🧑🏼‍🚒 Jump Crypto Replaces Over $320M of Wormhole Wrapped ETH in DeFi Bailout

Hello Defiers! Here’s what we’re covering today:

News

• Jump Crypto Replaces Over $320M of Wormhole Wrapped ETH in DeFi Bailout
• Mainstream Embrace of NFTs Tightens With Olympics, GameStop, Cameo Offerings

Research

• DeFi 2.0 Primer: Decentralized Finance is Poised to Expand its Reach But Challenges Loom

Podcast

🎙Listen to the interview with Avalanche’s Emin Gun Sirer here:

Video

• Real Vision vs. The Defiant: Camila Russo responds to Dan Olson

Links

• Bored Ape Yacht Club Creators in Funding Talks With Andreessen Horowitz: Report: CoinDesk
• Meta plunges and sets off Wall Street’s worst drop in nearly a year: The New York Times
• An Artist Placed a Cube Made From $11.7 Million Worth of Gold in Central Park—Protected By Its Own Security Detail: Artnet
• The next big trend in NFTs: Bankless
• Season 20 is close and when it’s released, a variety of important economic balancing changes will be implemented: Axie Infinity
• We are super stoked to announce that we are joining @Balancer Labs’ Bug Bounty Program: Medium

Trending in The Defiant

• Crypto Stakers’ IRS Tax Refund Marks Milestone for PoS Validators
• Jump Crypto Replaces Over $320M of Wormhole Wrapped ETH in DeFi Bailout
• ‘Believe It!’ How a Manga-Loving Geek Exposed the Scam Targeting Naruto NFTs

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DeFi Exploits

🧑🏼‍🚒 Jump Crypto Replaces Over $320M of Wormhole Wrapped ETH in DeFi Bailout

HACKER It’s almost like it never happened. Wormhole, a bridge which facilitates asset transfers across seven different blockchain, got hacked on Feb. 2 to the tune of over $320M as a hacker minted 120,000 worth of a version of wrapped Ethereum on Solana. One day later, the funds are back.

RESCUE Jump Crypto, the crypto arm of trading firm Jump Trading which launched last year, has come to the rescue, replacing the 120,000 worth of ETH. This means wETH, Wormhole’s token representing ETH that was bridged from the Ethereum mainnet, is backed by actual ETH. Jump Crypto decided to step in because it “believes in a multichain future,” the trading firm said in a tweet.

GRATEFUL “All funds have been restored and Wormhole is back up,” the token bridge added on Twitter. “We’re deeply grateful for your support and thank you for your patience.”

👉READ THE FULL STORY IN THE DEFIANT.IO👈

NFTs Roundup

🤗 Mainstream Embrace of NFTs Tightens With Olympics, GameStop, Cameo Offerings

FORAYS Big brands are clamoring to ride the NFT bandwagon. On Feb. 3, the International Olympic Committee (IOC), Cameo, and GameStop all dropped significant news about their respective forays into NFTs.

MEME-STOCK The IOC has launched its Beijing 2022 Winter Olympic-themed mobile game featuring collectible tokenized pins after months of development. GameStop, a video game retailer and meme-stock, revealed it has teamed up with Immutable X to build its forthcoming NFT marketplace.

ACCESS Cameo, the personalized video maker, also announced its upcoming Cameo Pass NFT drop, which will allow holders to access its “metaverse compound” in addition to exclusive merch and opportunities to attend live events. GameStop, the previously surging memestock and embattled video game retailer, revealed it is working with Immutable X, an NFT-focused Ethereum L2, to launch its highly anticipated NFT marketplace later this year.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

DeFi 101

🌱 DeFi 2.0 Primer: Decentralized Finance is Poised to Expand its Reach But Challenges Loom

In this special DeFi 101 report, Mason Marcabello explains DeFi 2.0 and how it’s designed to make decentralized finance more accessible to newcomers.

FLAWS Compared to the walled gardens of traditional finance the benefits of DeFi offer a more ubiquitous range of financial tools for consumers. But with that said, the very nascency of its ecosystem has led to a plethora of flaws, like impermanent loss and shortcomings with liquidity mining that require many users to compromise on risk.

This is where DeFi 2.0 comes in.

What Is It:

In essence, and as with any iteration of technology (not just blockchain), DeFi 2.0 is a movement focused on improving on the shortcomings of its forebears. While a more detailed insight will be covered in the following DeFi 101 article, key differences between DeFi 1.0 and DeFi 2.0 have centered on liquidity, scalability, security, and centralization.

Why Does It Matter:

At the risk of generalising, one shared aspect of any successful business or service (regardless of industry) is that it helps create (or reinforce) a path of least resistance for end-users.

For example, Amazon helps its customers save time by automating the delivery of its products. Uber and Airbnb help streamline and save time on the cost and effort of transportation, accommodation, etc.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

🗞 Subscribe to Every, A Bundle of Newsletters and Podcasts

Every publishes essays analyzing and explaining new ideas in productivity, strategy, Web3, and the creator economy. It's published by a collective of thoughtful and experienced operators in tech like Li Jin, Nathan Baschez, and Nat Eliason who are dedicated to creating writing that will help you reach your goals and better understand the world.

The Tube

📺 Real Vision vs. The Defiant: Camila Russo responds to Dan Olson

Links

🔗 Bored Ape Yacht Club Creators in Funding Talks With Andreessen Horowitz: Report: CoinDesk

Yuga Labs, the startup behind Bored Ape Yacht Club, is in talks with venture capital heavyweight Andreessen Horowitz (a16z) over a funding round that would give it a valuation as high as $5 billion, the Financial Times reported Thursday.

🔗 Meta plunges and sets off Wall Street’s worst drop in nearly a year: The New York Times

Stocks on Wall Street tumbled on Thursday, with Meta, the parent company of Facebook, leading the way with a drop of 26.4 percent, its worst one-day loss ever and one that erased more than $230 billion off its market value.

🔗 An Artist Placed a Cube Made From $11.7 Million Worth of Gold in Central Park—Protected By Its Own Security Detail: Artnet

This morning, joggers in New York’s Central Park may have come across a curious, rather illustrious sight.

🔗 The next big trend in NFTs: Bankless

In 2021, it felt like the world became saturated with art NFTs. Creators realized they could connect directly to their most avid fans instead of relying on intermediaries that extracted massive amounts of value from their hard work.

Axie Infinity🦇🔊 @AxieInfinitySeason 20 is close and when it’s released, a variety of important economic balancing changes will be implemented. Full details 👇 axie.substack.com/p/upcoming-sea…

axie.substack.comUpcoming Season 20 & Economic Balancing AdjustmentsKey Points Adventure mode SLP will be sunset (reduced to 0). This includes rewards for first time completion. Daily quest SLP will be sunset (reduced to 0). Arena reward structure will be changed dramatically (reduced SLP rewards and AXS leaderboard massively expanded).6:55 PM ∙ Feb 3, 20223,991Likes1,078Retweets

Beethoven x @beethoven_xWe are super stoked to announce that we are joining @balancer Labs’ Bug Bounty Program. We are excited to play a part in the development of a safer infrastructure for all users in the DeFi ecosystem. How does that music sound?

medium.comBeethoven X Joins Balancer Labs’ Bug Bounty ProgramIn April 2021, Balancer Labs decided to go big in pursuit of uncovering vulnerabilities in their V2 Vault architecture with the launch of…8:13 PM ∙ Feb 3, 2022164Likes24Retweets

Trending in The Defiant

• Crypto Stakers’ IRS Tax Refund Marks Milestone for PoS ValidatorsThere may be good news ahead for those looking to earn new tokens by providing security to major blockchains that operate using proof-of-stake.
• Jump Crypto Replaces Over $320M of Wormhole Wrapped ETH in DeFi BailoutIt’s almost like it never happened.
• ‘Believe It!’ How a Manga-Loving Geek Exposed the Scam Targeting Naruto NFTs“It’s almost like they joined a cult. The more I question, the more they think I’m hating. I just want to protect them.”

🧑‍💻 ✍️ 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.

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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)