Nasdaq News

Tarsus Pharmaceuticals, a late stage biopharmaceutical company focused on the development of therapeutics for ophthalmic conditions, filed on Friday with the SEC to raise up to $86 million in an initial public offering. The company's lead product candidate, TP-03, is a novel ther

Praxis Precision Medicines, a Phase 2 biotech developing therapies for CNS disorders using genetic insights, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The company’s pipeline contains its most advanced candidates, PRAX-114 and PR

Aligos Therapeutics, a Phase 1 biotech developing oligonucleotide therapies for viral and liver diseases, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The company's lead focus is to develop a functional cure for Chronic Hepatitis B (CHB)

The Bahamas confirmed it will cross the central bank digital currency (CBDC) finish line next month.

• In a late Friday tweet, the Central Bank of the Bahamas announced that on Oct. 20 it will begin the “gradual national release” of its consumer-facing “Sand Dollar” digital currency, perhaps the world’s first retail CBDC.
• Though it was already known that the Bahamas was eyeing a mid-October release, the Friday announcement sets a hard date for the historic event and sheds new light on the rollout.
• In the first phase, private-sector players such as banks and credit unions will ready their systems with know-your-customer (KYC) and other compliance checks across low-value, personal and enterprise wallets.
• Sand Dollar’s second phase, slated for early- through mid-2021, will focus on preparing essential infrastructure services in the government and private sectors, such as utility companies, for the CBDC.
• A growing cadre of financial and payment institutions slated to intersect with Sand Dollar have already invested in building out mobile wallets for their users and have been on-boarded for the rollout accordingly, the central bank said.
• Those wallets will be secured with “multi-factor authentication” safeguards, according to the announcement.
• Users cannot and should not expect to have cash-like anonymity when using the CBDC, the central bank said. Even so, it said Friday that wallets will be encrypted “to ensure confidentiality.”
• Additionally, the central bank said it has prepped the CBDC by subjecting it to a “rigorous cybersecurity assessment” to overcome public fears of paying with a digitally native currency.
• Regulations surrounding the Sand Dollar CBDC are still in the works. The central bank said those “will be crystalized in the public space over the month of October.”

“The intended outcome of Project Sand Dollar is that all residents in The Bahamas would have use of a central bank digital currency, on a modernized technology platform, with an experience and convenience – legally and otherwise – that resembles cash,” the central bank said.

Read more: The Bahamas Edges Closer to Hurricane-Proof Digital Currency

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Investors apparently aren't interested in seeing another stock market correction -- at least not this week. The S&P 500 Index (SNPINDEX:^%GSPC) gained 51.9 points, or 1.6%, on Sept. 25. Today's move higher gets the index, which is broadly representative of the U.S. stock ma

FXEmpire.com - The Stats It was a quiet week on the economic calendar, in the week ending 25th September.

Eargo, which manufactures differentiated hearing aid systems, filed on Friday with the SEC to raise up to $100 million in an initial public offering. Eargo believes its hearing aids are the first and only virtually invisible, rechargeable, completely-in-canal, FDA regul

Peru will push forward with a gradual reopening of its economy in October, allowing international flights to countries in the region and more people into its restaurants and stores, the government said on Friday, provided coronavirus cases continue to fall.

Altitude Acquisition, a blank check company targeting the travel industry, filed on Friday with the SEC to raise up to $300 million in an initial public offering. The Atlanta, GA-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of

China's auto market has rebounded smartly from the COVID-19 crash in recent months, especially for high-end cars, but questions about the durability of that recovery will hang over the Beijing autoshow, starting on Saturday.

10X Capital Venture Acquisition, a blank check company formed by 10X Capital targeting a tech-enabled business, filed on Friday with the SEC to raise up to $220 million in an initial public offering. The New York, NY-based company plans to raise $220 million by offering 22 millio

Tekkorp Digital Acquisition, a blank check company formed by Tekkorp Capital targeting the digital media and leisure industries, filed on Friday with the SEC to raise up to $300 million in an initial public offering. The Las Vegas, NV-based company plans to raise $300 million by

Spring Valley Acquisition, a blank check company formed by Pearl Energy Investment Management targeting the sustainability industry, filed on Friday with the SEC to raise up to $250 million in an initial public offering. The Dallas, TX-based company plans to raise $250 million by

Nigeria's airports could shut down on Monday as four key unions said they would join an indefinite nationwide strike to protest an increase in power and petrol prices.

Canada's left-leaning opposition New Democratic Party (NDP) on Friday said it would back Prime Minister Justin Trudeau in a confidence vote to be held in coming weeks, averting the threat of a fall election.

BASED has a new method for aligning decentralized finance (DeFi) projects with each other. At its core is a smart contract called Moonbase, CoinDesk has learned. 

Based.Money is a project of the Ghouls, a loose consortium of crypto developers, artists, designers and meme makers. Friday night, the outfit will release its newest project since BASED, the rebasing game dropped this summer during the boom of Weird DeFi. 

Based.Money is a game that riffs on Ampleforth’s rebasing mechanic, where it makes a daily readjustment in the supply of BASED tokens, adjusting the amount in everyone’s wallet. It’s a game of optimizing for the right time to get in and get out. 

Related: Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges

But Moonbase is a bit more serious. As the project’s pseudonymous proximal leader, Based Money God, told CoinDesk over Jitsi:

“What we’re all about is creating a fair launch movement. An ecosystem of projects that are self-sustaining and don’t require traditional venture capital or institutional investment in order to succeed. We want to create a collaborative space of builders in which we all benefit.

Read more: How DeFi ‘Degens’ Are Gaming Ethereum’s Money Legos

Fair launches are a way to get lots of people involved in a new DeFi project without relying on traditional seed capital. Yearn.Finance is often credited for popularizing the term after announcing a governance token and a way for liquidity providers (LPs) to earn them without setting tokens aside for anyone else, even the creator. 

Related: On-Chain Data Suggests Ether Investors Bought September Dip

“Most of these DeFi projects aren’t inherently decentralized. They are inherently skewed or biased because VCs back them,” Based Money God said. “When these projects raise, the VC allocations have a disproportionate amount of tokens.” 

A new alliance

Moonbase creates a way that new projects can offer tribute to the BASED community such that they have an incentive to back, promote and support the new project for at least a year. It could almost be called community mining. 

“You can see the power of our community because our memes are dope and our messaging is cool,” Based Money God said. “Moonbase, the intent, socially, is trying to help these projects and bootstrap community and aligning themselves to Based.” 

It might also be thought of hiring the Based community, in a way. Some crypto projects hire PR firms; some will hire the memesters of the Moonbase. 

Read more: Yearn, YAM and the Rise of Crypto’s ‘Weird DeFi’ Moment

So how does it work? 

DeFi projects that want to get degenerate will mint a new smart contract called a Rover. Each Rover will be distinct for each project. The core idea of a Rover is that any assets that go in it will go through a yearlong unlocking period (so if 365 DAI went in, the last DAI would unlock at the end of a year).

As the underlying assets get unlocked, they will get swapped for BASED and be sent to the Moonbase, rewarding everyone participating there proportionally.

Basically, Moonbase is another smart contract where anyone can put in BASED and get back mbBASED, which represents a proportional share of BASED in the contract (like Compound’s cTokens).

That means mbBASED holders will want any assets in Rovers to grow in value. However, the alignment is meant to go further. 

A project can put anything they want in a Rover with any logic they want. They could throw 1,000 ETH into a Rover and send the Moonbase a message that just said “Please help,” but that’s not actually how the Ghouls foresee it working. 

Instead, they expect projects will create special liquidity vaults for mbBASED that will have their own formulas for earning liquidity mining rewards, and earnings for that pool wouldn’t go to the depositor but to the Rover. 

Read more: Uniswap’s Distribution Is Built on Something That Can’t Be Forked: Actual Users

So, imagine a decentralized exchange called RDEX that launched this way. It could set up an mbBASED-DAI pool where half the mining rewards (RBT, say?) go to the depositor (for the DAI) and half the rewards go to REDEX Rover. 

“It’s like a tribute to Based God,” Based Money God said. 

By setting it up this way, the project has an incentive to try to really grab the attention of Moonbase depositors, because no rewards go to the Rover if no one deposits. This is why they are called Rovers. 

“The Rover is bringing things back to the moonbase,” Based Money God said.

The Moonbase has an incentive to drive value to RBT, because eventually that RBT will turn into more BASED for the Moonbase.

Finally, anyone can set up a Rover. It’s permissionless. But obviously, there’s a need to get the attention of the Moonbase. 

So, there will be a page on Snapshot where projects can submit what they are doing and the community will vote on one question or another: “Is it BASED?”

The vote has no impact on the smart contract. On a technical level, it does nothing, but it might be the most important step. 

Said Based Money God:

“If you want that social validation, if you want to really take advantage of the social advantages of our community, you need to present to our community. There needs to be a ceremony.”

Watch the Twitter account because Moonbase opens tonight. Actual DeFi projects will launch Rovers over the weekend and the smart contract that makes it easy for others to do the same will follow. 

“We are writing out a manifesto,” Based Money God said. “BASED is whatever the community decides is based.”

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Image source: The Motley Fool.

(RTTNews) - The Canadian stock market ended on a firm note on Friday, led by gains in technology sections, even as investors continued to stay cautious after several countries across Europe reported spikes in coronavirus cases and reimposed lockdown measures.

Genesis Park Acquisition, a blank check company formed by Genesis Park targeting the aviation industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering. The Houston, TX-based company plans to raise $200 million by offering 20 million units a

American Airlines Group (NASDAQ: AAL) said late Friday that it has finalized a $5.5 billion loan from the U.S. Treasury and could borrow up to $2 billion more next month depending on how many other airlines look to the government for assistance.