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📉 Floor Prices at Bored Apes Yacht Club Drop 33% Amid Swoon for NFT Projects
Hello Defiers! Here’s what we are covering today,
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SLOWING DOWN Uh-oh. Don’t look now but floor prices have been cut in half at many leading NFT projects this week. Trading volume is slowing down, too.
DROPPED The floor at Bored Apes Yacht Club, the second-highest ranking individual NFT project in terms of lifetime volume, has dropped by a third, to 29.47 from 44.05 ETH, according to a Dune Analytics dashboard.
50% HAIRCUT It isn’t the only one: Meetbits, the fourth-highest ranking project, has a floor of 3.23 ETH, down more than 50% from a high of 7.50 ETH reached on Aug. 31, according to another Dune dashboard. LOOT’s floor is down about 80% from its Sep. 9 all-time, and Cool Cats has taken a 50% haircut.
VOLUME The floors at 0N1 Force, Cryptoadz, Pudgy Penguins, Mutant Ape Yacht Club, Mekaverse, are all at least 45% below their all-time high points, according to the dashboards. Investors focus on floors, the lowest level of value for NFTs at a given moment, to set prices. That’s not all. NFT volume across the board has dropped 87%, to $48.48M, since an all-time high of $380.92M on Aug. 28. That’s when many of the top NFT projects’ floors peaked, according to a dashboard built by Dobby.
In this primer, yyctrader provides a how-to guide on using Fantom.
Fantom’s FTM token is the best performing among Layer 1 smart contract platforms this year and Total Value Locked (TVL) on the blockchain has soared since a liquidity mining program kicked off in September.
No less than 370M FTM tokens currently worth $888M have been allotted to the program.
If you’re looking to get in on the action, here’s a step-by-step guide.
Bridging Assets To Fantom
If you’re already familiar with DeFi on Ethereum, you’ll find this pretty simple. For those Defiers newly joining us, please check out our DeFi 101 content before attempting to proceed.
Step 2: You’ll need some FTM tokens to pay for gas fees. Fortunately, you can get some for free by joining the SpookySwap discord and using their faucet bot.
In this column, Christopher Harding argues that regulation is not only imminent but that the DeFi should embrace it as a key to growth. The challenge is how.
TLDR The debates over regulatory compliance rage in Washington, in the press, and across the crypto community. Whatever the ultimate fate of the bills and amendments put forward one thing remains constant: distributed ledgers and DeFi are here to stay.
FIAT SYSTEM They offer solutions to a host of issues that we’ve, so far, been unable to properly address through the fiat system. However, for those problems to be tackled we must take inventory of the issues we face in the shift to mass adoption, decide on the best approach to solving them, and understand what compromises are needed to integrate blockchain solutions into the mainstream once and for all.
ONGOING DISCUSSIONS As long as compromise is on the table in good faith from all interested parties, the crypto industry will be able to augment the traditional financial system and make the world a better place for countless people. One thing we should all strive to keep in mind during these ongoing discussions is the real opportunity in reducing financial exclusion. People in developing countries need an alternative to their fiat-based systems and, provided certain safeguards are in place, DeFi is the perfect solution for them.
FTX has memed itself into another massive funding round. Sam Bankman-Fried’s Bahamas-based crypto exchange said Wednesday it had raised $420,690,000 in a Series B-1 funding round. Sixty-nine investors – including BlackRock and Tiger Global – joined the fast-growing crypto conglomerate.
I thought I was out of the security game for a while now and that my interests have moved on to other fields. Last week I came back from an extended holiday, and refreshed I looked around on CT on what had happened.
Walmart, the world’s largest company by revenue, is letting customers buy bitcoin at dozens of its U.S. stores.
More than 1 million people are on the waitlist for Robinhood’s long-awaited crypto wallet, according to CEO Vlad Tenev.
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DeFi Blue Chips Are Lagging ETH by The Most Ever Amid Record-Breaking Rally The vibe is palpable. Bitcoin enthusiasts are celebrating its all-time high this week, and Ethereum’s Ether broke its own record price of $4,357. Make no mistake, it’s a good time to be holding crypto, but it’s better if you’re in the two biggest cryptocurrencies than in DeFi’s blue chips.
Terra Blockchain is Set to Connect to the Cosmos Ecosystem The Terra stablecoin, UST, will be moving over to the Cosmos universe imminently, which should be quite helpful for the progress of DeFi in that ecosystem.
DeFi 2.0 Wave of New Projects Test Liquidity Mining Alternatives Things aren’t getting easier for those struggling to stay current with the lightning quick DeFi space. Just when you think you’re up to speed with the latest token or protocol along comes something new. Brace yourselves because here comes DeFi 2.0. What that term actually means is still in flux.
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🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, Bailey Reutzel, DeFiDad and yyctrader, and edited by Edward Robinson, 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