Discover more from WE'VE MOVED TO thedefiant.io
🏎 MakerDAO Releases Speedy DAI Transfers and Tightens Controls on Vaults
Hello Defiers! Here’s what we’re covering today:
Trending in The Defiant
Get the 5-minute newsletter keeping 80K+ crypto innovators in the loop.
A word from our wonderful sponsors, who make this newsletter possible:
Aave is the leading decentralized liquidity protocol. Aave governance has greenlighted the development of GHO - a decentralized, collateral-backed stablecoin that will be native to the Aave protocol. Launching on testnets soon!
Lumerin is revolutionizing Bitcoin mining with a decentralized marketplace for buying and selling hashpower. Help us test the network in beta and earn real BTC hashpower to sell, trade, or mine. Find out more!
DeFi should be better - and it’s about to get radically better with Radix. Get your free ticket to join RadFi2022 on December 8 and learn what the future holds for decentralized finance. Find out how!
Metis Andromeda is a permissionless & secure Ethereum Smart Layer 2 creating the decentralized finance foundations for the web3 economy. Bridge Free & explore our ecosystem during our first anniversary!
DeFi Lender Unaffected by FTX Yet Takes Steps to Fend Off Potential Contagion
By Samuel Haig
TRANSFER MakerDAO, the No. 1 DeFi platform with more than $8B in total value locked, now allows users to transfer its DAI stablecoin between Ethereum’s mainnet and Layer 2 networks, the protocol announced on Wednesday.
TWO CHAINS Dubbed Maker Teleport, the service supports leading Layer 2s Arbitrum and Optimism, enabling near-instant transfers between the two chains and fast withdrawals back to the Ethereum mainnet.
FTX Crisis: Contagion
Users Of Gemini Earn Unable to Withdraw Assets as FTX Contagion Spreads
TURMOIL Genesis Global Capital, the lending arm of leading digital asset brokerage Genesis Trading, announced Wednesday that it has halted withdrawals and new loans due to “unprecedented market turmoil” created by FTX’s collapse.
DeFi Saver is an all-in-one dashboard for creating, managing and tracking positions with automatic liquidation protection and leverage management options for only the most trusted DeFi protocols, Liquity among them.
Liquity, interest-free borrowing protocol built on Ethereum, recently introduced a novel product offering The Defiant wrote about - Chicken Bonds. Chicken Bonds are a new, innovative form of bonding mechanism in DeFi.
Chicken Bonds are an innovative bonding mechanism offering several key benefits to those willing to bond their Liquity native stablecoin LUSD. In exchange for depositing and bonding LUSD, users accrue boosted LUSD (bLUSD), derivative token.
Primary benefit for bonding LUSD instead of supplying to Liquity’s Stability Pool is the amplified yield users get from Liquity’s internal liquidation mechanism as well as from other liquidity sources like the pools in Curve. Alongside improved liquidity for the LUSD stablecoin, the most important benefit to users is bonding with no time commitment or maturity. Users can withdraw principal LUSD fully and chicken out at any time, renouncing the accrued interest. The other option being to chicken in and claim accrued bLUSD, forgoing the initial LUSD deposit.
As the most comprehensive decentralized frontend for Liquity, DeFi Saver continues its devoted support with dedicated Chicken Bonds dashboard and advanced protocol actions and strategies. Alongside basic actions, DeFi Saver offers users options to Claim and Sell bLUSD or Rebond (Claim, Sell and create new bond). DeFi Saver team is even preparing automation options for the new Liquity innovation.
Get the most out of your Liquity experience with DeFi Saver.
House Financial Services Committee to Call SBF to Testify on Exchange’s Failure and Practices
By Samuel Haig
HEARING In a year when regulators and lawmakers were bearing down on cryptocurrencies, the FTX disaster was the last thing the industry needed. And now, the U.S. House Financial Services Committee plans to hold a hearing in December on the failure of the No. 2 crypto exchange.
Magic Eden Raises ‘Fair Mint’ Mechanism in Busy Week for NFTs
COLLECTORS SuperRare, an Ethereum-based NFT marketplace that generated over $250M in sales, is experimenting with a new way for serious collectors to acquire pieces from leading artists in the NFT space.
PRICE On Nov. 16, a collection of 250 Genesis RarePasses was sold through a Dutch Auction that started at 138 ETH ($166,000) after RarePass #1 was purchased at that price.
A Step-by-Step Guide to One of Ethereum’s Key Scaling Solutions
SCALABILITY Polygon has become a Swiss Army-knife for fixing Ethereum’s scalability problems. One of the latest methods Polygon uses to make Ethereum’s ecosystem faster and more efficient is zkEVM, the zero-knowledge Ethereum Virtual Machine.
Trending in The Defiant
Crypto Users Jump to DeFi Platforms in Wake of FTX’s CeFi Crash Don’t look now, but the FTX collapse has spurred a wave of interest in decentralized finance platforms. DeFi protocols are experiencing double digit increases in the number of users over the past week, according to data from Nansen, the blockchain analytics platform.
CZ Strives to Show Binance is Different From FTX Just like FTX, Binance maintains billions of dollars worth of its own tokens on its balance sheet. So is the globe’s No. 1 cryptocurrency exchange vulnerable to the same type of bank run that poleaxed Sam Bankman-Fried’s exchange last week?
Unsecured DeFi Lenders Look Shaky in Face of FTX Contagion The fallout from FTX’s collapse is just starting and within decentralized finance, platforms enabling unsecured loans are the most exposed relative to collateralized counterparts with millions in loans on the line, while total value locked slides.
The House Financial Services Committee will next month hear from Sam Bankman-Fried on the collapse of his crypto empire, lawmakers announced today.
Sam Bankman-Fried, the former chief executive of the collapsed crypto exchange FTX, has claimed the company he founded is still solvent, even as its new boss, who oversaw the final days of Enron, begins the formal bankruptcy process.
🧑💻 ✍️ 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.
Free subscribers to the newsletter get:
Daily news briefings
Sunday Weekly recap
General chat on The Defiant’s Discord server
👑 Prime defiers get:
Full transcript of exclusive podcast interviews
DeFi Alpha weekly newsletter on how to put your money to work in DeFi by yyctrader and DeFi Dad
Weekly live DeFi Alpha call with yyctrader
Inbox Dump edition of The Defiant newsletter every Saturday with all the PR that didn’t make it to our content channels
Exclusive community calls with the team
Subscriber-only chats on The Defiant Discord server
Full access to The Defiant’s content archive
Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).
You can start a prime membership for free right now with this link. You’ll get full access for 7 days. It’s 100% risk-free.