Recap: DeFi Week of Nov. 25 🦄

Hello defiers, hope you’re having a great weekend! Before I get into this past week’s recap, a reminder that this is the last day to subscribe to The Defiant at $8/month and $80/year, and lock in that early defier discount for the next 12 months. Tomorrow, subscription prices will increase to $10/month and $100/year. It’s been amazing to see how much this one-woman content platform has grown in just a few months and I’m excited to continue working hard to make it better and better, with and for you.

Summing up last week: Total value locked in decentralized finance platforms crossed $700 million for the first time, showing DeFi is the new honey badger. Hackers stole about $50 million from a centralized exchange, sparking a debate on whether they should use DeFi to profit. Meanwhile, Dex volume soared. Set Protocol announced the launch of social trading, Stake Capital announced the launch of a revenue-sharing DAO, and Fidelity tested using an Ethereum token to reward employees.


News & Views

Friday

  • Lightning Drop in Lightning Network Highlights Slide: An apparent glitch made it seem like the bitcoin held in the Lightning Network had plunged to 73 from ~800 and quickly erased losses three times in a couple of minutes. The move called attention to the overall trend. 

  • DeFi Dashboards Popping Up: With the proliferation of decentralized finance platforms, developers are making tools to help users organize all their assets and data in one place, rather than have to access to them individually. Traditional fintechs are already doing this, without much success in monetizing.

Thursday

  • DeFi Don’t Care: The amount of dollars locked in decentralized finance protocols touched a new record, even amid a crypto market slump.

  • Fidelity Testing Ethereum Tokens for Employee Rewards: Fidelity Investments, which holds $7.8 trillion in total customer assets, is testing a cryptocurrency-based rewards program for its employees.

Wednesday

  • Can (and Should) DeFi Enable Crypto Thieves to Profit?: 342k ether got stolen from Upbit. Aside from the “not your keys, not your crypto” meme that comes up whenever centralized exchanges get hacked, this time, because ETH was stolen, another interesting question came up: What if the hacker is able to more easily profit from the stolen funds thanks to DeFi.

  • The New SaaS is Staking-As-A-Service: Stake Capital, which provides staking as a service, on Monday announced it’s launching a revenue-sharing DAO, enabling DAO token holders to receive staking rewards and participate in governance decisions.

Tuesday

  • Dex Volume Soars Amid Market Rout: Decentralized exchange volume more than doubled last week from the previous seven days, far outpacing centralized exchanges.

  • Set Protocol Plans to Add Social Trading Next Year: Soon Set Protocol users will be able to follow successful traders and automatically copy their moves.


💜Community Love💜

Thanking all the amazing defiers for the support and love this week (and always!)


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