Today, the Marfire team is happy to kick off our inaugural weekly crypto news. We’ll be focusing on the sunny side of the crypto world, with our goal of sharing positive (but realistic) insights as to how crypto is manifesting in our daily lives.
From Controversy to Affirmative Action: Great News for TribeDAO
We’re happy to report this positive outcome for those involved in the TribeDAO. After months of uncertainty and oscillating announcements, those who have been waiting for a decisive outcome in this hacking case are set to receive a full $80 million in repayments. This sets an excellent and affirmative precedent for the crypto market.
It’s an interesting backstory. In January 2022 Rari Capital merged with Fei Protocol to form TribeDAO. Shortly after, in late April 2022, Rari suffered a hack for $80 million. The hack was followed by a series of mixed-signal announcements, first voting off-chain to repay all of the hack victims (via Snapshot) on May 15. However, on June 12 this was followed by voting on-chain to veto the previous vote. The on-chain vote occurred after the large crypto crash of the spring. This cast doubts about the validity and fickleness of voting processes when earlier voting could so easily be vetoed. A disappointing third vote occurred a week later, resulting in a vote against paying back those who had been hacked.
Luckily, the story wasn’t over. On September 8, 2022, a snapshot vote passed to repay the hack victims in full. The on-chain (binding) vote on September 19 approved the funds to be released so all victims will be made whole.
This is good news for the crypto world as a whole, and the Marfire team is happy to report it.
Helium Mobile Introduces a Radically Reimagined Mobile Carrying System
First, we’re excited to tell you about Helium Mobile, the world’s first cryptocarrier. This is a truly thrilling disruption to the existing 5G mobile network system.
Until now, 5G mobile networks have required extremely expensive infrastructure. The only operators have been those who could afford to pay billions of dollars to fund the extensive resources required to deliver service at both local and national levels, navigating the extensive bureaucracy surrounding city and county red tape.
Helium’s new model is shaking up the industry by bringing the power of The People’s Network directly to your phone. It’s the largest decentralized wireless network in the world. In just three years they’ve grown their Internet of Things (IoT) network, which includes one million hotspots in 73,000 cities. In August, they expanded to include 5G and have added 4,500 5G Hotspots in over one thousand cities across the United States.
Helium Mobile is an impressive example of how cryptocurrency incentives are challenging traditional models of operation. It reminds us of one of our favourite quotes, attributed to Grace Hopper:
The most dangerous phrase in the English language is ‘we’ve always done it this way.’
Industries that have depended on the status quo are in for a surprise as innovators like Helium Mobile harness the power of cryptocurrency to challenge old practices and introduce new innovations.
Cryptocurrency Prepares to go Mainstream - News from the Nasdaq
Several sources have revealed that Nasdaq has been plotting a move into crypto custody. Rather than just facilitating the trade of cryptocurrencies, this is part of the equity exchange operator’s broader mission to become a service provider in the crypto space.
Previously, Nasdaq has provided technology to crypto market participants but has avoided operating its own market. Nasdaq debuted the Hashdex Nasdaq Crypto Index ETF, which is based on its index back in February 2021 and has been serving as a provider of marketing surveillance technology to crypto exchange venues since 2018.
Now sources say that Nasdaq is establishing a new crypto-focused division. This coincides with Nasdaq Digital Assets, its exploration into crypto custody. This new step is pending regulatory approval (according to sources) but presents exciting possibilities as to the growing recognition and positive optics that cryptocurrency is finally receiving in more mainstream markets.
Leadership Changes at Kraken - CEO Jesse Powell Steps Down
After more than 10 years, Kraken founder Jesse Powell is stepping down as CEO. The move follows the replacement of other top executives, which may suggest that Kraken is aiming for a shift in public perception.
Powell is now stepping into the role of Chair of the Board of Directors and is still Kraken’s largest shareholder. He’ll be replaced as CEO by Dave Ripley, who has been Chief Operating Officer at the exchange for the last 6 years.
In a press release, Ripley shared that his vision, “...along with the rest of the leadership team, is in lock-step with Jesse’s – to accelerate the adoption of cryptocurrency.”
Jesse Powell founded Kraken in 2011. We’re interested to see what’s in store for Kraken in the coming months.
If this is your first introduction to Marfire, we’d like to thank you for reading and we look forward to staying in touch with more news and insights in the weeks to come. We invite you to follow our LinkedIn page and don’t hesitate to reach out if you have any questions or if you’d just like to chat.
NFA DYOR (Not financial advice. Do your own research.)
