🌴 Bitcoin 2022 Reveals the Inevitable Draw of DeFi and NFTs

Hello Defiers! Here’s what we’re covering today:

News

• Miami Journal: Bitcoin 2022 Reveals the Inevitable Draw of DeFi and NFTs
• Stealth NFT Drop Triggers Record ETH Burn
• New Standard Promises to Clean Up ‘Mess’ in Yield-Bearing Tokens

Markets

• Friday Wrap: ETH and Other DeFi Coins Shake Off Looming Rate Hikes

Podcast

🎙Listen to this week’s podcast episode with Cosmos’ Ethan Buchman:

Video

• The Open Metaverse Show: In the future everything will be rendered
• Real Vision vs. The Defiant: NEW CRYPTO HUBS, THE CHIEF MEME OFFICER, AND LEDGER JUMPS INTO THE SANDBOX

Elsewhere

• Robinhood Releases Crypto Wallet to 2M Users, Plans Integration With Bitcoin Lightning Network: CoinDesk
• Decentralization for Web3 Builders: Principles, Models, How: a16z
• Sex Workers Banned from Banks Turn to Crypto: Vice
• Origin's Early Access launch is going smoothly! In 12 hours we've seen: Axie Infinity
• A premium report on Yearn from @MessariCrypto is now available for all: Yearn Finance

Trending in The Defiant

• Move2earn – Is Stepn the Future of Crypto Powered Fitness?
• Five Tips To Elevate Your DeFi Research
• Pudgy Penguins Fly as Floor Price Triples

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Bitcoin 2022

🌴Miami Journal: Bitcoin 2022 Reveals the Inevitable Draw of DeFi and NFTs

A Defier in Bitcoin Land Finds Signs of Coexistence... Maybe

By Owen Fernau

MIAMI Wow. Bitcoin is big now. Maybe an obvious statement for anyone who attended Bitcoin 2021, in Miami, Florida, but for a first timer whose main experience with crypto gatherings has been ten-person meetups, the sheer size of Bitcoin 2022 is striking.

CELEBRITIES Bitcoin 2022 is drawing 35,000 attendees, according to the conference’s website. The space’s center of gravity has grown so much that people not known for their work in the field have jumped in. And celebrities are headlining — Jordan Peterson, the provocative public intellectual is here, and so is tennis superstar Serena Williams.

HASH FUNCTIONS In some ways, the people who have joined in recent years appear to be attracted to the politics of Bitcoin and decentralized money. After all, only a handful of people in the 1990s were working on the cryptographic systems required to create self-sovereign money. Many people still don’t understand the fundamentals of hash functions that underpin the Bitcoin blockchain. Then again, maybe crypto’s inner workings can be safely ignored now. This has become a cultural phenomenon as much as a technological one.

Tennis star Serena Williams (center) and NFL quarterback Aaron Rodgers (right) talk BTC.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

ETH Burning

🔥Stealth NFT Drop Triggers Record ETH Burn

More Than 4,400 ETH Destroyed in Single Hour, Says Ultra Sound Money

By Samuel Haig

NEWS Ethereum’s network activity is heating up to record levels. And it looks like the work of one NFT player. On April 5, Ultra Sound Money, an Ethereum network data aggregator, reported that the number of Ether burned within a single block hit record levels twice. Two separate blocks destroyed more than 106 ETH.

MERGE Moreover, Ultra Sound Money tweeted that 4,436 ETH burned over an hour, a whopping 73 times the rate that new ETH will be created after the Ethereum network transitions to the Proof of Stake consensus model. That event, expected later this year, is known as The Merge.

INFLUENCER The record-breaking blocks have been attributed to a stealthy NFT drop from social media influencer and entrepreneur, Gary Vaynerchuck. Ethereum’s EIP-1559 upgrade went live in August 2021, introducing a base fee that is burned with every Ethereum transaction.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

DeFi Standards

🧹New Standard Promises to Clean Up ‘Mess’ in Yield-Bearing Tokens

By Samuel Haig

VAULTS The mess in yield-bearing tokens is about to be cleaned up. At least, that’s the plan. ERC-4626, a new token standard for yield-generating vaults on Ethereum, has been finalized.

STANDARD It is designed to make it easy for yield-bearing tokens, such as Aave’s aTokens or SushiSwap’s xSUSHI, to be integrated with DeFi protocols. The standard was first proposed in December by Fei protocol co-founder, Joey Santoro.

AUDITS The token standard will enable dapps supporting a single ERC-4626-based vault to support all yield-bearing tokens built to the same specifications. Without the standard, protocols seeking to integrate yield-bearing assets must develop custom code for each individual token. This requires expensive code audits, and also risks creating new security vulnerabilities.

MONEY LEGOS The token standard is expected to accelerate the creation of so-called ‘money legos’ within DeFi. Open-source development within DeFi enables teams to build upon existing products, protocols, and standards to design new innovations by leveraging interoperability and composability.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Market Action

📈 Friday Wrap: ETH and Other DeFi Coins Shake Off Looming Rate Hikes

Crypto Recorded a Quiet Week as NFTs Continue to Party

By yyctrader

INFLATION Crypto markets started the week with bulls in control but turned lower on Wednesday after minutes of the Federal Reserve’s March meeting indicated that officials plan to move more aggressively to tackle inflation.

GAINS By Friday, leading tokens had shaken off the news and resumed a steady uptick. Ether was up 2.4% in mid-morning trading U.K. time, and Bitcoin had eked out a 0.7% gain, according to data from CoinGecko. ETH is up 0.5% over the last seven days.

LUNA Other leading DeFi projects — Solana, Polkadot, Uniswap, Polygon — also enjoyed modest gains in their native tokens. Terra was the fly in the ointment: LUNA was down about 5% Friday morning.

RATES Fed officials are prepared to raise benchmark rates by 50 basis points, or 0.5%, at their next meeting in May, coupled with an accelerated pace of quantitative tightening, which is the process of shrinking the central bank’s balance sheet.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

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The Tube

📺 The Open Metaverse Show: In the future everything will be rendered

📺 Real Vision vs. The Defiant: NEW CRYPTO HUBS, THE CHIEF MEME OFFICER, AND LEDGER JUMPS INTO THE SANDBOX

Job Board

⚙️ prePo: Smart Contract Engineer (Solidity)

prePO is looking for a Smart Contract Engineer to take ownership over the development of novel DeFi-related smart contracts.

For more info, click here.

✒️ pre:Po Executive Assistant

prePO is looking for an exceptional Executive Assistant to work with the founder to perform a wide variety of operational, administrative and strategic tasks.

For more info, click here.

🚀 Liquity Head of Growth (Crypto)

Liquity is seeking an experienced Head of Growth that can help grow its user base, boost LUSD adoption and overall stablecoin market share.

For more info, click here.

Elsewhere

🔗 Robinhood Releases Crypto Wallet to 2M Users, Plans Integration With Bitcoin Lightning Network: CoinDesk

Robinhood Markets (HOOD) said Thursday it has activated its crypto wallet for 2 million “eligible” customers, making digital asset transfers broadly possible in the long-firewalled investments app.

🔗 Decentralization for Web3 Builders: Principles, Models, How: a16z

The promise of decentralization has been heavily discussed and debated, from why it matters to the bigger question of who will control the software that powers the internet.

🔗 Sex Workers Banned from Banks Turn to Crypto: Vice

Allie Eve Knox is banned from all of the payment apps and platforms most people take for granted: PayPal, Square, Circle, Cashapp, Venmo.

yearn.finance @iearnfinance*Yearning for Yearn* A premium report on Yearn from @MessariCrypto is now available for all. Originally shared w their paying subscribers in Nov, the piece has a trove of data and explainers. Access it now or read the 🧵👇 for our fave quotes: messari.io/article/yearni…

3:31 PM ∙ Apr 7, 202276Likes25Retweets

Axie Infinity🦇🔊 @AxieInfinity🛠️Origin's Early Access launch is going smoothly! In 12 hours we've seen: • 227,128 testers! • Axie marketplace volume is up 430% compared to yesterday. Here's Origin's roadmap: axie.notion.site/Origin-Roadmap…

3:47 PM ∙ Apr 7, 20221,171Likes233Retweets

Trending in The Defiant

• Move2earn – Is Stepn the Future of Crypto Powered Fitness? Stepn is a web 3 lifestyle app with social-fi and game-fi elements. Players can make handsome earnings by walking, jogging, or running outdoors.
• Five Tips To Elevate Your DeFi Research DeFi has the potential to be a wild place at times. Seemingly bulletproof protocols can rug in an instant or suffer exploits that token prices will never recover from.
• Pudgy Penguins Fly as Floor Price Triples It’s been quite the roller-coaster ride for Pudgy Penguins. This week the collection’s floor price has tripled, briefly surpassing its peak in September 2021 with a high of 3.73 ETH ($12,000) yesterday, according to data from niftyprice.io

🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.

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