Conflux Network Weekly Update | June 11-17

Tokens governing DeFi DAOs; Launch of Conflux Indonesia community; Restructuring DAOs for fair compensation mechanisms, reputation and efficiency.

Jun 17, 2021

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DeFi DAOs give users the chance to hold governance tokens to collectively control a protocol’s codebase and treasury. Community defines the direction and functionalities of the DApps, to create maximum value. This co-creation is paving the way for building the Internet-native, remote-first organizational structures that will be the future of work.

Chinese officials embrace blockchain during Conflux-hosted blockchain summit at Pujiang Innovation Forum

As part of the 2021 event, Conflux hosted a summit titled "Future Connect - Pujiang Innovation Forum: The Blockchain Development Summit." The summit centered on the role of blockchain in the 14th Five-Year Plan, an outline of China's economic and social development over the next several years.

Founded in 2008, the Pujiang Innovation Forum is an annual event that features speakers and thought leaders from international organizations, universities, research institutions, and global think tanks.

We are growing! We want to give a warm welcome to our Conflux Indonesia community 🎉

This is a local community, all content will be in Indonesian. You can follow the community on Telegram, Twitter and Medium below 👇

👉 Telegram: https://t.me/Conflux_indonesia

👉 Twitter: https://twitter.com/Conflux_ID

👉 Medium: https://confluxindonesia.medium.com/

Industry News

GPU demand is down in wake of crypto volatility

Graphics card manufacturer ASRock is seeing shrinking demand from China's crypto mining sector. The news follows last month's cryptocurrency crash as well as a clampdown on mining in China. Source

An overview of cross-chain bridges in DeFi

Cross-chain bridges are becoming increasingly important pieces of the DeFi ecosystem as value continues to be spread amongst a growing list of blockchains. Currently, most bridges transfer assets between chains by locking source assets and minting wrapped assets on the destination chain. Source

Fox launches $100M fund for its new NFT studio

In May, Fox Entertainment first announced the launch of Blockchain Creative Labs, a non-fungible token (NFT) marketplace of sorts. The media titan said that the marketplace would sell digital goods, including NFTs, “that provide exclusive social experiences to engage and reward super fans.” Source

Restructuring DAOs for fair compensation mechanisms, reputation and efficiency

As protocols expand into multiple revenue streams, chains, and different verticals of DeFi, it is quickly being recognized that the current governance solution has not been able to scale quite the way DeFi innovations have. This issue has been pointed out by the communities of multiple leading protocols such as Yearn Finance and MakerDAO. Source

Nvidia CEO: We’re moving towards a crypto metaverse

Nvidia CEO Jensen Huang believes the NFT metaverse is coming. In a crude form, it’s already here. Within three months of launching their crypto mining processors in February, Nvidia earned $155 million. Source

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