Updated: August 27, 2024 1:57 PM EDT
Happy Tuesday! In today’s newsletter, we have news about a Microsoft-backed blockchain and AI startup raising an additional $20 million, Aave Labs proposing to integrate BlackRock’s BUIDL into its stablecoin system, MakerDAO rebranding to Sky, and more.
Meanwhile, Anthony Scaramucci discusses the importance of not alienating crypto voters in the latest episode of The Scoop podcast.
Let’s get started.
Microsoft-backed AI, blockchain startup Space and Time raises $20 million
Microsoft-backed startup Space and Time Labs has raised $20 million in Series A funding, bringing its total funding to $50 million.
- The round was led by Framework Ventures, Lightspeed Faction, Arrington Capital, and Hivemind Capital.
- The startup aims to advance AI and blockchain development by providing developers with data, tools, and infrastructure at the intersection of technologies.
- The company said the funding will be used to accelerate engineering, product development, and community growth initiatives, including the creation of verifiable large-scale language models (LLMs).
- As the AI industry accelerates, some technology executives argue that blockchain technology’s ability to help authenticate data could provide a deterrent to some of the perceived risks of a world increasingly reliant on artificial intelligence.
- “As AI continues to reshape the global economy and job markets, blockchain can help individuals take ownership of what they create,” the company added.
- Space and Time Labs previously raised $20 million in a strategic funding round led by Microsoft’s venture arm M12 in 2022.
Aave Labs Proposes to Integrate BlackRock’s BUIDL into GHO Stablecoin System
Aave Labs proposed integrating BlackRock’s tokenized BUIDL fund into the GHO Stability Module (GSM) to improve the efficiency of Aave’s underlying stablecoin system.
- The proposal aims to enable a 1:1 fixed ratio swap between USDC and GHO, with any resulting USDC surplus being issued as BUIDL tokens to users as a potential dividend.
- “This implementation allows GSM to increase capital efficiency while maintaining the high standards of support that USDC has for GHO,” Aave Labs said.
- This proposal is currently in the Temperature Check phase, a preliminary voting mechanism used to gauge community sentiment before moving on to a formal governance vote for AAVE token holders.
MakerDAO Rebrands to Sky, DAI Stablecoin Optionally Upgraded to USDS
MakerDAO has been rebranded to Sky. We plan to release an upgradeable version. die
-0.10%
MSEK -8.55%
- DAI holders can upgrade to Sky Dollar (USDS) at a 1:1 ratio, and MKR holders can convert to SKY tokens at a 1:24,000 ratio according to the project’s “Endgame” plan.
- Sky will distribute 600 million SKY tokens annually as rewards to users who supply USDS to the Sky protocol via the Sky.money frontend app, with potential options to earn from other decentralized projects in future updates.
- Existing DAI and MKR tokens will remain active until the “near future,” allowing users to either keep their current tokens or convert them to the new tokens.
Nasdaq Seeks SEC Approval to List and Trade Bitcoin Index Options
Nasdaq, in partnership with CF Benchmarks, has filed an application with the SEC to list and trade Nasdaq Bitcoin Index Options (XBTX), which will track the CME CF Bitcoin Real-Time Index.
- XBTX aims to advance the maturity of the digital asset market by providing investors with new tools to manage and hedge their Bitcoin positions.
- If approved, Bitcoin index options would become the first cryptocurrency derivatives to be cleared by the American Options Clearing Corporation (OCC).
- Nasdaq’s proposed Bitcoin options feature European-style exercise and cash settlement.
TON Developer Adopts Resistance Dog Mimecoin Avatar to Support Pavel Durov; Token Price Up 140%
Resistance Dog, the largest meme coin on the TON blockchain, surged more than 140% on Monday after being adopted as the official avatar of Toncoin across various community channels.
- This decision is part of a broader initiative by TON developers to join what they call the “DigitalResistance” movement.
- The move comes after Telegram founder and key figure in the TON blockchain ecosystem, Pavel Durov, was arrested in France over the weekend.
within the next 24 hours
- U.S. FOMC member Raphael Bostic is scheduled to speak on Wednesday.
- WebX2024 kicks off in Tokyo.
Don’t miss a beat with The Block’s daily roundup of the most impactful events happening across the digital asset ecosystem.
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