Month: March 2023

mStable Mulls Over Acquisition, Merger Offers: Community to Decide Its Future

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• MStable’s community will vote this month on whether to accept an acquisition, merger offer or sunset its stablecoin investments service.
• The project has received offers from Spool DAO and Idle Finance for a merger, while DHEDGE and Origin Protocol are interested in an acquisition.
• Holders of mStable’s governance token will select which proposal to accept during a five-day voting period beginning on March 20.

MStable Mulls Over Acquisition, Merger Offers

MStable’s community will vote this month on whether to accept one of the offers or sunset its struggling stablecoin investments service. Three options are available: pursue a merger with another crypto project, greenlight its acquisition by another project or shut down its services entirely. Merger offers have come in from Spool DAO and Idle Finance, while DHEDGE and Origin Protocol are eyeing acquisitions of MStable. This vote is the project’s last-ditch attempt to breathe new life into its exchange after it suffered several setbacks such as low user adoption rate, declining product revenue and the exodus of many of its leaders, including co-founder.

Options For Community Vote

The proposal will go to a vote on March 20, with holders of mStable’s governance token selecting which proposal (merger or acquisition) to accept for a period of five days. A successful buyer would control MStable’s crypto assets and technology after sale goes through – this includes yield-generating stablecoin vaults. In addition, should the community decide to shutter mStable, product shutdown would be completed by end April 2022.

Underlying Issues Facing mStable

mStable has faced numerous issues that have led up to this point – lacklustre user adoption rate is one example having seen the product struggle to gain traction since launch in 2020; followed closely by declining revenues due to misalignment between products offered by mStable and customer needs/wants; leading eventually to exodus of many leaders including co-founder that greatly impacted overall operation/functioning of service provided by company.

Recent Developments

In light of all these issues , recent developments include potential mergers/acquisitions being made available for consideration (Spool Dao & Idle Finance for mergers; DHEDGE & Origin Protocol for acquisitions). All these proposals offer viable solutions that could potentially revive mstable’s operations – however it remains up to stakeholders via upcoming voting session (beginning 20th March) if any/all proposals should be accepted . Should majority decide in favour shutting down entire platform , then product shutdown will take place end April 2022 .

Conclusion

In conclusion , though mstable has faced some significant challenges over past year or so , there remain some viable solutions being proposed via potential mergers / acquisitions . It now falls upon stakeholders via upcoming voting session (beginning 20th March) if any / all proposals should be accepted , thereby potentially reviving operations at least partially .

Explore the Metaverse on Otherside’s ‘Second Trip’: March 25th!

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• Yuga Labs, the parent company of Bored Ape Yacht Club, is launching its second test of its Otherside metaverse on March 25.
• The two hour narrative experience will be available to holders of Otherdeed NFTs, who can bring a guest with them for free.
• Up to 10,000 voyagers can take part in the experience and non-holders can watch via livestream on YouTube.

Yuga Labs’ Second Trip Set To Launch

Yuga Labs, the parent company of Bored Ape Yacht Club, has announced that it will launch its second test of its Otherside metaverse platform on March 25th. The two hour narrative experience will allow up to 10,000 holders of Otherdeed non-fungible tokens (NFTs) to participate in the journey as “voyagers” and each holder may bring a guest with them for free. Non-holders can still join in on the fun by watching a live stream of the event on YouTube.

Eligibility Requirements

In order to be eligible for the second trip, voyagers must hold one or more Otherdeed NFTs prior to the start date which are linked to land in the as-of-yet unreleased Otherside metaverse. Those who attended the first trip last July are also eligible for some unique rewards such as an Obelisk Piece linked to the overall narrative experience.

Test Event Overview

The two hour test event will be led by four captains from Yuga Labs’ team and is designed with a special focus on community building and storytelling within this new virtual world . This massive live experience is expected to accommodate up to 10,000 voyagers and provide an immersive journey into another realm filled with tales from around the globe including music, art and literature.

First Trip Recap

The first trip took place back in July 2022 and was attended by over 4,600 players which resulted in major congestion on Ethereum’s network due to all those transactions taking place at once . However it was still deemed an unforgettable success thanks largely in part due Koda booty that was given out during this exciting adventure into otherworldly realms!

Conclusion

Overall Yuga Labs’ highly anticipated second trip promises to deliver even more excitement than before with a two hour narrative experience full of surprises that awaits participants! Whether you’re holding one or more of their exclusive NFTs or just watching along via livestream everyone is invited along for this epic journey into uncharted territory!

Silvergate Uncertainties Put TradFi Heavy Hitters’ Stakes in Jeopardy

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• Silvergate Capital shares have dropped 29% in after-hours trading on Wednesday as the crypto-friendly lender raised a “going concern” issue in a regulatory filing.
• Funds managed by State Street and BlackRock, as well as Ken Griffin’s Citadel Securities, have increased their stakes in recent weeks.
• The exact level of TradFi investors’ stakes is uncertain due to lack of recent data and market volatility.

Silvergate Capital Shares Drop After Going Concern Issues

Silvergate Capital shares have tumbled 29% in after-hours trading on Wednesday as the crypto-friendly lender raised a “going concern” issue in a regulatory filing. Facing losses stemming from the FTX collapse in November and regulatory inquiries on a number of fronts, Silvergate Capital said that the filing of its annual report would be delayed, further calling into question its ability to continue as a “going concern.”

Stakes Taken By TradFi Investors

Among the largest holders of Silvergate stock are funds managed by State Street and BlackRock, both of whom have added to stakes in recent weeks. Also, Ken Griffin’s Citadel Securities last week disclosed 5.5% of “market making positions” in the shares.

Uncertainty Over Extent Of Holdings

It is not clear if these stakes represent directional bets by traditional finance players and most filings were made on Dec. 31 according to FactSet data. There is also no recent data available to suggest if these funds remain invested at those levels given recent volatility in the stock.

Impact On Market

The uncertainty surrounding Silvergate’s financial position has caused investor confidence to waver which could lead to further market turbulence ahead for both crypto and traditional finance markets alike.

Foster Open Discourse

In light of this news it is important for industry leaders encourage open discourse between TradFi and Crypto stakeholders so that we can work together towards better understanding each other’s points of view and come up with solutions that will benefit all involved parties going forward