The Defiant

🚀 ETH Staking Deposits Skyrocket: DeFi Week of May 7

The Defiant

Weekly Recap

Happy weekend Defiers! Here’s what we covered this week!

Ethereum activated staked ETH withdrawals for the first time just one month ago, and the number of ETH staked on the Beacon Chain is now the same as it was when Shapella was activated. Staked Ether deposits are up 500% since the upgrade went live, offsetting the gradually thinning queue for withdrawals.

Memecoin mania continued to dominate headlines this past week. The rocketing markets for fungible tokens leveraging Bitcoin’s (Ethereum-inspired) BRC-20 token standard inspired Litecoin to get in on the action, with its new LTC-20 tokens driving a 500% surge in on-chain activity.

However, memecoins have been among the biggest losers amid the recent market retracement, with PEPE shedding more than $1B from its market cap since the weekend. The NFT markets also remain in the doldrums, with four of the top five collections by floor price posting double-digit losses for the week.

The burgeoning NFT-Fi sector also took a hit this week, when the team behind ParaSpace, an NFT lending protocol, accused its CEO of embezzling $1.7M worth of ETH from the platform’s users.

And in this week’s podcast, Ethereum OG and wallet expert Taylor Monahan brings us up to speed on a new attack which has drained millions from veterans of the Ethereum space.