🔥🚀 Bitcoin Reserve Debate, COMP Drops 6.7%, & Taiko's L2 Revolution

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⚠️ COMP Drops 6.7% After Governance Attack

COMP, a decentralized finance (DeFi) protocol for lending and borrowing cryptocurrencies, recently faced a ‘governance attack.’ The Golden Boys group successfully passed a proposal to allocate $24 million in COMP to a new protocol managed by their multi-sig. This proposal succeeded on their third attempt due to insufficient support for a veto. Humpy, the leader of the Golden Boys and previously involved in a similar attack on Balancer in 2022, has agreed to cancel the proposal if the new protocol shares fees with COMP holders.
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🔍 Key Issues in Lummis' Bitcoin Reserve Proposal

Senator Lummis has proposed a plan for the US Treasury to revalue its gold holdings, which are currently valued at only one-sixth of their market value. Her plan includes using a portion of this revalued gold to buy $64 billion worth of Bitcoin. However, any expenditure from the Treasury General account increases bank reserves, which require the Fed to pay interest. As both Bitcoin and gold are non-interest bearing, this could lead to additional operational costs, potentially affecting the Fed’s ability to remain self-financing.
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⛓️ Taiko Labs Unveils Gwyneth: Revolutionizing L2 Block Building

Taiko Labs has introduced Gwyneth, a new technology aimed at enhancing the profitability and efficiency of L2 block building through preconfirmations. This innovative approach tackles challenges in decentralized proposals, such as profitability and timing games. Gwyneth proposes a just-in-time market for trading L1/L2 block space, execution tickets, and leader elections, aiming to optimize both block production and overall network performance.
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