Aave tokenholders are voting on three proposals that could reshape the protocol’s exposure to the Curve DAO token.
Two ideas that will be up for voting on August 10, 2023 are part of the Aave community’s efforts to lessen the exposure of the protocol to the Curve DAO token. The action was taken in an effort to reduce the risk that Curve Finance founder Michael Egorov’s sizable borrowing position posed to the lending procedure.
The native coin of the Curve Finance decentralised finance (DeFi) protocol is called Curve DAO (CRV).
In order to obtain loans on Aave v2, totalling approximately $60 million, Egorov put down more than 30 per cent of CRV’s entire market value as security. However, Curve’s token price was affected by its hack on July 30, 2023 which left Egorov’s holding open to liquidation.
Aave token owners have until August 12, 2023 to vote on two propositions. One wants to lower the CRV liquidation threshold on Aave v2 by 6 per cent, which if approved, might make user accounts liable to liquidation. The second makes it impossible to borrow CRV on Ethereum and Polygon v3, making it impossible to short CRV via the Aave protocol.
SEC Announces $24M Settlement For Case Against Bittrex, Former CEO
The US Securities and Exchange Commission (SEC) has reached an arrangement with cryptocurrency trading platform Bittrex and its co-founder and former CEO William Shihara.
The SEC had filed a complaint in April claiming Bittrex and Shihara operated an unregistered exchange, also separately charging Bittrex Global.
Now, in a notice dated August 10, 2023 the SEC has said that Bittrex and Bittrex Global had agreed to settle their legal dispute with the federal regulator by paying $14.4 million in disgorgement (the repayment of ill-gotten earnings), $4 million in prejudgment interest, and $5.6 million in civil penalties.
The court is however, yet to approve the accord.
Shihara hailed the settlement a “good outcome” in a statement to Cointelegraph, saying that the US needed to “[strike] a balance between fostering innovation, encouraging entrepreneurs, and the need to protect consumers”.
From the time Bittrex was founded in 2014 until his departure in 2019, Shihara served as its CEO.
Coinbase Layer-2 Network Base Hits 136,000 Daily Active Users
Coinbase’s layer 2 Blockchain has reached a daily active user threshold of 100,000 for the first time, just a day after the network’s formal debut. Around 30 per cent of Base’s users on August 10, 2023 were new to the Blockchain.
According to Dune Analytics data from August 10, 2023, which also happens to be the second day of its public release, there were over 136,000 daily users, the largest amount in its brief history.
On August 10, approximately 42,000 daily users, or around 30 per cent of the total, were new Base users, breaking the previous high of over 60,000 on July 31, 2023.
In the meantime, Base now ranks fourth among layer 2 solutions in terms of daily transactions per second, behind zkSync Era, Arbitrum, and Optimism, according to an article on August 10 published by cryptocurrency market data portal CryptoRank.
