📈 NFT Market Shifting Into New Growth Phase: Report

Hello Defiers! Here’s what we’re covering today: News NFT Market Shifting Into New Growth Phase: Report Polkadot Parachains Launch $250M Fund To Grow EcosystemNFT Australian Bank Drops Anti-Crypto Stance and Embraces Stablecoins Feature How Pepe the ...

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



  • How Pepe the Frog Was Born a Meme, Survived the Alt-Right, and Became a $4M NFT


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NFT Cycle

📈 NFT Market Shifting Into New Growth Phase: Report

Nansen Finds Industry is Maturing Amid Spike in Profitable Projects

By Owen Fernau

FALLEN With every week that goes by it becomes clearer that peak NFT has passed. Or does it? It’s true. Google searches for the term “NFTs” are down by almost a third from mid-January. And daily volume on OpenSea has fallen more than 65% since Feb. 1, according to data from DuneAnalytics.

FAD Don’t dismiss NFTs as just another crypto fad just yet. Even as the buzz gets lets buzzy, the number of successful NFT projects is quietly increasing, according to a report released today by Nansen, a blockchain analytics platform, and shared with The Defiant.

SCAMS The proportion of minted and profitable NFT projects recently hit an all-time high, according to a graph provided in Nansen’s Minters Report. This indicates that a market known for froth and scams (Pixelmon notwithstanding), may be growing up.

MATURE MARKET “I think we’re seeing more successful projects,” Paul Harwood, a product manager at Nansen, told The Defiant. “We’re seeing the market mature and the real innovative projects really taking off and maybe the cash grabs not doing so well.”


Minted NFTs that are in profit, underwater, or dead collections per month. Source: Nansen



🔴 Polkadot Parachains Launch $250M Fund To Grow Ecosystem

Fresh Starup Activity Supports Acala's aUSD Stablecoin

By Samuel Haig

STARTUPS Polkadot’s network is rallying behind Acala’s aUSD stablecoin. Nine Polkadot parachain teams launched a $250M Ecosystem Fund to support early-stage startups building Polkadot and Kusama-based dapps that support Acala Network’s aUSD stablecoin, according to a March 23 announcement from Acala.

STABLE ASSET aUSD is a crypto-backed and overcollateralized decentralized stablecoin designed to provide a fiat-pegged stable asset for use across Polkadot’s multi-chain ecosystem. The stablecoin was launched by Acala on Feb. 9 and can be minted against DOT, and LCDOT — the token representing DOT locked during Polkadot’s parachain auctions. Other assets are expected to be supported as collateral in future.

PARACHAINS The aUSD Ecosystem Fund is supported by some of Polkadot’s top parachains including Moonbeam, Centrifuge, Efinity, HydraDX, OriginTrail, Parallel, Zeitgeist, Manta, and Acala. Leading VCs supporting the Polkadot ecosystem are also contributing to the fund, including Alameda Research, Digital Finance Group, and LongHash Ventures.



🇦🇺 Australian Bank Drops Anti-Crypto Stance and Embraces Stablecoins

By Samuel Haig

MINT In an about face, Australia and New Zealand Banking Group (ANZ), has become the country’s first bank to mint an Ethereum-based, AUD-denominated stablecoin dubbed the A$DC, the bank said in a statement on March 23.

SKEPTICISM The move follows years of skepticism toward crypto from Australia’s banks. In 2018, ANZ refused to bank businesses operating with crypto. In 2020, local stablecoin issuer, Chrono Bank, revealed that none of the country’s Big Four institutions were willing to provide banking services to the company, despite the project securing the required regulatory licensing.

SHIFT Banks in other nations, including the U.K. and the U.S., have also been reluctant to provide services for cryptocurrency businesses even as their own research and development arms studied digital assets and introduced new blockchain-based offerings in the marketplace. The shift by ANZ may augur more openness by other lenders to embrace stablecoins or other forms of crypto.


DeFi Saga

🐸 How Pepe the Frog Was Born a Meme, Survived the Alt-Right, and Became a $4M NFT

Popular Amphibian Has Come Home to Web3 After a Wild Journey

In which Mason Marcobello tells the tale of the omnipresent amphibian and his metamorphosis into a DeFi icon.


EVERYWHERE It’s no secret to veterans and newly indoctrinated DeFi “degens” that memes are as indelible a part of web3 as NFTs. And when it comes to anthropomorphic characters nestled throughout the NFT world, there’s nothing more at home than Pepe the Frog. You see this character everywhere, on Discord servers, Twitter, Telegram channels, and at crypto events.

BUZZ While Pepe may not be getting the kind of buzz that Bored Ape is, check this out In October, a one-of-one Rare Pepe NFT called “Pepenopoulos” sold at a Sotheby’s auction for $3.6 million. It was created in 2016.

MEME Pepe the Frog dates back to 2006, when it appeared in a Matt Furie comic called “Boy’s Club.” Several years later, due to the Cambrian-like explosion of social media, the character quickly evolved into a standalone meme, gaining popularity on Myspace and 4chan. It was first released as NFTs six years ago on a peer-to-peer marketplace called Counterparty.



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The Tube

📺 First Look: Aave V3 launched: Higher Borrowing Power, Cross Chain Txns, & Improved Risk Management



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🔗 Ukrainian refugee flees to Poland with $2,000 in bitcoin on a USB drive: CNBC

On the morning that Russia went to war with Ukraine, Fadey woke up at 9am to a deluge of Telegram messages from friends asking him what was happening on the ground in the western city of Lviv. After a quick scan of the news, he realized his country was under siege. He decided to get out.

🔗 Trading giant Jane Street backs NEAR-based lending protocol in new funding round: The Block

Jane Street is backing an upstart project in the decentralized finance space, representing the latest sign that the global trading firm is prioritizing crypto.

🔗 Almost half of Germans to invest in crypto: Report: CoinTelegraph

The richest country in Europe is coming round to crypto. That’s according to a report by KuCoin which shared some flattering statistics towards the future of crypto in Deutschland.


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5:00 AM ∙ Mar 24, 202223Likes8Retweets


Austin Griffith @austingriffith🏃‍♀️ SpeedRunEthereum.com is a great place for good coders to get started building decentralized applications. 🎥 Catch the intro. 🛠 Then, test your skills: 🚩 Challenge 0: 🎟 Simple NFT Example 🚩 Challenge 1: 🥩 Decentralized Staking App 🚩 Challenge 2: 🏵 Token Vendorspeedrunethereum.comSpeed Run EthereumCreated using 🏗 scaffold-eth1:56 PM ∙ Mar 23, 2022208Likes60Retweets

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🧑‍💻 ✍️ Stories in The Defiant are written by 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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