• bitcoinBitcoin (BTC) $ 109,454.00
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  • cardanoCardano (ADA) $ 0.588680
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  • pi-networkPi Network (PI) $ 0.468832
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • bittensorBittensor (TAO) $ 330.26
  • okbOKB (OKB) $ 48.60
  • aptosAptos (APT) $ 4.48
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • jito-staked-solJito Staked SOL (JITOSOL) $ 184.69
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  • usd1-wlfiUSD1 (USD1) $ 1.00
  • kaspaKaspa (KAS) $ 0.077727
  • mantleMantle (MNT) $ 0.573090
  • fasttokenFasttoken (FTN) $ 4.44
  • cosmosCosmos Hub (ATOM) $ 4.10
  • gatechain-tokenGate (GT) $ 15.52
  • vechainVeChain (VET) $ 0.021011
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  • official-trumpOfficial Trump (TRUMP) $ 8.67
  • bonkBonk (BONK) $ 0.000022
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  • ethenaEthena (ENA) $ 0.265206
  • render-tokenRender (RENDER) $ 3.25
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 109,519.00
  • arbitrumArbitrum (ARB) $ 0.335597
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.185019
  • quant-networkQuant (QNT) $ 108.87
  • filecoinFilecoin (FIL) $ 2.31
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,576.43
  • algorandAlgorand (ALGO) $ 0.177892
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.52
  • worldcoin-wldWorldcoin (WLD) $ 0.898949
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998100
  • sei-networkSei (SEI) $ 0.263612
  • usdtbUSDtb (USDTB) $ 0.999798
  • binance-staked-solBinance Staked SOL (BNSOL) $ 161.48
  • kucoin-sharesKuCoin (KCS) $ 11.08
  • tokenize-xchangeTokenize Xchange (TKX) $ 17.67
  • usdt0USDT0 (USDT0) $ 1.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.445883
  • spx6900SPX6900 (SPX) $ 1.34
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,701.23
  • nexoNEXO (NEXO) $ 1.23
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,937.27
  • fartcoinFartcoin (FARTCOIN) $ 1.17
  • flare-networksFlare (FLR) $ 0.016642
  • celestiaCelestia (TIA) $ 1.63
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 0.999910
  • injective-protocolInjective (INJ) $ 10.63
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.58
  • xdce-crowd-saleXDC Network (XDC) $ 0.063013
  • sonic-3Sonic (S) $ 0.315358
  • blockstackStacks (STX) $ 0.663334
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,753.51
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.015486
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,707.18
  • optimismOptimism (OP) $ 0.550381
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 109,405.00
  • pax-goldPAX Gold (PAXG) $ 3,319.04
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 109,270.00
  • kaiaKaia (KAIA) $ 0.154262
  • dogwifcoindogwifhat (WIF) $ 0.889254
  • story-2Story (IP) $ 3.11
  • wbnbWrapped BNB (WBNB) $ 662.19
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,712.55
  • paypal-usdPayPal USD (PYUSD) $ 0.999562
  • clbtcclBTC (CLBTC) $ 110,447.00
  • flokiFLOKI (FLOKI) $ 0.000087
  • the-graphThe Graph (GRT) $ 0.085103
  • tether-goldTether Gold (XAUT) $ 3,307.93
  • immutable-xImmutable (IMX) $ 0.426715
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 170.54
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.28
  • vaultaVaulta (A) $ 0.484325
  • msolMarinade Staked SOL (MSOL) $ 198.78
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 2,783.86
  • ousgOUSG (OUSG) $ 111.69
  • theta-tokenTheta Network (THETA) $ 0.708291
  • curve-dao-tokenCurve DAO (CRV) $ 0.510656
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.73
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.998377
  • lido-daoLido DAO (LDO) $ 0.749661
  • jito-governance-tokenJito (JTO) $ 1.92
  • galaGALA (GALA) $ 0.014369
  • zcashZcash (ZEC) $ 39.51
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • ethereum-name-serviceEthereum Name Service (ENS) $ 18.83
  • iotaIOTA (IOTA) $ 0.160697
  • wrapped-hypeWrapped HYPE (WHYPE) $ 40.02
  • aerodrome-financeAerodrome Finance (AERO) $ 0.711479
  • the-sandboxThe Sandbox (SAND) $ 0.247357
  • bittorrentBitTorrent (BTT) $ 0.00000061
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 108,913.00
  • jasmycoinJasmyCoin (JASMY) $ 0.012311
  • syrupMaple Finance (SYRUP) $ 0.553319
  • saros-financeSaros (SAROS) $ 0.225552
  • usual-usdUsual USD (USD0) $ 0.997821
  • raydiumRaydium (RAY) $ 2.19
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  • pyth-networkPyth Network (PYTH) $ 0.099769
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  • pendlePendle (PENDLE) $ 3.45
  • tezosTezos (XTZ) $ 0.533338
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,753.99
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,577.62
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 2,711.20
  • falcon-financeFalcon USD (USDF) $ 0.999788
  • newton-projectAB (AB) $ 0.008126
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  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 109,488.00
  • decentralandDecentraland (MANA) $ 0.268580
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,577.75
  • coredaoorgCore (CORE) $ 0.502338
  • staked-hypeStaked HYPE (STHYPE) $ 40.02
  • true-usdTrueUSD (TUSD) $ 0.998350
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  • bitcoin-svBitcoin SV (BSV) $ 24.43
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  • morphoMorpho (MORPHO) $ 1.41
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  • stader-ethxStader ETHx (ETHX) $ 2,741.25
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  • compound-governance-tokenCompound (COMP) $ 41.57
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Compound DAO faces calls for more oversight amid conflict of interest claims

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Compound DAO faces calls for more oversight amid conflict of interest claims

Decentralized finance (DeFi) lending platform Compound is facing calls to onboard additional risk managers in response to a recently approved governance proposal made by current manager Gauntlet.

Throwing its hat into the ring as a potential candidate, Chainrisk is calling for more transparency amongst COMP delegates and their negotiations, with a reply even pointing to an unlabeled address that may be linked to Gauntlet.

In what DeFi commentator Togbe is calling “some of the griftiest stuff I’ve ever seen from Gauntlet,” Gauntlet’s proposal is for Compound to use competitor Morpho (for which Gauntlet is also a service provider) to launch new markets on the Polygon network.

Gauntlet, however, presents the move as a win-win-win for Compound, Morpho, and Polygon, a way to capitalize on a potential gap in the market following a cooling off of relations between Polygon and Aave, DeFi’s biggest lending platform.

Aave, which represents over a third of Polygon’s total value locked (TVL), according to DeFiLlama, threatened to leave the network in response to a controversial proposal to use bridge funds for yield farming, also via Morpho.

Aave governance delegate Marc Zeller took to X to highlight the perceived conflict of interest in the proposal, characterizing the proposal as “subsidiz[ing] a competitor’s growth that’s been eroding their market share every quarter.”

He also offered to wager $50,000 on whether the move would prove to be a winning outcome for COMP holders.

However, Gauntlet has defended the proposal, citing issues such as “ongoing lawsuits, Labs hands tied, market share eroding” as reasons for such a move, as well as stressing the proposal is not self-serving in highlighting the fee structure, and the fact that Gauntlet’s Morpho earnings are already capped.

While Gauntlet’s proposal states that “Compound DAO will be the sole owner of the vaults and will accrue all revenue generated during the joint incentives trial program,” it adds that, in future, and subject to DAO approval, “Gauntlet may introduce a fee-splitter contract as revenue share for the work Gauntlet performs as the vaults’ Curator.”

Gauntlet’s Vice President of Growth, Nick Cannon, has hit back at criticism on X, which he calls “approved comms” from a “worried” Aave camp, also claiming that Gauntlet was censored during its time at Aave.

Polygon Labs’ CEO also claims that Aave pressured teams during governance votes.

This is not the first time that Gauntlet, Aave, and Morpho have come into conflict. Aside from the recent “Polygon(e)” controversy, tensions flared last year when Gauntlet walked away from its role at Aave and began working with Morpho.

Shortly after, the protocols argued over their respective approaches to risk when users were liquidated during a depeg of Renzo’s ezETH.

While the spat may seem to be nothing more than two sets of former colleagues bickering on the timeline, maintaining healthy and functional DAO governance processes is a serious business.

Multiple precedents have been set by a lack of attention to DAO voting, such as the $25 million governance “attack” suffered by Compound last July. Previously, in 2022, Compound’s $830 million ether (ETH) market was bricked for a week when a proposal had unintended consequences.

Elsewhere, Maker DAO made emergency changes to borrowing restrictions in response to rumors of a takeover plot just last month.

DeFi doom and gloom

The latest crypto sell-off continues to pile on the pressure in DeFi; the sector has seen TVL plunge by over a third, down from its recent peak of $138 billion on December 17 to just under $88 billion today.

Even those pulling the strings were left out of pocket, as the Donald Trump-backed World Liberty Financial is reportedly down bad, cursing ETH just like everyone else.

As financial markets took a nosedive yesterday, the wider crypto ecosystem racked up almost $900 million worth of liquidations, according to data from Coinglass.

Meanwhile, over in DeFi, users monitored one whale’s dicey 65,000 ETH ($123 million) position with bated breath, fearing its liquidation could cause an on-chain cascade.

Source

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