🌪 CloneX NFTs Sell Out in Auction Roiled by Attacks and Controversy

Hello Defiers! Here’s what we are covering today, News CloneX NFTs Sell Out in Auction Roiled by Attacks and Controversy Surging Ether Hits 42-month High Against BTC Opinion DAOs as a Solution to the Problem of Aggregation in Culture Podcast 🎙Listen...

Hello Defiers! Here’s what we are covering today,

News

Opinion

DAOs as a Solution to the Problem of Aggregation in Culture

Podcast

🎙Listen to this week’s podcast with Nick Johnson of ENS here:

Video

Tutorial: Snipe UNDERPRICED NFT's with NFT Bank

Links

Trending in The Defiant

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).air

Subscribe now

🙌 Together with:

Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at this link.
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.
Fintech Meetup, is fintech’s next big event--30,000+ online meetings for 3,000+ DeFi & TradFi participants! Online Mar.22-24. Learn More

NFT Auctions

🌪 CloneX NFTs Sell Out in Auction Roiled by Attacks and Controversy

TOO MANY ATTACKS On Nov. 29, RTFKT Studios was all set to begin the public sale of its CloneX avatars. Then the attacks on its website started. At just after midnight on Nov. 30, the metaverse-first design outfit hit the pause button. “Minting will start tomorrow,” the firm tweeted. “Apologies for this fck up, we had way too many attacks.”

MYSTERY The sale resumed as promised and quickly sold out, according to a message in the team’s Discord. Yet some users are skeptical that an attack ever occurred. Such is life in the wildlands of NFT auctions these days — under digital assault one minute, selling out a hot avatar the next, then mystery around whether an attack occurred at all.

CloneX NFTs sold out after a wild sale.

HYPE With the metaverse entering a phase where activity must match the hype, investors are eyeballing sales like RTFKT’s for such strangeness. And the money involved is massive.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Markets

🚀 Surging Ether Hits 42-month High Against BTC

THREE DAYS Ethereum has made another leg up against Bitcoin, with the ETH/BTC chart tagging its highest level since May 2018. On Dec. 1, ETH traded for 0.0837 BTC after rallying 12% over three days to test prices not seen since May 2018. The move coincides with combined total value locked (TVL) of the DeFi sector posting a new record high of $277.6B, according to DeFi Llama.

ETH/BTC on Coinbase: TradingView

BULL MARKET However, Ether is still down 52.4% from its June 2017 high of 0.176 BTC. Ether also posted a secondary top at nearly 0.123 BTC when the bull market ended in January 2018. The current bull cycle has seen Ethereum steadily gain 423% over Bitcoin since hitting a local low of 0.016 BTC in early September 2019. Ethereum has recently been range-bound between roughly 0.058 BTC and 0.083 BTC since quickly rallying by 174% during April of this year.

BURN Compared to the previous cycle, commentators, including Anthony Sassano, the host of The Daily Gwei, have argued that the Ethereum market exhibits much stronger fundamentals owing EIP-1559’s introduction of a burn mechanism to Ether’s fee market, plus surging on-chain activity from the DeFi and NFT sectors.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Opinion

🤔 DAOs as a Solution to the Problem of Aggregation in Culture

The problem of aggregation, where rational actions at the individual level lead to an irrational outcome at the collective level, is prevalent in macroeconomics and financial markets. A bank run is a classic example.

The solution in TradFi is often centralized agency in the form of (government) institutions, powered by a countervailing incentive structure. In regards to the example of a bank run, individuals are rationally motivated to withdraw their deposits in a mad dash for the exit, despite having this action exacerbating the effects at the collective level.

As a response to this problem of aggregation – the FDIC was instituted as a countervailing agency, incentivized by the need to provide stability to the banking system. Similarly, in the spring of 2020, the Federal Reserve was a neutralizing force against the rational behaviour of investors fleeing the market. The Fed’s agency is motivated by its mandate for macroeconomic stability.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

📺 Tutorial: Snipe UNDERPRICED NFT's with NFT Bank

Links

🔗 Perpetual Protocol v2 Launch on Optimism Mainnet!: Medium

It is with great excitement that we announce the launch of Perpetual Protocol v2, dubbed ‘Curie’, to Optimism mainnet! While this release marks the culmination of months of hard work from our team, we’re just getting started and we’ve got a lot of exciting developments planned for the future.

🔗 Decentralized Ethereum 2.0 Staking with Rocket Pool: Bankless

Rocket Pool is live on mainnet! Slowly rolling out its staking pools, Rocket Pool is opening up its decentralized ETH staking product to the world. Core team members Darren Langley and Dave Rugendyke join to talk about the past, present, and future of the protocol.

🔗 'Coin Signals' trader pleads guilty to commodities fraud, faces up to 10 years: The Block

On November 30, the Department of Justice announced that Jeremy Spence pleaded guilty to commodities fraud in operating "cryptocurrency funds" that were, authorities say, Ponzi schemes that lost investors a total of $5 million.

🔗 Crypto.com to Acquire Nadex, Small Exchange to Expand US Presence: CoinDesk

Cryptocurrency exchange Crypto.com agreed to buy North American Derivatives Exchange (Nadex) and Small Exchange Inc. to expand its presence in the U.S.

ConsenSys @ConsenSys Join our experts from @Infosys and @0xPolygon on December 9th to get the best market intel on #enterpriseblockchain #mainnet #L2 and get prepared for 2022! ➡️ bit.ly/32xdMnP

3:30 PM ∙ Nov 25, 2021240Likes75Retweets

brandeaux🦇🔊 @brandonerjimerGRIMES TALKING ABOUT AXIE!!!!HUGE.The concept of .. what is work?what is currency?pls go watch her full video @Grimezsz #AxieInfinity #AxieScholarships Redefine the human experience,do away with meaningless tasks using AI. new wave shit ..the line between work and play is so gray 5:53 PM ∙ Nov 28, 2021344Likes71Retweets

Trending on The Defiant

Tutorial: The Degen Savings Portfolio Featuring Abracadabra, Curve and ConvexCurve is now the largest DeFi protocol with $22B in Total Value Locked across seven blockchains.
Zero-Knowledge Pioneer StarkWare Launches Layer 2 Rollup NetworkStarkWare, the team that pioneered zero-knowledge-based rollups in 2018, has launched the mainnet alpha of StarkNet — the team’s much anticipated Layer 2, zero-knowledge (ZK) rollup network.
A Big Test for DAOs: Honing New Compensation and Contribution PracticesAs we usher in a new era of work via DAOs, many projects face a similar challenge of determining a scalable formula for compensating their contributors. What works when there are only five core contributors may not work as the community grows, and the best way to measure and reward contributions in one DAO may not be right for another.

This is a public version of the newsletter and both paid and free subscribers are receiving it.

Free subscribers get:

Daily news briefings
Weekly Recap

Paid subscribers get:

Full transcript of the weekly podcast interview
Early access to opinion columns and research pieces
Exclusive access to Inbox Dump where we send all the press releases that didn’t make it to the newsletter (Saturday)
Exclusive access to subscribers-only Discord chat
Exclusive access to bi-weekly community calls

🧑‍💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.

Subscribe now

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).