📉 Floor Prices at Bored Apes Yacht Club Drop 33% Amid Swoon for NFT Projects

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

News

Floor Prices at Bored Apes Yacht Club Drop 33% Amid Swoon for NFT Projects

Tutorial

Ape Diaries: Yield Farming in the Fantom Zone

Opinion

If Crypto Regulation is Inevitable Then Let’s Get Smart About Adapting It

Video

SuperMassive NFT Show: Is it time for PFP's to grow up?

Podcast

🎙Listen to this week’s podcast w/ Braintrust’s Adam Jackson:

Links

🔥 Watch for The Defiant news now included in Coinjoy’s feed! Check out their curated aggregator of top crypto news sources.

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).

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.

NFT Downturn

📉 Floor Prices at Bored Apes Yacht Club Drop 33% Amid Swoon for NFT Projects

SLOWING DOWN Uh-oh. Don’t look now but floor prices have been cut in half at many leading NFT projects this week. Trading volume is slowing down, too.

DROPPED The floor at Bored Apes Yacht Club, the second-highest ranking individual NFT project in terms of lifetime volume, has dropped by a third, to 29.47 from 44.05 ETH, according to a Dune Analytics dashboard.

50% HAIRCUT It isn’t the only one: Meetbits, the fourth-highest ranking project, has a floor of 3.23 ETH, down more than 50% from a high of 7.50 ETH reached on Aug. 31, according to another Dune dashboard. LOOT’s floor is down about 80% from its Sep. 9 all-time, and Cool Cats has taken a 50% haircut.

VOLUME The floors at 0N1 Force, Cryptoadz, Pudgy Penguins, Mutant Ape Yacht Club, Mekaverse, are all at least 45% below their all-time high points, according to the dashboards. Investors focus on floors, the lowest level of value for NFTs at a given moment, to set prices. That’s not all. NFT volume across the board has dropped 87%, to $48.48M, since an all-time high of $380.92M on Aug. 28. That’s when many of the top NFT projects’ floors peaked, according to a dashboard built by Dobby.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈

Fantom Tutorial

🦍 Ape Diaries: Yield Farming in the Fantom Zone

In this primer, yyctrader provides a how-to guide on using Fantom.

Fantom’s FTM token is the best performing among Layer 1 smart contract platforms this year and Total Value Locked (TVL) on the blockchain has soared since a liquidity mining program kicked off in September.

No less than 370M FTM tokens currently worth $888M have been allotted to the program.

If you’re looking to get in on the action, here’s a step-by-step guide.

Bridging Assets To Fantom

If you’re already familiar with DeFi on Ethereum, you’ll find this pretty simple. For those Defiers newly joining us, please check out our DeFi 101 content before attempting to proceed.

Step 1: Add the Fantom Opera network to MetaMask. Navigate to Chainlist and connect, or add it manually using these parameters.

Step 2: You’ll need some FTM tokens to pay for gas fees. Fortunately, you can get some for free by joining the SpookySwap discord and using their faucet bot.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈

DeFi Op-Ed

🏛 If Crypto Regulation is Inevitable Then Let’s Get Smart About Adapting to It

In this column, Christopher Harding argues that regulation is not only imminent but that the DeFi should embrace it as a key to growth. The challenge is how.

TLDR The debates over regulatory compliance rage in Washington, in the press, and across the crypto community. Whatever the ultimate fate of the bills and amendments put forward one thing remains constant: distributed ledgers and DeFi are here to stay.

FIAT SYSTEM They offer solutions to a host of issues that we’ve, so far, been unable to properly address through the fiat system. However, for those problems to be tackled we must take inventory of the issues we face in the shift to mass adoption, decide on the best approach to solving them, and understand what compromises are needed to integrate blockchain solutions into the mainstream once and for all.

ONGOING DISCUSSIONS As long as compromise is on the table in good faith from all interested parties, the crypto industry will be able to augment the traditional financial system and make the world a better place for countless people. One thing we should all strive to keep in mind during these ongoing discussions is the real opportunity in reducing financial exclusion. People in developing countries need an alternative to their fiat-based systems and, provided certain safeguards are in place, DeFi is the perfect solution for them.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈

The Tube

📺 SuperMassive NFT Show: Is it time for PFP's to grow up?

Links

🔗 FTX Raises $420,690,000: CoinDesk

FTX has memed itself into another massive funding round. Sam Bankman-Fried’s Bahamas-based crypto exchange said Wednesday it had raised $420,690,000 in a Series B-1 funding round. Sixty-nine investors – including BlackRock and Tiger Global – joined the fast-growing crypto conglomerate.

🔗 Double spending bug in Polygon’s Plasma bridge: Gerhard Wagner

I thought I was out of the security game for a while now and that my interests have moved on to other fields. Last week I came back from an extended holiday, and refreshed I looked around on CT on what had happened.

🔗 Walmart Has Quietly Begun Hosting Bitcoin ATMs: CoinDesk

Walmart, the world’s largest company by revenue, is letting customers buy bitcoin at dozens of its U.S. stores.

🔗 Robinhood crypto wallet waitlist hits 1 million people: CoinTelegraph

More than 1 million people are on the waitlist for Robinhood’s long-awaited crypto wallet, according to CEO Vlad Tenev.

OpenSea @opensea This week's trending NFTs 🌐 Ft. @doodles, @kevinabosch, @mvhvma, @1854, @OrganicStonez, and more... opensea.io/blog/spotlight…11:01 PM ∙ Oct 21, 2021168Likes34Retweets

SushiChef @SushiSwapNew Sushi dark mode stickers for Instagram Stories🌚 How to Use: Create an IG story Click the GIF icon in the top right menu Search SushiSwap Add stickers to your Stories! Art by @byburnttoast from @doodles 🤍 5:39 PM ∙ Oct 21, 2021435Likes75Retweets

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, Bailey Reutzel, 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.

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

📉 Floor Prices at Bored Apes Yacht Club Drop 33% Amid Swoon for NFT Projects

Good reporting. Delivered.

Most read

Railway Urges All Users to Rotate Secrets After Security Incident

Japan's Prime Minister Urges PHP Patching, Suggests Temporary Site Shutdowns

Tesla and SpaceX Explore Merger That Could Unite 30,221 Bitcoin

NSA Urges PHP Users to Patch or Take Systems Offline

Developer Links $370,000 Theft to Railway Secrets Exposure

SpaceX Share Unlock Looms Over Aave Collateral Proposal