27 Ethereum projects, including Balancer, Gnosis DAO, Shapeshift, and StakeDAO, have collaborated to create “maximal extractable value” (MEV) from assets and reduce users’ costs.
This initiative addresses the issue of rug pulls, joint in the DeFi ecosystem, where developers suddenly abandon a project and remove all their liquidity. In the first quarter of 2023, 73.3% of all rug pulls occurred on Binance’s BNB Chain, highlighting the need for such initiatives. The total value locked in DeFi protocols is around $50 billion.
Arbitrum’s Governance Plan Sparks Controversy
Crypto developer Arbitrum Foundation has issued new recommendations in response to the controversy surrounding its initial governance plan. The company had faced backlash after proposing to fund the foundation with 750 million ARB tokens worth nearly $1 billion. However, it later clarified that it was not a proposal but a ratification of an earlier decision.
Meta Offers Large Sums Of Money To Build Metaverse
Meta, the parent company of Facebook, WhatsApp, and Instagram, reportedly offers large sums of money to developers to build its metaverse. According to the Wall Street Journal, Meta offers salaries ranging from $600,000 to $1 million to programmers working on the company’s virtual reality suite. However, the division responsible for creating the metaverse, Meta’s Reality Labs, suffered a loss of $13.7 billion in 2022, its biggest annual loss ever. In February 2023, a US judge granted Meta permission to acquire a virtual reality business to aid its metaverse plans.