The Block
MakerDAO is considering allocating $600 million worth of its stablecoin DAI into USDe and staked USDe (sUSDe) via the DeFi lending protocol Morpho Labs. The move would put Ethena total value locked growth “on track with internal expectations,” according to Ethena’s head of growth, Seraphim Czecker.
Quick Take dYdX community members approved a plan to form a Cayman Islands foundation to back the protocol’s operations and governance, providing legal advantages to contributors. The dYdX Operation Trust, previously holding virtual tokens worth hundreds of thousands of dollars, will be dissolved in the restructuring process.
Quick Take Andreessen Horowitz plans to invest $30 million in multiple gaming-related tech startups. The firm’s gaming fund, which was started in 2022, invests in developing various gaming-adjacent technologies, including web3.
Quick Take The CBDC Anti-Surveillance State Act, introduced by House Majority Whip Tom Emmer last year, could be up for a vote alongside a long-sought-after stablecoin bill, which could potentially derail bipartisan support, according to a note from TD Cowen. Top leadership on both sides of the aisle have been in talks for years to get a stablecoin bill across the finish line. This comes as Fed Chair Powell has said the central bank was “nowhere near” making recommendations on or adopting a CBDC.
A week after crypto-based investment products registered record outflows of nearly $1 billion, the financial instruments rebounded significantly with roughly $900 million in net inflows, according to CoinShares.
The web3 infrastructure firm Xion raised $25 million in funding. Animoca Brands, Laser Digital, Multicoin, Arrington Capital, Draper Dragon, Sfermion, GoldenTree and others participated in the round.
Quick Take Over 30 crypto hacks occurred last month. High-profile hacks include Munchables, an exploit in the Curio ecosystem, Prisma Finance and WOOFi.
Bitkub is in the process of hiring advisors for the IPO.Its crypto exchange, Bitkub Online, is currently valued at around $165 million.The company is also looking for potentially listing in Hong Kong.
Quick Take Tether bought 8,888 more bitcoins in the first quarter of 2024, increasing its total holdings to about 75,354 BTC. The current value of Tether’s total bitcoins is over $5.2 billion.
Quick Take The world’s largest cryptocurrency traded below $70,000 on Monday. Bitcoin halving is expected to occur later this month.
