This week’s news includes interesting stories from Uniswap, MakerDAO, Doodles, and a new FOSTERVERSE…
Uniswap to Expand Reach by Launching on BNB Chain
Uniswap, the leading decentralized exchange globally by trade volume, will be making its first ever deployment on a network other than within the Ethereum ecosystem.
BNB Chain is a major competitor to the Ethereum ecosystem. A record-breaking 25 million UNI tokens have been mobilized by 0xPlasma in an on-chain governance poll, with 80% of voters choosing to deploy Uniswap's v3 decentralized exchange on BNB Chain.
Ilia Maksimenka, the CEO of 0xPlasma Labs wrote, “This proposal will authorize 0xPlasma Labs to deploy the Uniswap v3 Protocol to the BNB PoS Chain on behalf of the community.”
MakerDAO Community Supports Move to Invest $100 Million in Yearn Finance
MakerDAO, the issuer of the Dai stablecoin, has proposed to deposit $100 million of USDC stablecoin into a Yearn Finance-managed vault. The proposal has since been approved. The vault has a limit of $100 million and is expected to generate an estimated $2 million in yield annually for MakerDAO.
This partnership, proposed by Yearn, a yield aggregator, in November 2022, requires an executive vote for final approval. Executive votes are the last step in Maker's Governance process and are used to enact technical changes to the Maker Protocol.
The move is part of MakerDAO's strategy to generate income from its reserves by partnering with both centralized and decentralized entities.
Paxos To Invest $1.5B In MakerDAO Through USDP Stablecoin Deposit
Also interesting in MakerDAO news, Paxos is looking to invest up to $1.5B of its USDP stablecoin into Maker's Peg Stability Module (PSM). This module, which is part of the Maker protocol, stores reserves that back its DAI stablecoin and allows users to exchange it with other stablecoins such as USDC and GUSD without paying any fees.
Maker, which was launched in 2017, has over $6.91B of assets stored in its smart contracts.
NFT project Doodles has become a major player in the Ethereum NFT space. It’s identified with its eye-catching pastel style that has generated more than $550 million in total trading volume for the 10,000 piece collection.
Doodles Acquiring Golden Wolf Animation Studio
Doodles is acquiring animation studio Golden Wolf, which has worked on ‘Rick and Morty’ as well as projects for Disney. This is the latest example of consolidation in the web3 market.
The move will also launch a joint venture called Active Ingredient, in partnership with creative studio Psyop. This venture will focus on creating blockchain and AI tools and techniques for brands, filmmakers and producers. Psyop is investing in Doodles as part of the deal, though the size of the deal is still unknown.
Doodles 2 Coming On The Flow Blockchain
Doodles also recently revealed that their much-anticipated Doodles 2 project will be released on the Flow blockchain, widely recognized for its sports-related NFTs such as NBA Top Shot and NFL All Day.
This project was initially announced at an NFT NYC event last June. While maintaining the same pastel, cartoonish style of the original Doodles, this series is expected to comprise millions of NFTs instead of the 10,000 avatars of the first series.
Doodles 2 will let NFT holders endlessly customize their avatars, including personalized facial expressions, clothing, accessories, and more.
Pedigree to Launch Virtual Fostering For Real Dogs on Decentraland
Pedigree’s FOSTERVERSE aims to raise funds for animal shelters and encourage people to give pets a home in real life.
Pet food maker Pedigree is bringing virtual pets to the metaverse in an effort to reduce real-world pet homelessness. The FOSTERVERSE activation will allow users to foster virtual dogs on Decentraland.
Users will be able to choose any available dog from the pet adoption site ‘Adopt a Pet’ and also donate to the Pedigree Foundation to help pets needing adoption.
NFA DYOR (Not financial advice. Do your own research.)