Web3🌕MondayBreakthroughs: COMP Drop, Bitcoin Research Institute, $69K BTC, & $2B Financing News

Happy Monday! As we kick off the week, let's dive into the latest Web3 breakthroughs that are making waves. First, COMP is feeling the heat, with a 6.7% drop following an alleged governance attack on the Compound DAO. In a more positive note, Wyoming is stepping up its crypto game by launching the Bitcoin Research Institute, a significant boost for Bitcoin research. Meanwhile, Bitcoin has surged above $69,000 as inflation shows signs of easing, sparking optimism ahead of the Fed's next move. Finally, Cantor Fitzgerald's CEO has announced a groundbreaking $2 billion Bitcoin financing initiative while also defending Tether at Bitcoin 2024. Read on for a closer look at these developments and what they mean for the future of Web3.

1. COMP Slides 6.7% After Alleged 'Governance Attack' on Compound DAO

A whale holding COMP tokens has pushed through a governance proposal allocating $24 million in COMP to a yield-bearing protocol called goldCOMP, aimed at providing passive income to COMP holders. The group behind this move, the "Golden Boys," succeeded after three previous attempts. Major stakeholders, including Wintermute, view this as a governance attack on the Compound protocol. A governance attack involves gaining significant voting power to manipulate the protocol for personal gain. The incident has led to a 6% drop in COMP's value. The community is now proposing measures to limit the Golden Boys' control and prevent future attacks.

COMP Down 6.7% after Supposed ‘Governance Attack’ on Compound DAO

A whale holding COMP tokens is helping push through a governance proposal that would allocate $24 million in COMP to a yield-bearing protocol called goldCOMP.

CoinDeskSam Reynolds

2. Wyoming to Launch Bitcoin Research Institute, Spearheaded by Cynthia Lummis

The University of Wyoming is launching the Bitcoin Research Institute (BRI) in August, directed by Bitcoin advocate Bradley Rettler. The BRI aims to improve Bitcoin research quality through rigorous, peer-reviewed studies and will offer annual workshops, academic prizes, and weekly seminars. Rettler criticized existing research, like a 2018 study on Bitcoin's environmental impact, for inaccuracies. Wyoming’s supportive stance on Bitcoin, bolstered by figures such as Senator Cynthia Lummis, further supports this initiative. The BRI will be a nonprofit, accepting Bitcoin donations without selling them, and is set to enhance scholarly discourse on Bitcoin.

University of Wyoming Launches UW Bitcoin Research Institute

The Bitcoin Research Institute will open in August within the University of Wyoming’s College of Arts and Sciences to advance Bitcoin research.

The Crypto TimesRonak Kumar

3. Bitcoin Soars Above $69,000 as Inflation Cools Before Fed Meeting

Rate cuts could boost crypto prices by making borrowing cheaper ahead of the November U.S. elections. With inflation cooling, the Fed might cut rates, aiding risk assets like Bitcoin. Current Bitcoin price: $69,200, with forecasts up to $100,000. Rate cuts are expected in September, but Trump’s influence and promises, including a U.S. Bitcoin stockpile, might also impact crypto markets. Follow the Fed’s policy updates and election impacts closely.

Bitcoin Above $69,000 as Inflation Shows Signs of Easing Ahead of Fed Meeting - Decrypt

Rate cuts could help lift crypto prices as borrowing becomes cheaper for investors ahead of the U.S. presidential elections in November.

DecryptSebastian Sinclair

4. Cantor Fitzgerald CEO Unveils $2B Bitcoin Financing & Defends Tether at Bitcoin 2024

At Bitcoin 2024, Cantor Fitzgerald CEO Howard Lutnick revealed plans to launch a Bitcoin financing business with an initial $2 billion. This move aims to integrate Bitcoin into global financial markets, leveraging top custodians and expanding in $2 billion increments. Lutnick, who personally owns Bitcoin, emphasized Bitcoin’s role akin to gold in global trading. He also defended Tether (USDT), contrasting it with USDC and criticizing USDC’s reserve management. Lutnick vehemently denied Tether’s alleged links to unsavory groups, asserting Cantor Fitzgerald’s commitment to transparent and secure financial practices.

Cantor Fitzgerald CEO announces $2B Bitcoin financing business, defends Tether at Bitcoin 2024

Cantor Fitzgerald’s CEO emotionally defended Tether against accusations that terror group Hamas has used the stablecoin in his Bitcoin 2024 address.

The Block[email protected]

That wraps up today’s Web3 breakthroughs! As the crypto landscape continues to evolve, these developments signal exciting shifts and opportunities in the space. From Wyoming’s commitment to advancing Bitcoin research to Cantor Fitzgerald’s bold move in Bitcoin financing, there’s a lot to watch for. Keep an eye on how these trends unfold and impact the market. Stay informed and ahead of the curve in this dynamic industry. Have a great week ahead!

WEB3 AI ML