EthHub Weekly #179

Dune Analytics raises $8 million, ETHOnline announced, Polygon acquires Hermez Network, Arbitrum One Portal launched and much more!

Curated by Anthony Sassano (@sassal0x) and Eric Conner (@econoar)

🔥 50,000 Burns Under the Mempool

At time of writing it’s been around 10 days since EIP-1559 went live and during that time the Ethereum network burned 50,000 ETH (worth around $170 million at current prices). How insane is that? If we annualize that number it nets out to a whopping 1.8 million ETH burned per year and in a proof-of-stake world this would make ETH net deflationary. I know you’re probably sick of hearing about EIP-1559 at this point, but I still think people are underestimating the profound effects this burn mechanism is going to have over the long-term - buckle up!

Just a note: I filled in for Ryan on last week’s Bankless Weekly Rollup which you can watch here.

Have a great week everyone!


News of the Week

⚖️ SEC Hits Crypto Exchange Poloniex with $10 Million Fine

The U.S. Securities and Exchange Commission (SEC) has fined crypto exchange Poloniex $10 million for operating an "unregistered online digital asset exchange." Poloniex has agreed to pay the fine without admitting or denying the SEC's filings.

Founded in 2014, Poloniex was purchased by Circle in 2018 for $400 million. In late 2019, it was spun out of the company, forming a new firm named Polo Digital Assets. According to The Block's sources, Tron founder Justin Sun was leading the consortium that acquired it.

The SEC's action focuses on the timeframe July 2017 to November 2019, until the point of the sale. The SEC claims the exchange sold digital assets that were securities — although the exchange was not registered to do so.

⚖️ Senate Passes Trillion-Dollar Infrastructure Bill with Unamended Crypto Tax Language

On August 10, the Senate passed H.R. 3684, a landmark infrastructure package months in the making that in its final steps became a flashpoint over cryptocurrency regulation in the United States.

The final vote tally was 69-30, with one abstention from Senator Mike Rounds. The bill has been a priority for the Biden administration and saw broad bipartisan support, despite Democrats asking for more and Republicans asking for less spending. 

The bill's process, with the Senate version incubating behind closed doors with a bipartisan group, has proved controversial, especially for the crypto community. 

Project Updates

EF-Supported Teams: Research & Development Roundup

In this update, the Ethereum Foundation breaks down all of the support that they’ve given to various teams during Q2 of 2021.

ETHOnline Announced

Join hackers from around the world Sept. 17th - October 15th to compete for over $150k+ and build the future of web3.

What’s New in Eth2 - 13 August 2021

Your regular does of eth2 updates from Ben Edgington including coverage of Altair, The Merge, staking and more.

Polygon Acquires Hermez Network

Polygon has acquired the Hermez Network for $250 million and has committed $1 billion towards building zk crypto technology.

Arbitrum One Portal Launched

This portal lists all of the dapps, wallets & tools that are either live or being deployed to the Arbitrum One network.

Hop Protocol Enables Polygon Withdrawals

You can now withdraw MATIC instantly from Polygon to Ethereum or the xDAI network instead of having to wait 7 days by using the Hop Exchange.

Introducing Hyphen

Hyphen is a new cross-chain transfer protocol from Biconomy and it currently allows transfers between Ethereum and Polygon for USDC and USDT.

Dune Analytics Raises $8 Million

The $8 million Series A was led by Union Square Ventures. Redpoint Ventures also participated in the round, together with existing investors Dragonfly Capital and Multicoin Capital.

Introducing FWB Pulse

FWB Pulse is a real time community dashboard to locate resources, track DAO-wide projects, and visualize FWB’s value.

Balancer Launches MetaStable Pools

While Stable Pools are important for tokens with a 1:1 value, MetaStable Pools are great for tokens with highly correlated, but not hard-pegged, prices.

Announcing Alpha DAO

Alpha Finance will launch the Alpha DAO in multiple phases, with Phase 1 launching this August 2021.

NFT-LOTTERY Now Live on Mainnet

NFT-LOTTERY allows anyone to create a fair, on-chain RNG drop for any NFT of their choice.

Airdrip Introduced

Airdrip is a tool for daos to stream call options to core contributors and community members.

Exactly Raises $3 Million

Exactly Finance raised a $3 million seed round led by Kaszek. The project looks to bring fixed income to DeFi, one key money lego that could open the industry to connect with traditional finance and help DeFi go mainstream.

Rarible Protocol Introduced

The Rarible Protocol is a set of tools to simplify the go-to-market process for NFT projects and ideas.

mStable GrantsDAO Introduced

This community-led grants program will fund ideas submitted by the mStable protocol’s community, with a focus on building a wider community of developers, creators and innovators.

SynthetixDAO Contributes $1 Million to Lyra

The LyraDAO has raised $1 million from the SynthetixDAO which is one of the first instances of “DAO to DAO” business development.

Dark Forest v0.6 Round 3 Now Live

Whitelist keys were sent to all ranked participants from round 2 as well as a large portion of the waitlist.

DeversiFi Governance Mechanism Now Live

DVF token holders can now participate in the governance of the DeversiFi protocol.

Stardust Introduced

Stardust is a platform designed for game developers to easily build games in the metaverse.

PaperclipDAO Introduced

PaperclipDAO is a DAO that trades NFTs with the hope of trading their way up to more valuable ones over time.

Liquality Raises $7 Million

The round had participation from Hashed, Galaxy Digital, Coinbase Ventures and more.

Interesting Tweets

Ecosystem Bits

Blog Posts



Meme of the Week

Looking for Work?

Top jobs listed on Cryptocurrency Jobs this week: