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🦄 Recap: DeFi Week of March 1
Hello Defiers! Hope you’re having a great weekend.
Summing up: We started off the week with a bang and published our comprehensive guide to DeFi so that you and/or your DeFi-curious friends can get up to speed on all the basic terms, teams, and concepts, and better leverage The Defiant newsletter, podcast and videos.
The market recovered this week after a bleak end to February, with ETH up more than 20% and DeFi tokens rebounding. Yet, it was NFTs what dominated the conversation, with 3BLAU beating records, while Grimes, Kings of Leon, and Beeple at Christie’s continued to bring mainstream attention to the space. Meanwhile, Aavegotchi’s NFT sale was over in seconds. With all this activity, users need scaling yesterday, and Enjin announced it’s working on two NFT scaling solutions. James Beck of ConsenSys wrote about how NFTs may crack royalties, and we published a guide on trading non-fungible tokens with the NFT20 platform. On the podcast, we had Ameen Soleimani talking about the motivation for the RAI stablecoin.
And there was more! There’s a lot going on, but we’ve got you covered :)
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🙌 Together with:
Zerion, a simple interface to access and use decentralized finance
Balancer, an asset manager and decentralized exchange built on Ethereum
Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi
Casper, an enterprise-focused blockchain which aims to introduce unprecedented security, speed and scale for businesses
NFTs are all the rage, making more headway in attracting creators to crypto than ICOs or yield farming ever could. Non-fungible tokens, the Etheruem token standard that enables digital ownership, has taken off as a way for artists to monetize their work. By selling unique tokens linked to creators in auctions that are over in hours, creators have been able to make more than what they make from streaming platforms in years. But the token standard will be able to truly reward artists throughout the entire life of their products if they’re able to earn a percentage of sales in secondary markets too. The concept isn’t so far-fetched. James Beck of ConsenSys writes in today’s op-ed, and outlines the efforts underway to make it happen.
"We Were Idiots and We Were Poor; Then From Mid 2020 to Now, Suddenly, We're Right: " Ameen Soleimani
In this week’s episode I interview Ameen Soleimani, one of the most prolific builders in Ethereum. He’s the CEO of SpankChain, a blockchain-based adult entertainment platform, the co-creator of MolochDAO, a DAO to fund Ethereum projects, and the co-founder of Reflexer Labs, which created RAI, a purely ether-backed stablecoin.
We talk about the need of a purely ETH -backed stablecoin, and how RAI is so cypherpunk it’s not only not backed by fiat, but it’s also not pegged to the dollar, it’s only pegged to itself, and stabilized by its own algorithm. It’s a pretty radical experiment and Ameen has very high hopes for it: The goal is for Rai to become a global reserve currency.
We are witnessing the birth of the internet of money. It’s here, growing and maturing. You can use it right now. For those who are new to this ecosystem (and even for those who have been around for longer), the flood of new terms, apps and concepts can feel overwhelming. We published a comprehensive guide to get started and learn all the DeFi basics you will need to start exploring the internet of money.
3LAU Breaks NFT Auction Record with $11.7M in Sales: 3LAU smashed the single NFT auction record on Saturday night after selling $11.7M of NFTs by tokenizing his debut album Ultraviolet in partnership with Origin Protocol.
Beeple & Grimes are Latest in High-Profile NFT Auctions: Just two days into March, and it’s clear this is going to be another record-setting month with major NFT auctions already making waves: Beeple’s “Everydays: The First 5000 Days” and Grimes’ WarNymph Collection Vol. 1.
“Tiananmen” Contract on BSC Seeking to Provoke CZ: An unknown developer has deployed a smart contract called “Tinenanmen_Square” (mis-spelling Tiananmen Square), a censored topic in China, on Binance Smart Chain (BSC), with the implied intention of testing just how decentralized the chain really is.
Dedaub Claims $250k in Bounty for Primitive Finance Bug: ArmorFi CTO Robert Forster has awarded the Dedaub Team $250k $ARMOR tokens following the successful disclosure of a critical vulnerability in Primitive Finance to Immunefi.
Furucombo Commits to Compensating Hack Victims: An anonymous hacker has exploited transaction-batching protocol Furucombo and walked away with $15M in stolen crypto over the weekend. The team is pledging to compensate victims.
Yearn Raises Dai Vault Limit as Alchemix Deposits Surge: Deposits in Yearn Finance’s DAI vault are rising after synthetic assets protocol Alchemix started using Yearn for its backend last week.
Compound Wants to Enable Cross-Chain Borrowing: Compound Finance has introduced Gateway, a prototype blockchain which allows users to borrow on one chain against collateral on another chain.
Gaming Giant Ubisoft Partners With NFT Platform Sorare: Ubisoft, the video game company behind major franchises like Assassin’s Creed and Far Cry, has entered the NFT arena with its newest mobile game, One Shot League. The move is a collaboration with Sorare, which makes officially licensed NFT cards from over 126 different football (or soccer in the US) clubs.
Enjin Launches Two NFT Scaling Solutions: Enjin, the blockchain software company that co-created the ERC-1155 token standard, will be launching two scaling solutions intended to remove gas fees and provide cross-chain support for NFTs.
DeFi Pulse Index Adds Sushi: The DeFi Pulse Index (DPI) has added Sushiswap’s Sushi token to its set of assets.
InsurAce Raises $3M in Round Led by Alameda & HashKey: InsurAce, the Singapore-based DeFi insurance protocol, raised $3M in a token-based funding round led by Alameda Research and HashKey Capital.
DeFi Rebounds After Bleak February: DeFi is regaining its footing in March after a market-wide plunge at the end of February.
A Quick Guide To Accelerators Funding NFT Startups: The NFT space is blowing up, and there’s undoubtedly a new cohort of entrepreneurs who have been inspired by this new paradigm of digital ownership. Here’s a guide of some of the accelerator programs that can help launch their ventures.
Aavegotchi NFT Drop Sells Out in Under One Minute: Aavegotchi, a DeFi game revolving around digital “fren” avatars similar to Tamagotchi, sold out of their first drop of 10,000 NFTs in under one minute.
Amazon Makes Hosting An Ethereum Node Easier: Amazon Managed Blockchain, a AWS offering, now fully supports Ethereum. This means that companies will be able to spin up a node “in minutes” as the release says.
Thanking all the amazing Defiers for the support and love this week (and always)!
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 ($10/mo, $100/yr).