💸 PayPal Enables Crypto Withdrawals to Non-Custodial Wallets

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News

Markets

Liquid Staking Providers Buck Bear Market With Hefty Inflows

Podcast

Digital Fashion and Identity in The Metaverse With The Fabricant Co-Founder

Video

Quick Take: Binance under the spotlight

Elsewhere

Citadel Securities Is Building a Crypto Trading Marketplace With Virtu Financial: Sources: CoinDesk
Solana Ventures sets up $100M fund for GameFi and DeFi in South Korea: CoinTelegraph
How AVAX Will Accrue Value As It Scales Web 3.0: Medium
The Responsible Financial Innovation Act, a 69-page bill creating a thorough regulatory framework for digital assets. There's a lot to like here. Some highlights & next steps: Blockchain Association:

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Proof-of-Stake

💦 Liquid Staking Providers Buck Bear Market With Hefty Inflows

By Samuel Haig

ROUGH YEAR This has been a rough year for DeFi, with large sums of capital being withdrawn from most of the sector’s top protocols. Even so, liquid staking providers are among the few DeFi projects to post consistent growth.

DEPOSITS Leading liquid staking provider Lido has continued to absorb deposits despite suffering a heavy drop in total value locked (TVL) amid ETH’s recent losses, according to DeFi Llama. Lido took in more than $3.2B across six individual days during February and March. By contrast, just 15 daily outflows have been posted since the start of March.

VALIDATION It’s not alone. Rival liquid staking provider, Rocket Pool, has also enjoyed consistent inflows during 2022, posting withdrawals for just three days of the year so far. So why are these projects, which help Ethereum stakers participate in processing its blockchain, bucking the downturn? It all has to do with Ethereum’s shift to Proof-of-Stake from Proof-Work transaction validation.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Crypto Payments

💸 PayPal Enables Crypto Withdrawals to Non-Custodial Wallets

By Owen Fernau

NEWS Robinhood couldn’t have all the fun. After the financial services company which pioneered commission-free stock trading enabled crypto withdrawals in April, payments giant PayPal has launched the same feature.

TRANSFERS In addition to allowing users to withdraw crypto assets to external wallets like MetaMask, PayPal is enabling its users to transfer digital assets between themselves. Users will also be able to transfer their assets into PayPal (and presumably sell them for US dollars) according to the press release from the fintech giant.

ECOSYSTEM Users who move their assets to external wallets will be able to interact with the broader DeFi ecosystem, participating in financial transactions like taking out permissionless loans, and providing liquidity to automated market makers (AMMs) like Uniswap.

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📜 Kirobo Launches Crypto-Native Estate Planning Tool

By Jason Levin

INHERITANCE Israeli blockchain company Kirobo has launched an inheritance feature that serves as a crypto-native alternative to a Last Will & Testament. ETH and all other ERC-20 tokens are currently supported, with NFTs planned in future updates.

WALLETS In December 2021, Kirobo originally created a product called Liquid Vault to be used for restoring access to crypto wallets. With Liquid Vault, users can define a secondary wallet for crypto to be sent to if they lose access to their primary wallet. The Liquid Vault uses “future conditional transactions”, transactions that are activated via conditions based on criteria like a specific time or ownership of a particular NFT.

FUNDS Now, Kirobo is allowing users to use Liquid Vault to designate up to eight wallets to inherit funds after a certain time period. Users can add funds to the Liquid Vault at any point, adjust the timing, and change beneficiaries. Before the user-specified time period is up, funds in the Liquid Vault are still usable and can interact with smart contracts.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Stablecoins

🟣 Circle Expands Beyond Ethereum With Support For USDC On Polygon

By Samuel Haig

SUPPORT Circle, expanding beyond the Ethereum mainnet for the first time, is launching support for its USDC stablecoin on Polygon’s proof-of-stake (PoS) chain, the company said today. Polygon builds Layer 2 scaling solutions for Ethereum. Its PoS chain currently represents a total value locked (TVL) of $2.43B.

CONVERT FIAT The move is designed to enable Polygon-based businesses and developers to decrease settlement times and lower costs by accessing USDC directly using Circle Account. In a statement, Circle said account users will be able to convert fiat currency to Polygon USDC in just seconds.

INTEGRATION The integration will make it easier to manually bridge USDC from Ethereum to Polygon. Jeremy Allaire, CEO and Co-founder of Circle, described Polygon as “an attractive entry point for businesses and developers to build in an established and liquid ecosystem with faster settlement times and reduced costs.”

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Podcast

🎙 Digital Fashion and Identity in The Metaverse With The Fabricant Co-Founder

The Tube

📺 Quick Take: Binance under the spotlight

Elsewhere

🔗 Citadel Securities Is Building a Crypto Trading Marketplace With Virtu Financial: Sources: CoinDesk

U.S. electronic trading giant Citadel Securities is building a “cryptocurrency trading ecosystem” with the help of high-frequency trading and market-making firm Virtu Financial, as well as venture capital firms Sequoia Capital and Paradigm.

🔗 Solana Ventures sets up $100M fund for GameFi and DeFi in South Korea: CoinTelegraph

The new fund is intended to support the growth of NFT, gaming, and DeFi projects on Solana and to help keep former Terra developers on their feet following Terra’s fall.

🔗 How AVAX Will Accrue Value As It Scales Web 3.0: Medium

With the successful launch of Avalanche subnets like DeFi Kingdoms and Crabada, there has been increased discussion around the tokenomics and value accrual mechanisms of the Avalanche native token, AVAX.

Jake Chervinsky @jchervinsky1/ It's a big day for US crypto policy as @SenLummis & @SenGillibrand announce the Responsible Financial Innovation Act, a 69-page bill creating a thorough regulatory framework for digital assets. There's a lot to like here. Some highlights & next steps:

gillibrand.senate.govLummis, Gillibrand Introduce Landmark Legislation To Create Regulatory Framework For Digital Assets | Kirsten Gillibrand | U.S. Senator for…The official website of U.S. Senator Kirsten Gillibrand. Proud to serve New York in the United States Senate.12:59 PM ∙ Jun 7, 2022632Likes221Retweets

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Sweeping Bipartisan Bill Aims For Across-the-Board Regulation of CryptoU.S. lawmakers unveiled bipartisan legislation on Tuesday that could dramatically alter the regulatory landscape for crypto – or in the words of its primary author, Sen. Cynthia Lummis (R-Wy.), “fully integrate digital assets into our financial system.”
Fed’s Quantitative Tightening Program Poised to Whipsaw CryptoWith crypto’s market cap already down $1T for the year, digital asset holders are hoping the bear market’s worst damage is done. They may be out of luck, however, as the U.S. Federal Reserve began quantitative tightening (QT) on June 1, according to a press release by the central bank.
Tutorial: New scam on OpenSea: How to not get REKTRobin walks us through the latest in NFT skullduggery.

🧑‍💻 ✍️ 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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