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🌴 Maximum Dumbness in Miami: Silly Maxis, Calm Down
Hello Defiers! Here’s what we’re covering today…
and more ;)
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🙌 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.
Kyber DMM, an automated market maker which prioritizes permissionless liquidity contribution and high capital efficiency
👩🏫 How to become a liquidity provider on Uniswap V3
in this tutorial we run through how to set up a simple LP position using the new concentrated liquidity functionality in Uniswap V3.
This is a weekly tutorial on the most compelling opportunities to consider yield farming, written by our friend DeFi Dad, an advisor to the Defiant and member of the core team at Zapper. The goal is to expose more Defiant readers to new DeFi applications and their associated liquidity mining programs.
Background on Protocol: Last year has clearly proven that the world of DeFi and NFTs are merging under one grand umbrella of blockchain-based ownership, which will power a future Metaverse. The digital land will likely be where we’ll spend most of our time in the future.
Charged Particles is one protocol looking to further strengthen this foundation of DeFi and NFTs building new hybrid applications. Charged Particles enables us to create new digitally native baskets of tokens, NFTs, and other charged particles.
The name “charged particle” derives from what you get when you nest an NFT or token inside another NFT. Imagine you have a digital piece of art in the form of an NFT. You can “charge up” the NFT by depositing one of the following using the Charged Particles protocol and UI:
A token like ETH or one that’s interest-bearing like ibBTC, yUSD, aDAI
Another charged particle
Opportunity: Today, we’ll focus on how to earn the governance token IONX, which is necessary to have a voice in the future upgrades and proposals of this Charged Particles protocol. To distribute IONX, the Charged Particles protocol offers liquidity mining rewards through 2 programs:
Staking IONX at a rate of 383% APR*
Staking the IONX/ETH LP on Uniswap V2 at a rate of 821% APR*
*Both estimated APRs are calculated with a market price of $0.80 per IONX.
TLDR They just couldn’t resist. Many Bitcoin diehards disdain other digital tokens but when it comes capturing yields it’s hard not to embrace Ethereum’s DeFi ecosystem.
SUPPLY With wrapped Bitcoin’s total supply at 187,610, the leading form of Bitcoin on Ethereum constitutes over 1% of BTC’s overall supply which stands at 18.729M at the time of writing.
SO WHAT The development attests to Bitcoin’s usefulness in the DeFi ecosystem, where in its wrapped form, known as WBTC, users can generate a return by providing WBTC liquidity in automated market makers, depositing in yield aggregator’s vaults, borrowing against the asset as collateral, or other creative financial means.
TLDR Toxic Bitcoin Maximalism is dumb. I tried to lead this article with something more poetic but it honestly boils down to that.
RAGE Ever since altcoins started surging in value, and the DeFi story increasingly captured the spotlight, Bitcoin’s “murder hornets” can’t seem to hide their jealousy or their rage.
LAUGHABLE That vibe was on stark display at Bitcoin 2021 in Miami last week. But something funny happened ̶ Bitcoin’s “murder hornets,” the toxic Bitcoin Maximalists that want a monopoly on the space and will hurl personal attacks on Crypto Twitter for even thinking another cryptocurrency or token could be useful, were just as overblown as the real things. They were painful, annoying, buzzy, but not at all deadly. If anything, it was laughable in its pitifulness.
TOXIC Bruce Fenton, a long-time Bitcoiner, founder of Satoshi Roundtable and the managing director at Chainstone Labs, was the MC giving toxic Bitcoin Maximalists this murder hornet moniker on stage, right before introducing a panel entitled “Toxic Maximalism: A Feature, Not a Bug.” I will point out that a hornet is a bug, but let’s then skip right past that…
An event email presaged about of Bitcoin toxicity in Miami.
TLDR Art snobs may loathe NFTs, deeming them bastardizations of a lineage defined by Da Vinci, Michelangelo, Picasso and Rothko. But don’t tell that to the auctioneers at Christie’s and Sotheby’s.
DIVERSE SELECTION Beginning last Thursday, Sotheby’s has been conducting a weeklong auction of the “Natively Digital: A Curated NFT Sale” collection. It’s a diverse selection of non-fungible tokens ranging from an ultra-rare Alien CryptoPunk (currently bidding at $480k) to the world’s first publicly available “intelligent, self-learning iNFT” (currently bidding at $42k).
(“To the Young Artists of Cyberspace” by Robert Alice x Alethea AI, via Sotheby’s)
SO WHAT Sotheby’s is playing catch-up with Christie’s, which upended the art world in March when it sold the NFT of Beeple’s “Everydays: The First 5000 Days,” for a whopping hammer price of $69M. Now with both auction houses racing to offer up the most desirable NFTs, naysayers may have to swallow their outrage and accept a dynamic new chapter in the history of art.
“For our partial collateral launch at Opyn, our goal is to do much, much better than the current standard DeFi collateralization for options. Our target it to make sure that the margin is greater than the premium (not strike) of our option, which will be just a small fraction of the max loss in most cases.”
“Zcash Open Major Grants (ZOMG) is pleased to announce a grant of $670,000 to the Tor Project, to build a Rust implementation of Tor that will let Zcash developers ship Tor “built-in” with widely-used Zcash tools.”
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. Spread the word and share!