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🦧 Iron Finance V2 Draws in Over $1B With Eye-Popping Yield Farms
Hello Defiers! Here’s what we are covering today…
The open economy is taking over the old one. Subscribe to keep up with this revolution. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).
🙌 Together with:
Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi
Aave, an open-source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets.
The DeFi Pulse Index, a capitalization-weighted index that tracks the performance of selected DeFi assets across the market.
AMM Iron Finance’s IronSwap is an automated market maker (AMM) for stablecoin swaps. It aims to facilitate high-volume, low-slippage trades with low fees. For now, there’s no algorithmic insanity to deal with, as the IronV2 stablecoin is still under development. The IS3USD pool pictured above is a fork of Curve’s 3pool design, accepting stablecoin deposits (DAI/USDC/USDT). Liquidity providers are rewarded with ICE, the new native token of Iron Finance.
TLDR DeFi’s most popular stablecoin issuer is going public. Circle, which issues the USDC stablecoin, announced its plans yesterday to go public in Q4 of this year through a special purpose acquisition company (SPAC). The deal will happen with Concord Acquisition Corp. and Circle will trade under the ticker symbol CRCL with the transaction valuing the company at $4.5B.
USDC “Circle going public is powerful for the industry as a whole as it brings USDC to the same playing field as current payment dominants like Visa, Mastercard and PayPal,” Jack Lipstone of Rari Capital told The Defiant.
API One of Rari’s main products is a pool which generates yield on USDC deposits. Lipstone added that Circle “has built groundbreaking technology with USDC and is developing product market fit through cash back on the Coinbase credit card [and] the recently announced DeFi API providing institutions access to decentralized protocols.”
NEWS In a record-breaking deal for a Latin American crypto company, Buenbit, an exchange based in Argentina has raised $11M in Series A funding.
SO WHAT Buenbit, the leading cryptocurrency platform in South America’s second-biggest economy, allows users to exchange fiat currency for BTC, ETH, and DAI. In May, Buenbit launched operations in Peru, and now with their newly raised cash, the company aims to expand further in the region.
TALENT “It allows us to keep on adding the best talent to our team,” said Buenbit CEO and co-founder Federico Ogue. “We want all of the users of the region to be able to take advantage of the benefits that cryptocurrencies offer in a simple, transparent and safe way.”
FUND Buenbit’s Series A round was led by the European venture capital fund Libertus Capital, which also backed Zapper, a DeFi assets management platform.
TLDR Over the weekend, DeFi traders lost more than $11M across two hacks on Binance Smart Chain (BSC). On July 10, Anyswap, a decentralized cross-chain protocol, suffered a hack worth nearly $8M of USDC and MIM (Magic Internet Money), a lesser known stablecoin.
HACKER The exploit happened in the protocol’s new V3 cross-chain liquidity pools. According to a statement released by Anyswap, a hacker was able to deduce the private key to a supposedly secure multi-party computation account on BSC due to a weakness in Anyswap’s code. Anyswap said it has since fixed the vulnerability and will fully compensate users who lost funds.
“Foreword: All funds in the default Anyswap bridge are safe. Anyswap v1/v2 is not at risk. The new Anyswap multichain prototype V3 router was exploited early on July 10, 2021. We began an investigation into the incident as soon as we detected the exploit.”
“The amount of venture funding directed toward crypto and blockchain projects and companies jumped during the second quarter of 2021, according to data collected by The Block Research.”
🔗 The Bogdanoff Twins Claim They Participated in Helping Satoshi Nakamoto Build Bitcoin: Bitcoin.com
“Following the infamous meme that shows one of the Bogdanoff twins on the phone telling whales to initiate a crypto-market dump, the Bogdanoff brothers now claim they took part in inventing the leading cryptocurrency bitcoin with Satoshi Nakamoto.”
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🧑💻 ✍️ Stories in this newsletter were written by Owen Fernau, Dan Kahan and yyctrader and edited by Edward Robinson, Bailey Reutzel 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).