Running the Crypto Playbook
DeFi project World Liberty Financial has officially started the voting process for its buyback-and-burn proposal.
The proposal will redirect all fees earned from WLFI’s liquidity on Solana, BNB Chain, and Ethereum to repurchase tokens from the open markets and remove them from circulation.
Fees earned by third-party liquidity providers will remain unaffected.
The proposal aims to add deflationary pressure to WLFI, aligning token utility with value creation, while rewarding long-term holders.
Although there is still a week before the vote officially ends, the community has overwhelmingly supported the proposal, with 99.5% voting in favor.
Once the proposal has officially passed, the WLFI team plans to expand the scope of the buyback and burn strategy to redirect fees from other avenues.
The price of WLFI has remained unchanged since the vote went live, and is currently down by 35.5% from its initial launch price of $0.31.
Christie’s Closes the Door on NFT Department
The Christie’s auction house has shut down its Digital Art Department, 3 years after it was founded in 2022.
Two of its staff have been let go, including Nicole Sales Giles, the former vice president of Digital Art.
With the closure of the Digital Art Department, the future of Christie’s on-chain auction platform, Christie’s 3.0, is now uncertain.
However, the firm clarified that it will continue to sell digital art, but it will be housed under a different category.
Paused for Now
Ethereum Layer-2 solution Scroll has paused its governance mechanism after the departure of several high-level employees.
Project delegate Olimpio reported that Eugene, the leader of Scroll DAO, has officially stepped down.
Scroll co-founder Shen Haichen also explained that the protocol’s governance structure will be overhauled.
Several live proposals are still in the pipeline, but how they will be executed is now unclear.
In Olimpio’s report, Scroll’s head of growth, Raza Zaidi, also claimed that he did not know which proposals were live or had been approved.
Another Hard Fork for Polygon
Polygon has successfully completed another hard fork, intended to fix an issue regarding transaction finality.
A software bug in Polygon PoS’s node software, which includes its Bor and Heimdall layers, caused delays of 10–15 minutes in “local fast finality” (milestones).
Validators and RPC nodes fell out of sync, meaning transactions took much longer to be finalized though block production continued.
After the fix was deployed, the Polygon team confirmed that checkpoints and consensus finalization are fully operational once more.
The price of Polygon’s native POL token has remained unchanged since the incident was officially resolved.
In Other News…
Go Figure. Figure Technologies, a Nasdaq listed firm that utilizes blockchain technology to facilitate loans, IPO-ed on Thursday. Figure shares rose 24% above their IPO price, giving them a market capitalization of $6.58B.
All Eyes on Gemini. American crypto exchange Gemini will go public under the GEMI ticker today on Friday. Gemini will IPO in the price range of $24-26, which gives them a valuation of $3B on the upper end.
JP, Co-Founder of Thorchain Scammed by North Korea. JP was reportedly scammed out of $1.3M during a conference call by supposed North Korean state hackers. Ironically, JP and his Thorchain product previously helped North Korea to launder funds from previous hacks such as the $1.5B ByBit hack.
CleanCore Acquires $130M More DOGE. CleanCore Solutions, a maker of aqueous ozone cleaning systems, turned DOGE crypto treasury firm has acquired an $130M worth of DOGE on Thursday, pushing their total DOGE holdings to 500M the halfway mark of their 1B DOGE target.
Ethena Is Out. “G”, the founder of Ethena announced his withdrawal from the USDH bidding. Native Markets is currently heavily in the lead in votes, “It appears the decision is a near certainty now, congratulations to the Native Markets team.”
Chainlink x Trump. On-chain price oracle network Chainlink is currently in talks with the Trump administration to bring more government functions on-chain. Chainlink recently secured a deal with the US department of commerce to put public economic data on-chain.
Arthur Hayes Is Bullish ENA. Arthur Hayes, co-founder of crypto investment fund Maelstrom, bought $1M worth of ENA ahead of the USDH vote, which Ethena is participating in. The USDH vote commences today and ends on 14 September.
Avalanche Treasury Firm? Avalanche Foundation, the team behind the AVAX L1 is currently looking to raise $1B across two deals to set up two crypto treasury firms supporting the AVAX token.
Meteora Launch Date Set. Solana DEX Meteora, unveils more details regarding the TGE of their upcoming MET token. MET will launch next month in October with a unique airdrop mechanism that allows token claims directly from its liquidity pool.