Loading...
🌐Ethereum Community Ponders Client Centralization Risks
The Defiant Daily
Together with
GM Defiers!
✍️ In today’s newsletter:
- Go Ethereum (Geth) clients currently make up 84% of all ETH nodes
- UMA and Flashbots launch Oval
- AltLayer releases airdrop details
- Web3 wallet Rabby kicks off points program
- FTT briefly surges nearly 20%
🤔Opinion
- Rebuilding Trust in 2024 - The Imperative Role of Privacy in Crypto's Future
🙏 Sponsored
📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $39,505 | ↙ -4.91% |
| ETH | $2,308 | ↙ -6.02% |
| S&P 500 | $4,865 | ↗ 0.29% |
| GOLD | $2,024 | ↗ 0.19% |
| Arch WEB3 | 1.16pts | ↙ -3.07% |
| ↳ FINANCE | 1.08pts | ↙ -2.46% |
| ↳ INFRA | 1.34pts | ↙ -1.59% |
| ↳ CONSUMER | 1.26pts | ↙ -1.04% |
Learn more about Arch Indices here.
🎬 WATCH
THANKING OUR NEWSLETTER SPONSORS
| Newsletter continues below |
Ethereum
Ethereum Software Client Centralization Sparks Concern
TLDR 84% of Ethereum nodes are run on Go Ethereum (Geth) clients, a significant increase from the previous year. This centralization poses a risk, as a critical bug in Geth could lead to substantial losses and network instability.
SO WHAT Community members are calling for major stakers such as Coinbase, Binance, and Lido to diversify their client usage away from Geth to mitigate these risks and enhance the overall resilience of the Ethereum network.
READ MORE: Ethereum Software Client Centralization Sparks Concern
DeFi
UMA and Flashbots Launch Oval to Monetize Oracle Extractable Value
TLDR UMA and Flashbots have launched Oval, a tool to help DeFi lending protocols generate revenue by capturing Oracle Extractable Value (OEV) leveraging Chainlink price data and Flashbots' MEV-Share.
SO WHAT This is a significant development for DeFi sustainability, as it enables lending protocols to reclaim a substantial portion of value that was previously lost.
READ MORE: UMA and Flashbots Launch Oval to Monetize Oracle Extractable Value
Airdrops
AltLayer Releases Airdrop Allocations
TLDR AltLayer, a blockchain project focusing on rollup networks, has announced the details of its airdrop for the upcoming ALT token launch, aimed at rewarding early supporters and partners.
READ MORE: AltLayer Releases Airdrop Allocations
SPONSORED SHOUTOUT
Shell Protocol has launched its stakeable SHELL governance token. Airdrop recipients can check their eligibility through the Shell app. This token launch coincides with DeFi unifier Shell v3, which natively integrates Balancer and Curve pools in one single interface.
Shell aims to ultimately unify DeFi with a single app for NFTs and one-to-many swaps across every major protocol. Shell was created by Cowri Labs, a Hawaii-based DeFi development team, and has grown to a user base of 45,000.
Shell has received pushback from airdrop farmers for its sybil-resistant reward scheme. The SHELL token is currently trading through the Shell app. As for Cowri Labs, the team is already planning future integrations, with Uniswap and Aave on the near horizon.
Read More: https://thedefiant.io/defi-unifier-shell-protocol-launches-token-staking-and-arbitrum-airdrop
Airdrops
Rabby Wallet Launches Points Program
TLDR Rabby, a Web3 wallet launched in 2021 by the popular data platform DeBank, is the latest project to launch a points program to incentivize usage of its browser extension and desktop app.
SO WHAT Rabby is looking to draw users away from Metamask, the leading crypto wallet, by offering up to 12,000 bonus points to those who have used Metamask Swap in the past 12 months.
READ MORE: Rabby Wallet Launches Points Program
Markets
FTX Token Briefly Surges 18% On GBTC Sales
TLDR FTT briefly jumped 18% in three hours on Jan. 22 as news hit that FTX’s bankruptcy estate was responsible for a significant portion of the $2B in outflows from GBTC.
SO WHAT A potential explanation is that FTT buyers are anticipating a windfall as FTX goes through bankruptcy proceedings.
READ MORE: FTX Token Briefly Surges 18% On GBTC Sales
Opinion
Rebuilding Trust in 2024 - The Imperative Role of Privacy in Crypto's Future
The crypto industry stands at a crossroads. Following a challenging year marked by internal struggles, many within our industry are grappling with disillusionment or a sense of uncertainty. Instances of deceitful practices, the negative attributes of certain cultural trends, and internal conflicts have significantly damaged trust and credibility not only in the mainstream public’s eyes, but also internally.
The media often focuses on scams and fraud, overshadowing the true potential of the innovative technology we are building. This has turned the industry into a target for skepticism and ridicule, despite its initial goal of improving financial systems and the Internet for everyone. We're navigating an existential crisis, which has made potential newcomers—builders, users, and investors— more hesitant to engage with the industry.
The question is, how does the crypto industry rebuild trust?
READ MORE: Rebuilding Trust in 2024 - The Imperative Role of Privacy in Crypto's Future
