THIS NEWSLETTER IS SPONSORED BY |  |  | A surprising number of Solana projects are closed-source — but now the tide may be turning | Quick Takes - Of the $10.7 billion locked in Solana's top 10 projects, around $5 billion sits with closed-source projects.
- But Solana's founders are pushing for projects to open up, and the message seems to be getting through.
| In August 2020, Uniswap, the world's largest decentralized exchange, suffered what in crypto parlance became known as a "vampire attack." The Ethereum-based protocol was effectively cloned to create a near-identical but more user-friendly service named SushiSwap, which then sapped both liquidity and users from its progenitor.
The current version of SushiSwap supports hundreds of millions of dollars in crypto trading every day. But its genesis was possible entirely because Uniswap — like most Ethereum-based protocols — is an open-source project. The code that underpins it can be freely perused and indeed copied by anyone, at any time.
The same cannot be said for a good proportion of projects built on Solana, the much-hyped upstart blockchain network promising faster and cheaper transactions than Ethereum. | | |  | Coinbase to acquire crypto custody technology firm Unbound Security | The U.S.-based crypto exchange operator is now set to acquire Unbound Security, an Israeli crypto custody infrastructure firm specializing in multiparty computation (MPC) technology. MPC technology provides security as well as usability for crypto assets. In other words, it combines the benefits of offline ("cold") storage and online ("hot") wallets. | Novi lead David Marcus to depart Meta, formerly known as Facebook, at the end of the year | David Marcus, co-creator of the Diem digital currency and current leader of the Novi unit at Meta (formerly known as Facebook), announced Tuesday that he will exit the company at the end of 2021. In a set of tweets, Marcus wrote that "after a fulfilling seven years at Meta, I've made the difficult decision to step down and leave the company at the end of this year." | $31 million stolen from MonoX on Polygon and Ethereum in latest DeFi hack | MonoX is a DeFi platform that offers liquidity pools, where traders can place their tokens and receive tokens in return for providing liquidity. The funds stolen included $18.2 million in wrapped ether (WETH) and $10.5 million in polygon (MATIC). Other tokens taken were WBTC, LINK, GHST, DUCK, MIM and IMX. | | | THIS NEWSLETTER IS BROUGHT TO YOU BY | Ledn is a digital asset platform that offers modern financial solutions for cryptocurrency holders.
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From now until the end of the year, Ledn is giving a $50 USDC bonus* to The Block's readership when they fund a new Ledn account. Sign up below. | *Terms and conditions apply. | | | A recent analysis of the top decentralized applications (dapps) built on Solana, conducted by The Block Research, found that six of the largest 10 Solana dapps by total value locked (TVL) are closed-source, and that 46% ($4.98 billion of $10.7 billion) of the TVL in that group sits with closed-source projects. | | | The State of Digital Asset Custody Solutions — Brought to you by Fireblocks | The Block | Join The Block's Research Lead Gregory Lim as we explore the landscape of Digital Asset Custody. Featuring leaders from Anchorage, BNY Mellon, and Fireblocks.
Learn more about the Custody landscape by reading The Block Research's latest piece, An Evaluation of Digital Asset Custody Solutions.
Our Panelists:
Diogo Mónica - Co-Founder and President, Anchorage
Michael Shaulov - CEO, Fireblocks
Talia Klein - Director, Digital Asset Custody Product Management at BNY Mellon | The Role of Bitcoin in the Modern Portfolio — Brought to you by iTrust Capital DECEMBER 1, 2021 @ 12:30PM (EST) | | | Minds builds the future of social media with Circle Yield and USD Coin (USDC) | Today, I want to cover how Circle Yield can benefit another type of business: startups who want to strategically use their treasury to make their cash last longer while delaying their next funding round and founder dilution. | | | Fundraising and Investments | | | You are receiving this e-mail because you are subscribed to The Block's free newsletter. If someone shared this newsletter with you, you can easily subscribe to receive it in your inbox here. If you're looking for even more content, we have a separate newsletter for The Block Research, which you can sign-up for here. | | | | |
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