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📰 Streaming Content Refuses to Take Off (Even With Crypto)
Hello Defiers! Here’s what we’re covering today,
Micropayments for content refuse to take off and crypto isn’t helping (yet)
ETH in whales’ wallets is barely budging
MetaMask mobile users get single-swipe trading
Tyler Winklevoss makes GUSD proposal on Aave
1Inch aims to reduce gas fees with V3
Gnosis merges with Snapshot to facilitate on-chain governance
and more :)
Also, please consider contributing to our Gitcoin grant! We’re using everything raised on this round towards gifting Defiant subscriptions. You can nominate whoever you think would benefit the most from full access to the best DeFi information and journalism out there —including yourself!
Check out Des Femmes, a magazine for women in tech and finance. We need $30k to get the first issue shipped and it would be amazing if you can help make it happen by contributing to its Gitcoin grant. Defiant founder Camila is one of the women behind the project, together with Leigh Cuen and Rosalie Lessard.
🙌 Together with:
Zerion, a simple interface to access and use decentralized finance
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
TLDR If we pay per song or video we stream or download, why not do the same with written content? Some are hailing crypto as a potential solution, but no platform has been able to become the Spotify or Netflix equivalent for print.
LEADING PROJECTS SatoshiPay on the Stellar network, Raiden Network and Brave on Ethereum, and Coil on Interledger Protocol, are some of the projects leading the way. Social tokens on Roll, and tokenized memberships via Outpost protocols are some other crypto alternatives, For strictly fiat, Axate is the one making the most headway.
NOT ENOUGH None can be said to be the Holy Grail: Totally free, instant, one-time, per-piece, agnostic micropayments, that don’t require a user to actually know anything about DeFi. Read our deep dive on the teams making the most headway, and the roadblocks they face.
Golem in Full Force: Mainnet Launch + Hackathon Invite!
The Golem + Gitcoin GR9 Hackathon #2: mainnet is here! is a three-week long online hackathon designed to allow developers to build on top of Golem Network, and compete for prizes. Read more here.
Golem Network is a cloud computing power service where everyone can develop, manage and execute workloads in an unstoppable, inexpensive and censorship-free environment. If that sounds interesting to you, come build with us!
In the hackathon there will be 30k USDC in prizes across 5 categories and 10 bounties - most of them do not require blockchain / smart contracts previous knowledge: you can build on Golem as if you'd build on a regular cloud compute platform.
Adding to the hackathon, we will publish several complementary bounties: one for a Layer 2 payment solution using the Polygon technology, and one or two related to visual arts.
We will also host an introductory workshop where we’ll give an overview of the New Golem. Stay tuned!
Further technical information, and a SDK, can be found here. The hackathon submissions will be aggregated to our awesome-golem directory, social media, and Gitcoin’s social media, and in the future, featured in a website section.
TLDR ETH in whales’ wallets isn’t budging while smaller holders take their tokens to DeFi. The number of wallets with 100 to 10K Ether have dropped by 7.2% since the cryptocurrency hit an all-time high four weeks ago. In contrast, the amount of wallets with over 10K ETH, valued at more than $18.4M, dropped only 0.9% in that time according to data provided by data analysis platform, Santiment.
BUT WHY One explanation for the divergence is that the mid to high-tier ETH addresses are depositing their assets into DeFi protocols, while the addresses with more than 10K are owned by entities like exchanges whose primary function requires them to have ETH on hand, preventing them from accessing DeFi.
RECORD ETH IN DEFI As 100 ETH is worth $183K at the time of writing, it’s likely that wallets controlling that amount or more aren’t casual users and thus aware of DeFi and the increased capital efficiency it affords. The amount of ETH locked in DeFi hiT an all-time high of 10M Ether days ago on Mar. 10 according to DeBank.
TLDR “Bitcoin billionaire” Tyler Winklevoss of Gemini submitted a governance proposal on a community forum for GUSD to be used as stablecoin collateral for loans on AAVE. Currently, GUSD can only be borrowed.
SO WHAT Beyond the utility of GUSD in Aave, it’s worth noting that the founder of a major centralized exchange and crypto celebrity is making a proposal via a DeFi lender’s decentralized governance mechanism, in the same way that any user could also make a proposal. It shows DeFi is making strides in taking its more open version of management to the mainstream.
TLDR Ethereum wallet MetaMask introduced Swaps to their mobile app yesterday. The feature allows users to trade cryptocurrencies with a single swipe.
DEX AGGREGATOR Swaps finds prices and network fees by combining data from automated market makers, professional market makers, request for quotes (RFQs), and individual decentralized exchanges (DEXs). By acting as an aggregator, the trading system aims to find the best prices for users.
TLDR Version 3 of the 1Inch DEX Aggregation Protocol is launching with a focus on facilitating lower gas fees. 1Inch v3 has aimed to optimize its assembly code to reduce gas fees applying to swaps using Uniswap v2 and its forks. The new version is also designed to use traditional splits across several paths if those swap deals end up being more efficient.
TLDR Gnosis’ newly launched DAO governance tool, SafeSnap, aims to allow users to execute decentralized governance decisions without incurring expensive gas fees on-chain.Gnosis has merged its multisig wallet, Gnosis Safe, with the off-chain (and therefore gasless) DAO governance dashboard, Snapshot, to create SafeSnap as an addable module for Gnosis Safe.
“Morgan Stanley plans to offer wealthy clients access to three funds that will enable ownership of Bitcoin, according to a person familiar with the matter,” Bloomberg reported. “Galaxy Digital runs two of the funds, and the third is overseen by FS Investments and NYDIG, the person said, asking not to be identified because the move hasn’t been announced publicly.”
🔗 Jack Dorsey's Cash App is Allowing Users to Send and Receive Bitcoin Without Any Transaction Fees: Business Insider
“Square's Cash App said on Wednesday its users can now send and receive bitcoin with no fees on transactions. The payment company's move potentially points to a rise in the use and adoption of bitcoin,” Business Insider reported.
✊ Head to THEDEFIANT.IO for more DeFi news 📰
🧑💻 ✍️ Stories in this newsletter were written by Owen Fernau, Dan Kahan, R.D. Danes, and Sydney Lai, and edited by 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 ($10/mo, $100/yr).