🧐 Compound Goes Multi-Chain in Major Upgrade

Hello Defiers! Here’s what we’re covering today: News Compound Goes Multi-Chain in Major Upgrade NFT Lending Volume Soars on Action by Whales Nexo To Acquire Competing Crypto Lender Vauld Opinion Make NFTs a Gaming Tool Instead of a Sales Hustle Pod...

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DeFi Protocols

🧐 Compound Goes Multi-Chain in Major Upgrade

Leading DeFi Protocol Unveils Code for Third Iteration

By Samuel Haig

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COMET Compound Finance, the pioneering DeFi money market, published the code for its forthcoming third iteration, called Comet, on June 30.

MULTI-CHAIN Jared Flatow, the vice president of engineering at Compound Labs, said the protocol is designed to be deployed across any network that is compatible with the Ethereum Virtual Machine (EVM). Comet will “form the basis of a multi-chain deployment strategy,” he asserted.

COLLATERAL The protocol is designed to facilitate a single borrowable, interest-earning asset, with all other supported assets functioning as collateral. Comet’s risk management and liquidation engine were also redesigned to bolster the safety of the protocol while preserving incentives for liquidators.

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NFT Market

📈 NFT Lending Volume Soars on Action by Whales

Speculation Swirls NFTfi is Prepping an Airdrop

By Samuel Haig

NFTLoanVolume

SURGE NFT lending volume surged to its highest level in two months over the weekend, with $3.5M worth of nonfungibles changing hands on July 3 via NFTfi, a marketplace for loans collateralized by NFTs.

SOLE LENDER The activity was spotted by Richard Chen, a general partner at crypto investment firm 1confirmation. Chen dived deep into the data, discovering that $3.16M was borrowed by just two whales using NFTfi on July 3. The whales borrowed 21,500 DAI against each of their 147 combined CryptoPunks, with metaverse interest rate protocol MetaStreet acting as the sole lender for the loans.

TWO WHALES Some twitter users asserted that the two whales could be the same person. “You sure this is 2 persons? These 2 collections have a very similar pattern,” commented Tschuuuuly. “That’s the same person,” added hicryptopete.

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DeFi Deals

👀 Nexo To Acquire Competing Crypto Lender Vauld

By Aleksandar Gilbert

NexoVauld

NEWS Just one day after suspending customer withdrawals, Singapore-based crypto lending firm Vauld has struck a deal to be acquired by rival company Nexo.

DUE DILIGENCE “We’ve signed an indicative term sheet with @Nexo to acquire up to 100% of Vauld,” Vauld co-founder Darshan Bathija tweeted early Tuesday. “The completion of this transaction is pending due diligence – which both teams are working on as we speak.”

FUNDRAISE In a statement, Nexo said the move was “aimed at the betterment of the space, as well as the strengthening of our presence in Southeast Asia.” Vauld had raised $27M from investors as of Tuesday, according to data from Crunchbase. Earlier this year, Bathija said Vauld had $1B in assets under management and a million customers.

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Opinion

🛠 Make NFTs a Gaming Tool Instead of a Sales Hustle

Guest writer David Kim argues that game creators should harness the utility of NFTs instead of just hyping them to players.

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INEXTRICABLE Decentralized technologies such as blockchain networks, cryptocurrencies, and non-fungible tokens (NFTs) are swiftly becoming an inextricable part of the internet, media and gaming sectors.

OVERHYPED Yet as new doors open and possibilities unlock, innovations such as Web3 and the metaverse may become just another set of overhyped buzzwords with nothing underneath them.

SOLUTIONS This is especially true for the global gaming industry. It has been relying on tried and tested frameworks and solutions for decades — disrupting it is no trivial task. While numerous game developers are integrating NFTs and “blockchain elements” into their projects, the very first question that comes up is: “Are they really necessary?”

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Podcast

🎙 Here's Why DAOs Fail; Former SushiSwap CTO Reflects on Decentralized Orgs

The Tube

📺 Tutorial: Earn passive income with idle NFTs using inventory staking on NFTx

Shoutout

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It is hosted by Sonal Chokshi, former showrunner and longtime host of the a16z Podcast; along with frequent guest appearances and hosting by Chris Dixon.

Elsewhere

🔗 Celsius Repays $183M on DeFi Exchange Maker, Gets Back Collateral, Blockchain Data Shows: CoinDesk

Celsius, the crypto lender that's halted withdrawals and is reportedly cutting jobs to stave off a liquidity crisis, has been aggressively repaying debt on one of the largest decentralized-finance protocols, blockchain data shows – possibly to get back bitcoin-equivalent tokens that had been posted on the platform as collateral.

🔗 Crypto Miner Core Scientific Dumps $165M Bitcoin to 'Enhance Liquidity': Decrypt

Crypto miner Core Scientific sold roughly $165 million worth of Bitcoin last month, as inflation and market turmoil piled on the pressure for public crypto companies.

🔗 How Wall Street Escaped the Crypto Meltdown: The New York Times

As cryptocurrency prices plunged and funds failed, strict rules on risky assets helped Wall Street companies sidestep the worst. Retail investors weren’t as lucky.

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Maker @MakerDAODuring June we hit a new all-time high in monthly average unique voters per poll.

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4:58 PM ∙ Jul 5, 202218Likes7Retweets

Trending in The Defiant

🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Claire Gu, Samuel Haig, Jason Levin, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

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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.

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