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BitcoinWorld Sky Governance Proposal Unveils Strategic 70M USDS Allocation to Fuel Its Agent Ecosystem In a significant move for decentralized finance, Sky, the project formerly known as MakerDAO, has unveiled a pivotal governance proposal to allocate 70 million USDS to bootstrap its emerging agent ecosystem, setting a crucial vote for March 26, 2025. Sky Governance Proposal Details 70 Million USDS Distribution The governance proposal, published on Sky’s official forums, outlines a precise capital allocation strategy. Consequently, the 70 million USDS will flow to three primary recipients. First, the Keel project will receive 10 million USDS. Keel functions as a capital distribution mechanism within the broader Sky ecosystem. Furthermore, two new execution agents, Amatsu and Ozone, will each receive substantial allocations of 25 million USDS. This strategic funding aims to accelerate development and operational capacity. Sky’s transition from the MakerDAO brand represents a fundamental strategic evolution. The rebranding effort, completed in late 2024, signaled a shift toward a more modular and agent-centric operational model. Therefore, this proposal directly funds that new vision. Governance participants will now scrutinize the allocation’s mechanics and long-term implications. Understanding the Agent Ecosystem Model in DeFi The term “agent ecosystem” refers to a network of semi-autonomous, specialized smart contracts and keeper networks. These agents execute specific protocol functions, from liquidations and arbitrage to treasury management. This model enhances resilience and decentralization by distributing critical tasks. Major DeFi protocols increasingly adopt similar architectures for operational security. For context, the total value locked (TVL) in agent-based DeFi systems exceeded $15 billion globally by Q1 2025. Sky’s proposal aligns with this industry-wide trend toward automated, specialized operational units. The funding seeks to ensure Sky’s agents possess sufficient economic bandwidth to operate effectively and securely from launch. Expert Analysis on Capital Allocation Strategy Industry analysts note the proposal’s structured approach mirrors venture capital staging within a decentralized framework. “Allocating capital to both a distribution vehicle (Keel) and execution units (Amatsu, Ozone) creates a full-stack funding model,” observed a leading DeFi researcher at a major blockchain analytics firm. “It funds both the pipeline and the endpoints.” The use of USDS, Sky’s native stablecoin, is also strategically significant. It avoids external stablecoin dependencies and reinforces the internal economic loop. Historical data from similar ecosystem funding rounds, like those conducted by Compound or Aave, shows that early, substantial capital infusions can correlate with faster protocol growth and network effects. Breakdown of Fund Recipients and Their Roles The proposal defines clear roles for each funded entity: Keel (10M USDS): Described as an ecosystem capital distribution project. It will likely manage grants, investments, or liquidity incentives to third-party developers and integrators building on Sky. Amatsu (25M USDS): A new execution agent. Its specific function remains detailed in ancillary technical documents but typically involves on-chain operations like debt auction execution or collateral rebalancing. Ozone (25M USDS): Another new execution agent, potentially handling a separate but complementary set of automated protocol maintenance tasks. This tripartite structure suggests a separation of concerns between capital deployment (Keel) and core protocol operations (Amatsu, Ozone). The Governance Vote Timeline and Community Impact The proposal enters a formal governance vote on March 26, 2025. Sky token holders will cast their votes based on delegated voting power. The community forum already shows active discussion, with debates focusing on the size of the allocation, vesting schedules, and performance metrics for the funded agents. A successful vote would trigger the largest single capital deployment from Sky’s treasury since its rebranding. It sets a precedent for how the project funds its core infrastructure. Conversely, a rejected vote would force a redesign of the agent ecosystem’s launch strategy, potentially causing delays. Conclusion The Sky governance proposal to allocate 70 million USDS represents a decisive step in funding its next-generation agent ecosystem. By directing capital to Keel, Amatsu, and Ozone, Sky aims to secure a robust and decentralized operational foundation. The March 26 vote will ultimately determine if the community endorses this strategic capital allocation as the best path forward for the protocol’s growth and stability in the competitive DeFi landscape. FAQs Q1: What is Sky? Sky is the new name for the project formerly known as MakerDAO, a leading decentralized finance protocol best known for originating the DAI stablecoin. The rebrand to Sky accompanied a strategic shift toward a more modular and agent-driven architecture. Q2: What is USDS? USDS is the native, decentralized stablecoin issued by the Sky protocol. It is the direct successor to the DAI stablecoin, maintaining similar collateral-backed and governance-controlled mechanics under the new brand. Q3: What is an “execution agent” in DeFi? An execution agent is typically a keeper network or a set of permissionless smart contracts designed to perform specific, automated tasks for a protocol, such as triggering liquidations, rebalancing collateral, or executing treasury strategies, often in exchange for fees or rewards. Q4: Who can vote on the Sky governance proposal? Holders of the SKY governance token can vote directly or delegate their voting power to recognized delegates. The vote weight is proportional to the amount of SKY token voting power committed. Q5: What happens if the governance proposal fails? If the vote fails to reach the required majority, the proposal will not be executed. The Sky community and development teams would then need to revise the proposal based on feedback and submit a new version for a future governance vote, potentially delaying the agent ecosystem’s funding. This post Sky Governance Proposal Unveils Strategic 70M USDS Allocation to Fuel Its Agent Ecosystem first appeared on BitcoinWorld .

The protocol has repurchased about 1.83 Billion SKY tokens with USDS while a March 2 governance proposal reduced staking emissions and expanded credit infrastructure around its USDS stablecoin.

Ethereum remains one of the most widely used assets in crypto-collateralized lending. Its liquidity, strong market depth, and institutional adoption make ETH a preferred asset for borrowers seeking access to cash, stablecoins, or credit without selling long-term positions. By 2026, ETH-backed lending has matured into a structured market where transparency, flexible loan mechanics, and risk controls matter more than promotional APRs. This review examines how ETH-backed loans work in 2026, what terms borrowers encounter across major platforms, and how to manage liquidation risk when using ETH as collateral. How ETH-Backed Loans Work ETH-backed lending is built on overcollateralization. Borrowers deposit ETH, receive liquidity (often USDT, USDC, or EUR), and maintain market exposure. The core of the system revolves around the loan-to-value (LTV) ratio, which determines borrowing power and liquidation risk. Because ETH is volatile, lenders impose LTV limits — often between 20% and 70% depending on the platform. As collateral value fluctuates, LTV adjusts dynamically. When ETH price drops, LTV rises; when ETH rises, LTV improves. Understanding this relationship is essential for borrowing safely. Platforms differ in how interest is charged, whether loans are fixed-term or flexible, and how borrowers can respond to volatility. Leading ETH-Backed Loan Providers in 2026 1. Clapp — Flexible ETH Credit Lines With 0% APR on Unused Credit Clapp offers one of the most borrower-friendly structures for ETH-backed loans. Instead of forcing users into a fixed-term loan, Clapp uses a revolving credit line model, giving borrowers full control over when and how much liquidity they use. Why Clapp Leads in ETH-Backed Lending 0% APR on unused credit — borrowers pay nothing until they actually withdraw funds. Interest applies only to borrowed amounts, not the entire credit line. Real-time LTV monitoring helps borrowers manage risk as ETH fluctuates. Margin notifications give advance warning before liquidation becomes likely. Multi-asset collateral pools allow ETH to be combined with BTC, SOL, or stablecoins for more stable LTV. Corporate credit lines starting at 1% APR include negotiable LTV terms and no prepayment penalties. Clapp is designed for borrowers who prioritize flexibility, capital efficiency, and transparent risk controls, making it particularly strong for volatile assets like ETH. 2. Nexo — Loyalty-Based ETH Credit Lines With Tiered Pricing Nexo remains a major ETH-backed lender, offering crypto credit lines where users can draw liquidity at any time. However, borrowing conditions depend heavily on loyalty tiers and NEXO token holdings. Strengths Fast access to liquidity Multi-asset collateral support Flexible, credit-line model rather than fixed-term loans Limitations Best rates require holding NEXO tokens LTV limits vary significantly by tier No 0% APR component Nexo suits long-term users who already participate in their loyalty ecosystem. 3. MakerDAO — On-Chain ETH Borrowing Through DAI Vaults MakerDAO remains a core DeFi option for ETH-backed loans. Borrowers lock ETH into a vault and mint DAI against it. Interest is applied through a stability fee, which can fluctuate based on governance decisions. Strengths Fully decentralized structure Transparent on-chain liquidation mechanics No centralized custody risks Limitations Requires active management of vault health Stability fees can rise unpredictably Liquidation penalties can be costly MakerDAO is best for confident DeFi users comfortable managing ETH exposure directly on-chain. 4. Binance Loans — High Liquidity, Fixed-Term ETH Lending Binance offers high-volume, fixed-term ETH-backed loans. Borrowers choose a duration and receive USDT or other assets instantly. Strengths Deep liquidity Wide collateral selection Easy to use for existing Binance users Limitations Interest accrues immediately on the full loan amount Less repayment flexibility Liquidation thresholds can be strict during fast ETH selloffs Binance Loans are ideal for borrowers who want fast execution and predictable fixed terms. ETH-Backed Loan Providers in 2026 Provider Loan Structure LTV Range Interest Model Key Strength Clapp Revolving credit line 20–50% (negotiable for institutions) Usage-based; 0% APR on unused Best flexibility + risk tools Nexo Credit line 20–60% depending on tier Loyalty-tier APR Integrated ecosystem MakerDAO On-chain vault 30–75% Stability fee Fully decentralized Binance Loans Fixed-term loan 35–65% Traditional APR Fast, high-liquidity borrowing Risk Management: Borrowing With ETH During Volatility ETH volatility can shift LTV significantly within hours. Borrowers should anchor their approach to three principles: Monitor LTV continuously ETH reacts sharply to market events. Platforms like Clapp provide real-time dashboards to help borrowers stay ahead of liquidation triggers. Borrow conservatively Low LTV — often below 20–30% — provides a meaningful buffer against price swings. Use flexible repayment options Credit lines allow borrowers to reduce LTV quickly by repaying small amounts at any time. Fixed-term loans offer less adaptability. Diversify collateral when possible Platforms with multi-asset collateral options allow borrowers to stabilize LTV by combining ETH with lower-volatility assets. Respond early to margin alerts Liquidation penalties and forced sales can be avoided by adjusting collateral before thresholds are breached. In 2026, borrowers are increasingly choosing platforms that integrate risk tools directly into the lending interface rather than relying solely on price alerts. Final Thoughts ETH-backed lending in 2026 is more sophisticated, more transparent, and more aligned with risk-controlled borrowing than ever before. Borrowers now gravitate toward platforms that offer flexible structures, clear LTV data, real-time monitoring, and predictable cost models. Clapp leads this category by offering 0% APR on unused credit, LTV-linked rates, and institutional-grade tools for both retail and professional borrowers. Nexo, MakerDAO, and Binance Loans each serve distinct needs, but none combine flexibility, transparency, and risk management as comprehensively. For ETH holders seeking liquidity without selling, understanding LTV mechanics and choosing the right loan structure remain the most effective ways to borrow safely and efficiently in 2026. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BitcoinWorld Dragonfly Capital’s Explosive Clash: Founders Battle Over Crypto VC’s Billion-Dollar Legacy In a stunning public dispute shaking the foundations of crypto venture capital, the current and former leaders of Dragonfly Capital are now locked in a bitter battle over who deserves credit for the firm’s meteoric early success. This clash, first reported by Wu Blockchain, pits co-founder Alexander Pack against current Managing Partner Haseeb Qureshi in a debate over legacy, attribution, and the very nature of Dragonfly’s formative investment strategy. The controversy exposes the often-opaque world of VC pedigree and raises critical questions about how success is measured and claimed in the volatile cryptocurrency landscape. Dragonfly Capital’s Founding Dispute Erupts Publicly The core of the Dragonfly Capital dispute centers on conflicting narratives about the firm’s origins and early performance. Alexander Pack, a Dragonfly co-founder who now leads Hack VC, initiated the public disagreement. He took to social media platform X to assert his foundational role. Pack stated he and his co-founder, known as Bo, established Dragonfly. Furthermore, he claimed personal leadership over several of the firm’s most lucrative early investments. These investments reportedly included major crypto entities like the Bybit exchange, the Amber Group trading firm, and Crusoe Energy Systems. Pack’s central accusation targeted Haseeb Qureshi, Dragonfly’s current managing partner. He alleged Qureshi falsely claims to have started the venture capital firm. This allegation strikes at the heart of professional reputation in an industry where founder status carries significant weight. The public nature of the accusation is highly unusual for the typically discreet venture capital sector. Consequently, it has sparked widespread discussion and analysis across financial and crypto media outlets. Haseeb Qureshi’s Counter on Dragonfly’s Early Strategy In a detailed and pointed response, Haseeb Qureshi directly countered Alexander Pack’s claims about Dragonfly Capital’s early days. Qureshi presented a fundamentally different picture of the firm’s initial operational model. He asserted that before his tenure began, Dragonfly operated primarily as a fund of funds. This means the firm allocated capital to other investment funds rather than making direct, lead investments in individual companies. This distinction is crucial in venture capital. Leading an investment round involves conducting due diligence, negotiating terms, and taking a board seat. Conversely, participating as a limited partner in another fund is a more passive role. Qureshi’s rebuttal implies that Pack may have conflated early exposure to successful companies through fund investments with the act of sourcing and leading those deals directly. The managing partner’s response reframes the narrative from one of individual deal-making to one of strategic fund allocation during Dragonfly’s infancy. The High Stakes of VC Legacy in Crypto This dispute transcends personal disagreement. It highlights the immense financial and reputational stakes within cryptocurrency venture capital. Dragonfly Capital manages billions of dollars in assets. Its portfolio includes landmark investments like MakerDAO, Compound, and Cosmos. Therefore, establishing the true narrative of its early success impacts future fundraising, limited partner confidence, and historical positioning within the crypto pantheon. Industry experts note that such public clashes are rare but becoming more frequent as crypto VCs mature and their legacies are written. The argument touches on several key themes in modern finance: Attribution Complexity: In fund-of-funds models, crediting specific individuals for downstream successes is inherently challenging. Founder Mythology: The desire to be recognized as a foundational builder is powerful, especially in a field as competitive as crypto investing. Transparency Pressure: The crypto community often demands more transparency than traditional finance, sometimes forcing internal debates into the public eye. Analyzing the Claims: Bybit, Amber Group, and Crusoe A closer examination of the specific investments named reveals the complexity of attributing success. Bybit, now one of the world’s largest crypto derivatives exchanges, raised early capital from various sources. Amber Group, a global crypto finance firm, also secured funding from a consortium of investors. Crusoe Energy, which mitigates gas flaring for Bitcoin mining, attracted attention from multiple venture firms. Without access to Dragonfly’s private investment records, verifying who acted as the lead investor or sourced the deal is difficult for outsiders. However, the public cap tables and funding announcements from that era (circa 2018-2020) show participation from numerous funds. This context supports the possibility that multiple narratives about a single investment’s origin could contain elements of truth. The dispute may stem from differing definitions of “leading” an investment versus having early conviction and access. Timeline of Dragonfly Capital’s Early Phase and Dispute Period Reported Activity (Per Public Claims) Key Figures 2018 Dragonfly Capital founded. Described by Pack as a direct investment firm; described by Qureshi as initially a fund-of-funds. Alexander Pack, Bo 2019-2020 Early investments in Bybit, Amber Group, Crusoe Energy occur. Pack claims lead role; Qureshi disputes this. 2020 Haseeb Qureshi joins Dragonfly as Managing Partner. Haseeb Qureshi 2021 Dragonfly raises a $2.2 billion fund, solidifying its top-tier status. Firm leadership includes Qureshi. 2025 Public dispute erupts on social media over founding credit and early success. Pack and Qureshi exchange public statements. Broader Impact on Crypto Venture Capital The Dragonfly Capital founders clash sends ripples through the entire cryptocurrency investment ecosystem. For limited partners (LPs)—the institutions and individuals who provide capital to VCs—such disputes raise questions about governance and narrative consistency. LPs invest based on trust in a team’s story and track record. Public infighting can erode that trust. Furthermore, for entrepreneurs seeking funding, understanding a firm’s true decision-making history and internal dynamics is valuable. This event may prompt other crypto VCs to internally clarify and document their own founding stories and deal attribution processes. It also underscores the tension between the collaborative ethos often preached in crypto and the competitive realities of high-finance legacy building. The dispute serves as a case study in how rapid growth and enormous financial success can strain the original narratives of a founding team. Expert Perspectives on VC Legacy Disputes Veterans of both traditional and crypto venture capital note that while painful, such disputes are not unprecedented. They often occur during a firm’s transition from a founder-led phase to a later-stage institution. The core issue frequently revolves around the evolution of a firm’s strategy and the recognition of contributors during each phase. In Dragonfly’s case, the firm visibly evolved under Qureshi’s leadership into a dominant force with a clear thesis on decentralized finance (DeFi) and blockchain infrastructure. The public resolution, if any, will be closely watched. Potential outcomes include a private settlement, a clarified public statement from the firm, or a gradual fading of the debate as new successes overshadow old disagreements. However, the digital paper trail on social media ensures this moment will remain a part of Dragonfly Capital’s permanent history. Conclusion The public clash between Dragonfly Capital’s current and former leaders over the firm’s early success reveals more than personal rivalry. It illuminates the complex processes of legacy-building, attribution, and narrative control in the high-stakes world of cryptocurrency venture capital. While Alexander Pack and Haseeb Qureshi present conflicting accounts of Dragonfly’s foundational investments, the debate itself underscores the immense value placed on origin stories in the tech and finance sectors. As Dragonfly Capital continues to shape the future of crypto, this episode serves as a reminder that historical credit remains a powerful and contested currency. The resolution, or lack thereof, will likely influence how other crypto investment firms document and present their own histories to the world. FAQs Q1: What is Dragonfly Capital? Dragonfly Capital is a global cryptocurrency and blockchain-focused venture capital firm that manages several billion-dollar funds. It invests in various crypto projects, from decentralized finance (DeFi) protocols to blockchain infrastructure. Q2: Who are the main figures in this dispute? The dispute involves Alexander Pack, a co-founder of Dragonfly who now runs Hack VC, and Haseeb Qureshi, the current Managing Partner of Dragonfly Capital. Pack claims credit for early successes, while Qureshi disputes the nature of those early investments. Q3: What is a “fund of funds” strategy? A fund of funds is an investment strategy where a firm invests its capital into other investment funds rather than directly into companies. Haseeb Qureshi claims this was Dragonfly’s primary mode of operation before he joined, which contrasts with leading direct investments. Q4: Why does this dispute matter to the crypto industry? It matters because venture capital firms are major gatekeepers of funding for crypto startups. Public disputes over track records and legitimacy can affect investor confidence, a firm’s ability to raise new funds, and how entrepreneurs choose their investors. Q5: Has Dragonfly Capital made other successful investments? Yes, beyond the early investments named in the dispute, Dragonfly’s later and widely recognized portfolio includes major projects like MakerDAO, Compound, 1inch, and Cosmos, cementing its status as a leading crypto VC. This post Dragonfly Capital’s Explosive Clash: Founders Battle Over Crypto VC’s Billion-Dollar Legacy first appeared on BitcoinWorld .

Cryptocurrency exchange Binance has announced it will list new currency pairs to expand trading options on the spot market. Continue Reading: Bitcoin Exchange Binance Announces Listing of Four New Altcoin Trading Pairs! Here Are the Details

Kwality Wall shares debut 26% lower on NSE, but the ice cream maker eyes double-digit growth and expansion in India’s under-penetrated market.

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UBS explores Bitcoin and Ether trading for Swiss private banking clients as Morgan Stanley and JPMorgan expand crypto services amid regulatory shifts.

Cryptocurrency exchange Binance has updated its long-standing zero transaction fee policy. Here are the details. Continue Reading: Note: Binance Releases Important Update – There are Changes to Transaction Fees