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🧐 Polygon’s Surprise Code Change Triggers Questions and Controversy
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The Infinite Machine Collection sale of NFTs for whitelisted addresses started last night with over 100 ETH raised so far. Funds raised will go towards producing the movie based on Camila Russo’s best-selling book about the history of Ethereum, The Infinite Machine. About one-third of the NFTs carry the chance to be a part of the filming process, as an extra or visiting the shooting, among others prizes.
The sale will be open to the general public at 7pm EST. Those who didn’t use their whitelist spots this time will be excluded from future lists, so…
A CROWD In web3, there aren’t many words more fought over than “decentralization.” So if someone calls a blockchain’s decentralization into question, it’s going to draw a crowd.
UPGRADE A Dec. 15 tweet from engineer Nathan Worsley claiming that Polygon hard forked its blockchain without warning raised eyebrows. That’s because a project would have to be centralized to get nodes to upgrade so easily.
SECURITY Worsley’s tweet garnered over 1,800 likes on Twitter, and people like Chris Blec, an ardent critic of many DeFi projects’ security practices, chimed in. “It’s more surprising to me that people are still shocked that Polygon is centralized enough to pull off this upgrade so quickly,” he said.
MARKETSHARE Terra is still on a roll. Defying a relentless selloff across crypto markets, the Layer 1 smart contract platform’s LUNA continues to capture DeFi marketshare. In the last week, the network’s TVL surged 43% to surpass Binance Smart Chain and rank second with 17.7B in total value locked. LUNA now accounts for one-fifth of the combined DeFi market cap, according to according to CoinGecko.
RANKINGS LUNA was the third-best performing DeFi token for the week, with cross-chain bridge AnySwap and yield aggregator Yearn Finance topping the rankings with 53.7% and 51.4% respectively. DeFi assets currently represent $140.7B or 6.1% of the combined cryptocurrency market cap.
With top crypto markets trending sideways this past week, only 20 of the top 90 non-stablecoins DeFi tokens posted gains for the week, half of which are up by double digits.
Anyswap (ANY) + 53.7%
Yearn Finance (YFI) + 51.4%
Terra (LUNA) + 28.2%
Wrapped NXM (WNXM) + 25.9%
Spell Token (SPELL) + 20.9%
The market for stablecoins experienced breakneck growth in 2021, with the supply for dollar-backed cryptocurrencies surging by 388%, according to data compiled by The Block Research.
The decentralized finance (DeFi) protocol Grim Finance reported $30 million in losses due to a reentrancy exploit of the platform’s deposits.
🔗 The Bank of England will push for tighter rules as institutions embrace crypto, official says: The Block
The Bank of England wants stronger rules for crypto assets on an international scale as banks and institutional investors deepen their involvement, according to an official at the UK central bank.
IN 2021, BITCOIN went mainstream. Wall Street set its eyes on the world of crypto, with hotshot investors like hedge funder Paul Tudor Jones leading the pack.
Trending in The Defiant
Polygon’s Surprise Code Change Triggers Questions and Controversy In web3, there aren’t many words more fought over than “decentralization.” So if someone calls a blockchain’s decentralization into question, it’s going to draw a crowd.
DeFi Kingdoms Challenges Axie Infinity’s GameFi Supremacy with NFT Play Questioning the utility of NFTs as simple collectables may be missing the point. DeFi Kingdom, an entrant to the blossoming GameFi sector, is expanding the definition of NFTs by offering its version of the tokens, called Heroes.
DappRadar Exclusive Report: The Metaverse May be an Old Idea But It’s Just Getting Started Ever since Facebook, the sixth most valuable company in the world, announced its corporate rebranding to Meta, the metaverse concept has gone mainstream.
🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, 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).