š£ SushiSwap Discounted Treasury Sale Proposal Draws Community Ire
Hello Defiers! Hereās what we are covering today, Feature Bots are Funneling Millions from Wax Blockchainās Star Dapp Alien Worlds Research Looking Back at Uniswapās Growth as itās Deployed on L2 News SushiSwap Treasury Sale Proposal Draws Community ...
By: Ā Ā
Hello Defiers! Hereās what we are covering today,
Feature
Research
News
Video
Podcast
Links
- Masterpieces: Swiss bank issuing NFT shares in Picasso painting for $6K each: CoinTelegraph
- London Mainnet Announcement: Ethereum Foundation
- UK Regulator to Launch Ā£11M Campaign Warning of Crypto Risks: CoinDesk
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- Aave, an open-source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets.
- The DeFi Pulse Index, a capitalization-weighted index that tracks the performance of selected DeFi assets across the market.
Feature
š¤ Bots are Funneling Millions from Wax Blockchainās Star Dapp Alien Worlds
TLDR Alien Worlds, one of the biggest blockchain games running on the Wax blockchain (EOS fork), is making some participants millions of dollars in weeks. The issue is, these players are gaming theĀ game.
THE GAME Players buy NFT tools and click a button to get Trilium (TLM), the in-game currency, as well as more NFTs. Even if the gameplay is simple and repetitive, AW attracted the attention of Animoca andĀ Binance. Depending on the day, TLMās market cap is around $100m and sometimes exceeds that of its parent chain.
THE FLAW The system is flawed: despite installing captchas and bots protection, TLM is extensively mined by a few botnets, and the founders are apparently unable to slow or shut them down.The rogue bots are bypassing defenses and wreaking havoc.
SO WHAT A single actor is draining 10% of daily TLM and several botnets are earning thousands of dollars āplaying.ā These exploits are making the competition unfair for human players and investors trusting TLM to be scarce and fairly distributed.
šREAD THE FULL STORY IN THE DEFIANT.IOĀ š
Markets
š£ SushiSwap Discounted Treasury Sale Proposal Draws Community Ire
TLDR SushiSwapās $60M strategic fundraising round has come under fire from community members who dislike the plan to offer investors deep discounts at a time when its tokens are slumping in the marketplace.
NEWS Last week, the SushiSwap team introduced aĀ proposal to diversify the protocolās treasury. The decentralized exchange holds the bulk of its treasury funds in the form of its native SUSHI tokens and the proposal forms part of its overall Treasury Diversification Plan.
SO WHAT Under the proposal, the protocol plans to raise $50M from a slate of venture capitalists and other institutional investors, with an additional $10M reserved for community members who wish to participate. The investors will receive SUSHI tokens at a 20 to 30% discount to the average price over the last 30 days. The tokens will be vested over eighteen months with a six-month cliff.
šREAD THE FULL STORY IN THE DEFIANT.IOĀ š
Research: On-Chain Markets Update byĀ Lucas Outumuro,Ā IntoTheBlock
š¦ Looking at Uniswapās Growth as itās Deployed on L2
The anticipated launch of Uniswap on layer 2 has finally arrived, at least to some extent.Ā Uniswapās alpha on OptimismĀ has been released, supporting only six crypto-assets so far, but at a fraction of the cost incurred on Ethereumās mainnet.
As Uniswapās V3 is on track to fully deploy onto layer 2 both on Optimism andĀ Arbitrum, it is worth recapitulating over the impressive growth it has already achieved. This piece aims to cover a holistic view of Uniswapās three versions, cast comparisons versus traditional counterparts and finally analyze the implications of its upcoming full release on layer 2.
šREAD THE FULL PIECE IN THE DEFIANT.IOĀ š
Bytes
š¦¹š»āāļø Upgrade Opens ThorChain to $4.9M Exploit
TLDR ThorChain, a popular decentralized exchange that enables native token swaps across different blockchains, was exploited yesterday to the tune of $4.9M.
NEWS According to theĀ project, the exploit was made possible by a recent upgrade to the protocolās āBifrostā router that connects ThorChain to Ethereum. The change allowed the attacker to trick the router using a custom wrapper contract that indicated a deposit value of 200 ETH while actually diverting the ETH back to the attacker.
SWAP The router then proceeded to allow the exploiter to swap the phantom ETH for various other DeFi tokens that remain in the exploiterāsĀ addressĀ at the time of writing.
šREAD THE FULL STORY IN THE DEFIANT.IOĀ š
Video
šŗ Stani, Calvin, Rune, Leo - LENDING's top players join Jam Session #2
Links
š Masterpieces: Swiss bank issuing NFT shares in Picasso painting for $6K each: CoinTelegraph
Digital asset-focused Swiss Bank, Sygnum, has teamed up with art investment firm Artemundi to offer fractionalized ownership shares in a Pablo Picasso painting for $6,000 each. Shares representing ownership over $3.68 million Picasso painting, āFillette au bĆ©ret,ā will beĀ tokenizedĀ and issued via blockchain technology, allowing a wide variety of investors to gain exposure to the artwork.
š London Mainnet Announcement: Ethereum Foundation
After a successfulĀ testnet deployement, the London upgrade is now ready to be activated on the Ethereum mainnet. It will go live on blockĀ 12 965 000, which is expected between August 3-5, 2021.
š UK Regulator to Launch Ā£11M Campaign Warning of Crypto Risks: CoinDesk
The U.K. Financial Conduct Authority (FCA) is launching an Ā£11 million (US$15 million) marketing campaign to warn young people of the risks in investing in crypto.
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š§āš» āļø Stories in this newsletter were written by yyctrader, Lucas Outumuro, Mann000, and edited by Edward Robinson, Bailey Reutzel and Camila Russo.Ā Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
The DefiantĀ is a daily newsletter focusing on decentralized finance, a new financial system thatās 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.Ā Click here to pay with DAIĀ (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).
