🤳🏽 Web3 Goes Mobile In Bid For Mass Adoption

Hello Defiers! Here’s what we’re covering today: News Web3 Goes Mobile In Bid For Mass Adoption Celsius Withdraws $400M Worth of Staked Ether from Aave Celsius Continues To Rapidly Repay DeFi Loans Phishing Villain Targets Uniswap Users with Airdrop G...

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Web3 Mobile

🤳🏽 Web3 Goes Mobile In Bid For Mass Adoption

By Jason Levin

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SERIOUS BETS To go mainstream, Web3 needs to go mobile — at least that’s how the argument goes. Like phones and laptops going mobile before it, web3 teams are making serious bets that mobile is the future of the industry.

NOTHING Solana is going forward with a Solana-native smartphone called Saga while HTC has released a phone designed for a VR metaverse. A team of developers quietly released an Ethereum-based operating system, and Polygon is partnering with a mobile phone startup called Nothing to release the Nothing Phone (1).

ACCESS As of 2019, it was forecast that over 2 billion people accessed the internet via their smartphones alone. The World Advertising Research Center (WARC) has predicted that 72.6% of internet users or nearly 3.7 billion people will access the web via smartphones by 2025.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Celsius Crisis

💸 Celsius Withdraws $400M Worth of Staked Ether from Aave

By Aleksandar Gilbert

CelsiusWithdrawalsPaused

NEWS Celsius Network withdrew more than $400M in staked Ether from Aave on Tuesday as it continues to settle outstanding loans on DeFi protocols.

COLLATERAL The struggling crypto lender withdrew 400,000 of Lido’s staked ETH, or stETH, it had put up as collateral on a loan taken from the Aave protocol, worth $417M at the time. Minutes earlier, Celsius had paid back another 63M USDC in debt.

PAYBACK The trades bring Celsius, which has at least $585M in on-chain assets at last count, close to paying back the loan in its entirety. Celsius now owes Aave 8M USDC, a far cry from the 300M it was estimated to owe the protocol June 10. Celsius has been scrambling to reduce its obligations and shore up its financial position as depositors wait to access their money.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

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Celsius Crisis

💰 Celsius Continues To Rapidly Repay DeFi Loans

By Aleksandar Gilbert

CelsiusContinuesPayingDeFiLoans

NEWS Embattled crypto lender Celsius Network is aggressively paying down its DeFi debts as user withdrawals remain suspended.

COLLATERAL Since July 1, Celsius has repaid Aave 146M USDC and more than 53M DAI, while withdrawing almost 6,000 wrapped Bitcoin (wBTC), nearly 55,000 ETH and millions of dollars worth of other tokens posted as collateral, according to on-chain data. Celsius has also repaid about 120M DAI to Compound and withdrawn 4,400 wBTC it had posted as collateral.

INSOLVENCY Last week, Celsius completely settled its debt to MakerDAO, having paid down $190M in DAI since July 2. The news comes roughly a month after Celsius appeared to be at significant risk of insolvency.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Crypto Scams

🥷🏻 Phishing Villain Targets Uniswap Users with Airdrop Grift

By yyctrader

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THREAT “Our threat intel detected a potential exploit on Uniswap V3 on the ETH blockchain…” tweeted Binance founder Changpeng Zhao (CZ) on Monday evening. The news spread like wildfire across Twitter and Discord. For a few tense minutes, observers questioned what an exploit of one of DeFi’s backbones could mean for this tender market.

CLARIFICATION A few minutes later, security researcher samczsun clarified that there had been no smart contract exploit on Uniswap V3, but rather a phishing attack.

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PHISHING Uniswap founder Hayden Adams confirmed that liquidity providers on the decentralized exchange had been targeted in a sophisticated phishing scam. Crisis averted, and yet the attempt, which involved a bogus airdrop, was worrisome.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Opinion

🤺 Deploying a DeFi Defense in a Bear Market

How to Use Simulations, Benchmarks and other Methods to Weather the Selloff

Guest writer Jordan Kruger lays out a detailed and thorough plan for navigating a challenging cycle…

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HEADY DAYS It’s no secret that the recent retrenchment in the crypto market has left many — even industry veterans — in a state of shock. In 2022, the term “DeFi Summer” is earning a connotation that is 180 degrees out-of-phase from the heady days that inspired the term just two years ago.

STRESS TESTING This means that the entire cryptocurrency sector is undergoing stress testing at levels unseen since the COVID-driven crash in March 2020, a time before most DeFi protocols existed. Cascading liquidations continue to crater major crypto assets, with many overleveraged and underwater.

SUSTAINABLE Much of DeFi was built out during the DeFi Summer of 2020 and, therefore, the sector was saddled with many inaccurate, underlying assumptions. So what can we learn from the current environment and what does it take to build sustainable DeFi services?

👉READ THE FULL STORY IN THE DEFIANT.IO👈

The Tube

📺 Quick Take: 3AC Ghosts everyone, Celsius fights back

📺 The Defiant Weekly: Crypto Contagion: Mapping the fallout from $LUNA, 3AC, Celsius, Voyager and Blockfi

Shoutout

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Elsewhere

🔗 Binance served crypto traders in Iran despite U.S. sanctions, clients say: Reuters

The world's largest crypto exchange, Binance, continued to process trades by clients in Iran despite U.S. sanctions and a company ban on doing business there, a Reuters investigation has found.

🔗 Axie Infinity NFT Sales Rising Amid 'Play-and-Earn' Transition: Decrypt

Axie Infinity is the single largest NFT project of all time in terms of trading volume, but it has fallen on hard times in recent months between a failing play-to-earn economy and a $622 million hack to its Ronin network bridge.

🔗 Boost your MEV in Ethereum proof-of-stake: Flashbots

Calling all validators to test mev-boost. From our early explorations in Ethereum proof-of-stake we found that “MEV can increase validator rewards by 75.3%, or give an APR of 12.86% rather than a non-MEV APR of 7.35% from staking eth.” Any competitive validator will need access to MEV.

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Art Blocks @artblocks_ioOn Thursday at 12pm CT, we're joined by @newrafael @JanRobertLeegte and @thisaintanika on Minters & Makers here on Twitter Spaces Tune in for a broad conversation about all things art - keep an eye out for the Spaces link later this week 🍻

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1:20 PM ∙ Jul 11, 202228Likes6Retweets

Trending in The Defiant

🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Claire Gu, Samuel Haig, Jason Levin, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

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