💰Arbitrum Users Leave $56M In ARB On The Table
DeFi Daily
Together with
GM Defiers!
The window for users who qualified for Arbitrum's airdrop to claim their tokens has now expired, with Arbitrum's DAO taking possession of $56.5M worth of unclaimed ARB.
The community for ApeCoin, the native token of Yuga Labs' NFT ecosystem, narrowly backed a proposal to launch a sister DAO tasked with collecting valuable non-fungibles. ApeCoin's treasury will allocate 750,000 APE to the new venture.
Digital asset prices remain low following last week's hawkish outlook from the Federal Reserve, with the central banking tipping one final interest rate before 2024. The news triggered bearish momentum across most asset classes.
Plus, Prisma is rising up the TVL rankings after deploying a stablecoin exclusively backed by liquid staking tokens.
✍️ In today’s newsletter:
- Arbitrum airdrop claims close despite 70M ARB unclaimed
- ApeCoin earmarks 750,000 APE for new sister DAO
- Fed outlook leaves markets shaken
- Prisma's LST-backed stablecoin proves a hit
🙏Sponsored
- What is MetaMask Snaps? Main Functions & Features Explained
- Honeypot Challenge: Cartesi’s First Rollup DApp on Ethereum Mainnet
📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $26,195 | ↙ -0.21% |
| ETH | $1,586 | ↗ 0.36% |
| S&P 500 | $4,274 | ↙ -1.47% |
| GOLD | $1,918 | ↗ 0.06% |
| Arch WEB3 | 0.75pts | ↗ +1.84% |
| ↳ FINANCE | 0.76pts | ↗ 1.56% |
| ↳ INFRA | 0.75pts | ↗ 2.65% |
| ↳ CONSUMER | 0.81pts | ↗ 1% |
Learn more about Arch Indices here.
🎬 WATCH
THANKING OUR NEWSLETTER SPONSORS
| Newsletter continues below |
MetaMask Snaps are new features and functionality, created by third-party developers, that MetaMask users worldwide can install directly to customize their wallet. With MetaMask Snaps, every wallet becomes a unique reflection of its owner's aspirations and preferences.
Layer 2
Unclaimed ARB Tokens Worth $56M Returned To DAO
TLDR The six-month windows for eligible users to claim their share of Aribtrum's airdrop has expired with around 70M ARB tokens unclaimed. The Arbitrum DAO has taken control of the tokens, with onlookers speculating the ARB may be repurposed for future incentives.
SO WHAT With some traders making full-time jobs out of finding and qualifying for airdrops, it is surprising to see such a hefty sum of freely claimable tokens left on the table. While some users may have lost access to wallets that qualified for the airdrop, it is likely many traders were not aware of the six-month deadline.
SPONSORED POST
Chronicle is the 2nd largest Oracle provider by Total Value Secured, and although the protocol has been securing MakerDAO exclusively since 2017, it has only just opened up access to all of DeFi and beyond.
Chronicle Protocol launched in September, initially supporting Ethereum & Polygon zkEVM, and delivers a number of unique improvements on existing Oracles.
Scalable & Cost Efficient
The key innovation is a next-generation Oracle cryptographic primitive called Scribe. Scribe reduces Oracle gas fees by over 60% on L1 and 68% on L2 via a clever utilization of Schnorr signatures. This is a development entirely unique to Chronicle, making it the most gas-efficient on the market right now.
Oracles are currently one of the largest cost centers for blockchains and DeFi protocols. This significant reduction in operation costs paves the way for the first scalable Oracles that deliver real-time and precise data without security trade-offs.
Verifiable Data
At the core of Chronicle is verifiability. This rests on the premise that all data should be verifiable, and verification eliminates the need for trust. As a result, the protocol showcases an on-chain dashboard called The Chronicle that allows anyone to intuitively and provably track the origin of every element of data, end-to-end: creating a high integrity censorship-resistant layer for data transmission.
This is key to increasing the overall decentralization and security of the protocol and raises the bar for on-chain data transparency. No more data ‘black boxes’ in DeFi.
Chronicle is powering billions with cost-efficient & verifiable data. Discover more.
NFTs
ApeCoin Community To Acquire Top NFTs Through New DAO
TLDR The ApeCoin community narrowly voted in favor of a proposal to launch a sister DAO and seed it with 750,000 APE. The new DAO will accumulate significant NFT collections to be managed via a community-governed vault.
SO WHAT The proposal comes as collections within the Yuga Labs ecosystem have been hit particularly hard by the ongoing NFT downtrend. The proposal's author, Animoca Labs CEO, Yat Siu, hopes the new sisterDAO will serve to revitalize the ApeCoin ecosystem.
READ MORE: ApeCoin Community To Acquire Top NFTs Through New DAO
SPONSORED SHOUTOUT
Give your wallet DeFi Superpowers by unleashing the features and functionality of Summer.fi, the best place to Borrow and Earn in DeFi.
From reducing the number of transactions you need to perform by up to 90%, protecting you from losses with industry leading automation and helping you maximise your returns, Summer.fi has everything you need to get the most from your wallet. Try it today.
Markets
Digital Asset Markets Shaken By Hawkish Fed Outlook
TLDR The crypto markets are yet to recover following the Federal Reserve tipping it will raise interest rates once more this year. The U.S. central bank said it could change its mind in response to "convincing evidence" that inflation is easing.
SO WHAT The combined crypto capitalization is down 16% from its mid-year high, with the bearish reaction to the Federal Reserve's outlook suggesting the markets could produce further losses. The damage wasn't contained to crypto, with most asset classes taking a hit in response to the news.
READ MORE: Digital Asset Markets Shaken By Hawkish Fed Outlook
Op-Ed
[Op-Ed] Making the Wallet Personal
TLDR Christian Montoya, the product lead for MetaMask Snaps, runs us through some of the wallet customizability enabled by Snaps, which are like plug-ins for MetaMask wallets.
SO WHAT There are 36 Snaps available for any users to download and use, enabling innovative features including support for multiple blockchain networks, advanced security and identity functionality, and account abstraction.
READ MORE: Making the Wallet Personal
Stablecoins
Prisma Finance Pulls In $30M With LST-backed mkUSD Stablecoin
TLDR The total value locked in Prisma Finance has spiked to more than $30M following the launch of its liquid staking token (LST)-backed stablecoin. MkUSD was first deployed via a guarded launch on Sept. 1.
SO WHAT LSTs are booming in DeFi, with popular primitives web3 facilitating staking yields by supporting LSTs as collateral. However, some researchers, including Ethereum chief scientist, Vitalik Buterin, warn that the increasing staking dominance of LSTs poses a centralization threat to the network.
READ MORE: Prisma Finance Pulls In $30M With LST-backed mkUSD Stablecoin
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- SEC Extends Ark, Global X ETF Deadlines as Government Shutdown Looms (CoinDesk)
- Binance Seeks to Launch Stablecoins in Japan with MUFG Unit (Bloomberg)
- Crypto lender BlockFi gets court nod for plan to repay customers (Cointelegraph)