Can a DAO be subpoenaed? SushiDAO finds out the hard way

PLUS - Magic Eden launches marketplace for Bitcoin ordinals

Author

Daniel Akpobare
March 22, 2023

GM, this is The Crypto Xplorer, we're here to satisfy your curiosity and explore the depths of the crypto universe!

Here's what we got for you today:

  • Magic Eden launches marketplace for Bitcoin ordinals

  • Can a DAO be subpoenaed? Sushi DAO finds out the hard way

  • Ethereum's deflationary trend continues

Magic Eden Launches Marketplace for Bitcoin Ordinals

Magic Eden has launched its own “fully audited” marketplace for Bitcoin Ordinals, leveraging the surging interest in “Bitcoin NFTs.”

Between February and March, the number of Bitcoin Ordinals inscriptions skyrocketed from 679 to 240,000. As of March 21, a whopping 567,087 have been inscribed.

People are really into these things, no wonder Magic Eden wants in!

Here are a few facts:

  • The marketplace will allow traders to buy and sell Bitcoin Ordinal collections, with over 70 collections available at launch.

  • The marketplace will only support secondary sales of Bitcoin Ordinals, (however, Magic Eden says they're actively looking to make sure creators can easily mint or inscribe Bitcoin NFTs on their platform).

  • There is no royalty support for the marketplace (but don't fret, they're working on that too)

The marketplace launched with over 70 collections. (Source: Magic Eden)

In any case, let's raise a digital glass to the future of NFTs, Bitcoin Ordinals, and to Magic Eden for creating yet another marketplace for us to spend our hard-earned crypto on. 🥂 😀

Who said money can't buy happiness? Clearly, they've never bought an NFT before. 🤣 🤣 🤣

Can a DAO Be Subpoenaed? Sushi DAO Finds Out The Hard Way

Some members of the Sushi DAO community are scratching their heads and wondering:

How a DAO can even be subpoenaed? (It's like trying to subpoena a ghost, right? 😕

Well, Here is how:

The SEC issued a subpoena to the head of Sushi, Jared Grey, and the DAO itself (which operates the SushiSwap decentralized exchange using the SUSHI token).

In response, the Sushi DAO has proposed creating a legal defense fund to deal with the situation. However, the proposal didn't provide details about the SEC subpoena.

They're tight-lipped about the details stating that they're cooperating with the SEC and would not comment publicly on ongoing investigations or legal other matters.

The new proposal suggests dedicating $3 million to the fund, with a top-up of $1 million if needed. Sales of SUSHI would pay for 15% of the fund.

This is the first of its kind folks! We'll have to wait and see how this legal battle plays out. Will Sushi DAO come out on top? Only time will tell.

Ethereum's Deflationary Trend Continues

That's largely due to a surge in on-chain activity on protocols such as Uniswap and Blur marketplace.

“The amount of ETH burned has seen a steady climb over the past two months due to an increase in on-chain activity, with the largest surge occurring on March 10 as fear surrounding USDC’s backing caused a depeg,”

Blockworks Research Analyst Sam Martin said.

You wait and see what happens when the bull market comes!

That's all we have for today.

We'd love to hear your feedback.

Until then, see you tomorrow, or on Twitter if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.

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