Web3 Diaries – Tornado Cash’s TORN Token Up 10%
The Tornado Cash token (TORN) is up 10% after a proposal submitted by a wallet address linked to a recent attack on the decentralized autonomous organization’s (DAO) governance state looks to reverse the malicious changes.
“The attacker posted a new proposal to restore the state of governance user Tornadosaurus-Hex wrote in the Tornado Cash community forum, adding that there is a “good chance”; that the attacker would execute it.
Tornadosaurus-Hex said that the attacker is reverting the TORN tokens they gave themselves – which gave them a controlling share of the governance votes – back to zero.
U.S. Blockchain Association, Tether tops Federal lobbying list
In order to muster in favourable changes, several industries continues to witness an increase in spending toward Federal lobbying efforts.
As per recent report from Washington, D.C.-based political watchdog Open Secrets shows that first-quarter federal lobbying has topped $1 billion for the second consecutive year.
Industries such as healthcare, finance, real estate and energy lead the rankings in lobbying spend with overall spent of $4.1 billion on federal lobbying efforts.
As for crypto, despite increasing regulatory hostility from D.C, crypto’s actual lobbying spend came in at $21.6 million for the year, according to Open Secrets data.
Demand for tokenized Treasury Bonds soar
Demand for tokenized versions of U.S. Treasury bonds is soaring as rising yields in traditional financial markets attract fresh capital from crypto investors.
The combined market capitalization of tokenized money market funds nears $500 million, and has quadrupled in size this year, according to data compiled by CoinDesk.
Money market funds are traditional investment products that hold short-term government securities and offer a relatively safe way to earn a yield. Investors have been flocking to these funds for their perceived safety from failing banks and their 4-5% interest rate offering compared to bank deposits.
The high yields of government bonds have also captivated digital asset investors discouraged by low lending rates and last year’s bankruptcies. Hence, a slew of platforms have come up with a way to offer access to them on the blockchain in the form of a token.
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