Governance Token Wars; The Exit Scam that Wasn’t; YFI Worth More than Bitcoin

https://thedefiant.substack.com/p/governance-token-wars-the-exit-scam

Hello Defiers! So much going on in DeFi,

  • Governance token wars are erupting

  • YFI is now worth more than Bitcoin

  • Exit scam false alarm

  • Aragon’s plans to decentralize protocol

  • Near’s bridge to Ethereum

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Governance Token Wars Ensue

By Cooper Turley

Communities are clashing to farm CRV.

Yesterday, Curve Finance’s pool of tokens which are deposited in Compound Finance saw a $60M spike after its CRV reward APY jumped to over 300% , the highest of any pool at the time of writing.

💡A reminder that Curve rewards liquidity providers with its CRV token, which they receive on top of interest rates from lending protocols such as Compound.

Users can lock CRV governance tokens and “vote” on the weighting of different pools, a feature called ‘Gauge Weight Vote’ . The higher the weight, the more CRV the pool earns.

A 40% increase in CRV’s price earlier this week, the highest 24h change since launch, is spurring speculation that traders are buying the token to lock it in the DAO and increase rewards for their pool of choice by voting to increase the Gauge weight.

Julien Bouteloup @bneiluj

Governance war on fire! Someone bought $CRV on the market pushing the price up, locked $CRV into Curve DAO and used dao.curve.fi/gaugeweight to weight-vote for compound pool to make rewards on steroids 307%

Gov is POWER 🔥

tip: someone from @compoundfinance or a nice $COMP VC 😏

Julien Bouteloup @bneiluj

You guys want a tip? Tonight there will be a market pressure to buy $CRV. Just saying. It’s simple math. https://t.co/Do38ZIjxST

Given the fundamental role yCRV plays in the yEarn ecosystem, many are memeing that “this means war” for COMP and YFI holders. 

While there is no direct mechanism for CRV to increase COMP price, yEarn yVaults harvest CRV rewards to increase APY’s —a big reason why the token has seen such a strong runup this week. The higher weight for Compound’s pool means fewer rewards for the yCRV pool, and lower returns for yVault LPs.

Yearn Fights Back

yEarn passed a vote to lock its ~$2M early-LP CRV treasury in the DAO for a 2.5x multiplier on all future rewards and to participate in governance weighting. This means that yEarn is looking to take a competitive stance on being the Curve pool with the highest CRV APY at any given time.

This is the first time we’ve seen competing parties use governance token to their advantage, and one which may give CRV inherent value as the yield farming rush continues.


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YFI is Now The Most Valuable Token in All of Crypto

Yearn Finance’s YFI last night became the first token with non-negligible volume to surpass the price of Bitcoin. And it did so after being live for a month.

YFI’s price soared above $12k last night, while Bitcoin still hovered below that milestone, and has kept rallying. It’s trading at over $15k today.

DeFi Darling

YFI quickly became the darling of DeFi when Yearn’s creator Andre Cronje decided to distribute it only among those who supply liquidity to the Yearn protocol and yToken pools. There was no pre-sale to investors, there was no allocation for the Yearn team, and it wasn’t sold through an exchange. Cronje called it “valueless.”

It was truly the token for the people, and YFI holders would have full control of Yearn. One of the first decisions was to cap YFI supply at 30,000, of which most have already been issued, and is one reason some holders use to justify the price.

DeFi traders pounced as soon as it was issued and made YFI jump to $1,000 from around $30 on its first day of trading. From there, it just kept climbing.


Exit Scam or Good Night’s Sleep?

By Cooper Turley

With DeFi token launches starting to feel like  2017 ICOs, it’s inevitable that scammers will be lurking.

Yesterday afternoon, some suspected ProxiDeFi of being one of the first to exit scam by removing all liquidity against their CREDIT-ETH Uniswap pool. 

The cross-chain derivatives lending protocol shared details of their Mesa offering, with roughly 15,751 trying to land an allocation in the batch-order based sale.

It was at this time that the core team went to bed and chaos ensued. The Telegram group was quickly overrun with profane images due to a lack of admins being present to moderate. 

While team members have resurfaced to say all is well, the project’s image was temporarily tainted by so-called moonboys (crypto traders waiting for tokens to rally) suspecting the team of exit scamming for trying to get a good night’s sleep.

No Evidence of Scam

When looking at the CREDIT-ETH pool, it appears that 400 of the original 550 ETH provided by a liquidity provider is still present at the time of writing. There is no evidence of a large liquidity removal which would signal the ‘rug pulling’ community members were rallying around.

If anything, this goes to show that DeFi is a 24/7 game, and that things are quickly snowballing out of control for teams fundraising through unregulated, decentralized platforms like Mesa and Uniswap for their initial offerings.


A DAO for the DAO Protocol 

By Cooper Turley

Aragon plans to decentralize its protocol for DAOs through the advent of its own DAO in a two-phase rollout.

The newly announced Aragon Network DAO allows ANT holders to:

  • Enact and amend the Aragon Network Agreement

  • Amend the DAO and its parameters

  • Govern key Aragon Court parameters

  • Govern a common funding pool

Rather than release control today, Aragon will transition through two phases; Phoenix and Firebird.

With Phoenix, Aragon will pass executive control of the Aragon Court to an Interim Governance Council featuring the project’s CEO Luis Cuende and community-stars like Griff Green and Jesse Pollak. 

At some point in the near future, the Firebird Phase will kick off following the ratification of the Aragon Network Agreement – or the project’s manifesto on how future governance is handled, and control of the Aragon Network is transitioned from the Governor Council to ANT holders.

With the promise to make Aragon ‘financially sustainable’ it will be interesting to see how ANT token holders rally around what the project is touting as ‘the end of its original roadmap’ into new, uncharted territory.


Near is Building Bridge to Ethereum

Near is building a bridge to Ethereum which aims to make the two blockchains interoperable. The bridge is currently in testnet.

NEAR’s Rainbow bridge is aiming for users to be able to move assets and data between the two blockchains and for apps that seamlessly communicate across the two networks. Developers who build on NEAR will have access to all the assets on Ethereum, and developers who build on Ethereum can move gas-fee critical parts to NEAR, while keeping their Ethereum user base, near co-founder Alex Skidanov wrote.

The Rainbow bridge does not require the users to trust anything but the blockchains themselves, and doesn’t require any special permissions to deploy, maintain, or use, according to a blog post by Near. Latency for NEAR->ETH interactions is 4 hours, and will be about 14 seconds once EIP665 is accepted, the post said.


The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access at $10/month or $100/year, while free signups get only part of the content.

About the founder: I’m Camila Russo, author of The Infinite Machine, the first book on the history of Ethereum. I was previously at Bloomberg News in New York, Madrid and Buenos Aires covering markets. I’ve extensively covered crypto and finance, and now I’m diving into DeFi, the intersection of the two.

Aragon Drama Pushes On-Chain Governance Idealists to the Meatspace

https://thedefiant.substack.com/p/aragon-drama-pushes-on-chain-governance

Hello Defiers! Here’s what’s happening in decentralized finance,

  • Aragon governance drama splits Ethereum community
  • Celebrating Bitcoin Pizza Day with renBTC
  • Devcon 6 postponed and to be held in Bogota
  • Polkadot launches network’s first phase
  • Foundation is latest to join red-hot tokenized asset space

and more!

The open economy is taking over the old one. Subscribe to keep up with this revolution. Click here to pay with DAI (for 70 Dai/yr vs $100/yr).

Subscribe now

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On-Chain Idealists Take Legal Dispute to ‘Meatspace’ 

By Cooper Turley

Aragon was built with the vision of helping spur hundreds of communally owned organizations, governed by token-based votes and computer code. But now that problems with one of its own grant recipients have escalated, it’s turning to plain, old, physical courts.

The story broke when Autark posted this May 22 blog post stating that Aragon “filed a baseless legal action in Switzerland against Autark LLC,” a US company, and that it was seeking to nullify the remainder of the grant they were awarded. Aragon replied with its own post saying it stopped paying out Autark’s grant in January “due to breach of the grant agreement,” as the team hadn’t met agreed-upon goals, and that it filed the lawsuit to claim jurisdiction in Switzerland after Autark, which is asking for an $800k settlement, threatened to sue in the US.

Still, Aragon wants to move on, cofounder Luis Cuende told The Defiant. “We want to close this as soon as possible. It’s now on Autark to drop their threats and come to their senses,” he said. “Doors are open.”

Autark had yet to respond to a request for comment. The company’s CEO Yalda Mousavinia has previously said this is not the first time Aragon has had issues regarding its community grants and defends the company’s work.

$2.5M in Grants

Aragon, an open source platform enabling users to create and launch DAOs, raised 275k ETH in a 2017 ICO. It used its treasury in part to fund grants programs such as Flock, which was disbanded in February. Autark, a company building tools to enhance DAO coordination, won two grants, AGP-19 and AGP-73, amounting to roughly $2.5M in funding vested over the course of multiple years.

Autark received half of the first tranche of AGP-73 for $200,000 in November, 2019, with the remaining $200,000 agreed to be distributed in January. It was at this time that Aragon stopped making payments and the dispute began. 

“Baseless Complaints”

Autark said in a blog post Aragon’s breach-of-contract claims are “baseless complaints,” and that Aragon stopped payments before giving them a chance to “cure any alleged defects in performance.” 

Cuende said on Twitter his team had tried to solve the problem amicably, but that all they got from Autark was the following answer: “Talk to our lawyers.” Cuende also said in a video posted Tuesday that Aragon isn’t using its own court system because, while “it’s great, it’s not recognized worldwide. This Swiss lawsuit is to protect ourselves so they cannot sue us in a  different jurisdiction than where the agreements” were made. Aragon Court doesn’t replace the traditional legal system when there are problems between two legal entities, he said.

Luis Cuende 🦅 @licuende

For those who don’t know, the Aragon Association has taken legal action against Autark…

This is ugly, but they threatened to sue the Association and claimed a whooping amount of $800k. Read more 👇

aragon.org/blog/autark-le…Aragonaragon.org

Community is Split

The Ethereum community is split between those who support Aragon’s decision to go to the so-called “meatspace” legal system, while others argue the dispute should have been resolved in the project’s own court.

Cuende said in the May 26 video that Aragon Court is meant to resolve onchain disputes such as 51% attacks, meaning that this particular case is not relevant to the Court’s design. Community members have countered this claim, stating that this case is the perfect testing ground for the highly-anticipated product.

Regardless of whether the Court is used or not, we’ve seen a number of responses on both sides of the table. Here are a few worth reading.

For Aragon:

Chris Burniske @cburniske

@thegrifft @AragonProject @autarklabs DAOs live on strong 🙂

Note that Aragon was not the instigator here. They offered avenues to Autark to avoid meatspace legal action – but when pressed in the meatspace, one must defend in the meatspace 🤷‍♂️

Hope it chalks up to a sense of, and learnings about, justice for all.

thibauld 🌍🔥⏳ @thibauld

This summarizes well my thoughts too. @izqui9 and @licuende are genuinely good people and their contribution to the ecosystem is massive. Criticizing is easy, building is hard.

Olivier Sarrouy @osarrouy

I dont have an opinion about the @autarklabs vs @AragonProject case and don’t wanna defend the AA at all cost. It even happens the @AragonBlackTeam – I used to lead – left the Flock program a cple of months ago when the AA decided to recentralize some part of its gov 1/n

For Autark:

James Waugh @BlockchainJames

“That’s why we decided to keep the matter private” @licuende – in a DAO, that’s not your decision.

@autarklabs @AragonProject

Eva Beylin @evabeylin

@licuende why aren’t you taking this to Aragon Court? if you can’t use your own dispute resolution platform for community challenges prior to seeking legal action, then you’re basically a fraud

DAOs Endure

Still, this is just a drop in the wider bucket of the vibrant DAO landscape.

Jack Laing @JackALaing

1/ Why the @AragonProject vs. @autarklabs legal drama is NOT an existential crisis for the DAO space
Thread👇


If nothing else, it’s fascinating to see the DAO hypothesis playing out live, and cases such as this demonstrating rare edge cases in which community sentiment runs both ways.


How I Celebrated Bitcoin Pizza Day Late (And on DeFi)

By DeFi_Dad

May 22nd was the epic 10-year anniversary referred to as Bitcoin Pizza Day. By now, you probably have seen a million pizza emojis and references to the fact that one poor guy spent 10,000 BTC on pizza, and not just once, but supposedly eight times! Do the math: if it’s true, he spent 80,000 BTC going back to 2010, equal to about $720 MILLION in USD —if you assume a price of $9,000 for BTC.

I think it’s kinda ironic that 10 years later it doesn’t feel much easier to spend BTC on pizza and even more ironic, no one spends their BTC! It’s been deemed digital gold by the Bitcoin community and Wall St. People buy and hold BTC versus spending it on simple transactions like pizza or coffee. Thankfully we have over $7B in stablecoins on Ethereum that we can increasingly depend on as a medium of exchange.

So what about my BTC?! Well, I can hold it in cold storage or transfer it wallet-to-wallet, but aside from that, I’m pretty much stuck having to use centralized services to open a collateralized loan (ie BlockFi) or use BTC to trade on perpetual markets like the most popular centralized ones at BitMex, Deribit, and Bybit. 

I’m DeFi Dad, not CeFi Dad! So this got me wondering, what can I do in DeFi to put my native BTC to use?

A New Day With renBTC

As luck would have it, Ren Protocol came through just yesterday! Ren unveiled the long awaited RenBridge at bridge.renproject.io, where I can swap my BTC for renBTC without any middleman or KYC, just the usual DeFi experience of connecting my Ethereum (and now Bitcoin) wallet while trusting only the Ren smart contracts.

(Btws, please be aware the Ren team does still have a pause function in their control as an emergency precaution. I think it’s very pragmatic when launching new smart contracts that could present a risk to newly deposited funds, even if they’ve been through audits. In the future when this admin right is abstracted away from the control of the Ren team, these smart contracts can then be deemed “trustless.”)

Tutorial: How to Swap BTC for renBTC and Open a MakerDAO Loan

I don’t have much else to share about this huge moment for DeFi and my first experience today using renBTC because I’d rather show you! Watch the following video as I:

  • Start with BTC in a Nano Ledger hardware wallet
  • Swap BTC for renBTC using the RenBridge
  • Then swap renBTC to WBTC with 1inch.exchange
  • Lastly, use WBTC to open a leveraged loan in MakerDAO to get Dai

Risks and Cautions Using These DeFi Apps

This is not financial advice and you should approach this new RenBridge with caution. There is always risk in using DeFi apps and protocols, including technical risks (ie smart contracts bugs), financial risks (ie liquidity crises), and admin risk. 

You should also be cautious and aware of the following risks: As I called out earlier, there is a pause function in control of the Ren team, meaning they can shut down the Ren network. It’s a precaution while these smart contracts are new, but you should be aware of it. If you use 1inch.exchange, renBTC is still very illiquid on Ethereum. You could end up with a terrible exchange rate and/or lots of slippage if trying to swap more than the small amount I demonstrated (ie. $100 of renBTC).

If you use DeFi Saver, you’re trusting their smart contracts to open a vault for you, which entails some risk. By opening a vault with MakerDAO, there’s risk of liquidation if the price of WBTC drew down to your liquidation price, if you don’t maintain a collateralization ratio of 150%. There’s also risk of a congested network like what we saw on March 12th when people were having trouble getting through their transactions on the Ethereum network. Please do your own research and never follow this tutorial as financial advice. I’m a DeFi product enthusiast, not a financial advisor.

Devcon 6 Was Postponed to 2021 & Will be Held in Bogota

Ethereum’s annual gathering will be postponed for the first time due to the COVID19 pandemic and held next year in Bogota, Colombia.

The large Argentine Ethereum community had been lobbying for the next Devcon to be held in Buenos Aires for the past several months. The push made the Ethereum Foundation look South and apparently Colombia’s more stable economy and venue options won out.

“Agora [the venue] presented us with an ideally-located and fully modern conference center that is built to handle the catering, WiFi, meeting-space and other needs of an event like Devcon,” the EF’s blog post said.

The EF decided to postpone Devcon rather than organize a virtual event or be subject to last-minute changes in travel and lockdown measures . This year, the plan is to hold “a set of worldwide and independent events this fall.”

First Phase of Polkadot Network Goes Live

After four years of development, the Web3 Foundation on Tuesday launched the first phase of the Polkadot network, a sharded protocol that allows decentralized blockchain networks to operate together.

The current mainnet will operate via a Proof-of-Authority consensus mechanism, in which the Web3 Foundation retains control of the chain, “to execute critical logic and security audits and calibrate final aspects of the network,” Web3 wrote in a blog post. In this phase, holders of Polkadot’s native DOT tokens will be able to claim their tokens and submit their intention to stake, Messari reported. The Web3 Foundation may conduct a “DOT allocation sale to further decentralize the token distribution,” the Web3 Foundation said.

Buying Crypto Just Got Easier in the US and Europe

Transak and Wyre partnered to allow residents of most US states and European countries to buy 300+ cryptocurrencies with their debit cards in minutes, without having to go through a centralized exchange or extensive KYC. Easier fiat to crypto on ramps are key to mainstream adoption and this is a good step forward.

Tokenized Goods Space Heats Up With New Player

Foundation is the latest in a series of projects seeking to provide a marketplace for tokenized assets —these are real-world assets linked to tokens which trade in secondary markets. Tokens provide traceability, allows creators to more directly profit from their work, and fans the chance to support artists, speculate on their success, and simply buy their goods. The first Foundation Market is live at NeueGoods.com


Crypto Chicks and DAOstack are hosting a virtual hackathon. Here’s the info:

Planet Wide SOS Hackathon -Solutions to Heal the World

Join Planet Wide SOS Hackathon to fund your ideas and solutions that help local communities (Anything Local Track) or create global remote platforms (Everything Remote Track). The prize fund is being raised and governed by the people from 40 countries via a digital decentralized coop The Builder Collective. Join to become a coop member with a voice to select which projects to fund. Open to all technologies, all countries, all genders. No programming experience is required – Top Business Ideas Awards are available. Diverse teams will be recognized with the Top Women-Led Teams Awards. Your solution matters – register to maximize your contribution and voice now at https://soshackathon.com!


The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access at $10/month or $100/year, while free signups get only part of the content.

Subscribe now

Click here to pay with DAI.There’s a limited amount of OG Memberships at 70 Dai per annual subscription ($100/yr normal price).

About the author: I’m Camila Russo, a financial journalist writing a book on Ethereum with Harper Collins. (Pre-order The Infinite Machine here). I was previously at Bloomberg News in New York, Madrid and Buenos Aires covering markets. I’ve extensively covered crypto and finance, and now I’m diving into DeFi, the intersection of the two.

Compound’s New Governance Token Helps Platform Coins Further Shed Stigma

https://thedefiant.substack.com/p/compounds-new-governance-token-helps-f10

Hello Defiers and happy Friday. Here’s what’s going on in decentralized finance:

  • Compound Finance is introducing a governance token

  • Bullish signs in DeFi amid crypto market slump

  • PoolTogether tokenizes tickets

  • Loopring launches scalable DEX

and more 🙂

You’re receiving this email because you’re a signed up for the free version of The Defiant (thank you!) That means you’re getting an abbreviated version of today’s newsletter. For access to the full content, subscribe now at $10/month, $100/year, or 70 Dai on this link.

Subscribe now


Token Democracy Bringing Platform-Specific Coins Back

Compound Finance wants to decentralized governance by introducing a token to its system. The plan shows platform-specific coins are losing their stigma and becoming more sophisticated.

Compound Finance, the second-largest lending platform in DeFi after MakerDAO, is planning to distribute tokens among Compound shareholders in proportion to their stakes —initially, the coins won’t be available to the public. The goal will be for the coins, called COMP, to help management cede control of the protocol to the broader community.

In this new financial system, something as radical as a company’s management team democratizing decision making, has come to be one of the basic features expected of these companies. Any direct control or influence over code and governance is reviled. And that’s because it defeats the whole purpose of DeFi and Web3, which is to be trustless. That means users don’t have to trust banks and processors in the middle of transactions, and they don’t have to trust the teams building these dapps either.

Right now, Compound is further from the most decentralized extreme of the spectrum relative to other projects like Uniswap and MakerDAO, as its team can unilaterally change how the project works, and its code is not open source. A governance token would be a big step towards the more decentralized end of the spectrum.

Token Democracy

There are variations of these so-called governance tokens, but the general concept is that they each represent one vote (1 token = 1 vote, not 1 person = 1 vote). That’s because in systems where people are represented by crypto addresses, identity is easily manipulated — as easy as creating a new crypto address. MakerDAO, 0x and Aragon are already using their platforms’ own tokens for governance. Kyber Network and Synthetix are also moving in this direction. [Read The Defiant’s post about it: Synthetix and Kyber Are Latest to Join DAO Wave].

Besides carrying voting rights, governance tokens often carry other benefits and are used for things besides voting. In the case of MakerDAO, MKR tokens get burned when they’re used to pay fees required to close out a loan on the system. This could be seen as an indirect dividend, as each time MKR is burned, the price is pushed up.

Not an Investment

This is a lot more sophisticated and nuanced than most of the so-called “utility tokens” of the ICO days. Projects introducing a token whose only function is to simply buy goods and services offered on the dapp are becoming less frequent, as it became apparent there was no real use for those coins, other than to sell them for ether and bitcoin. The market has caught on and the bar for projects that want to add a token is a lot higher.

Compound’s token will be used solely for its governance function and is not meant to be an investment, the company’s CEO Robert Leshner wrote in a post.

“It isn’t a fundraising device or investment opportunity. Until the decentralization process is complete, COMP will not be available to the public.”

Here’s how it works:

  • COMP, an ERC20 token, allows the owner to vote or to delegate voting rights to the address of their choice, meaning it’s not necessary to own COMP tokens to participate in governance.

  • Anybody who owns or has at least 1 percent of COMP delegated to their address can propose a governance action.

  • Proposals, which are meant to be executable code, are subject to a a three-day voting period. If the majority of votes and a 4 percent quorum approve a proposal, it can be implemented after 2 days.

Leshner declined to provide more details than what was disclosed in the post.

The two-day buffer before a proposal is implemented may be a lesson from the potential attack discovered on MakerDAO’s governance system, which would allow anyone with enough MKR tokens to create a proposal and vote to steal funds, without giving other token holders to react. This vulnerability pushed the Maker team to change the buffer time before votes are executed from 0 to 24 hours.

Tokens used to be mainly a tool for teams to raise money before delivering their product, causing a complete misalignment of incentives. It’s a positive development that in this new wave of Ethereum-based applications, tokens have the specific function of aligning the project with the community, by becoming a tool to vote.

DeFi Shows Improving Sentiment Amid Crypto Slump

Ether bulls are getting whiplashed. Last week, ETH crossed $280 and $300 was in the horizon. This week, Ethereum’s cryptocurrency has slumped 20 percent from those highs to a little over $220, causing liquidations on decentralized finance to spike and value locked to drop. But there are signs that traders are regaining confidence.

PoolTogether is Tokenizing Lottery Tickets

Users can now buy tokens to participate in the PoolTogether lottery. The protocol’s new plDAI and plUSD tokens represent ownership of tickets eligible to win prizes, and can be stored in users’ wallets and transferred to others.

Loopring Launches First zkRollup Exchange

Loopring, a protocol for scalable Ethereum exchanges, islaunching the Loopring Exchange on Ethereum mainnet. It’s the first publicly accessible exchange using the zkRollup technology.

Actor Steven Seagal Fined by SEC for Touting Token Offering: Bloomberg

Seagal was promised $250,000 in cash and $750,000 worth of tokens for touting an initial coin offering from a company called Bitcoiin2Gen. He agreed to settle the SEC’s allegations without admitting or denying wrongdoing, and will pay a $157,000 fine and the same amount in disgorgement.

Why Flash Attacks will be the New Normal: Haseeb Qureshi

Haseeb Qureshi of Dragonfly Capital says, flash loans are a big security threat, but they’re here to stay, “and we need to think carefully about the impact they will have for DeFi security going forward.”

Rocket announces it issued a loan backed by tokenized art.


The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access at $10/month or $100/year, while free signups get only part of the content.

Subscribe now

Click here to pay with DAI.There’s a limited amount of OG Memberships at 70 Dai per annual subscription ($100/yr normal price).

About the author: I’m Camila Russo, a financial journalist writing a book on Ethereum with Harper Collins. (Pre-order The Infinite Machine here). I was previously at Bloomberg News in New York, Madrid and Buenos Aires covering markets. I’ve extensively covered crypto and finance, and now I’m diving into DeFi, the intersection of the two.