Amidst The Merge 🔁
Cardano Vasil hard fork has a date, BnkToTheFuture buys Salt Lending, How to ace treasury management, mesha updates and more.
Hi there! 👋
Welcome to the mesha tribe: a weekly newsletter by mesha that brings you the latest updates on funding, DAO news and governance to help you take your project #ToTheMoon🚀
In this edition, we discuss:
· The treasury changes of top 5 DAOs
· Latest in web3 deals
· News hot from the web
· Good reads
· Updates from mesha
Subscribe to the mesha tribe for a weekly dose of best industry practices, management tactics, and growth hacks.
DAO Treasuries By AUM
The Big Fat Deals ️YSK
BnkToTheFuture Bids to Buy Crypto Lender Salt Lending
BnkToTheFuture, an online investing platform, is buying crypto lender Salt Lending for an undisclosed amount, if regulatory approvals go through. Apart from giving users the ability to borrow against their crypto holding, the firm also plans to help distressed lending platforms.
Swiss 21.co Raises $25M to Reach $2B Valuation
Parent firm of 21Shares, 21.co, has raised $25M led by London-based hedge fund Marshall Wace. This puts the company’s valuation at $2B, making it Switzerland’s largest crypto unicorn. It will use the funds to expand its business globally.
Credix Injected With $11.25M in Series A Funding
Decentralized credit marketplace Credix has received $11.25M in funding from Motive Partners and ParaFi Capital that will help it develop its platform further, hire fresh talent and integrate with other web3 projects. It will also expand beyond Brazil into other emerging markets.
Gearbox Gets $4M Funding Boost To Launch V2
On-chain composable leverage protocol Gearbox has raised $4M from the likes of Placeholder, Zee Prime, Ledger Prime, Polymorphic and GRC. The funding will help the DAO launch its next version, which will see assets such as CVX, FXS and CRV come onto the protocol.
📰Fresh In Web3 News📰
Date Set For Cardano’s Vasil Hard Fork
Coming up closely behind The Merge is blockchain Cardano’s Vasil hard fork, which will be executed on September 22, 2022. Input-Output Hong Kong (IOHK), the firm behind Cardano’s development, confirmed the release date.
This is the first major upgrade to the Plutus script, Cardano’s programming language for smart contracts, and the fifth to the blockchain. Plutus was introduced in September 2021 in the blockchain’s previous upgrade.
Why it matters: The Vasil was first supposed to be launched in July, but it was too complex to execute and hence, pushed back a few months. After the hard fork, Cardano will have greater scalability and lower fees. While there haven’t been too many eyes on this hard fork because of The Merge, it is still a noteworthy upgrade for the web3 community.
Ethereum Scaling Solution Arbitrum Upgrades to Nitro
So much is happening ahead of The Merge. Ethereum protocols are scrambling to upgrade their networks to improve their functionality once transition to PoS happens. Among them is Arbitrum, a layer-2 rollup that settles transactions cheaply on top of Ethereum, which launched its Nitro upgrade on August 31, 2022.
In late June, Arbitrum’s transaction fees spiked, crossing Ethereum’s fees briefly, causing many things to go haywire. It put a pause on Odyssey, its initiatives that allowed users to earn NFTs in exchange for using the ecosystem.
The Nitro upgrade will reduce Arbitrum’s gas fees, get Odyssey back on its feet and allow settling of more transactions in fewer Ethereum blocks.
Sailing Through Downturns With Treasury Management
Venture capital fund a16z crypto has some tips to manage treasury better amid a volatile crypto market. According to an article posted on their website, a basic treasury management framework can help navigate tough market conditions for DAOs.
Some of the tips it provided included:
· Developing a realistic financial model
· Maintaining operating expenses in high-quality stable coins
· Exploring opportunities for incremental yield
· Building out operational capacity
· Monitoring and making adjustments
The real deal: a16z emphasizes the importance of treasury management for startups and DAOs, citing it as “an integral part of any projects’ long-term success.” DAOs need to prioritize short-term and long-term capital, with goals of capital preservation, liquidity, and income, in that order.
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