🇫🇷 SocGen Wants To Borrow 20M Dai on MakerDAO Using Tokenized Bonds as Collateral

Hello Defiers! Here’s what we are covering today, News SocGen Wants To Borrow 20M Dai on MakerDAO Using Tokenized Bonds as Collateral Visa Sketches a Global Network of Central Bank Digital Currencies With Itself at the Center New 1inch Feature Seeks to...

Hello Defiers! Here’s what we are covering today,




🧑‍💻 🦄 🌈 NYC DeFi Hub: The Defiant has just launched Colony, a co-working space in Dumbo for teams building DeFi and Web3 to join and find a community. There are 20 desks in an open floor plan at a reformed factory building. Fill out this form if you’re interested in working there or sponsoring the space.

The open economy is taking over the old one. Subscribe to keep up with this revolution. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).

Subscribe now

🙌 Together with:

  • Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at this link.
  • Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi
  • Aave, an open-source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets.
  • The DeFi Pulse Index, by Index Coop - DPI is the easiest way to capture the upside of DeFi with the benefit of diversification. Buy DPI today on your favorite DEX.

DeFi + TradFi

🇫🇷 SocGen Wants To Borrow 20M Dai on MakerDAO Using Tokenized Bonds as Collateral

FUTURE OF FRANCE There’s a meme on crypto Twitter that calls DeFi the “future of France” as a play on the phrase the future of finance. Well, there may be more truth to the meme than many expected.

NEWS Société Générale, the third-largest bank in France, has proposed to borrow Dai in MakerDAO using bonds it issued on the Ethereum blockchain as collateral, according to a post on MakerDAO’s forum.

OFH SG — Forge, which is an investment firm and subsidiary of SocGen, is proposing that MakerDAO accept its OFH Tokens as collateral in the protocol, in exchange for up to 20M Dai. OFH Tokens represent covered bonds backed by home loans, with a 0% rate, maturing in 2025, worth 40M EU




🌐 Visa Sketches a Global Network of Central Bank Digital Currencies With Itself at the Center

TLDR You may never be able to send a message from Telegram to a friend on WhatsApp, but you might be able to send dollars from a digital wallet issued by the U.S. Treasury to a wallet from the People’s Bank of China, only the recipient will receive the payment in yuan.

VISION That’s the vision that the payments network Visa articulated in an announcement today. The credit card giant wants to enable central bank digital currencies (CBDCs) to play nicely together.

ACCEPTANCE “We believe that for CBDCs to be successful, they must have two essential ingredients: a great consumer experience and widespread merchant acceptance,” Catherine Gu, wrote in Visa’s announcement. “It means the ability to make and receive payments, regardless of currency, channel, or form factor. And that’s where Visa’s UPC concept comes in.”

MONOPOLY Gu leads the company’s efforts around CBDCs, which represent a vision for state-backed currencies to take advantage of some of the efficiencies offered by blockchain technology while still maintaining a state monopoly on money.


DeFi Markets

💨 New 1inch Feature Seeks to Keep US Users Away

NEWS 1inch, a decentralized exchange aggregator, introduced a feature which pushes its users to verify whether they are US residents. The feature requires users to sign an agreement with their cryptocurrency wallet stating that they are not in the United States.

SO WHAT While the signature doesn’t go directly onto the blockchain, 1inch could post it there if they wanted to, linking the wallet to the signature, according to Maarten Zuidhoorn, a developer at interface provider MyCrypto, on Stack Exchange.

SIGNATURE “Others would […] be able to see who signed the message, by recovering the signer from the signature, and thus verify if your address signed the message,” said Zuidhoorn.




📺 Jam Session #7: Frontends


🔗 Gelato Network Raises $11 Million Series A to Develop Web 3.0 Automation: Gelato Network

Gelato Network, a protocol that has pioneered automating smart contract executions, today announced its Series A totalling more than $11 million. The raise was led by Dragonfly Capital, which aims to support the most promising projects in the decentralized economy, including DeFi protocols, NFT projects and Ethereum Layer-2 solutions.

🔗 Analyst nails Bitcoin monthly close 2 months running — his October target is $63K: CoinTelegraph

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it first returned to the $44,000 mark Thursday, then test lower levels before heading even higher.

🔗 Supposed 17-year-old artist sells $138,000 worth of fake NFTs and disappears: The Block

A supposed 17-year-old 3D digital artist performed what's known in crypto lingo as a "rugpull" today, failing to deliver on a project and disappearing with all the money.

🔗 TikTok launches first creator-led NFT collection: TikTok

Inspired by the creativity and innovation of the TikTok creator community, we're exploring the world of NFTs as a new creator empowerment tool. Today we're announcing our first-ever NFT collection, TikTok Top Moments, designed by some of our community-defining creators and inspired by the trending videos they created.

🔗 [Security Tokens Refinancing] MIP6 Application for OFH Tokens: MakerDAO

Dear MakerDAO Community, We submit to you, on behalf of European investment firm Societe Generale-Forge, this MIP6 application for discussion and approval of Security Tokens refinancing.


MadRabbits @MadRabbitsRC🔥🔥🔥BREAKING NEWS🔥🔥🔥 Mad Rabbits Riot Club guest artist 1/1 charity auctions will be hosted by @niftygateway on Oct. 12, the same day we drop our mint line!! Thank you to all the amazing guest artists!! MadRabbits.io discord.gg/MadRabbits


1:06 AM ∙ Sep 30, 202178Likes30Retweets


Tara Workman @bajaninpdxA collection of images encouraging an escape from reality @opensea A donation will be made to support the BIPOC community in Portland when sold out & each collector will receive a physical print of a personal fav of mine. #nftcollector #NFTGiveaways opensea.io/collection/abs…


3:38 PM ∙ Sep 22, 2021140Likes35Retweets

This is a public version of the newsletter and both paid and free subscribers are receiving it.

Free subscribers get:

  • Daily news briefings
  • Weekly Recap

Paid subscribers get:

  • Full transcript of the weekly podcast interview
  • Early access to opinion columns and research pieces
  • Exclusive access to Inbox Dump where we send all the press releases that didn’t make it to the newsletter (Saturday)
  • Exclusive access to subscribers-only Discord chat
  • Exclusive access to bi-weekly community calls

🧑‍💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Bailey Reutzel, and yyctrader, and edited by Edward Robinson, Bailey Reutzel, and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

Subscribe now

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.