🚀 NFT Investors Shake Lull and Send Market Volume to Four-Month High

Hello Defiers! Here’s what we’re covering today: News NFT Investors Shake Lull and Send Market Volume to Four-Month High U.S. Orders DeFi Platform Polymarket to Pay $1.4M and Shut Unlicensed Markets Aave Unveils Mobile Wallet and Eyes V3 Deployment on ...

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




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NFT Markets

🚀 NFT Investors Shake Lull and Send Market Volume to Four-Month High

VOLUME NFTs are back. Daily volume across the top Ethereum NFT marketplaces OpenSea, Rarible, Foundation, SuperRare, surpassed $231M on Jan 2, its highest level since Aug. 30, according to a Dune Analytics query.

FLAGSHIP The query also includes Larva Labs, which has project-specific marketplaces for its flagship projects CryptoPunks and Meebits.


TORRID August 2021 was easily the most torrid month in history for NFTs. OpenSea, the market leader in terms of volume, facilitated more than $3.42B worth of NFT transactions in August, a sum considered insane at the time. Volume returning to that range provides more evidence that NFTs have staying power. With more than 362,000 active traders, OpenSea also set a record in December, according to a Dune Analytics dashboard by Richard Chen, general partner at 1confirmation, a crypto-focused investment firm.


Regulatory Action

🏛 U.S. Orders DeFi Platform Polymarket to Pay $1.4M and Shut Unlicensed Markets

UNAUTHORIZED The U.S. Commodity Futures Trading Commission (CFTC) has settled charges against Polymarket, an Ethereum-based prediction markets platform, ordering the firm to pay a $1.4M penalty and remove its unauthorized markets by Jan. 14.

SWAPS Polymarket hosts binary options contracts that allow users to speculate on whether a particular event may occur in the future. The CFTC found the contracts constitute swaps and said Polymarket was offering the markets without the licensing required by the Commodity Exchange Act.

CONTRACT MARKET A Jan. 3 announcement from the CFTC states that Polymarket was sued for “offering off-exchange event-based binary option contracts” without being licensed as a “designated contract market” or “swap execution facility.”


DeFi Products

📲 Aave Unveils Mobile Wallet and Eyes V3 Deployment on StarkNet

PAYMENT SERVICES Aave, a leading decentralized lending protocol, is developing a mobile wallet, the company said on Jan. 1. Founder Stani Kulechov said Aave holds an electronic money license in the U.K. to support the wallet. Aave Ltd was licensed by the Financial Conduct Authority as an Authorized Electronic Money Institution in July 2020, allowing it to “issue electronic money” and “provide payment services.”

PROPOSAL The news was received favorably on Twitter, attracting more than 3,700 likes so far. Twitter user “motherlode.eth” asked Kulechov whether he was referring to a grant proposal to support the development of an Aave mobile app that was submitted to the protocol’s governance forum in August. Kulechov responded: “No, while this proposal is amazing – Aave is building something mindblowing.”

V3 ITERATION The news comes amid coming expansions for Aave. The protocol is gearing up to launch its whitelisted institutional platform dubbed Aave Arc. On Dec. 30, the Aave community also began discussing whether to deploy its forthcoming v3 iteration on StarkNet’s L2 ZK-Rollup.



💰Yearn Passes New Tokeneconomics, Rewarding YFI Stakers With Up to $35M Per Year

GOVERNANCE Yearn has decided to make governance pay. Yield aggregator Yearn Finance has closed the vote on its new tokenomics. Once implemented, holders of its YFI governance token will need to stake their tokens to participate in governance, but in doing so they will be able to earn more YFI.

PROFITS Yearn will use protocol profits to buy YFI tokens off the open market and distribute it back to stakers, while also maintaining a fixed operational fund of $30M. The proposal passed with 99% of YFI voters supporting the change.

TOKENOMICS YFI is trading 35% higher since the vote closed on Dec. 28, at $35,410 at mid-day New York time. Yearn is following the lead of automated market maker Curve Finance, with the revamped tokenomics intended to limit liquid supply and foster long term price appreciation. Decentralized finance tokens have struggled to hold value this year even as more and more people use DeFi.


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The Tube

📺 Quick Take: WTF is Web3?


🔗 Grayscale reshuffles its DeFi index, adds Flexa's AMP: The Block

Crypto asset management firm Grayscale announced Tuesday a shake-up in the constituents of its DeFi index as part of its quarterly rebalancing.

🔗 What Jack Dorsey Doesn't Get about Web3 | LITE: Bankless

If you were on Crypto Twitter during the holidays, you may have noticed how 2021 ended in perfect crypto fashion: heated debate.

🔗 More billionaires turning to crypto on fiat inflation fears: CoinTelegraph

Previously anti-crypto investors are increasingly turning to Bitcoin (BTC) and its brethren as a hedge against fiat currency inflation concerns.

🔗 Crypto tycoons help drive global art market to record levels in 2021: The Guardian

The global art market performed at record levels in 2021, with billions of dollars being paid for works by impressionist, postwar and contemporary artists, and much of it bought by people whose wealth comes from cryptocurrencies or other technologies.

🔗 Half a Billion in Bitcoin, Lost in the Dump: The New Yorker

If things had gone just a bit differently, James Howells might today be as rich as the Queen of England.


Terra Daily 🌖 @TerraLUNADaily🎉 Hey #LUNAtics, @binance has added 2 new $LUNA trading pairs: LUNA/BRL, LUNA/UST (BRL is a fiat currency). ⏲️ Opening time: 2022-01-05 09:00 AM (UTC) 👉 Details at: binance.com/en/support/ann… #LUNA #Terra


9:07 AM ∙ Jan 4, 2022147Likes27Retweets


Curve Finance @CurveFinanceAnother V2 pool with T network token curve.fi/teth T is formed by merge of $NU (@NuCypher) and $KEEP (@keep_project) which just has happenedcurve.fiCurve.fiCurve is an exchange liquidity pool on Ethereum designed for: extremely efficient stablecoin trading, low risk, supplemental fee income for liquidity providers, without an opportunity cost.7:29 PM ∙ Jan 3, 2022194Likes43Retweets

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🧑‍💻 ✍️ 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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