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⚔️ Discord-MetaMask Tease Triggers Backlash Against NFTs
Hello Defiers! Here’s what we are covering today,
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FRAUD The backlash against NFTs has been brewing ever since the first JPEGs hit the market late last year and fetched eye-opening sums. Detractors called them a fraud, the sequel to the Initial Coin Offering bubble that popped the last great crypto boom in 2018. Critics said you can right-click and save NFTs, so what makes them so unique? Others said they contribute to global warming.
TEASED But on Nov. 8 things took a more definitive turn when Jason Citron, the CEO of Discord, teased an integration with the crypto wallet, MetaMask, on Twitter. While his proposal garnered support within crypto, opposition to his proposal hit like a tsunami.
PYRAMID “I cannot stress enough that NFT’s are a scam made by a group of the worst people in my field and should be viewed as a money laundering pyramid scheme burning the planet away,” tweeted Aranock, an artist and computer scientist, on Nov. 8. The tweet received over 24,000 likes.
UNBANKED Every now and then folks adjacent to crypto Twitter like to tweet out some version of “Remember Libra?”. Libra was Facebook’s first effort to get in on the decentralized web, with a bold promise to “bank the unbanked” via blockchain that was revealed in mid-2019. The world’s largest social network caved in to regulatory pressure and gave up on its higher-end ambitions less than a year later.
YIELD SEEKERS It remains funny to think of Mark Zuckerberg and his horde of elite engineers flopping. But the truth is that the spirit of the ill-fated Facebookcoin lives on with a new blockchain called 0L that went live today, completely without any support from Menlo Park. For yield seekers, there’s a chance to get in early by mining its gas token on a Windows or Mac computer with the Carpe app.
OPENNESS According to its documentation, the point of 0L is to stay as close to the codebase from Facebook, now known as Diem, as possible while still hewing to the principles of openness and permissionlessness.
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StarkWare, an Ethereum Layer 2 developer using ZK-rollups technology, has raised $50 million in a Series C funding round and is now valued at $2 billion.
The Ethereum Foundation is allocating 1 million USD in grant funding to organizations that educate governments and policymakers about Ethereum and blockchain technology. We encourage others in the Ethereum community to support their important work.
India will ban the use of cryptocurrencies for making payments, but will allow and regulate trading of crypto as assets, the Economic Times reported citing government sources.
CyberConnect, a crypto startup developing tools for Web3 social media, gaming, and metaverse applications, has raised $10 million in a seed funding round.
Nobuaki Kobayashi implied in October the "final and binding" ruling was the last major hurdle in the compensation process, hinting users who filed claims could receive the funds fairly quickly.
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ParaSwap Airdrops PSP Governance Token to ‘Active Users’ ParaSwap, a decentralized exchange (DEX) aggregator and market maker, launched its governance token, PSP, on Nov. 15.
All the Ways to Generate Passive Income With DeFi There may be many hooks for a newcomer to start using decentralized finance or DeFi but it can be difficult to overlook the most attractive one — the fact that it is an open opportunity for anyone in the world with digital assets, a computer and internet to generate passive income.
OlympusDAO’s Success Inspires Dozens of Forks They say imitation is the highest form of flattery. In crypto, this manifests as forks, or copies of a project’s codebase. In that sense, OlympusDAO must be feeling pretty flattered.
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🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, Bailey Reutzel, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is 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).