š Investors Search for a Crypto Bottom
Hello Defiers! Hereās 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: āSoft Rugsā Video Fixed Rate Savings on Eleme...
By: Ā Ā
Hello Defiers! Hereās what we are covering todayā¦
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: āSoft Rugsā
Video
and more ;)
šListen to the interview in this weekās podcast episode here:

šøĀ Gitcoin Grants Round 10 is Live!! Remember to contribute to The Defiant!
The Defiant is building the leading information platform at the intersection of tech and finance. We are the only news platform focusing on decentralized finance, creating objective, unbiased, professional journalism, for degens and newbies to keep track of this money revolution.
Everything we raise on this round will be used towards gifting Defiant subscriptions.Nominate subscribers here.
*The financial system is being rebuilt and this revolution needs quality journalism.*
The open economy is taking over the old one. Subscribe to keep up with this revolution.Ā Click here to pay with DAIĀ (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).
š Together with:
- Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools atĀ https://balancer.finance/!
- 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.
- Kyber DMM, an automated market maker which prioritizes permissionless liquidity contribution and high capital efficiency


š Liquidations Ease Up as Investors Search for a Crypto Bottom
TLDR Whereās the bottom? Thatās the vitalĀ questionĀ 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 hasnāt been quite as brutal as the horrorshow from May 16 to May 23. ETHās price cratered 45.6% to $2,109 during that span. In contrast, this weekās 28.1% swoon for Ether doesnāt 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 havenāt been as proportionally severe. With ETH dropping nearly half as much in the last week as it did between May 16 to May 23, youād think a similar amount of liquidations would occur. But that hasnāt been the case.
šREAD THE FULL STORY IN THE DEFIANT.IOĀ š
SPONSORED POST

Fighting Crypto Fraud Through Class Action
Liti Capital is a fintech company on the blockchain, decentralizing access to a high asset class investments in Litigation Finance, previously only accessed by the privileged 1%, through tokenizing its equity. Liti Capital shares are digitized LITI tokens with voting and dividend rights. The wLITI is the companyās tradable token available on Uniswap. Both tokens will be launched at 11:59 PM EDT on Thursday the 24th.
ā”ļø Learn More About LITI & wLITI Tokens
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.
The idea that scammers can freely operate in the crypto sphere without facing the consequences of their actions must end in order to bring trust and change the perception blockchain and crypto projects have in our society.
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.
ā”ļø Learn More at www.liticapital.com

š® What Bear Market? YGG Goes Big on Gaming NFTs with Token Launch
TLDR Defying the funk thatās gripped the broader crypto market, Yield Guild Games (YGG)Ā announcedĀ today that it will release its YGG token on July 27 on Sushiswapās 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 aĀ major source of incomeĀ 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.

šREAD THE FULL STORY IN THE DEFIANT.IOĀ š

šµš»āāļø The Latest Scam in DeFi: āSoft Rugsā
TLDR Anyone in DeFi is probably familiar with the rug pull ā the scam in which crypto developers abandon a project and vanish with investorsā tokens and funds. Now say hello to the āsoft rug.ā
DUMP In this new breed of grift a projectās founders simply dump their tokens and exit a project instead of taking control of usersā assets. It appears to be the new rug of choice in open finance.
HACK Soft rugs are āconvenientā because they donāt require a hack. The culpritsĀ 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 blogĀ postĀ says āafter the shortfall crisis in May, the Swipe team has withdrawn from Venus.āĀ CascadingĀ liquidationsĀ caused the shortfall.
šREAD THE FULL STORY IN THE DEFIANT.IOĀ š
Video
šŗ 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.

š 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 Labsā smash hit, NBA Top Shot.
š 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.
ā Head toĀ THEDEFIANT.IOĀ for more DeFi news š°
š§āš» āļø Stories in this newsletter were written by Owen Fernau, yyctrader and edited by Edward Robinson and Camila Russo.Ā Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
The DefiantĀ is a daily newsletter focusing on decentralized finance, a new financial system thatās 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.Ā Click here to pay with DAIĀ (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).