Twenty-seven Ethereum projects have joined hands to create “maximal extractable value” or MEV from assets and minimise users’ costs.
Some of the partners or projects in the MEV initiative include Balancer, Gnosis DAO, Shapeshift, and StakeDAO. The initiative comes in the backdrop of a mixed week for the top 100 DeFi tokens in terms of price action, with the total value locked in DeFi protocols totalling around $50 billion.
Experts say that rug pulls, a situation when developers suddenly abandon a project and sell or remove all their liquidity, are common in the DeFi ecosystem. For instance, in the first three months of 2023, 73.3 per cent of all rug pulls occurred on Binance’s BNB Chain.
According to a recent assessment of the US Treasury Department, North Korean hackers are increasingly using the DeFi ecosystem to launder money.
Arbitrum’s Governance Plan Sparks Controversy
Arbitrum Foundation, a crypto developer, has made new recommendations following a controversy surrounding its initial governance plan. The row erupted after Arbitrum floated a proposal to fund the foundation with 750 million ARB tokens worth nearly $1 billion. However, after the backlash, it said it was not a proposal but a ratification of an earlier decision.
Meta Offers Large Sums Of Money To Build Metaverse
Meta Inc., the parent company of Facebook, Instagram, and WhatsApp, is reportedly offering developers huge sums of money to build its metaverse.
According to Wall Street Journal, Meta programmers working on the company’s virtual reality suite are being offered fat salaries, ranging from $600,000 to $1 million.
However, Meta’s Reality Labs, responsible for creating the metaverse, already lost $13.7 billion in 2022, the division’s biggest annual losses ever. In February 2023, a US judge gave Meta permission to proceed with the acquisition of a virtual reality business which would help in its Metaverse plans.
