CityDAO has moved from a core team to a decentralized guild structure. Its mission is to build the blockchain-native network city of the future. CityDAO will use a key metric called Citizen Time at CityDAO Property to quantify what it is working towards. Citizen Time is equal to the number of citizens multiplied by the number of days at a CityDAO property. The metric will align the DAO around creating a useful network of CityDAO properties.
Timeless, a yield market protocol, has launched on the Ethereum Mainnet. The protocol lets users boost, hedge, and trade yield. Yield boosting allows users to boost yields from any supported farm by up to 2x. Yield hedging decreases the volatility of earned yields. Trading allows users to speculate on whether yield rates are going up or down. Timeless is permissionless, immutable, and composable.
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Key employees of Terraform Labs have been restricted from leaving South Korea. The travel ban was imposed to prevent the employees from avoiding investigation. It includes even former employees. Terra founder and CEO Do Kwon is currently in Singapore, so the prosecutor’s office is looking to invalidate his passport. Prosecutors are investigating whether Kwon or other Terra employees can be charged with crimes such as fraud.