Michael Egorov’s proposal seeks new funding for Swiss Stake AG, the organisation building Curve. The Curve founder says a 21 million CRV grant will help fund the DeFi protocol’s research and development projects. Community members have criticised the proposal’s lack of a clear roadmap and transparncy to how funds will be used.

Curve founder Michael Egorov has outlined a proposal seeking community approval for new funding for Swiss Stake AG, the company building the decentralised finance (DeFi) protocol. In his proposal, the Curve Finance founder requests that the community approves a 21 million CRV token grant to the Switzerland-based entity. The 21 million CRV total $6.34 million at current CRV prices and will be used to finance Swiss Stake AG’s research and development initiatives, Egorov wrote.

If approved, the funding will come from the Curve Community Fund and tokens would be vested over one year. The Community Fund currently holds just over 47.5 million CRV tokens. “This proposal requests a grant for software research and development work as well as related tasks for the benefit of Curve as outlined within this proposal. The grant will be for one year, unused funds will be rolled over to the next year,” the Curve founder noted. Swiss Stake AG has depleted the CRV allocation it received in August 2020, and needs the funding to continue its R&D task, including remuneration for the over 25 team. Proposal faces some backlash Reactions to the Curve founder’s proposal have included criticism over the lack of a clear and detailed roadmap for grant utilisation. “I totally understand the need, and the Swiss Stake AG deserves it! However, it would be amazing if you could share a product/strategy roadmap + cost breakdown like Aave does. More transparency is always appreciated!” a Curve community member said. The CRV token price was $0.3035 as of 10 am CET on Tuesday, August 20, 2024.

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The whale acquired 347 Wrapped Bitcoin (WBTC) within just 12 hours on August 19. BitGo plans to transfer control of WBTC to a joint venture involving itself, BiT Global, and the Tron ecosystem. Coinbase has hinted at launching its own wrapped Bitcoin token, dubbed “cbBTC.”

An unidentified whale has been rapidly accumulating Wrapped Bitcoin (WBTC), amassing over $118 million worth of WBTC in a short span of time. According to blockchain analytics firm Lookonchain, the unknown wallet has gathered a total of 1,953 WBTC, purchased at an average price of $58,853 per token. The most recent transaction was particularly notable, with the whale acquiring 347 WBTC — valued at approximately $16 million — within just 12 hours on August 19.

  This sudden and significant accumulation has raised eyebrows, especially as it coincides with ongoing debates and controversies surrounding the ownership and management of WBTC. BitGo’s plans to transfer control of Wrapped Bitcoin (WBTC) The controversy began earlier this month when BitGo, the firm responsible for issuing Wrapped Bitcoin (WBTC), announced plans to transfer control of the token to a joint venture involving itself, Hong Kong-based investment manager BiT Global, and Sun’s Tron ecosystem. This decision has led to heightened scrutiny and concern among major DeFi players. In response, MakerDAO, a leading decentralized finance protocol, moved quickly to mitigate potential risks associated with WBTC. On August 16, the platform approved a proposal that prohibits borrowing against WBTC collateral on its Sparklend platform. Similarly, Aave, another major DeFi protocol, is reportedly considering the adoption of an alternative wrapped Bitcoin token, TBTC, offered by Threshold Network. Amid these developments, speculation is rife about the potential entry of Coinbase into the wrapped Bitcoin market. The US-based crypto exchange has hinted at launching its own wrapped Bitcoin token, dubbed “cbBTC,” which could further shake up the market. The mystery whale’s aggressive accumulation of WBTC, in light of these industry shifts, adds a new layer of intrigue to the ongoing narrative in the crypto space.

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