🐧 Pudgy Penguin Holders Eye Coup Amid Acquisition Talks
🐧 Pudgy Penguin Holders Eye Coup Amid Acquisition Talks
Hello Defiers! Here’s what we’re covering today:
News
Markets
Video
Year in Review Report
Links
Today’s Arbitrum Sequencer Downtime: What Happened?: Offchain Labs
Bitcoin Approaches Death Cross as Goldman Foresees 4 Fed Rate Hikes This Year: CoinDesk
Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?: CoinTelegraph
We're vibing with our first community call of the year: Monday Jan 10 @ 4pm ET!: Aave
Trending in The Defiant
Axie Infinity to Release Land Gaming Mode in Bid to Maintain Dominance
Vitalik Cheers NFTs, Layer 2s, and Previews Ethereum 2.0 in Podcast
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:
Step Finance is the portfolio management dashboard for Solana users to visualise, analyse, execute and aggregate transactions across all Solana contracts in one place. Get started now!
Zerion Zerion is Mission Control for Web3: an intuitive DeFi portfolio manager, multichain tracking & trading and the best place to show off your NFT collection
Sorare Experience true football connection in The Global Fantasy Football Game! Trade & collect, play with football NFTs #OwnYourGame Learn More!
Cryptex Finance (CTX) the fully decentralized creators of TCAP, The World’s First Total Crypto Market Cap Token.
NFT Drama
🐧 Fire on the Iceberg: Pudgy Penguin Holders Eye Coup Amid Acquisition Talks
DEAL It’s getting hot inside the igloo. Pudgy Penguin owners are revolting against the team of four that created the cute penguin profile picture (PFP) NFTs, known collectively as 309Labs. This weekend, Luca Netz of Netz Capital held a Twitter spaces event suggesting his team was very close to closing a deal to acquire the Pudgy Penguins project for 750 ETH, but official confirmation of that has not come out on an official penguin channel.
HUDDLE Meanwhile, frustrated penguin owners (who refer to themselves collectively as “the huddle”) have an alternative course of action. With the help of the team at Metadrop, a startup that helps launch new NFTs, community members now have a smart contract on Ethereum that gives them an option to wrap their penguins in a way that allows owners to stay liquid but deny the project’s creators of royalties from trades. The idea here is that doing so would show the creators that they have lost the support of penguin owners and should turn the project over to the community.
COMMUNITY NFTs started as a way for creative types to find new revenue streams but they have evolved into the seeds of community, most visibly in the profile picture (PFP) trend, and the penguins have been one the most recognizable such brands, alongside Bored Ape Yacht Club and Crypto Punks.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Market Action
🔥ETH Burn Rate Surges Amid Market Chaos and Record NFT Volume
BURN RATE Ethereum’s burn rate has seen a dramatic resurgence this week amid market volatility and renewed NFT volume, averaging 8.58 ETH every minute for the past seven days.
LOWEST LEVEL The spiking burn rate has come at a cost for Ethereum holders, with the asset losing 7% of its value to trade at its lowest level since September 2021. The heavy losses sustained by many leading DeFi tokens likely contributed to the burn rate too, as traders rushed to reduce exposure to many mid-cap crypto assets.
VOLUME OpenSea was the largest source of burned ETH by far, with 15,507 destroyed for 18% of the network’s total. (OpenSea posted a new record for daily volume on Jan. 9 according to Dune Analytics, with $261M worth of NFTs changing hands).
Leading networks by DeFi TVL
👉READ THE FULL STORY IN THE DEFIANT.IO👈
The Tube
📺 The Defiant Weekly: Everybody's wrong about Web3
Links
🔗 Today’s Arbitrum Sequencer Downtime: What Happened?: Offchain Labs
Earlier today, we experienced Sequencer downtime, which made the Arbitrum One network temporarily unavailable.
🔗 Bitcoin Approaches Death Cross as Goldman Foresees 4 Fed Rate Hikes This Year: CoinDesk
They call it bitcoin’s “death cross” – a bearish indicator which appears when the 50-day moving average (MA) dips below the 200-day MA.
🔗 Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?: CoinTelegraph
Within months after its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the main reasons Wall Street should take the emerging nonfungible token (NFT) market seriously, thanks to its recent sales turnover of over $1 billion.
🔗 Whether Ether is a security: Preston Byrne
I am often asked, directly, whether I think this coin or that one is a security (and thus required to be registered with the SEC before being offered to the public) or not. Virtually every time I demur.
Trending in The Defiant
Axie Infinity to Release Land Gaming Mode in Bid to Maintain Dominance Axie Infinity is entering another dimension. It’s not going to just be a sort of Pokémon game any longer.
Sunflower Game Throws Wrench in Polygon’s Gears Fees on Ethereum scaling solution Polygon are surging to record highs. The cause? A game.
Vitalik Cheers NFTs, Layer 2s, and Previews Ethereum 2.0 in Podcast Vitalik Buterin is just like everyone else — he digs NFTs, too. That was just one of the observations made by the co-creator of Ethereum in an appearance on Bankless’ podcast on Jan. 4.
🧑💻 ✍️ 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)