🔥 Surging Burn Rate Drives First Deflationary Week for ETH Issuance

Hello Defiers! Here’s what we’re covering today: News Surging Burn Rate Drives First Deflationary Week for ETH Issuance OlympusDAO and Forks Brutalized as Broader DeFi Market Rebounds China Hops Aboard NFT Bandwagon But With No Cryptocurrency Links Op...


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




🎙Listen to the interview in this week’s podcast episode here:




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ETH Behavior

🔥 Surging Burn Rate Drives First Deflationary Week for ETH Issuance

DESTROYED Ethereum has posted its first consecutive week of deflationary issuance amid surging network activity, meaning more ETH was destroyed than created over the past seven days.

ISSUANCE More than 1.5M Ether has now been burned since EIP-1559 introduced Ethereum’s burn mechanism in early August. Nearly $5B worth of ETH has been destroyed in less than six months. Ethereum’s issuance rate also recently dropped below that of Bitcoin for the first time.

REWARDS The milestone bodes well for Ethereum’s coming 2.0 roadmap. The Merge is expected to drive a further 90% reduction in ETH issuance with the introduction of Proof-of-Stake consensus, putting an end to block rewards for Proof-of-Work miners.


Historic inflation rate of BTC and ETH. Source: Glassnode



😬 OlympusDAO and Forks Brutalized as Broader DeFi Market Rebounds

LOSSES OlympusDAO (OHM) and many of the forked rebase projects it inspired have suffered brutal losses this past week despite the broader DeFi markets rebounding from last week’s lows.

BURN RATE The tumultuous markets have also pushed Ethereum’s seven-day burn-rate up to 11 ETH per minute, while the Fantom, Arbitrum, and Terra networks each posted significant TVL growth for the week.

TOKEN OHM ranks as the weakest performing top 100 DeFi token for the week according to CoinGecko. The token is down roughly 53% since Jan. 10, including a loss of 32.6% in the past 24 hours.


OHM/USD. Source: CoinGecko


NFT Infrastructure

🇨🇳 China Hops Aboard NFT Bandwagon But With No Cryptocurrency Links

LAUNCH Even the Chinese government is down with NFTs now. China’s state-backed Blockchain Service Network is planning to roll out infrastructure enabling the creation and launch of NFTs by the end of this month.

NO LINKS Yet with public blockchains and decentralized crypto assets prohibited in China, the country has largely sat out of the NFT boom. In a Medium post published on Jan. 17, BSN said that its NFT ecosystem will have no links to cryptocurrency and all transactions will be settled in Yuan.

LOCAL ENTERPRISES “As cryptocurrency is banned in China, the payments […] are in fiat currency to comply with the Chinese regulation,” the post said. The BSN is a blockchain network backed by the Chinese government intended to allow local enterprises to harness DLT without risking running afoul of local anti-crypto regulations.



🌱 DeFi and Impact Investing Must Work In Tandem to Build Sustainable Economies

The intersection of socially responsible investing and DeFi has the potential to alleviate poverty and support the developing world, Gabriela Chang writes.

While global crises are never welcomed, they do tend to kick people to find solutions to crucial challenges.

After the 2008 financial crisis, for instance, interest in impact investing grew. The COVID-19 crisis has further demonstrated the need for cooperation through investing strategies that are driven by values and ethics as much as profit.

Since the pandemic began in early 2020, we’ve seen an increase in the number of companies building out dedicated ESG teams, according to the head of J.P. Morgan’s Development Finance Institution. And institutional investors are launching more impact-focused investment funds to fulfill the UN Sustainable Development Goals.

More than $715B of assets under management are now committed to impact investing. This is a paradigm shift that is reshaping the future of investing. That’s why there is a natural fit between impact investing and DeFi, which, of course, has not only upended the traditional order in finance. It’s also providing impact investors with a powerful tool to track performance.


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Former Merrill Lynch CFO joins the first Decentralized ETF as Advisor

The Decentralized ETF, an ERC-20 based exchange-traded fund established to simplify and enable investors broad exposure to the crypto market.

The D-ETF is completely self-operating by a DAO, which automatically executes the successfully voted proposals. Token holders can suggest token swaps, and participate in voting in token proposals.

Besides being a price speculative asset, the D-ETF protocol offers a 1.5% accumulating yield to token holders, coming from all daily transaction volume. Another 1.5% is added to a treasury to purchase more intrinsic value. These percentages are generated from transaction fees, incentivizing token holders to stay in the protocol and generating passive yields without locking up their tokens.

The D-ETF protocol has already started to add intrinsic value, with familiar tokens such as WOO Network, Fantom, Wrapped Luna, Chainlink, Wrapped Bitcoin, and ThorChain.

The D-ETF team has recently onboarded former Merrill Lynch CFO Peter Olden to assist the team with reaching better FIAT on-ramp opportunities via traditional fund structures to onboard institutional clients.

The D-ETF has not officially launched yet, but their tokens can be purchased pre-IDO on their website.

The Tube

📺 Quick Take: Simpfi and the unexpected moon of IreneDAO

📺 The Defiant Weekly: CBDC‘s will eat your stablecoins for lunch


🔗 The Year in Ethereum 2021: Mirror

Ethereum is the foundation for a digital civilization. It is hardened, secure, and reliable. It is the bedrock necessary to support the digital cities being built on top of it.

🔗 Action Required: Critical Vulnerability for Six Tokens: Medium

A critical vulnerability that affected 6 cross-chain tokens was reported by security firm Dedaub and fixed by Multichain team.

🔗 Mechanism Capital Launches $100M Fund Focused on P2E Gaming: Blockworks

Crypto investment firm Mechanism Capital is launching a $100 million fund focused on the play-to-earn (P2E) gaming industry, the company shared on Monday.

🔗 ARC. Aave Governance V3: Aave

Proposal for the development and introduction of Aave Governance V3, based on storage-proofs, rollup-optimised (Starknet), with free (or almost) voting and fully integrated with the new SnapshotX system by Snapshot Labs.

🔗 Crypto job posts on LinkedIn rocketed 395% in 2021: CoinTelegraph

It wasn’t just a bull run for prices last year. Careers in crypto outstripped price action in 2021, as crypto job searches soared by 395% in the United States alone, according to LinkedIn.


Terra Daily 🌖 @TerraLUNADaily🗞 Missed the AMA with @staderlabs Check out the transcript now published on our website cryptodaily.io 👇 cryptodaily.io/stader-labs-am… Read it up!


cryptodaily.ioStader Labs AMA RecapBSCDaily.com hosts AMA with Stader Labs. #StaderLabs #BSC #BSCDaily #TerraLUNADaily BSCDaily Admin: Hello everyone! Today I have here with me Mr.Sid and Mr.Amit - two7:00 AM ∙ Jan 18, 202231Likes5Retweets

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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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