Shortly after earning approval for a $20 million grant in UNI tokens, the team behind the DeFi Education Fund quickly sold $10 million. The sale has raised criticisms about the transparency and purpose of the project.
The team behind the DeFi Education Fund, a new policy organization supported through Uniswap, announced that it had sold half of 1 million UNI tokens that it received from Uniswap’s treasury, for $10.2 million in dollar-pegged stablecoin USDC.
The DeFi Education Fund was rebranded from a student organization called the Harvard Law Blockchain & FinTech Initiative (HarvardLawBFI). The initial proposal sought to gather resources “for political, educational, and legal engagement” on behalf of the DeFi ecosystem.
The vote closed on June 29, with 79.7 million UNI voting in favor and 15.0 million voting against. It’s only the third proposal to successfully pass the Uniswap community’s governance process. Many of the supporters of the proposal were very large wallets, including former crypto investing partner at Andreessen Horowitz (a16z) Jesse Walden, and UCLA Blockchain, among others.
The market selling of 1 million UNI tokens has also raised criticisms about Uniswap’s governance as a small group of investors have large influence over the process.
Another headline in the DeFi field. Crypto staking protocol ClayStack has raised $5.2 million from Coinbase Ventures, Animoca Brands, Solana Foundation, Spartan Group, among others. The seed funding round, co-led by CoinFund and ParaFi, was secured via a Simple Agreement for Future Tokens (SAFT) sale.
Coinbase, Animoca, Solana Back Crypto Staking Platform ClayStack
ClayStack’s angel investors — Meltem Demirors of CoinShares, Larry Cermak of The Block, Robert Leshner of Compound, and Stani Kulechov of Aave, also backed the round.
ClayStack’s yet-to-launched DeFi platform will allow users to stake their crypto holdings without lockup periods or losing liquidity. It will do so by issuing a synthetic or derivative token. To begin, ClayStack will support MATIC, ETH2, and The Graph (GRT) tokens.
Another project, Connext, which enables users to swap tokens between different blockchains and Layer-2 solutions, has raised $12 million. Legendary DeFi developer Andre Cronje participated in the round.
ConsenSys Mesh and 1kx co-led the round, with a record 82 investors participating. Backers include Coinbase Ventures, OkEx Ventures, Hashed, The Block’s Larry Cermak, Polygon’s Sandeep Nailwal, Optimism’s Jinglan Wang, Yearn Finance’s Andre Cronje, and many others.
Additionally, DinoSwap, positioning itself to become the PancakeSwap of Polygon (MATIC), raised $4.7 million. Sandeep Nailwal, the co-founder of Polygon, invested in DinoSwap as an angel investor, along with others such as Terra co-founder Do Kwon.
DeFiance, Hashed, Spartan Group, and DFG, are among other investors in the round. Similar to PancakeSwap’s farming pools, DinoSwap allows users to use the DINO token to earn various tokens of projects operating on top of Polygon.