Community-Changing Developments | Newsletter #56

Welcome to the Pythiad, the official newsletter of the Pyth Network. Another week, another series of developments. Biweekly updates on all things DeFi await you below. Let’s get started.

What’s New with Pyth

• Gauntlet has selected Pyth to power and secure their lending vaults on Ethereum and Base with Morpho Labs. This partnership recognizes Pyth’s critical role in providing DeFi protocols a competitive edge through reliable infrastructure that fosters confidence and growth.
• Make sure you’re part of the discussion in the Pyth Forum. Currently, there are community proposals for the design of a Community Integrity Pool for staking, slashing, and yield, as well as a proposal for the creation of a Pyth Community Council.
• The Pyth pull oracle is now available on Solana, delivering unmatched benefits to builders including increased reliability, higher frequencies, more feeds, historical data, and increased security.

What’s New with DeFi

Regulations

• Coinbase accuses the US SEC and FDIC of improperly blocking document requests.
• Nigeria’s SEC gives crypto firms 30 days to register – or face enforcement action.
• The Biden administration rehires a crypto advisor who is critical of the SEC.

Technology and Development

• VanEck files for the first Solana ETF to be filed in the US, six days after a similar product filing in Canada.
• State Street Global Advisors and Galaxy Asset Management said they are working together to build crypto products that offer exposure to crypto companies as well as spot and futures-based ETFs.
• MegaLabs, the main developer firm behind a new “real-time” Ethereum scaling protocol has raised $20 million in a seed round led by Dragonfly Capital.
• PancakeSwap launches an AI prediction market for Ethereum price movements.
• Wormhole will tap Solana-based protocols to verify user’s Worldcoin World IDs that were originally verified on Ethereum.

Ecosystems

• Galaxy’s new research report states that Ether spot ETFs could see $5B of net inflows in the first five months.
• After sweeping Bitcoin and Ethereum liquidations, analysts are watching for accumulation whales.
• The Solana Foundation launches social media features aimed at “putting crypto back in crypto Twitter.”

Stablecoins

• The EU’s restrictive stablecoin rules take effect soon and issuers are running out of time.
• Team Liquid, one of the most successful organizations in esports history, is teaming up with tournament platform Community Gaming to launch a series of competitions this summer with payouts in USDC.

Exchanges

• Bitcoin falls after the US sends $240 million worth of Silk Road-related BTC to Coinbase.
• Mt. Gox, the defunct crypto exchange, is supposed to start returning over 140,000 BTC to victims of the 2014 hack this July.

Gaming

• “BloodLoop,” the Avalanche shooter, launches a play-to-airdrop via the Epic Games Store.
• After kick-starting the Telegram gaming trend, Notcoin is hinting at its next moves – and something to do with TON project Lost Dogs Co.
• South Korean mobile gaming giant Netmarble is shifting its Marblex ecosystem from Klaytn to the Ethereum layer-2, with three games set to make the leap.

Community Shoutout

We’re impressed by Pythian Debanked’s thoughtful proposal to create a Community Council within the Pyth DAO to oversee community initiatives and foster greater engagement.

If you have not done so already, check out the forum topic here. Much discussion has emerged among passionate community members on how this Community Council could work. Join the conversation today!

We want to hear your feedback. Join the Pyth Discord and Telegram and follow Pyth on X. You can also learn more about Pyth here.