Blockchain Developments Amid Election Buzz: Key Updates

As the elections dominate the headlines, many within CoinDesk believe that election-related content will overshadow everything else. However, this week's edition of The Protocol newsletter is packed with exciting updates that are worth your attention, including an ongoing election within the DeFi community.

Key Highlights

• Charles Hoskinson May Join Trump as Crypto Advisor
  There is a significant possibility that Cardano's founder, Charles Hoskinson, will take on the role of crypto advisor for President-Elect Donald Trump.

• Bitcoin Surges to New Heights
  Bitcoin has reached a new record high of $76,000, with exchange-traded funds (ETFs) witnessing $620 million in inflows.

• U.S. Election Coverage
  A roundup of the U.S. election results reveals that Trump has emerged victorious, Gary Gensler has lost, and Bitcoin has seen a corresponding increase.

• Maker's Rebranding Dilemma
  The MakerDAO community is facing a crucial decision regarding the rebranding of the project to "Sky," which has received mixed reactions.

• Ethereum Foundation Researchers Resign
  Ethereum Foundation researchers Dankrad Feist and Justin Drake have stepped down from their advisory roles at EigenLayer due to potential conflicts of interest.

• World Liberty Financial Adjusts Fundraising Goals
  The Trump family-backed crypto project, World Liberty Financial, has cut its fundraising target by 90% after failing to meet initial sales expectations.

• Token Listing Fees Under Scrutiny
  There is growing controversy surrounding token listing fees, with various project leaders expressing their dissatisfaction.

• Evolution of Crypto Commercials
  Crypto advertisements are evolving, moving away from cringe-worthy content to more clever and engaging narratives.

Ongoing Polls in the DeFi Community

In a separate poll, MakerDAO community members are currently voting on the future of the Sky brand. The rebranding, which took place in August, has not been well-received, prompting discussions about a possible de-rebranding. Early participation in this poll has been relatively low.

Ethereum Foundation's Resignation

Dankrad Feist and Justin Drake from the Ethereum Foundation have resigned from their roles at EigenLayer amid concerns over conflicts of interest. They had previously accepted advisory roles that involved receiving EIGEN tokens, which raised questions about their impartiality as Ethereum researchers.

World Liberty Financial's Fundraising Challenges

World Liberty Financial, a crypto project backed by Donald Trump and his sons, has struggled to generate interest, leading to a drastic reduction in its fundraising target. Initially aimed at raising $300 million, the project has now filed with the SEC to terminate sales once it reaches $30 million.

Token Listing Fees Controversy

Coinbase CEO Brian Armstrong's statement that listings on the platform are "free" has sparked backlash from project leaders. This has led to rival exchanges like Bitget promoting their transparent listing processes, emphasizing that they do not charge any fees for listing applications.

The Shift in Crypto Commercials

Crypto advertisements have evolved significantly, with recent campaigns being described as "surprisingly clever" and "refreshingly dark." Notable examples include ads that humorously critique other blockchains and compare blockchain ecosystems to dysfunctional relationships.

Optimism's Rise in the Layer-2 Race

Optimism is emerging as a leading player in the Ethereum layer-2 space, encouraging developers to clone its code to create new blockchains. This strategy has attracted numerous clients and firms to utilize Optimism's technology, contributing to the growth of faster and cheaper transactions on Ethereum.

Money Center Highlights

• Vlayer Secures Funding
  Vlayer, a data-infrastructure project utilizing zero-knowledge proofs, has raised $10 million in funding from notable investors, with plans for an open alpha launch soon.

• Kadena Appoints New Advisor
  Kadena has appointed Beatrice O'Carroll as a strategic advisor to bolster its growth in digital assets and decentralized finance.

• New Initiatives and Collaborations
  Various projects, including JPMorgan and Citi, are making strides in blockchain technology, with new initiatives focused on on-chain settlements and stablecoins.

Memecoin Market Trends

According to a recent report, the share of memecoins in the altcoin market has doubled to 11%. The report highlights a growing trend of backlash against venture capital-backed projects, emphasizing the need for fair launches and transparency in token offerings.

As the crypto landscape continues to evolve, the developments in governance, funding, and technology highlight the dynamic nature of the blockchain industry. With ongoing elections and significant market movements, there is much to watch in the coming weeks.