an address from the governor of the Bahamas Central Bank and perspectives from the IMF, David Birch and Pindar Wong.
Webinar: How to Value Ethereum In the second episode of the live webinar series How to Value Ethereum, CoinDesk Research unpacks the many quirks of Total Value Locked – the most popular metric for measuring decentralized finance growth.
Sign up for How to Value Ethereum, episode two, on Nov. 17. At stake Governance vote Uniswap, the decentralized market maker at the center of this year’s DeFi boom, has ended its liquidity mining subsidy.
Instituted in September in a bid to regain market share from the upstart protocol SushiSwap, Uniswap allocated approximately 20 million UNI to four mining pools – ETH/USDT, ETH/USDC, ETH/DAI, and ETH/WBT.
SushiSwap, a genetic clone of Uni, burst on the scene as a fully decentralized (read: not venture-backed) market maker, offering the one thing Uniswap lacked: a governance token.
Sushi planned to attract Uniswap users by offering steep rewards for those that migrated to its platform. Uniswap responded to the threat by airdropping some 1 billion UNI governance tokens to community members, team members and investors, and instituting the liquidity mining program.
Since launch, Uniswap’s token has been an experiment in community governance. Recently, a proposal with popular support to further disseminated UNI tokens to those kept out of the initial airdrop fell short by less than 2.5 million “votes.”
Now, the community is facing another vote to reinstate the liquidity mining program. On Monday, Audius strategy lead Cooper Turley and pseudonymous “monet supply” Monday presented a proposal to reinstate the program at a diminished scale.
The proposal will have to pass a series of governance polls before farming restarts Dec. 4. Uniswap’s total value under lock (TVL) first broke $1 billion in September after introducing UNI rewards. The AMM peaked at just over $3 billion in TVL on Nov. 13.
Now, facing a tough governance vote, total value on the platform tanked nearly 55% to $1.4 billion at press time, according to DeFi Pulse.
Who won #CryptoTwitter?
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