Signal Boost: Solana’s closed-source problem

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Happy Saturday! New in the noise: BadgerDAO was hacked, Senator Lummis is raking it in crypto advocates and Jay Clayton and Gary Gensler had fireside chat. Signal: below. Mike Orcutt here. 
Behind the Headlines
A surprising number of Solana projects are not open-source. Of the $10.7 billion locked in Solana’s top 10 projects, almost half of it sits in closed-source projects. But Solana’s founders are aware of the problem and are working to encourage project founders to follow the lead of a few others who have already made their code open-source. Ryan Weeks reports.  
Another week, another DeFi hack. BadgerDAO, a protocol that takes its users bitcoin and wraps it so it can be used in Ethereum-based DeFi protocols, lost more than $120 million to attackers who accessed the frontend and managed to hijack transactions. The attack didn’t just hit BadgerDAO. Crypto lending company Celsius confirmed on Friday that it lost money in the attack. Blockchain sleuths on Twitter say that loss could be as big as $50 million, reports Tim Copeland. But why did Celsius have so much money on BadgerDAO? 
Senator Cynthia Lummis is raking it in from the crypto industry. The Wyoming republican has seen the crypto industry become a “central pillar of her funding,” reports Kollen Post. The amount of cash raised from people who identify themselves as Wyoming residents pales in comparison to the haul she’s taken from crypto advocates, who see her as an ally in Washington.  
It appears that India is finally ready to regulate crypto — not ban it. The discussion of crypto policy in India during the past few years has been extremely noisy. There has been a central bank crackdown on banking for crypto firms, a court-ordered reversal of that crackdown and numerous rumors of potential outright bans. It’s been tough to make any sense of it.
But Yogita Khatri is been paying close attention to the signal — specifically, public comments made by government officials. In her latest feature, she makes a strong case this time is different. Even Prime Minister Narendra Modi has been saying relatively positive things about crypto lately.  
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Under the Microscope
What the heck is Web3? As buzzwords go, Web3 is impressive. The term is thrown around constantly Crypto Twitter (and, increasingly, other Twitters) like it’s established language (it’s not). Google searches for the term have increased by 150% since early October. But to what exactly does “Web3” refer? 
The Block Research’s Hiroki Kotabe took a crack at organizing the basic elements of Web3 into categories. In Part 1 of a series, he explains the first set of those categories: oracles, domains and middleware. Check out the full piece at The Block Research (subscription required).  
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Off the Block
What will art look like in the metaverse? Meta, the company formerly known as Facebook, is out of the gate on its “metaverse” hype with a focus on art. “This apparent stance toward art is at once moronic and apt; moronic because it reduces art to a mere gewgaw, apt because other entrepreneurs have already embraced this view,” writes Dean Kissick for The New York Times Magazine
There appears to be demand for immersive digital art experiences, and artists should see that as an opportunity, he writes. Kissick argues that although Mark Zuckerberg’s idea of the metaverse is “somehow both childish and cynical,” the larger idea that our new digital reality could be fertile ground for a new kind of artwork could be profound — “so long as someone takes the reins from the technologists.” 
The Money Quote
“I think some in this industry thought they could throw a fastball by the regulators. ”
—Former SEC chair Jay Clayton to current SEC chair Gary Gensler during a conference fireside chat this week
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