🌒 DeFiance Founder Had ‘No Visibility’ on Three Arrows’ Condition: Statement

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Three Arrows Collapse

🌒 DeFiance Founder Had ‘No Visibility’ on Three Arrows’ Condition: Statement

By Aleksandar Gilbert

AFFECTED DeFiance Capital said it has been “materially affected” by the liquidation of Three Arrows Capital in a statement released Friday. The investment firm sought to distance founder Arthur Cheong from the failed $10B crypto hedge fund.

ASSETS “Arthur Cheong is committed to taking all necessary steps to protect, preserve and recover all assets which are and were owned in the context of DC’s business,” the statement read.

COLLAPSE A court in the British Virgin islands placed Three Arrows into liquidation at the end of June. The fund, which championed the idea of a “super-cycle” that would make Bitcoin and other digital tokens worth millions of dollars, suffered heavy losses from the collapse of the Terra network in May.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

NFT Roundup

📈 GameStop’s NFT Marketplace Leapfrogs Coinbase’s In Less Than 48 Hours

OpenSea Makes Job Cuts and Art Blocks Rebounds

By yyctrader

When GameStop said that it would launch an NFT marketplace earlier this year, many in the web3 community were sceptical of the meme stonk retailer’s plans.

Yet, in just two days since going live, GameStop’s NFT marketplace has seen more sales activity than the much-vaunted Coinbase NFT has managed in the two months since it launched.

The top 50 collections have generated over 3,500 ETH ($4M) in sales volumes, according to the website. The action is dominated by the MetaBoy collection, which accounts for just under a third of the total volume.

MetaBoy #9928

👉READ THE FULL STORY IN THE DEFIANT.IO👈

👀 Ethereum Still On Track For Mid-September Merge

By Aleksandar Gilbert

NEWS Ethereum developers have doubled down on a mid-September target for the Merge during a conference call held on Thursday.

CRITIQUES The Merge is Ethereum’s highly anticipated transition from a proof-of-work to a proof-of-stake consensus mechanism. It’s expected to slash the blockchain’s energy use and, therefore, carbon emissions, by as much as 99%, addressing one of the primary critiques of the world’s second-largest cryptocurrency by market capitalization.

TARGET DATE While discussing a series of steps that must be taken before the Merge, the Ethereum Foundation’s Tim Beiko, who organizes meetings of the network’s core developers, suggested a target date of September 19. No objections were raised to the suggested timeline.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

DeFi Explainers

🤔 What Is a DEX?

A Primer on How Decentralized Exchanges Work and Why They're Important

By Rahul Nambiampurath

INTERFACE Decentralized exchanges (DEXs) are the cornerstone application of smart contracts and blockchain technology. While Bitcoin popularized blockchain, Ethereum popularized smart contracts by tying them to a web interface and delivering dApps.

LIQUIDITY These dApps are capable of replicating the entire financial industry, from borrowing to lending to exchanging assets, in this case, on a DEX. These applications make it possible to exchange one cryptocurrency for another without a centralized organization that provides liquidity.

QUADRILLION To fully understand how DEXs work, we must explore how exchanges operate in the TradFi world. Stock markets and foreign exchange of currencies rely on large financial institutions to maintain the flow of assets. The forex market is the world’s largest financial arena — it’s worth $2.4 quadrillion, with a daily volume of $6.6T.

Source: IG.com

👉READ THE FULL STORY IN THE DEFIANT.IO👈

The Tube

📺 The Defiant Weekly: Ryder Ripps will not be silenced (BAYC, RRBAYC, YUGA)

Shoutout

📢 EthCC (Ethereum Community Conference), the largest annual European Ethereum conference created by the community, for the community, returns next week from 19-21 July 2022 in Paris, France, bringing together the top minds in Ethereum to share their vision for the future of the ecosystem post-Merge, and the next wave of dApps with real-world impact. Don't miss tuning in to the talks and workshops livestreamed.

Elsewhere

🔗 DeFiance Capital Has Been 'Materially Affected' by Three Arrows Liquidation

Crypto hedge fund DeFiance Capital said it was "materially affected" and "prejudiced" by the liquidation of rival fund Three Arrows Capital.

🔗 The Chopping Block: Anatoly Yakovenko on Why Solana Is Building the SAGA Phone: Unchained

In this episode, Anatoly Yakovenko, Tsar of Solana, joins the show to discuss the use cases of Solana, whether it’s actually a blockchain, how Solana scales, and much more!

🔗 See You in Court, Anon: UK Judge Allows Lawsuits via NFT Airdrop: Decrypt

Don’t know who stole your crypto? If you’re in the U.K., you can now sue them through a blockchain.

🔗 Introducing Flexible Voting: A Powerful New Building Block for DAO Governance: Scopelift

Funded by a grant from the Uniswap Grant Program (UGP), ScopeLift has developed a new extension to the widely used Governor system pioneered by Compound and used by many DAOs.

EF Next Billion @EFNextBillion Need a little extra time to put together your application for the EF Fellowship Program? No worries! Applications will now remain open until July 24th. fellowship.ethereum.foundation/apply

8:04 AM ∙ Jul 15, 202286Likes13Retweets

Trending in The Defiant

Three Arrows’ Su Zhu Breaks Silence Accusing Liquidators of Playing DirtySu Zhu, the co-founder of Three Arrows Capital, has accused the hedge fund’s liquidators of operating in bad faith, breaking a month-long silence during which his firm suffered a stunning fall from grace.
Crypto Lender Celsius Files for Bankruptcy ProtectionCelsius, the crypto lender that last month halted withdrawals, has filed for Chapter 11 bankruptcy protection, the company said in a press release. User withdrawals will remain halted.
StarkNet Testers Fume After Token AnnouncementStarkWare, the company behind Ethereum layer-2 scaling solution StarkNet, plans to launch a native token designed to decentralize control and maintenance of the network.

🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Claire Gu, Samuel Haig, Jason Levin, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

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🌒 DeFiance Founder Had ‘No Visibility’ on Three Arrows’ Condition: Statement

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