Lockdown on DOT
The Polkadot governance DAO has just passed a proposal to cap the total DOT token supply at 2.1 billion.
The decision was approved after 81% of participants voted in favor of Referendum 1710.
Previously, 120M of new DOT was issued annually, with no total supply caps.
Under the new proposal, DOT emissions will be reduced biennially on March 14.
As per the ‘Hard Pressure’ inflation schedule, emissions will be reduced by a whopping 53.6% starting from 2026.
Token emissions will then switch to 13.14% of the remaining DOT supply left to be minted, which is readjusted downwards every 2 years.
Since the proposal was officially passed, the price of DOT has fallen slightly by 2.3% from $4.30 to $4.20 today.
Native Markets Wins USDH Bid
The USDH vote concluded this weekend, with a landslide victory for the newly formed Native Markets.
Despite the loss, other competing stablecoin issuers such as Paxos, Frax and Ethena may still launch their own stablecoin on Hyperliquid; however they cannot use the USDH ticker.
Native Markets is helmed by Max Fiege, a notable advisor within the Hyperliquid community, Anish Agnihotri, a blockchain researcher and MC Lader, the former COO of Uniswap Labs.
Key highlights of Native Market’s USDH proposal include a 50% allocation to HYPE buybacks, with the remaining 50% allocated to growing USDH.
Native Markets will launch USDH in the coming days with initial mints and redemptions of up to $800/tx, before ramping production to be uncapped.
In Other News…
Polymarket Integrates Chainlink Data Streams. Prediction market platform, Polymarket is now relying on Chainlink to resolve price related predictions. Polymarket’s own oracle, UMA, previously drew criticism over its potential abuse by token-rich individuals who could sway and dispute prediction outcomes.
An Institutional Boost to Solana DeFi. Forward Industries, a Nasdaq-listed Solana treasury firm, announced that they intend to support the Solana ecosystem by directly depositing funds into Solana’s DeFi ecosystem. Forward industries previously secured a $1.65B placement to build their treasury.
London Stock Exchange Going On-chain? The London Stock Exchange Group (LSEG) launched a blockchain-based platform, Digital Markets Infrastructure (DMI), allowing for trades to be settled on-chain. This is the first time a major stock exchange utilized a blockchain-based system.
A Shiba Flash Fire. Shiba Inu, the memecoin’s Shibarium network was exploited in a flash loan attack, resulting in a $2.4M loss. The attacker borrowed 4.6M BONE tokens, a governance token which enabled him to trick the network into approving unauthorized transactions.