Accusations Of Fake Decentralization

GM Readers!📪 It's BitDegree Insider, and the Web3 cabin crew is ready for takeoff.

⭐️Today's selection:

• 🤔Fake Decentralization?
• 🥁LearnDrop Announcement
• 🧋Wednesday Bubbles
• 👌Selected Meme of The Day
• 📰Bite-Sized News

FAKE DECENTRALIZATION?

So, Lido Finance accused Rocket Pool of "fake decentralization." What's up?

According to a Lido representative, despite the Rocket Pool presenting itself as a decentralized entity, it falls short of true decentralization.

For context, both Lido Finance and Rocket Pool function as liquid staking protocols, which allow users to stake a range of cryptocurrencies, offering an equivalent value in a liquid derivative asset in return.

A Lido representative has noted that, despite that it's portrayed that the DAO has control over Rocket Pool, this isn't entirely the case.

This isn't a problem exclusive to Rocket Pool, though, as you know, many DAOs are still figuring things out and developing.

But there's more!

Lido fires another shot, stating that Rocket Pool's developers wield the power to change the rules of the game on a whim. According to Lido representatives, they could escalate inflation levels to dizzying heights or hike fees to a whopping 100%.

In contrast, Lido waves its flag of fairness, asserting that their developers don't have such unbridled power and all their protocol actions are "held in check by LidoDAO".

Caught in the crossfire, a lawyer from the Rocket Pool Community fights back. He admits to being aware of the issue but assures that the team is on course to fix it. He also throws a counterpunch at Lido, accusing them of manipulating the issue to their advantage.

He ended his response by mentioning Rocket Pool's upcoming Saturn update, promising it would solve the problem once and for all. As we can see, the blockchain world is not without its fair share of drama! Even here, protocols are doing whatever it takes to gain market share.

TL;DR: Lido Finance accuses Rocket Pool of "fake decentralization" due to control discrepancies, while Rocket Pool claims to be addressing the issue and accuses Lido of manipulation, showcasing the competitive drama within the blockchain world.

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WEDNESDAY BUBBLES

Here you go. Take a minute to admire the panorama…

LTCOn Friday, the Litecoin (LTC) network's coin crossed the crucial psychological level of $100. This hasn't happened since mid-April. Meanwhile, the blockchain itself shows a surge in network activity and mentions on social media.

Why is this happening?

Because the Litecoin halving is only 27 days away!

After the halving, the current block reward (12.5 LTC) will drop by half. The blockchain has previously gone through two halving stages, and both events led to a rise in its price. NFA, just stats.

Miners are preparing for the upcoming event and are actively accumulating Litecoin. From May 31st to June 7th, they increased their reserves by 160,000 coins. Litecoin miners currently own about 2.5% of all coins in circulation.

MKRMakerDAO's new lending platform is going multi-chain. So… That's good news. And it shows.

FTTThere are ongoing speculations about tokens in regard to the rebranding and opening of the FTX exchange. People are talking. This gets others thinking "what if… the giant really got back on its legs."

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Danish Financial Regulator Commands Saxo Bank to Liquidate Its Crypto Assets. DFSA claims Saxo Bank's crypto activities lie "outside of the legal business area of financial institutions."
• Crypto Trading Volumes Jump Amid High Hopes for Bitcoin ETFs. The excitement around Bitcoin ETFs continues to have a positive impact on the crypto ecosystem.
• Teens Arrested for Imitating Coinbase Support and Stealing $4.2M in Crypto. At the time of the arrest, teenagers had around $13.4 million in crypto.