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On today's issue:
PayPal rolls out stablecoin on Venmo (via Blockworks)
Nouns DAO fork (via Decrypt)
dydx v4 launch
This issue is brought to you by Origin:
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PayPal rolls out stablecoin on Venmo
PayPals PYUSD is available to a select group of Venmo users to send within them. It will be fully rolled out over the coming weeks.
PayPal mentioned that external wallets will also be able to receive PYUSD transfers from Venmo users, as blockchains fees apply.
This is a great step towards broader crypto adoption, with lower costs and higher composability, PYUSD is trying to position themselves as the broader user stablecoin, we'll see if they're able to grab market share.
Nouns DAO fork raid
Nouns, one of the prominent NFT project is overcoming a tough time, as more than half of it's members have signaled a need to redeem their fair share of their treasury, as it's not getting spent.
Nouns has funded projects like web3 native tools, superbowl commercials, comic book, movies, apparel, among others.
472 out of 846 Nouns have voted to fork into a new DAO, where they will be issued an identical PFP with a new NFT, and be able to 'ragequit', meaning, to redeem their share of the DAO's treasury.
The forked treasury sits at 16,757 ETH, $27M USD. This is 35.5 ETH per NFT, $57,850.
Secondary market sales of the NFTs are around the same price amount.
The remaining original treasury of $21.7M will still be used by some members, and 'accelerate' the DAO's vision, where the 'auction > book value'.
Seneca, one founder, mentioned: 'One of the lessons from the fork is that in the game of Nouns, if you don’t use the treasury, it will inevitably get captured.'
dYdX v4 launch
The crypto OG derivatives trading platform, dYdX, has decided to launch their own app-chain 'dYdX chain', and allow single click onboarding through any other chain using Squid router, built on Axelar.
Users can easily send stablecoins and other interoperable tokens from any chain, to Axelar's chain with one click, and in a couple of minutes.
This platform sits at 1.8B fully diluted market cap, on 340M TVL, and doing ~50M in annualized fees.
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Disclosure: All content published is for informational purposes only, and does not constitute any sort of financial advice.
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