💳 New Breed of DeFi Credit Protocols Raises Millions at Rapid Clip

Hello Defiers! Here’s what we’re covering today: News New Breed of DeFi Credit Protocols Raises Millions at Rapid Clip BREAKING: Optimism Exploiter Returns 90% Of Stolen Tokens Global Markets Dive After Data Shows US Inflation Hit 8.6% in May Research...

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




🎙Listen to the interview Adriana Hoppenbrouwer-Pereira here:




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DeFi Credit

💳 New Breed of DeFi Credit Protocols Raises Millions at Rapid Clip

By Owen Fernau, yyctrader, and Claire Gu


INNOVATION DeFi is dead — or maybe it just needs another dose of innovation to rejuvenate liquidity. Enter credit protocols, projects that are using new methods to set credit ratings to would-be borrowers in the crypto space and release lending.

SPLASHY They aren’t as splashy as NFTs or GameFi, but these projects have quietly received a slew of funding in 2022 despite the abysmal performance of the crypto markets.

LOANS And in tackling credit, the cornerstone of traditional finance, these startups are trying to lay the foundation for a more robust DeFi marketplace when the cycle turns again. The key: enabling more borrowers to receive loans from investors without having to post collateral.

CAPITAL “Undercollateralized lending is good because it’s the most efficient way to get capital,” Charlotte Dodds, marketing manager at Maple Finance, told The Defiant. “You don’t need to post collateral, which means you don’t need to lock up any funds to get that capital. So all of your money in the bank is yours.”



🦹🏻‍♂️ BREAKING: Optimism Exploiter Returns 90% Of Stolen Tokens

By Aleksandar Gilbert


NEWS Most of the OP tokens stolen in an exploit have been returned, according to the Optimism Foundation. On June 8, the Foundation had disclosed that an attacker had drained a wallet containing 20M OP, the governance tokens of Ethereum Layer 2 scaling solution Optimism.

OPERATION Optimism had sent the 20M OP to a wallet controlled by Wintermute, a market maker tapped to provide liquidity during the launch of the OP token. The tokens ended up in an inaccessible wallet and the attacker was able to drain the tokens before Wintermute could perform the highly technical operation required to move the OP to another, more secure wallet.

ATTACKER Wintermute accepted blame for the exploit, and had pledged to buy an equivalent amount of OP tokens whenever the attacker sells them. Now, it seems like it won’t have to do that.


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Market Action

📉 Global Markets Dive After Data Shows US Inflation Hit 8.6% in May

By Aleksandar Gilbert


PLUNGE Crypto markets plunged Friday morning after the release of federal data showing U.S inflation accelerated in May. Consumer prices increased in every category measured by the Bureau of Labor Statistics, bringing year-over-year inflation to 8.6%, the largest 12-month increase in 41 years.

BITCOIN The CPI data was released at 8:30 a.m. ET – moments later, the price of the largest cryptocurrencies by market capitalization plunged. Bitcoin was trading at $30,150 at 8:29 a.m., according to data from CoinGecko. Two hours later, it stands at $29,308 – a 2.8% drop.

ALTCOINS Ethereum was just above $1,779 at 8:29 a.m. By 10:30 a.m., it had dropped 2.8% to $1,729. Major altcoins like Cardano, BNB, XRP and Solana also fell by 5.4%, 0.2% 3.3% and 3.6% respectively.



🎀 IntoTheBlock: How One DeFi Protocol is Sustaining Growth in the Bear Market

On-Chain Markets Report by Pedro NegronIntoTheBlock


EFFICIENCY Bear markets are a prime environment for young startups to adjust and make a statement with bold strategic choices. This phase allows companies to reorganize, in order to achieve efficiency.

REVENUE Smart decision making is needed to endure a long bear market. It’s a time for startups to focus on the key ingredients in crypto: revenue, total value locked (TVL), and a community that uses the product or service.

DEPOSITORS We looked at one early-stage protocol that has managed to sustain its growth despite the market downturn: Ribbon Finance. It is a decentralized structured products protocol, which automates option selling strategies for depositors to generate yield on their assets.


The Tube

📺 The Defiant Weekly: Andreesen Horowitz keeps buying web3 and crypto

📺 Open Metaverse Show: The Fluf World Futureverse explained w/ Bruno Skvorc (RMRK)


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🔗 Yuga Labs wants ApeCoin on its own blockchain. ApeCoin owners think otherwise: The Block

The Bored Ape community has voted to keep building within the Ethereum ecosystem, rather than move the ApeCoin token its own blockchain as creator Yuga Labs had suggested.

🔗 Global Bitcoin adoption to hit 10% by 2030: Blockware report: CoinTelegraph

Bitcoin, like the internet and social media, benefits from “network effects”, where more adoption spurs higher value and incentive for additional take-up, says Blockware Intelligence.

🔗 Fidelity’s Abigail Johnson Reaffirms Crypto Commitment in Bear Market: CoinDesk

“This is my third crypto winter," the U.S. brokerage CEO said at Consensus 2022, looking back on the firm’s trailblazing journey into digital assets.


Polygon Studios @polygonstudiosOhhh 90s kids 👋😏 Your childhood is making a comeback on @0xPolygon #NickelodeonNFT


nickelodeon_nft @nickelodeon_nftThe 90s called ☎️ They want your attention back ⏪📺 If you’re reading this…you’re early #NickelodeonNFT https://t.co/VJBGUbTjAS2:31 PM ∙ Jun 9, 2022293Likes62Retweets

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🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Samuel Haig, Jason Levin, DeFiDad, Aleksandar Gilbert, 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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