💨 Near Protocol’s USN Stablecoin Shut Down After Suffering $40M ‘Collateral Gap’
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Tokenholders May Redeem USN Using Deccentral Bank dApps
By Samuel Haig
UNWINDING Decentral Bank, the DAO behind the Near-native USN stablecoin, is unwinding the project, it said on Oct. 24. The reason: USN has become undercollateralized by around $40M.
Warm Reception to Network Design Contrasts With Aptos Rollout
By Owen Fernau
ENTHUSIASM Two days later, a similar project called Celestia announced a $55M raise to noticeably less groaning and even a solid dose of enthusiasm.
EXCITED The key difference: Celestia uses a newish design called “modular blockchain architecture” while Aptos is considered a “monolithic blockchain.” Investors and devs appear to be far more excited about the former rather than the latter.
$1.5 BILLION were stolen from cross-chain bridges in 2022.
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Protect TXA has been building through two bear cycles and we aren't going anywhere. We are very close to alpha and have considerable support from partners and the community alike.
FTX Honcho Roiled DeFi With Proposed ‘Industry Norms’
By Samuel Haig
Sam Bankman-Fried, the CEO of centralized exchange FTX and founder of trading firm Alameda Research, is trying to regain favor in the DeFi community after coming under fire for his opinions on regulation last week.
Polygon-powered Marketplace Spurs MATIC to 13% Gain
By Samuel Haig
BOON Reddit’s NFT avatars are off to a surging start, with the collections driving $2.5M in trade volume over the past 24 hours, according to Dune Analytics. And the performance is a boon for Polygon, which is supporting the NFT marketplace.
Measured Approach Stands In Contrast To U.S. Stance
LIGHT-TOUCH A report prepared for the executive branch of the European Union recommends a suite of light-touch regulations for decentralized finance that has industry observers cheering.
Aave and Oasis.app Launch Offering Letting Users Increase Exposure to Staked ETH
By Samuel Haig
YIELDS In a move that may accelerate the growth of staked Ether in a post-Merge market, Oasis.app, a dApp that spun out of MakerDAO, launched a product letting users bolster their exposure to stETH staking yields, the venture announced on Oct. 24.
Will Retain Title Of ‘Chief Architect’
CEO Polkadot co-founder Gavin Wood has left his position as the CEO of Parity, the company that spearheads Polkadot development. Polkadot launched in 2020 and is the world’s eighth-largest blockchain by market capitalization.
Competition in the NFT Lending Space is Heating Up
NEWS X2Y2, an NFT marketplace that did $143M of trading volume in the past month, has launched a new NFT Loan feature. The project aims to attract users by not charging any fees.
Bitcoin Originated as Libertarian Cause But the Left Should Also Embrace the Asset
Guest writer Will Szamosszegi says surprising developments are making crypto more appealing across the divide.
FREEDOM For its first decade of existence, Bitcoin was largely associated with the libertarian values of freedom from state control. The digital store-of-value was born out of an online community of cypherpunks, a group of idealistic computer scientists and cryptography enthusiasts. They sought to create an internet-native currency as a means of avoiding government censorship and control within the burgeoning world of cyberspace.
📺 Weekly Roundup: SBF's Regulation Proposal, ETH Goes Deflationary, Controversial Aptos Launch, Vitalik's THE Protocol
Defiant Podcast Video
A Step-by-Step Guide to Using dApps on Bitcoin
ECOSYSTEM Bitcoin provides a global, decentralized payment network. It’s also a virtual wealth vault. But what if Bitcoin could become an ecosystem of dApps equivalent to Ethereum? Is that possible? Stacks aims to do that.
With competition remaining fierce among major players in the centralized crypto exchange sector, it is easy to forget that Binance dominates both spot and derivatives trading volume — and its competitors aren't even close to catching up.
Yesterday, Sam Bankman-Fried posted his “Possible Digital Asset Industry Standards.” He describes the document as “a set of standards that we as an industry could enact to create clarity and protect customers while waiting for full federal regulatory regimes.”
Trending in The Defiant
Mango Markets Exploiter Says Aave Could Be Vulnerable To A Similar Attack Avraham Eisenberg, the trader who has claimed responsibility for the recent $116M Mango Markets exploit, has publicly revealed a potential way for highly capitalized entities to exploit the REN market on Aave V2.
Skeptics Decry Crypto Bill and SBF’s ‘Industry Norms Manual’ as Bad for DeFi As the cryptoverse debated a U.S. bill Wednesday that would “kill DeFi,” crypto mogul Sam Bankman-Fried floated a set of self-imposed industry standards to “create clarity and protect customers.”
Bored Ape Dealt Marketing Jackpot by Bicycle Playing Cards If you’ve ever played a game of poker or Go Fish, chances are you were dealt Bicycle playing cards.
🧑💻 ✍️ 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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