{"id":3658,"date":"2021-08-20T22:23:18","date_gmt":"2021-08-20T16:53:18","guid":{"rendered":"https:\/\/mudrex.com\/blog\/?p=3658"},"modified":"2022-11-07T17:45:40","modified_gmt":"2022-11-07T12:15:40","slug":"mudrex-newsletter-flippening-robinhood-polygon","status":"publish","type":"post","link":"https:\/\/mudrex.com\/blog\/mudrex-newsletter-flippening-robinhood-polygon\/","title":{"rendered":"Robinhood achieves remarkable crypto growth; pledges to launch crypto wallets, and more coins!!"},"content":{"rendered":"\n

This week in The Flippening, TL;DR<\/strong><\/p>\n\n\n\n

Robinhood pulls in $233M in crypto revenues, contributing 41% in Q2. Polygon launches DAO to unite DeFi platforms. Ironically, Poly Network asks the White Hat hacker to join as Chief Security Advisor. Markets didn\u2019t move much last week. TIL – The Coinbase Effect. Mudrex announces rewards on depositing crypto in Mudrex Wallet. NFTs – Crypto history\u2019s biggest hack story in shitposts.<\/p>\n\n\n\n

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Top Highlights of the Week (ending 19th Aug)<\/strong><\/h3>\n\n\n\n

Robinhood achieves remarkable crypto growth; pledges to launch crypto wallets and more coins.<\/h4>\n\n\n
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Robinhood reported its first earnings as a public company, revealing that more than 60% of its funded accounts engaged in crypto trading in Q2. The percentage of its total revenue derived from commissions on cryptocurrency trading jumped to 41% ($233M) in the second quarter, up from 17% in the first quarter. <\/p>\n\n\n\n

But, there\u2019s a catch. Robinhood\u2019s 62% of all cryptocurrency revenues in the second quarter came from the trading of dogecoin (DOGE), up from 34% in the first quarter. The company noted this heavy reliance on Dogecoin as a potential risk. <\/p>\n\n\n\n

Robinhood’s upcoming plans for crypto include listing more assets, providing “interest and rewards” to users, and adding a wallet that will let users move tokens on and off the platform. <\/p>\n\n\n\n

“I know there’s been a ton of enthusiasm from the crypto community and the Dogecoin community in particular in getting access to wallets,” assured Robinhood CEO Vlad Tenev.<\/p>\n\n\n\n

Polygon launches DAO to unite DeFi platforms; aims to attract 100M users to DeFi<\/a><\/strong><\/h4>\n\n\n
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Ethereum scaling solution Polygon will launch a Decentralized Autonomous Organization (DAO) to encourage DeFi interoperability and adoption. The firm has tapped DeFi partners like Aave, Chainlink, and SushiSwap to help found the decentralized organization to govern the initiative.<\/p>\n\n\n\n

Polygon will use the $100 million DeFi fund it announced this past April to fund the creation and maintenance of the organization, and help finance projects that users think can help push the DeFi industry forward. <\/p>\n\n\n\n

\u201cPolygon\u2019s overarching intention is to decentralize specific internal decision-making and invite the community to have a say in the ongoing development of the Polygon DeFi sector,\u201d reads the company\u2019s announcement. \u201cThe venture also intends to foster greater cross-collaboration and compatibility within community projects.\u201d<\/p>\n\n\n\n

Last week, Polygon announced plans to acquire fellow scaling solution Hermez for $250 million, \u201cmerge\u201d the Hermez token into its network via a swap and integrate its transaction-rollup tech within the Polygon suite.<\/p>\n\n\n\n

Poly Network asks ‘Mr. White Hat’ to become firm\u2019s Chief Security Officer<\/a><\/strong><\/h4>\n\n\n
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In a surprising turn of events, the Poly Network team said, in a seeming attempt to gain access to the hacker\u2019s expertise, that it would be inviting them to the position of chief security adviser. In addition, the project will be sending a $500,000 bounty for the attacker, whom Poly dubbed “Mr. White Hat,” despite the fact they have previously refused any payment.<\/p>\n\n\n\n

The hack was reported on Aug. 10, when analysts noted that roughly $610 million had been removed from the Polygon network, the Binance Smart Chain, and Ethereum. <\/p>\n\n\n\n

The hacker subsequently communicated with the Poly Network team and others through embedded messages in Ethereum transactions, agreeing to return the funds. <\/p>\n\n\n\n

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Other News and Top Reads<\/strong><\/h3>\n\n\n\n