DeFi Daily

Arbitrum To Airdrop Long-Awaited Token On March 23

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Arbitrum To Airdrop Long-Awaited ARB Token On March 23

Layer 2 Network To Decentralize And Add Support For Layer 3 Blockchains

By Aleksandar Gilbert


Arbitrum’s founding team will relinquish control of the Layer 2 blockchain next week with an airdrop that will distribute billions of newly minted governance tokens among users, a decentralized autonomous organization (DAO), investors, and the team that built the protocol.

The launch of Arbitrum’s ARB token on March 23 is one of the most anticipated in recent memory.

Of the total supply of 10B ARB tokens, 56% will go to a DAO-controlled foundation. The Arbitrum DAO itself will be run collectively by token holders. Current and future employees of Offchain Labs, Arbitrum’s parent company, will receive a quarter of the tokens. Investors will receive 19%.

Users who meet certain criteria will be airdropped 11.5% of the supply, and DAOs – almost all of them within the Arbitrum ecosystem — will receive the remaining 1.1%.

Check your eligibility here.

Read the full story in The Defiant

DeFi Derivatives

Synthetix Perpetual Volumes Hit Record $200M As Optimism Incentives Near

More Than 3.5M OP Tokens Will Be Distributed To Traders Over 20 Weeks

By Tarang Khaitan


Synthetix, a derivatives protocol with over $600M in total value locked, plans to distribute over $8M of Optimism’s governance tokens to active users of its perpetual swaps platform.

Daily trading volume on the protocol’s V2 iteration hit a record of almost $200M on Mar. 13. Synthetix’s SNX governance token has doubled in value this year, outpacing a 40% rally in Ether.

Traders will be rewarded based on various criteria such as fees paid, volume generated, and the amount of SNX staked.

The program is scheduled to go live in the first week of April and run for 20 weeks.

Read the full story in The Defiant


Uniswap v3 Launches On BNB Chain After Months of Infighting

By Samuel Haig


Uniswap, the leading decentralized exchange, went live on BNB Chain following months of infighting on Wednesday.

Uniswap Labs announced the launch of its v3 protocol on BNB Chain, saying the blockchain “typically offers faster and cheaper transactions than Ethereum,” making the exchange accessible to a broader user base.

Uniswap’s v3 iteration pioneered “concentrated liquidity”, a feature significantly improving the efficiency of capital utilization for DEXes, in May 2021 when it launched on Ethereum. The Uniswap v3 code was launched under a Business Source License, protecting its code against unauthorized commercialization for two years. 

Read the full story in The Defiant


TrueUSD Moves $1B in Reserves To The Bahamas After U.S. Banking Failures

The move is another sign crypto firms are being effectively driven out of the U.S.

By Samuel Haig


The company behind TrueUSD, the fifth-largest stablecoin, moved $1B of the company’s reserve assets to a Bahamas-based financial institution citing the tumultuous state of the U.S. banking sector on Wednesday.

Archblock, the firm that oversees TrueUSD’s $2B in reserve assets, moved the funds to Capital Union Bank. The Bahamas-based bank now holds $1.4B of the stablecoin’s reserves, according to an attestation from TrustExplorer.

The move is one more sign crypto firms are being effectively driven out of the U.S., as a recent string of regulatory actions and the bank failures of the past week, has made the largest economy inhospitable for the industry compared with friendlier jurisdictions.

Read the full story in The Defiant


Money Legos

Euler Hack Shines Light on Promise – and Peril – of DeFi Composability

$200M Exploit Leaves Over A Dozen Protocols Reeling

By Aleksandar Gilbert


Euler Labs is offering a $1M bounty for information that leads to the arrest of a hacker who stole more than $200M from the Euler protocol on Monday.

The Euler protocol had more than $500B in TVL prior to the exploit and was a poster child for DeFi’s composability, the ability to mix and match independent protocols to create top-to-bottom financial products.

But Monday’s hack has put a spotlight on the other side of composability: the compounding risk that comes with integrating myriad financial software products. At least 14 protocols and their users were affected by the hack.

Read the full story in The Defiant

Web3 ID

Worldcoin’s Digital Identity Protocol Goes Live Alongside GPT-4

As Altman-backed OpenAI progresses, so does the tech titan’s identity venture

By Owen Fernau


This week Sam Altman’s OpenAI released a new iteration of its viral product which replaces human functions with robots, while Worldcoin, another venture co-founded by Altman, launched a project that aims to make sure robots can’t impersonate humans.

Worldcoin, a project which aims to build digital identity via biometrics stored on-chain, on Tuesday launched World ID, a protocol that aims to provide tools for developers to prove that there is a real person behind a digital action. OpenAI, which developed the AI-powered chatbot ChatGPT, released a major upgrade, GPT-4, on the same day.

World ID runs on Ethereum and stands to potentially give developers working in crypto a new way to establish whether there is a real person behind a transaction. The absence of an established identity has held back many aspects of crypto like voting on a per person basis, establishing credit scores, and preventing gaming of reward schemes like airdrops.

Read the full story in The Defiant

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