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✊🏼 Crypto is Hungry for a Political Leader From its Own Ranks
Hello Defiers! Here’s what we are covering today,
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NEWS The blockchain industry is ready for one of its own to join the U.S. Congress, whether it’s Messari founder Ryan Selkis or someone else.
REACTIONS That’s judging by reactions on the floor of Messari’s conference, Mainnet 2021, taking place at the Marriott Marquis in Manhattan this week. Yesterday Selkis said he was going to run for Senate in 2024 on Twitter, following a rumored subpoena served by the U.S. Securities and Exchange Commission to an attendee on the event’s first day.
ORGANIZED Mainnet attendees on the floor were broadly supportive of someone from the industry directly joining the political fray. The industry has already started to get organized, with groups like the DeFi Education Fund and the Blockchain Association already operating in the nation’s capital.
FUTURE “I think we need someone who already has one foot in the future,” Darren McElvey from Nodle, an internet-of-things network, told The Defiant.
MESSAGE All cryptocurrencies will be regulated. Or else. That was the clear and unambiguous message Gary Gensler, the chair of the U.S. Securities and Exchange Commission, delivered Tuesday in a livestream with The Washington Post.
SO WHAT Gensler said there’s no question in his mind that digital tokens fit the definition of securities and are subject to federal registration and disclosure laws. In a nod to regulatory “sandboxes,” he urged DeFi entrepreneurs to collaborate with the commission to comply with tax, anti-money-laundering, and securities rules.
PERIMETER “We have robust authority at the SEC and we will use it,” Gensler said. “It would be better if the platforms that are trading securities, that have lending products or staking products, come in and let’s figure out how to get them within the perimeter.”
Integral Protocol Aims to Bring 68% of Coinbase Trading Volume to DeFi
On an explosive trajectory in 2021, there’s now $176 billion total value locked in DeFi. Yet, DEX volume still only accounts for 4% of global crypto trading.
Building off its success as the #1 dapp receiving grant funds from Gitcoin (GR9) in Q1 2021, Integral is an innovative exchange bringing the financial benefits of professional OTC trading to its own liquidity pools. Most DEX can’t serve large orders optimally. They lack the financial tooling to provide best prices or compete with OTC desks at leading centralized exchanges.
Integral executes orders with an oracle’s average price over a period of time. On large trades, Integral gets the best price, more often than not. On a $1mil trade, Integral now offers the best price 97% of the time compared to Binance!
The Integral team, fresh off $32m in funding from its own community in April, is now 15 people and growing rapidly, made up of crypto natives: investors/traders, startup founders, hedge fund managers, quant researchers, mathematicians, engineers, and growth hackers.
In the battle to link real-world criminals to their anonymous bitcoin troves, Chainalysis has found a “meaningful” edge: a block explorer website that scrapes visitors’ internet protocol (IP) addresses.
🔗 BitClout creator launches 'Decentralized Social' blockchain with $200 million in funding from a16z and others: The Block
BitClout creator, who goes by the pseudonym Diamondhands, has today revealed his identity with the launch of a blockchain network dubbed "Decentralized Social" (DeSo).
Take this as a little piece of science fiction; the chances the future looks like this are small, but of all the possible futures I think this has as good a chance of any of happening: Imagine: it is the year 2061. The BTC price is six million US dollars– equal to about a million 2021 dollars because of inflation.
A month ago, the Warp team released a demo transpiling an ERC20 Solidity contract to Cairo and deploying it to StarkNet. Although we’d made great progress, we quickly realized that we could hit some insurmountable hurdles if we continued with the approach we were using at the time.
🧑💻 ✍️ Stories in this newsletter were written by Brady Dale and Edward Robinson, and edited by Edward Robinson and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr.