The recent events that have occurred in the blockchain industry have brought about a lot of changes. Many investment firms are henceforth prioritizing the safety of their users’ assets.
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Aragon Project, an open-source software based on the Ethereum blockchain has made an announcement via its weekly report that it has decided to focus on self-custody and censorship resistance because it believes it is crucial for Aragon and the blockchain industry as a whole. This move is coming at a time when the collapse of the FTX exchange has continued to expose the failures of centralized infrastructure.
Aragon stated that it would be moving more of its treasury to Ether (ETH), DAI, and Bitcoin (BTC) to improve safety and censorship resistance in an effort to decrease its exposure to assets that are susceptible to mismanagement or meddling by centralized entities.Â
By doing so, Aragon has swapped $10,000,000 USDC for ETH and approximately $10,400,000 worth of wrapped BTC was also swapped for ETH. Aragon also increased its stablecoin holdings in DAI by swapping $20 million USDC to DAI while $5,230,000 wrapped bitcoin was swapped for BTC.
Aragon now has a networth of over $154 million with ETH contributing over $70 million to the total value.Â
Decentralized Projects Making Changes Amid the Fall of FTX
After the dramatic collapse of the FTX exchange, many projects, including Aragon, have said that decentralization of the sector is essential to ensuring the safety of users’ assets.
Wrapped Bitcoin (WBTC) DAO, the community that oversees WBTC initiatives, has been reported to be making adjustments to its processes after the fall of FTX by moving to a new smart contract Multisig, expanding its membership, and modernizing its voting threshold in order to improve the effectiveness of WBTC.
The CEO of Cardano, Charles Hokinson stated in a report that Decentralized Identifiers (DIDs) are critical for ensuring compliance while avoiding exchange’s interpretations of anti-money laundering legislation.Â
Many large corporations, according to Hoskinson, are actively investigating ways to generate decentralized identities. Hoskinson estimated that within two years, this area would be among the most competitive in the industry.
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