📉 Investors Search for a Crypto Bottom

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

News

• Liquidations Ease Up as Investors Search for a Crypto Bottom
• What Bear Market? YGG Goes Big on Gaming NFTs with Token Launch
• The Latest Scam in DeFi: ‘Soft Rugs’

Video

• Fixed Rate Savings on Element Finance

and more ;)

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📉 Liquidations Ease Up as Investors Search for a Crypto Bottom

TLDR Where’s the bottom? That’s the vital question investors are asking with ETH down almost 18% in the last 30 days, and with other major Ethereum-based DeFi tokens nosediving as much as 57% in the same time span.

THE NEWS The one bright spot is that this week hasn’t been quite as brutal as the horrorshow from May 16 to May 23. ETH’s price cratered 45.6% to $2,109 during that span. In contrast, this week’s 28.1% swoon for Ether doesn’t look so bad. Moreover, the current performance shows some clear deviations compared to that weeklong drawdown in May.

SO WHAT For starters, liquidations across centralized and decentralized platforms haven’t been as proportionally severe. With ETH dropping nearly half as much in the last week as it did between May 16 to May 23, you’d think a similar amount of liquidations would occur. But that hasn’t been the case.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈

SPONSORED POST

Fighting Crypto Fraud Through Class Action

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The Liti Capital team members are attorneys, computer scientists and intelligence and blockchain experts who have a particular set of skills when it comes to finding individuals and money anywhere in the world. Liti Capital intends to use their skills in bringing class action lawsuits against crypto bad actors.

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Liti Capital commits to allocate between 5% and 10% of its yearly investment budget to finance crypto fraud cases that have affected its community members.

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🎮 What Bear Market? YGG Goes Big on Gaming NFTs with Token Launch

TLDR Defying the funk that’s gripped the broader crypto market, Yield Guild Games (YGG) announced today that it will release its YGG token on July 27 on Sushiswap’s MISO launchpad.

SO WHAT The move comes as NFTs are increasingly being utilized in gaming. Launched in October 2020, YGG is a decentralized autonomous organization (DAO) that invests in NFTs; specifically those used in virtual worlds and blockchain-based games such as Axie Infinity, The Sandbox and League of Kingdoms. The project aims to bring new players to the Metaverse by giving them a way to share in the potential upside of the platforms they use.

GROWTH Play-to-earn games like Axie Infinity have seen explosive growth over the last year, becoming a major source of income in developing nations. YGG is betting that the future of work lies in the virtual economy and looks to bridge DeFi concepts like yield farming and distributed ownership to blockchain gaming.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈

🕵🏻‍♂️ The Latest Scam in DeFi: ‘Soft Rugs’

TLDR Anyone in DeFi is probably familiar with the rug pull — the scam in which crypto developers abandon a project and vanish with investors’ tokens and funds. Now say hello to the “soft rug.”

DUMP In this new breed of grift a project’s founders simply dump their tokens and exit a project instead of taking control of users’ assets. It appears to be the new rug of choice in open finance.

HACK Soft rugs are “convenient” because they don’t require a hack. The culprits simply dump their tokens and exit the project. A bonus: anonymous developers can avoid damaging their reputations.

THE NEWS This week, DeFi community members are buzzing about a potential soft rug involving Swipe, which developed Venus, the No. 3 protocol on the Binance Smart Chain with $1.44B in total value locked. Two days ago, the founding team announced they were bailing on the protocol. A blog post says “after the shortfall crisis in May, the Swipe team has withdrawn from Venus.” Cascading liquidations caused the shortfall.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈

Video

📺 First Look: Fixed Rate Savings on Element Finance

Element Finance is a decentralized protocol that allows users to buy assets (BTC, ETH, USDC, DAI) at a discounted price. The protocol allows users to create liquidity and trade these discounted assets to allow buyers to earn fixed rates. The Element protocol does not require trusted intermediaries and allows for fast and efficient trading of fixed and variable yields.

🔗 NFT Site Rarible to Launch Marketplace on Flow Blockchain Following $14.2M Funding Round: CoinDesk

Non-fungible token (NFT) marketplace Rarible has raised fresh capital to hire new employees and launch an additional marketplace on the Flow blockchain, home to Dapper Labs’ smash hit, NBA Top Shot.

🔗 Uniswap Labs has hired its first chief operating officer: The Block

Uniswap Labs, the development studio associated with non-custodial cryptocurrency exchange, has added a new member to its ranks as it continues to vie for dominance in world of decentralized finance.

✊ Head to THEDEFIANT.IO for more DeFi news 📰

🧑‍💻 ✍️ Stories in this newsletter were written by Owen Fernau, yyctrader and edited by Edward Robinson and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

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