🏀Friend Tech Bounces Back With Record Revenue

The Defiant Daily

Together with

GM Defiers!

Friend Tech is enjoying a resurgence of activity, with its daily fees revenue tagging a record high near $1M and overtaking Uniswap in the process. The spike in adoption also propelled Base to the top of the L2 throughput rankings.

One of Mark Cuban's Ethereum wallets was emptied by a hacker, with the attacker making off with $870,000 worth of digital assets. Cuban was made aware of the incident by media requesting commentary on it.

And Ethereum celebrated 12 months of Proof of Stake consensus. While the network is making good on its deflationary promise so far, new threats have emerged in the form of Lido's staking dominance.

✍️ In today’s newsletter:

Flurry of Friend Tech adoption drives record revenue
Hacker siphons $870,000 from Mark Cuban
Ethereum celebrates one year of Proof of Stake

🙏Sponsored

Explainer: What is Chronicle Protocol?
Video: Does Chronicle Solve DeFi's Oracle Problem?

📈 Markets in last 24 hrs:

Ticker	Value	24h
BTC	$26,521	↙ -0.14%
ETH	$1,622	↙ -0.73%
S&P 500	$4,454	↗ 0.07%
GOLD	$1,932	↗ 0.41%
Arch WEB3	0.74pts	↗ +1.62%
↳ FINANCE	0.77pts	↗ 0.77%
↳ INFRA	0.71pts	↗ 3.75%
↳ CONSUMER	0.81pts	↗ 0.52%

Learn more about Arch Indices here.

🎬 WATCH

Watch our video recapping the volatility in the crypto markets over the past three years. And check out our podcast with Magic Labs CEO, Sean Li, to learn about how his company is onboarding mainstream brands to web3.

THANKING OUR NEWSLETTER SPONSORS

| Newsletter continues below |

MetaMask Snaps are new features and functionality, created by third-party developers, that MetaMask users worldwide can install directly to customize their wallet. With MetaMask Snaps, every wallet becomes a unique reflection of its owner's aspirations and preferences.

DeFi

friend.tech Trading Volumes Cross $220M

TLDR Friend Tech is enjoying a resurgence in activity. The token-gated social platform overtook Uniswap, the leading decentralized exchange, by fee revenue with an all-time high of close to $1M.

SO WHAT Friend Tech's comback has proved many naysayers wrong, with some analyst predicting the app's popularity would die down after launching a rewards campaign in late-August. The spike in Friend Tech adoption has also propelled Base to the top of the L2 rankings, with the network processing more transactions than Ethereum over the past day.

READ MORE: friend.tech Trading Volumes Cross $220M

Hacks

Mark Cuban Loses $870,000 In Wallet Hack

TLDR Hackers made off with $870,000 after draining a wallet belonging to Mark Cuban, the celebrity billionaire. Cuban was unaware the exploit had occurred when he was contacted by media for comment.

SO WHAT While the exact circumstances leading up to the hack are unclear, the incident serves as a cautionary reminder of the importance of maintaining robust security practices when using web3.

SPONSORED POST

Chronicle is the 2nd largest Oracle provider by Total Value Secured, and although the protocol has been securing MakerDAO exclusively since 2017, it has only just opened up access to all of DeFi and beyond.

Chronicle Protocol launched in September, initially supporting Ethereum & Polygon zkEVM, and delivers a number of unique improvements on existing Oracles.

Scalable & Cost Efficient

The key innovation is a next-generation Oracle cryptographic primitive called Scribe. Scribe reduces Oracle gas fees by over 60% on L1 and 68% on L2 via a clever utilization of Schnorr signatures. This is a development entirely unique to Chronicle, making it the most gas-efficient on the market right now.

Oracles are currently one of the largest cost centers for blockchains and DeFi protocols. This significant reduction in operation costs paves the way for the first scalable Oracles that deliver real-time and precise data without security trade-offs.

Verifiable Data

At the core of Chronicle is verifiability. This rests on the premise that all data should be verifiable, and verification eliminates the need for trust. As a result, the protocol showcases an on-chain dashboard called The Chronicle that allows anyone to intuitively and provably track the origin of every element of data, end-to-end: creating a high integrity censorship-resistant layer for data transmission.

This is key to increasing the overall decentralization and security of the protocol and raises the bar for on-chain data transparency. No more data ‘black boxes’ in DeFi.

Chronicle is powering billions with cost-efficient & verifiable data. Discover more.

Ethereum

One Year After The Merge: ETH Supply Shrinks But Challenges Remain

TLDR Sept. 15 marked the 12-month anniversary of The Merge, Ethereum's long-awaited transition to Proof-of-Stake. Ethereum's revamped tokenomics mean nearly 300,000 Ether were permanently removed from supply over the past year, compared to the 3.8M ETH that would have entered circulation under Proof of Work.

SO WHAT Despite the many successes associated with The Merge, Ethereum faces new challenges in the form of Lido's staking dominance. The number of ETH locked in the liquid staking protocol doubled over the past 12 months, with the protocol now controlling one-third of all staked Ether.