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🌐Base Kicks Off 'Onchain Summer'
The Defiant Daily
Together with
GM Defiers!
Coinbase has opened up its Layer 2 network to the public. Meanwhile, the Fed has broadened its reach with the announcement of a new program focused on crypto assets and blockchain technology, signaling a more hands-on approach to supervision.
Frax's innovative RWA strategy seeks to blend the worlds of traditional finance and decentralized protocols, while Yield Guild Games sees a significant drop after a meteoric rise.
Finally, Maple Finance's strategic approach to onboarding accredited U.S. investors marks a notable convergence of regulatory compliance and crypto innovation.
✍️ In today’s newsletter:
- Base completes general access launch
- Fed establishes program to supervise banks' crypto activities
- Frax considers expansion into real world assets
- YGG crashes 55% in a day after big rally
- Maple opens up Cash Management pools to US investors
🙏Sponsored
📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $29,491 | ↗ 1.07% |
| ETH | $1,847 | ↗ 1.08% |
| S&P 500 | $4,468 | ↙ -0.71% |
| GOLD | $1,950 | ↗ 1.34% |
| Arch WEB3 | 0.88pts | ↗ +1.27% |
| ↳ FINANCE | 0.94pts | ↗ 1.11% |
| ↳ INFRA | 0.79pts | ↗ 1.22% |
| ↳ CONSUMER | 1.03pts | ↗ 1.68% |
Learn more about Arch Indices here.
🎬 WATCH
Watch our video on Onchain Summer and getting started with Base. And check out our podcast with Erick Calderon, the founder of Art Blocks.
THANKING OUR NEWSLETTER SPONSORS
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Layer 2
Base Opens Mainnet To All Users
TLDR Base, Coinbase's Layer 2 network, is now open to the public, with over 100 dApps, protocols, and brands participating. The network's "Onchain Summer" campaign reflects an attempt to engage users without the promise of an airdrop.
SO WHAT The launch of Base illustrates the growing importance of Layer 2 solutions in the crypto space and adds another player to the crowded field of Ethereum scaling. Base's journey has not been without its hurdles and controversies, however.
Regulation
Fed Looks To Increase Oversight Of Banks’ Crypto Activities
TLDR The U.S. Federal Reserve has unveiled a program to supervise crypto-related activities in banks, including partnerships with non-banks, and custody and trading of crypto assets. The program also includes rules for banks engaging with stablecoins.
SO WHAT This move by the Fed represents a significant shift in regulatory focus, recognizing the growing intertwining of crypto with traditional banking. Reactions are mixed, with some seeing it as a hindrance to innovation, while others view it as a positive step toward mainstream adoption.
DeFi
Frax Founder Proposes Expansion Into Real-World Assets
TLDR Sam Kazemian has proposed using a U.S. corporation, FinresPBC, as a conduit for Frax to custody traditional financial instruments like cash deposits, Treasury bills, and reverse repo contracts. The partnership aims to give Frax Protocol access to safe cash-equivalent assets and near-Fed rate yields without profit-seeking.
SO WHAT The collaboration aims to integrate real-world financial assets into the Frax system, offering a unique approach to manage off-chain risks. The move reflects the growing trend of DeFi projects embracing RWAs as interest rates remain attractive.
Metaverse
Yield Guild Games Token Halves In A Day After 500% Rally
TLDR Yield Guild Games' YGG token plummeted by 55% on August 7, following a 540% rally over the past month. The sell-off appears to be driven by major investors booking profits. Further price pressure may be around the corner with the upcoming unlock of 12.22M YGG tokens later this month.
SO WHAT Interest in Play-to-Earn (P2E) games has been waning, and allegations by the SEC that some metaverse tokens constitute securities offerings are also dampening sentiment.
DeFi
Maple Opens Cash Management Pools To Accredited US Investors
TLDR Ethereum-based debt capital marketplace, Maple Finance, is planning to open its Cash Management pool to accredited American investors via a Regulation D exemption. This pool provides on-chain exposure to U.S. Treasury yields and complies with relevant regulations.
SO WHAT Maple Finance's move to open its pool to accredited U.S. investors under Regulation D signifies an attempt to align with regulatory compliance while expanding the reach of crypto-based financial products.
