DeFI News by Thebittimes.Com

Polygon (POL, formerly MATIC) is going through a significant crisis as the AaveDAO is set to vote on a proposal to leave the blockchain due to security concerns. Finbold turned to artificial intelligence (AI) to analyze this context and provide a Polygon price prediction if this comes true. Finbold covered Polygon-Aave drama last week, as POL’s price reacted negatively to Aave’s (AAVE) response to the $1 billion-bridge proposal. At that time, Polygon was trading at $0.594, down 38.65% year-to-date. Why is Aave DAO considering leaving the Polygon blockchain In summary, Allez Labs, along with Morpho and Yearn, proposed transferring about $1.3 billion of the Polygon-Ethereum bridge to their protocols for liquidity supply and yield generation. Many decentralized finance (DeFi) users and analysts expressed concern to this proposal, including relevant leadership from Aave, the world’s leading DeFi protocol and competitor of the proponents. ...

Polygon co-founder Sandeep Nailwal and Stani Kulechov, founder of Aave, were among investors in a fundraise for Llama, a protocol aiming to provide easy-to-use tools for on-chain organizations. Llama, an access control and governance platform for smart contracts, raised $6 million during a seed funding round led by Founders Fund and Electric Capital. The capital raise is earmarked for further development of Llama’s platform which co-founders Shreyas Hariharan and Austin Greene say would allow developers to focus on their core products.  Llama is excited to announce our $6 million seed round led by @foundersfund and @ElectricCapital to streamline access management for smart contracts. pic.twitter.com/11UmcKcfy4 — Llama (@llama) November 6, 2023 Hariharan’s statement regarding the announcement noted that builders could leverage Llama to scale their on-chain entities by defining roles and permission for critical actions such as protocol upgrades, moving treasury funds, edi...

Charles Hoskinson, co-founder of the blockchain platforms Cardano (ADA) and Ethereum (ETH), criticized the governance practices of Bitcoin. When asked about Cardano’s plans for on-chain voting and decentralized decision-making during an Oct. 16 interview with crypto YouTuber Coin Bureau, Hoskinson said this approach contrasts with the “inability to upgrade” he has observed in Bitcoin. “[Bitcoin’s lack of governance has] held it back in in so many ways. […] [By drawing from successful governance systems] we can sort out a lot of the problems Bitcoin has had with its inability to upgrade.” Charles Hoskinson You might also like: Charles Hoskinson says SEC will not charge Cardano Hoskinson gave examples like Bitcoin’s failure to implement “colored coins” and sidechains as missed opportunities caused by Bitcoin’s developer structure. According to Hoskinson, Bitcoin stands in opposition to Cardano’s goal of an “...