🤩 Web3 Salaries Soar to $750,000 for Rank-and-File Devs

Hello Defiers! Here’s what we’re covering today: News Web3 Salaries Soar to $750,000 for Rank-and-File Devs Ether Burn Rate Plunges to Seven Month Low Market Roundup: BSC Flexes its DEXes as Terra Surges Opinion Brazil Has All the Ingredients to Be a...

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




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Do you want to make a real difference in the Ukraine crisis? Until March 24th, if you donate to help improve the situation in Ukraine on Gitcoin your funds will be matched by a pool of over $700,000 using the power of quadratic funding.

In some cases, 1 DAI can be matched up to 50x, so even small amounts are meaningful. Peace is a global public good, and it's become increasingly clear that we have to work to collectively maintain it. For more details, check out http://gitcoin.co/grants and go to the "Support for Ukraine" category.

Public goods are good.


Gitcoin grants sustain web3 projects with quadratic funding

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).

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🤩 Web3 Salaries Soar to $750,000 for Rank-and-File Devs

The Catch: Web3 Projects Jack Up Comp With Token Incentives

By Owen Fernau

BEACONS Web2 giants like Google and Facebook have long been beacons for talent seeking cushy paydays, and for good reason — senior software engineers at all five FAANG companies make well over $300,000 a year, according to levels.fyi.

$750K It didn’t take long for web3 to catch up. Jobs with similar lofty income levels have emerged at web3 startups. A senior Solidity engineer position at Silo Finance, a lending protocol, recently turned heads with a reported salary ranging from $300,000 to $750,000.

PACKAGE Other eye-popping postings have crossed the wires: TempleDAO, an OlympusDAO fork, posted a job paying $300,000 to $900,000 and it quickly made the rounds on Twitter. LooksRare also offered a package that topped $600,000, according to The Daily Ape.



ETH Burn

🔥 Ether Burn Rate Plunges to Seven Month Low

Ethereum Poised for Deflationary Cycle as The Merge Approaches

By Samuel Haig

LOWEST LEVEL Ethereum’s burn rate has plummeted to its lowest level since EIP-1559 was introduced in August 2021. EIP-1559, which is a major upgrade to the second most valuable blockchain network, introduced a base fee that is burned with every Ethereum transaction. That sets the stage for Ethereum to become deflationary — meaning that a greater sum of ETH will be burned than created.

THE MERGE That new phase will come after the Ethereum mainnet fuses with the Eth2 Beacon Chain and Ether issuance drops by 90%. Known as The Merge, this development is expected to occur in the third quarter.

DEFLATION Surging competition for block space amid the NFT bull market saw deflationary days posted in October, November, and again as NFTs peaked in January. But with the crypto markets selling off since January and the NFT market cooling, Ethereum’s fees and burn rate have slumped.


DeFi Markets

💪🏼 Market Roundup: BSC Flexes its DEXes as Terra Surges

Solana and Fantom Struggle to Regain Mojo

By Samuel Haig

ACTION Binance Smart Chain’s DEXes still rule. That’s the upshot of heavy action in the crypto markets as bulls battle bears to retake control of the narrative. Here’s a round-up of the latest moves in DEX volume, plus how Solana and Terra are faring against rivals and the latest with Ethereum Layer 2s.

BSC BSC’s TVL rocketed during the first half of 2021, surging to post a record high of $31.7B on May 10, 2021 after starting the year with $124M according to DeFi Llama. The once surging network slumped down to $11.4B earlier this month, its lowest level since April 2021. BSC now represents $12.2B after gaining 7%, but is still down 62% from its all-time high.


Binance Smart Chain TVL. Source: DeFi Llama

VOLUME According to CoinGecko, BSC’s PancakeSwap, BiSwap, and Dodo currently rank as the second, third, and fourth by 24-hour volume among decentralized exchanges. They represent $474.7M, $446.3M, and $201.5M respectively. The exchanges combined represent 23.8% of the $4.7B traded on DEXes over the past 24 hours.


Avalanche Summit


Avalanche Summit will take Barcelona by storm at the Poble Espanyol from March 22 to 27, 2022. The six-day event will bring together the most respected thought leaders, developers, researchers, and makers building the next-generation of Web 3.0 applications to discuss hot topics and frequently asked questions. Register to stay up-to-date with the latest–ticket sales, agenda, speakers, and more!


🇧🇷 Brazil Has All the Ingredients to Be a Web3 Powerhouse

ETH Rio Showcased Nation's Promise But Old Challenges Like Corruption Loom

David Leibowitz returned from ETH Rio inspired, and a touch concerned, by what he found on the South American nation’s thriving web3 space.

CRYPTO-CURIOUS In a week filled with discussions, building, and excitement, ETH Rio brought together crypto-natives and crypto-curious from all over Latin America and beyond to exhibit what has been brewing in the region.

DESIRE Latin America presents a unique opportunity for crypto and Web3. The continent’s history has been turbulent and the majority of people here know all too well what it feels like to get “rugged” by their governments whether it be through rampant inflation, restrictive monetary policy, or blatant corruption. Yet, with a combination of a large online population, a growing pool of talented developers, and the desire to improve their situation there is fertile soil for crypto and web3 to take root.

BINANCE Many of the industry’s most influential figures are noticing this. Binance Founder and CEO CZ made a surprise appearance at the conference to announce the exchange’s plan to expand into Brazil. CZ is meeting with government officials in São Paulo and Rio de Janeiro as he eyes where to set up shop for his Brazilian headquarters.

COMPETITION Binance will face competition from entrenched incumbents such as Mercado Bitcoin and Mexico-based Bitso, both unicorns that collectively have about 7 million users. In addition, heavyweights Coinbase, Crypto.com, and others are attempting to expand in the country, too.


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The Tube

📺 Apecoin has landed, who's behind it and what's next?


🔗 Traders Bet on Ether Staking After Ethereum 2.0 Upgrade: CoinDesk

After enduring weeks of macroeconomic-driven nervousness, crypto traders are focusing on progress within the crypto ecosystem, particularly on smart contract blockchain Ethereum's impending proof-of-stake merge and the bullish implications for its native token, ether (ETH).

🔗 Argentina’s government would 'discourage' crypto usage under proposed IMF deal: The Block

Argentina’s government has signaled it will discourage the use of cryptocurrencies as part of a proposed, nearly $45 billion debt restructuring deal with the International Monetary Fund (IMF).

🔗 Cryptoverse: Remember when bitcoin was 'anonymous'?: Reuters

Bitcoin just isn't anonymous enough for a growing cohort of crypto users who are seeking greater seclusion.

🔗 A Bull Case for Music NFTs: Everything You Need To Know About The Next .WAV Of On-Chain Art: Delphi Media

Since Beeple’s record-breaking auction, NFTs have grown synonymous with 2D visual art. Often called “JPEGs” informally, the most valuable NFT brands are overwhelmingly static images. Audio and video NFTs, by contrast, are a rounding error in terms of sales.


Tom Brady @TomBradyWhat’s up Vitalik! You may not know me but just wanted to say I’m a big fan of yours. thank you for everything you’ve built in the world of crypto, otherwise @Autograph wouldn’t have been possible. Hope I get to meet you some day you’re the 🐐 https://t.co/W6PxS5P78M


vitalik.eth @VitalikButerinI didn't even know who Tom Brady is, had to ask people around me. My best guess was that he was the actor from Mission Impossible. https://t.co/MLWVcbtPHc9:28 PM ∙ Mar 19, 202283,616Likes8,113Retweets


Lana Simone @TheBlackGirlNFTHey everyone!! “Working Women Part 2” went live today on @opensea! 😊🙏🏾 10% of the overall 3 part series will be donated to @BlackGirlsCode!!! 0.10 ETH each on Polygon Polygon or ETH? Vote on Discord👇 discord.gg/hbDaxfs7 opensea.io/collection/t-h


11:17 PM ∙ Mar 18, 2022411Likes112Retweets

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🧑‍💻 ✍️ Stories in The Defiant are written by 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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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)