😬 FTX Crisis Shifts Into New Phase as Contagion Spreads and Investors Scramble for Cover
Hello Defiers! Here’s what we’re covering today:
FTX Crisis
FTX Crisis Shifts Into New Phase as Contagion Spreads and Investors Scramble for Cover
DeFi Supporters Say FTX’s Black Box Model Shows Peril of Centralization
Solend Struggles to Liquidate Souring Loan as On-Chain Liquidity ‘Evaporates’
News
Sponsored post
Podcast
Video
DeFi Explainers
Elsewhere
Trending in The Defiant
Focus Turns to Alameda as Investors Fear Binance Deal Not the Answer for Stricken FTX
Solana Supporters Buck Up Network As FTX Contagion Takes Toll OpenSea Roils NFT Market With ‘Enforcement Tool’ For Creators
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FTX Crisis: Overview
😬 FTX Crisis Shifts Into New Phase as Contagion Spreads and Investors Scramble for Cover
Turmoil Reins With Bitcoin Plunging to Two-Year Low and Solana Cratering
By Samuel Haig
FEARS Twelve hours after Binance nixed hopes of a tidy bailout of FTX, turmoil rages in the crypto markets. Digital assets are hitting new lows, a potential savior has emerged in the form of Tron’s Justin Sun, and fears are mounting that more damage is to come as authorities circle the stricken exchange and its sister firm, Alameda Research.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
FTX Crisis: DeFi Impact
🕋 DeFi Supporters Say FTX’s Black Box Model Shows Peril of Centralization
Contagion Wipes Out $10B of DeFi’s Market Cap in 48 Hours
By Owen Fernau
VIBE Don’t blame DeFi. That’s the vibe running through the decentralized finance community as project teams and investors cope with the damage wrought by the meltdown of FTX, the centralized derivatives exchange.
CONTAGION Even though DeFi stalwarts had nothing to do with the practices that sank Sam Bankman-Fried’s high-profile company they have been impacted by the contagion from its demise.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Sponsored Post
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Knights has pioneered photogrammetry techniques to take one-of-a-kind ancient objects and bring them to the metaverse in 3D, bringing you up-close and personal with each sword, rapier, battle helmet, and beyond. The project will kick off with four culture “drops,” each release representing a different ancient warrior culture. Each drop will include a limited release of 2D collectible avatars and 3D collectible artifact NFTs.
This month, the Knights will open the doors to their carefully constructed universe. Token holders will receive a challenge to “Slay The Dragon,” access to a hidden writers' room with exclusive first-look access to first draft scripts and concept art, and vote on important decisions regarding the collection. To take your first step into the immersive, multi-cultural Knights universe, follow @KnightsSayNah on Twitter, join the Knights Discord, and visit knightssaynah.com.
FTX Crisis: Solutions
🪤 Trapped FTX Users May Find Lifeline in Justin Sun
Tron Tokenholders Can Redeem Them with Huobi
By Samuel Haig
LIFELINE While many crypto traders wait with bated breath to learn the fate of their funds trapped on the failing FTX exchange, Justin Sun, the founder of Tron, may be preparing to throw a lifeline to FTX’s stranded customers.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
FTX Crisis: Solana
💦 Solend Struggles to Liquidate Souring Loan as On-Chain Liquidity ‘Evaporates’
SOL Has Crashed 55% In Rough Week for Crypto
HAVOC The apparent collapse of crypto exchange FTX is wreaking havoc on the Solana ecosystem, with another centralized exchange reportedly halting stablecoin deposits to and from Solana and the blockchain’s largest protocol hanging on by its fingernails on Tuesday.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
FTX Crisis: Binance Deal
🚨 Binance Walks Away From Deal To Acquire FTX
Bitcoin Crashes to 2-Year Low Under $16,000
TAILSPIN Binance, the world’s largest crypto exchange, said it is walking away from its preliminary agreement to buy competitor FTX, an announcement that sent cryptocurrencies into a late afternoon tailspin Wednesday.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
NFT Marektplaces
🌊 OpenSea Will Enforce Royalties for Existing NFT Collections
Creator Fees Will Be Optional for New Collections Unless They Ban Fee-Free Marketplaces
By Owen Fernau
FEES OpenSea, the leading NFT marketplace by volume, will continue to enforce creator fees on its platform for existing collections. This means that, unlike many exchanges which have made royalties optional, the creators of NFT collections already trading on OpenSea will be able to continue to collect royalties on trades.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Tornado Sanctions
🏛 Feds Crank Up Heat on Tornado Cash With Link to North Korea’s Nuclear Program
OFAC Says Sanctions are Part of Effort to Limit Development of Ballistic Missiles
MIXER The Biden Administration has raised the stakes in the Tornado Cash sanctions case by alleging the crypto mixer was involved in facilitating transactions connected to North Korea’s nuclear weapons program.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
The Tube
📺 Daily Defiant: FTX UPDATE: BINANCE ABANDONS ACQUISITION PLAN
Podcast Video
📺🎙 How Arbitrum Became The Number 1 Layer 2
Shoutout
Hey Anon, Yuga Labs is coming to Benzinga’s Future of Crypto conference. Are you?
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DeFi Explainers
🛣 What is 88mph?
A Step-by-Step Guide to the DeFi Lending App
FIXED RATE 88mph is an Ethereum-based, decentralized application (dApp) for users who want to borrow and lend at a fixed interest rate. But instead of being a self-contained protocol, 88mph is actually a mediator for more popular third-party lending dApps, such as Aave or Compound. It’s designed for advanced DeFi investors who understand the perils of financial complexity.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Elsewhere
🔗 Speechless: Arthur Hayes on Medium
I asked a question on Twitter a few days ago wondering who would be the Lehman Brothers of this crypto credit cycle.
🔗 Binance chief says near collapse of FTX ‘severely’ eroded confidence in crypto industry: The Financial Times
The near collapse of FTX has “severely shaken” confidence in the crypto industry and will trigger tougher scrutiny by regulators, Binance chief Changpeng Zhao said a day after orchestrating a rescue of the exchange’s rival.
Trending in The Defiant
Focus Turns to Alameda as Investors Fear Binance Deal Not the Answer for Stricken FTX As cryptocurrency investors and users reckon with the fallout from Binance’s shocking takeover of FTX, one thing is clear: the episode is a disaster for the burgeoning industry.
Solana Supporters Buck Up Network As FTX Contagion Takes Toll It’s safe to say that last week few Solana fans were worried about contagion from a centralized derivatives exchange that focused on putting its name on sports arenas and not DeFi.
OpenSea Roils NFT Market With ‘Enforcement Tool’ For Creators NFT creators are finally getting a little financial help. At least that’s the pitch from OpenSea. On Tuesday, OpenSea, the No. 1 NFT marketplace, plans to release an “on-chain enforcement tool” that will let artists stop their work from being sold on sites that do not distribute royalty fees.
🧑💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Alp Gasimov. Podcast was led by Camila, edited by Alp.
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