🔥 Mistaken $1B Hack Exposes ‘Blessing and Curse’ of Web3
🔥 Mistaken $1B Hack Exposes ‘Blessing and Curse’ of Web3
Hello Defiers! Here’s what we’re covering today:
News
Cronje Rejoins Fantom and DeFi After Posting Essay on Crypto Winter
Your Diploma is an NFT — Mongolian Students to Receive Honors on a Polygon Chain
Market Analysis
NFT Roundup
Podcast
Video
DeFi Explainers
Elsewhere
Dapper Labs Cuts 22% of Staff as NFT Market Craters: CoinDesk
How low liquidity led to Mango Markets losing over $116 million: CoinTelegraph
@Instagram & @Facebook have integrated support for Solana NFTs! : Solana
Trending in The Defiant
Microstrategy Could Have Pocketed $1.3B if Saylor Had Bought ETH
JPMorgan Dives into DeFi After CEO Trashed Crypto as ‘Ponzi’
Art Gobblers Spikes to 5,000 ETH in Volume as NFT Collectors Pile In
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:
Aave Grants is a community-led grants program, focused on growing a thriving ecosystem of contributors within Aave by funding ideas, projects and events that benefit the protocol or surrounding ecosystem.
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
Exploits
🔥 Mistaken $1B Hack Exposes ‘Blessing and Curse’ of Web3
pNetwork ‘s ‘Misconfiguration’ of Code Pressures Gala Games Token
By Samuel Haig
DAMAGE CONTROL The cross-chain bridge provider, pNetwork, swung into damage control after its attempt to address a “misconfiguration” in its code gave the appearance of a $1B hack.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Macroeconomics
📈 Rising Rate Environment Tests DeFi’s Stickiness
U.S. Treasuries Now Yield More Than DeFi Money Markets
By Owen Fernau
UNCHARTED TERRITORY With benchmark DeFi yielding less than low-risk assets like U.S. Treasuries, blockchain-based finance has entered unfamiliar territory. After the Federal Reserve’s fourth consecutive 0.75% hike on Nov. 2, the benchmark U.S. interest rate stands at 4%, the highest it’s been since January 2008.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Sponsored Post
Become a Goldfinch Member for enhanced yields
Goldfinch is a decentralized credit protocol with a mission to connect the world’s capital to the world’s growth, with yields generated by real-world lending to growing off-chain businesses, and loans fully collateralized by real-world assets. The protocol has been noted as having one of DeFi’s highest yields for USDC lending, with Investors earning a 7.8%—18.5% USDC APY, and up to 23% est. APY including GFI rewards.
Now, the protocol has announced Goldfinch Membership: empowering Goldfinch’s Investors and aligning the protocol’s participants with the network’s long-term success.
Investors on Goldfinch will be able to join a Membership Vault to:
Receive yield enhancements via Member Rewards
Support Goldfinch’s growth and expansion
Access exclusive communication channels and other benefits
Goldfinch’s global network of Investors have already loaned over $100M USDC, reaching over 1M people and businesses via the protocol’s Borrowers across 20+ countries, to earn yields uncorrelated to DeFi’s volatility. Goldfinch Membership is a new opportunity to further align Goldfinch’s Investors with the protocol’s long-term growth.
Upgrade your participation for enhanced yields from Member Rewards, and own the new global credit paradigm. Sign up for the waitlist today
NFT Roundup
👹 Art Gobblers’ Floor Price Drops 50% After Splashy Debut
Arweave, Polygon Rally After Meta’s NFT Announcement
By yyctrader
CUT Art Gobblers, a highly anticipated NFT collection designed by Rick and Morty creator Justin Roiland and backed by Paradigm, the web3 venture capital fund, saw its floor price cut in half on Nov. 3.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
DeFi Comebacks
👀 Cronje Rejoins Fantom and DeFi After Posting Essay on Crypto Winter
FTM Jumps 20% on News Yearn DeFi Pioneer is Back in the Game
DEFECTOR Andre Cronje just can’t stay away. Conje, a gifted dev and founder of Yearn Finance, has also proven to be a serial defector from DeFi. On Thursday, Conje tweeted that he’s making a comeback, again.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
NFT Applications
🎓 Your Diploma is an NFT — Mongolian Students to Receive Honors on a Polygon Chain
National University of Mongolia to Receive Soulbound Tokens on PoS Chain
By Samuel Haig
ON-CHAIN In an unusual move into higher education, the team behind Polygon, the Layer 2 blockchain, is planning to let students at the National University of Mongolia (NUM) receive their diplomas as Soulbound Tokens on-chain, the project said on Thursday.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
The Tube
📺 Daily Defiant: JPMorgan Uses Polygon For First DeFi Trade
Podcast Video
📺🎙 How Arbitrum Became The Number 1 Layer 2
DeFi Explainers
🤔 What Is dYdX?
A Step-by-Step Guide to the Leading Decentralized Exchange
RARE PLATFORM DYdX is a decentralized exchange (DEX) hosted on Ethereum that enables the swap of at least 36 cryptocurrencies without know-your-customer (KYC) identity verification. The exchange is also one of the rare platforms to offer perpetual margin trading, allowing traders to fund only a portion of the trade instead of the entire value of the trading position.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Elsewhere
🔗 Dapper Labs Cuts 22% of Staff as NFT Market Craters: CoinDesk
One of the biggest names in the non-fungible token (NFT) industry is dramatically reducing headcount as the crypto bear market continues to take a toll on Web3 companies.
🔗 How low liquidity led to Mango Markets losing over $116 million: CoinTelegraph
It would seem that the hackers used an “oracle price manipulation” tactic in the exploit on the Solana-based DeFi network, as indicated by a tweet sent by the official account for the Mango cryptocurrency exchange.
Trending in The Defiant
Microstrategy Could Have Pocketed $1.3B if Saylor Had Bought ETH What if Michael Saylor had bought Ethereum instead of Bitcoin? During the bull market of 2020-21, Saylor, the Bitcoin-loving CEO of Microstrategy, made one of the most famous crypto bets ever — he directed the business intelligence software maker to invest $4B in the No. 1 cryptocurrency, according to data from Bitcoin Treasuries.
JPMorgan Dives into DeFi After CEO Trashed Crypto as ‘Ponzi’ JPMorgan Chase & Co., the No. 1 U.S. bank and a charter member of Wall Street’s financial establishment, has gone DeFi. Or at least, one of its blockchain-focused units has.
Art Gobblers Spikes to 5,000 ETH in Volume as NFT Collectors Pile In
That didn’t take long. Art Gobblers, an NFT project from Rick and Morty co-creator Justin Roiland, began minting on Monday and immediately became one of the hottest collections of the month.
🧑💻 ✍️ 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.