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Crypto asset manager Grayscale has incorporated six more trusts, including those tied to Polkadot (DOT) and Aave (AAVE) tokens.

The other four trusts include Monero (XMR), Cardano (ADA), Cosmos (ATOM), and EOS.IO (EOS). All the six trusts were formed Wednesday by Delaware Trust Company, Grayscale’s “statutory trustee.”

The new trust formations come a week after The Block reported that Grayscale has incorporated six more trusts in recent months, including those tied to Chainlink (LINK) and Tezos (XTZ) tokens.

At the time, Grayscale CEO Michael Sonnenshein told The Block that trust formations do not mean the firm will launch these products.

“Grayscale is always looking for opportunities to offer products that meet investor demands. Occasionally, we will make reservation filings, though a filing does not mean we will bring a product to market. Grayscale has and will continue to announce when new products are made available to investors,” Sonnenshein said at the time.

Grayscale is the largest crypto asset manager in the world. It manages more than $24 billion worth of assets across its products. Its bitcoin product, however, boasts the lion’s share of the total AUM at more than $20 billion.

© 2021 The Block Crypto, Inc. All Rights Reserved. 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.

Farm assets like soybeans will be tokenized on a platform from CoreLedger for trading against other assets like cattle or fiat currency.

Quick Take

• The Cosmos ecosystem will consist of independent blockchains that maintain governance-related autonomy but be interoperable where they can transfer tokens and data with each other
• Next month, the Stargate upgrade for Cosmos will include the release of the Inter Blockchain Communication (IBC) protocol, which will turn interoperability from an idea to production-ready reality
• The Block has mapped out a total of 143 projects across 17 different verticals currently developing on the Cosmos ecosystem

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Gamestop’s “squeezening” is likely to increase calls for curbs on “memetic disturbances.” That could be dangerous for free speech.

Bitcoin-based decentralized finance (DeFi) protocol Sovryn announced Thursday that it has raised $2.5 million in a token pre-sale.

Sovryn said the pre-sale was reserved for its community, which allowed participants to secure their right to purchase SOV, the protocol’s native token. SOV is launching next month, said Sovryn.

Participants, however, have the right to cancel the pre-reservation, Sovryn co-founder Edan Yago told The Block, adding that but “none have indicated to do so.”

Their funds will be locked up for ten months, as part of their “long-term commitment to the project,” said Sovryn.

The raised capital is primarily earmarked for further developing the Sovryn protocol, its security, and a bug bounty program, Yago told The Block. Still, the community governance would decide how to utilize it, he said.

Sovryn is a bitcoin-based smart contract protocol that offers swaps, lending, leveraged trading, and market-making. “The system runs on the Rootstock (RSK) sidechain, which is merge-mined with Bitcoin,” Yago told The Block. “This means that it is secured by Bitcoin proof-of-work and Bitcoin is the native asset (the asset in which all fees are paid).”

Yago said transaction fees of the protocol are 30 to 100 times cheaper than Ethereum-based DeFi protocols. While Sovryn is a bitcoin-based DeFi protocol, it also supports Ethereum tokens, he said.

The token pre-sale comes a month after Sovryn raised $2.1 million from venture firms, including Collider Ventures and Monday Capital, in December.

As for whether Sovryn looks to raise more funds in the near future, Yago said it is yet to be determined. “All such raises are performed by the protocol, and require a community vote,” he said. “The voting system will be upgraded on February 5, after which a vote will be held on the next pre-sale.”

© 2021 The Block Crypto, Inc. All Rights Reserved. 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.

Trusts for aave, cosmos and polkadot, as well as privacy coin monero and cardano, have been registered in Delaware.

A Twitter account not officially affiliated to WallStreetBets prompted DOGE’s latest social media-based price boost.

The exchange’s CEO said “Recent talk of legal action against developers working to improve the Bitcoin ecosystem proved to be the final straw.”

Scott Minerd said he doesn’t believe bitcoin’s investor base is “big enough” or “deep enough” to keep price at current levels.

“You can sell anything digital using NFT,” says the Dallas Mavericks owner. “We can sell virtual Mavs gear, sneakers, art, pictures, videos, experiences, anything our imagination can come up.”