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🚀Tokemak Decentralized AMM Hits $1B TVL — And It’s Not Even Fully Launched Yet
Hello Defiers! Here’s what we are covering today,
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Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi
Aave, an open-source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets.
Tokemak, a project that bills itself as a decentralized market making protocol, has hit $1B in total value locked, less than two months after unveiling what it calls “reactors.”
$1B MARK Hitting the $1B mark is a major sign of momentum for a project that hasn’t fully launched all its functionality yet. Tokemak aims to facilitate liquidity provisioning for protocols’ tokens instead of the projects doing it themselves. That functionality is set to go live in December.
“Tokemak is gearing up for a different way, kind of like a meta-layer liquidity distribution, for protocols to get deep liquidity by creating this decentralized market making platform,” a Tokemak representative told The Defiant.
Decentralized autonomous organizations (DAOs) in the DeFi sector are increasingly moving to diversify their treasuries to ensure long-term survival.
DIVERSIFYING Decentralized money market Rari Capital’s DAO is the latest to look at diversifying its treasury, launching a governance proposal that pushes for a share of its native RGT token holdings to be converted into stablecoins.
RARI PROPOSAL Published by Rari Capital investor Framework Ventures, the proposal advocates for the DAO to sell off up to 250,000 RGT or 10% of its holdings for USD Coin (USDC) through a public batch auction.
NOT ALONE Rari is not alone in looking to diversify the assets its treasury is exposed to, with some leading projects recently turning to venture capital to offload large sums of tokens. We give a complete breakdown of the the latest examples of DAO treasury diversification.
Institutional investors appear to be flocking into DeFi assets, with a flurry of institutional investment products offering exposure to the decentralized finance sector being launched by major asset managers this year.
Valour Inc., a Switzerland-based issuer of digital asset-based exchange-traded products (ETPs), became the latest asset manager to embrace DeFi on Oct. 26 when it launched the world’s first ETP tracking the governance token of leading decentralized exchange Uniswap (UNI). The product is trading on the German-based Börse Frankfurt Zertifikate exchange.
However, Valour’s ETP is not the only way institutional investors can gain exposure to UNI via a regulated product…
Acala is building the DeFi and liquidity hub of Polkadot, poised to become the primary destination for Ethereum-compatible DeFi applications and high-yield generation for its fintech integrations like Current. The network will support an economy of applications in categories like trading, loans, derivatives, and payments and can continue to be customized and upgraded over time without forks.
Acala has backing from top venture capital firms like Coinbase Ventures and Polychain Capital, and now you can also get a share with the Acala Crowdloan. Crowdloans are crypto’s latest innovation for launching new projects. By supporting Acala in the Crowdloan, you are helping to strengthen Acala’s bid in the upcoming ‘parachain slot auctions’ on Polkadot. Once Acala wins the auction, the network will launch on Polkadot to gain its security and interoperability.
Here’s how to get involved:
First, you simply lock up DOT during the Crowdloan in support of Acala.
In return, you earn Acala’s ACA token, giving you a share of the network.
After the parachain slot lease ends, you get all your original DOT contribution back, and the ACA stays with you.
To get started, sign up to earn a 7% bonus in the Acala Crowdloan.
Are DAOs the next trend in crypto? We're taking a closer look into what DAOs are, how it works, how you can participate and get rewarded.
Camila Russo is joined by Covalent’s Pratik Gandhi, Gnosis Safe’s Lukas Schor, and Taksh’s 13-year-old founder Gajesh Naik to discuss the present and future for decentralized autonomous organizations.
Red Date Technology, the firm behind the Blockchain Services Network, will launch infrastructure to support the deployment of non-fungible tokens in China.
Mark Zuckerberg announced that Facebook would change its company name to Meta—reflecting Zuckerberg’s focus on the metaverse, which can be thought of as a virtual world that is a “successor to the mobile internet.”
After Shiba Inu’s rise this week, Floki Inu puts up an even more dramatic climb amidst transaction tax changes and marketing blitz.
The company highlighted the purchase of 8,957 BTC in its Q3 report on Oct. 28, with the firm’s perma-bull CEO Michael Saylor stating that there is more BTC accumulation to come.
Exactly six months after raising $80 million at a $505 million valuation, blockchain and Web3 development SaaS startup Alchemy has raised $250 million in a Series C funding round that values the company at $3.5 billion.
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Abracadabra To Offer Supercharged Stablecoin Yields By Leveraging Terra’s Anchor Protocol “Degen” traders are likely salivating at an announcement by DeFi’s rising star Daniele Sestagalli, claiming that they will soon be able to earn high yields from their stablecoins thanks to a new cross-chain, leveraged yield farming protocol.
Paradigm Bets on a Cross-Chain Future With $21M Round for Cosmos’ Osmosis DEX Osmosis, a decentralized exchange in the Cosmos ecosystem, today announced a $21M sale of tokens from the Osmosis Foundation treasury, in a round led by Paradigm.
CREAM Finance Exploited for $130M in DeFi’s Third-Largest Hack Projects like OlympusDAO, Fei Protocol, and Alchemix, are all experimenting with new ways of capturing users with the new challenge of getting them to stay.
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🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad and yyctrader, and edited by Edward Robinson, Bailey Reutzel, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.
The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).