🤳🏽 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...
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 Grift
Opinion
Video
- Quick Take: 3AC Ghosts everyone, Celsius fights back
- The Defiant Weekly: Crypto Contagion: Mapping the fallout from $LUNA, 3AC, Celsius, Voyager and Blockfi
Elsewhere
- Binance served crypto traders in Iran despite U.S. sanctions, clients say: Reuters
- Axie Infinity NFT Sales Rising Amid 'Play-and-Earn' Transition: Decrypt
- Boost your MEV in Ethereum proof-of-stake: Flashbots
- On Thursday at 12pm CT, we're joined by @newrafael @JanRobertLeegte and @thisaintanika on Minters & Makers here on Twitter Spaces: Art Blocks
Trending in The Defiant
- Celsius Partner Details Inner Workings of ‘Ponzi Scheme’ in Lawsuit
- Voyager Delivers Painful Lesson on Perils of Counterparty Risk in Bankruptcy Drama
- MakerDAO Members Vote on Issuing $30M Loan To Societe Generale
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Web3 Mobile
🤳🏽 Web3 Goes Mobile In Bid For Mass Adoption
By Jason Levin
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
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👈
Sponsored Post
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Celsius Crisis
💰 Celsius Continues To Rapidly Repay DeFi Loans
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
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.
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…
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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Check us out at prepo.io
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.
1:20 PM ∙ Jul 11, 202228Likes6Retweets
Trending in The Defiant
- Celsius Partner Details Inner Workings of ‘Ponzi Scheme’ in LawsuitThe crisis engulfing Celsius, the embattled centralized crypto lending platform, took a strange turn on July 7 when a former partner that helped manage assets for the firm accused it of running a “Ponzi scheme.”
- Voyager Delivers Painful Lesson on Perils of Counterparty Risk in Bankruptcy DramaIn late June, the top executives at Voyager Digital, a cryptocurrency exchange with 3.5M users, knew they were in deep trouble. Three Arrows Capital, the Singapore-based hedge fund, owed it hundreds of millions worth of crypto and showed no signs of servicing the debt.
- MakerDAO Members Vote on Issuing $30M Loan To Societe GeneraleMakerDAO is intensifying its strategic shift to embrace real world assets. The Maker community will soon vote on whether to issue a 30M DAI loan to SG Forge — a blockchain-focused subsidiary of Societe Generale, the No. 3 bank in France with €1.5T ($1.5T) in assets.
🧑💻 ✍️ 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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