DeFi Daily

Crypto Markets Dive After NYAG Calls Ethereum A Security

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US Courts

ETH Crashes 7% After NYAG Calls Ethereum A Security

Crypto Exchange Kucoin Accused Of Acting As Unlicensed Broker-Dealer

By Aleksandar Gilbert


Crypto markets plummeted Thursday after the New York Attorney General called Ether a security in a lawsuit against crypto exchange KuCoin.

Bitcoin and Ether fell more than 7% on the news. Tokens for BNB, Cardano and Polygon, the largest smart contract platforms by market capitalization after Ethereum, are down more than 6% from the previous day.

“The petition argues that ETH, just like LUNA and UST, is a speculative asset that relies on the efforts of third-party developers in order to provide profit to the holders of ETH,” the office of the NYAG notes.

Read the full story in The Defiant


Account Abstraction

Instadapp Launches ‘Avocado’ Multi-Blockchain Wallet

Smart Contract Wallet Leverages Account Abstraction and Gas Fees Are Charged In USDC

By Tarang Khaitan


Instadapp, a leading DeFi management platform, has launched the Avocado wallet, which enables users to execute multi-network transactions while being connected to a single network.

Instadapp’s INST governance token is up 37.5% in the past 24 hours.

Users connect directly to the Avocado network and can then transact on any chain. This is made possible by account abstraction, which allows wallets to operate as programmable smart contracts.

Transaction fees on the Avocado network are paid in USDC, the dollar-pegged stablecoin. Users can deposit USDC from any chain, and subsequently pay gas fees on any chain.

Read the full story in The Defiant


Staked ETH Withdrawals Could Be Imminent

Ethereum Developers Schedule Final Shapella Rehearsal For March 14

By Samuel Haig


The launch of staked Ether withdrawals is fast approaching, with Ethereum developers scheduling the final dress rehearsal for the Shanghai and Capella upgrades for March 14.

The Goerli deployment is Shapella’s final test before it launches on the Ethereum mainnet.

Shapella will activate staked Ether withdrawals for the first time. Critics have long-decried the inability to withdraw despite ETH holders being able to stake their coins since the Beacon Chain was deployed in December 2020.

Read the full story in The Defiant

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Quadratic Funding

Gitcoin Launches gtcETH Index Token To Bolster Funding

Partnership With Index Coop Will Let Holders Contribute To Public Goods

By Tarang Khaitan


Gitcoin, a funding platform that supports open-source development, has partnered with Index Coop to launch a new Ethereum staking index token named gtcETH.

The purpose of this collaborative effort is to provide users with a place to earn blended yield from various liquid staking services, help decentralize the Ethereum network, and, perhaps most importantly, fund public goods.

gtcETH is virtually identical to dsETH, a token backed by a basket of LSDs, which was launched by Index Coop in January.

The only difference is that gtcETH charges streaming fees of 2%, while dsETH’s streaming fee is set at 0.25%, with the additional 1.75% going to Gitcoin.

Read the full story in The Defiant


US Court Approves Binance.US’s $1.3B Bid For Voyager Client Assets

Binance’s Regulatory Woes Still Threaten To Derail Deal

By Samuel Haig


U.S. bankruptcy judge Michael Wiles has approved Binance.US’s bid to purchase the assets of bankrupt crypto lender Voyager Digital for $1.3B.

Voyager filed for bankruptcy in July after it was brought down by its exposure to failed crypto hedge fund Three Arrows Capital. Binance.US won an auction for the lender’s assets with a $1.02B bid in November after FTX, the original winner, also ended up going bankrupt in spectacular fashion. 

Binance.US’s bid would enable 51% of customer funds to be repaid, offering Voyager’s users some form of respite.

Voyager’s financial advisers said the company needs four weeks to review Binance.US’s regulatory compliance, its security practices regarding customer assets, and the exchange’s commitment to the deal.

Read the full story in The Defiant

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