The 37th edition of our curated newsletter.
In today’s newsletter we look at:
- MakerDao Lobbyist Turned Yearn Candidate
Trademark Law in Crypto
- New Release of IOTA Smart Contracts
- The Highest Bounty in History
- DeFi vs Traditional Finance
Yearn Developer Matt West Is Running for Congress
Since the US crypto regulations are getting tighter, the digital asset industry needs a proper political representative. Matt West, a Yearn.Finance developer, decided to adopt that role and run for Congress on a pro-crypto platform. Before going into politics, he’s been working on Yearn’s stablecoin yield farming strategies.
As a relative outsider, West admits that the success of his campaign will depend primarily on what he can raise. He started his campaign by “putting in a little bit to get started and to self-fund the wheels” and notes that now he does need the community’s support.
To secure ‘Casper’ branding for Ethereum, on March 17, 2021, an OG Etherean Vlad Zamfir filed a lawsuit against a former affiliate CasperLabs LLC, claiming their use of the Casper name is illegitimate. The word Casper is a unique and vital term of art in Ethereum and the broader blockchain community that refers to at least two significant prongs of multi-year open-source research and development projects.
The article in ‘Crypto Law Review’ observes the more profound nature of this dispute. In fact, it might be far more consequential than an ordinary commercial name squabble. Beneath the surface trademark issues, there are cultural rifts between open-source communities and more proprietary-minded teams.
Mercuryo Co-Founder’s Piece
Can Any Company Become a Fintech?
IOTA Smart Contracts Beta Release
The alpha version of IOTA Smart Contracts was launched in March. It displayed how smart contracts work on IOTA with multiple chains being spawned and their state anchored to the Layer 1 IOTA Tangle.
Recently, the foundation announced the beta release of IOTA Smart Contracts, offering programmable smart contracts on the IOTA 2.0 DevNet. It includes early support for the Ethereum Virtual Machine (EVM) and smart contracts written in Solidity, Go (TinyGo), and Rust. EVM support, further optimization, and porting smart contracts to the IOTA mainnet are in progress. Check out the official announcement to learn more about the new release.
Polygon Double-Spend Bug Fix Postmortem
Immunefi, a bug bounty platform for smart contracts and DeFi projects, occasionally receives major bug reports that show how vital bug bounty programs are. The team’s goal is to save hundreds of millions of dollars from being hacked. This time, they received a critical Polygon Plasma Bridge vulnerability submitted by whitehat Gerhard Wagner.
The vulnerability allowed an attacker to exit their burn transaction from the bridge multiple times and here was around $850M at risk. The Immunefi triaging team confirmed the underlying issue and escalated it to Polygon, which immediately began fixing it. Eventually, the whitehat received a payout of $2m from Polygon, which is the highest bounty ever paid out in history.
Goldman Sachs Confessions
DeFi Has Its Advantages Over Traditional Finance
According to the latest Goldman Sachs report, DeFi can offer certain advantages compared to traditional finance. Since the DeFi industry has exploded, the total value locked has increased 900% from under $10 billion during the first half of 2020 to nearly $100 billion today, the report said
The narrative around DeFi has shifted from whether or not these decentralized products on the blockchain can work to how they can continue to grow in scale. Among the advantages are DeFi’s accessibility and speed. Underbanked populations have more chances of accessing the DeFi ecosystem. Besides, the decentralized infrastructure provides faster settlements for users. However, it’s still a work in progress.
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This is a weekly newsletter curated by our Blockchain Lead Vyacheslav Akhmetov. We cover the most sparkling events in the industry and sharing more about our journey.