Happy New Year
This week in Web3 Wednesday:
- Gemini exchange founder calls out Barry Silbert to resolve Gemini Earn issues
- Ethereum Shanghai upgrade scheduled for a tentative timeline of March
- Sushi Protocol discontinues its lending and launchpad platforms
- Understanding the vote escrow solutions
Gemini exchange founder calls out Barry Silbert to resolve Gemini Earn issues
Cameron Winklevoss, a co-founder at crypto exchange Gemini, released an open letter for Barry Silbert, founder, and CEO of Digital Currency Group (DCG). In the document, Winklevoss puts a face on the 340,000 Earn users, the “real people” that “lent” their funds to Genesis.
The parent company of Grayscale and crypto lender Genesis, Winklevoss, called out his partner on the situation that is putting thousands of customers in financial distress. Six weeks ago, operations were halted as Genesis, the program’s leading partner, could not meet customers’ new withdrawal requests. Since then, the partners have been negotiating in a “good faith and collaborative manner,” the letter claims.
Additionally, there are also reports of Gemini Earn users pursuing class-action arbitration over Genesis-DCG ‘sham transaction.’ The legal action comes as Genesis parent company Digital Currency Group (DCG) faces mounting pressure from crypto exchange Gemini.
Ethereum Shanghai upgrade scheduled for a tentative timeline of March
Ethereum core developers have opted to prioritize the enabling of staking withdrawals via the Shanghai upgrade first before implementing The Surge-related Ethereum Improvement Proposal (EIP)-4884.
As reported by Cointelegraph, the next key milestone on Ethereum’s roadmap is the Shanghai upgrade, which will enable withdrawals for ETH stakers/validators from the Beacon Chain — among other things.
Sushi Protocol discontinues its lending and launchpad platforms
Popular decentralized finance (DeFi) application Sushi will sunset two products as part of broader plans towards making the protocol sustainable and profitable.
Chief technology officer Matthew Lilley said in a tweet thread last week that two products – the Kashi lending platform and MISO, a launchpad for external tokens – would be discontinued due to low public interest and the significant team effort that went into maintaining the two.
Time to Learn: Understanding the vote escrow solutions
When it comes to understanding tokenomics, vote escrow tokens are the most head-scratching concepts. Every day new projects create Vote Escrow solutions, and every day it confuses hundreds of users wondering how it works.
You might have already stumbled upon veTokens and veNFTs while exploring the complex world of DeFi. So here’s a twitter thread that digs into veTokens and explains their working in simple laymen's terms. Here you go – ⚖️Vote Escrow Megathread ⚖️.