🏎 MakerDAO Releases Speedy DAI Transfers and Tightens Controls on Vaults
Hello Defiers! Here’s what we’re covering today:
News
- MakerDAO Releases Speedy DAI Transfers and Tightens Controls on Vaults
- Genesis Halts Withdrawals At Lending Business
- Congressional Hearing on FTX to Cast Spotlight on Crypto’s Annus Horribilis
NFT Roundup
Podcast
Defiant Video
DeFi Explainers
Trending in The Defiant
- Crypto Users Jump to DeFi Platforms in Wake of FTX’s CeFi Crash
- CZ Strives to Show Binance is Different From FTX
- Unsecured DeFi Lenders Look Shaky in Face of FTX Contagion
Elsewhere
- House Committee Calls on SBF, Binance to Testify on FTX Collapse: Decrypt
- FTX’s former CEO claims crypto exchange is still solvent: The Guardian
- Overcollateralization in DeFi. Always traceable, block by block: MakerDAO
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DeFi Lending
🏎 MakerDAO Releases Speedy DAI Transfers and Tightens Controls on Vaults
DeFi Lender Unaffected by FTX Yet Takes Steps to Fend Off Potential Contagion
By Samuel Haig
TRANSFER MakerDAO, the No. 1 DeFi platform with more than $8B in total value locked, now allows users to transfer its DAI stablecoin between Ethereum’s mainnet and Layer 2 networks, the protocol announced on Wednesday.
TWO CHAINS Dubbed Maker Teleport, the service supports leading Layer 2s Arbitrum and Optimism, enabling near-instant transfers between the two chains and fast withdrawals back to the Ethereum mainnet.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
FTX Crisis: Contagion
🛑 Genesis Halts Withdrawals At Lending Business
Users Of Gemini Earn Unable to Withdraw Assets as FTX Contagion Spreads
TURMOIL Genesis Global Capital, the lending arm of leading digital asset brokerage Genesis Trading, announced Wednesday that it has halted withdrawals and new loans due to “unprecedented market turmoil” created by FTX’s collapse.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Sponsored Post
Liquity’s Chicken Bonds enhanced yield with DeFi Saver
DeFi Saver is an all-in-one dashboard for creating, managing and tracking positions with automatic liquidation protection and leverage management options for only the most trusted DeFi protocols, Liquity among them.
Liquity, interest-free borrowing protocol built on Ethereum, recently introduced a novel product offering The Defiant wrote about – Chicken Bonds. Chicken Bonds are a new, innovative form of bonding mechanism in DeFi.
Chicken Bonds are an innovative bonding mechanism offering several key benefits to those willing to bond their Liquity native stablecoin LUSD. In exchange for depositing and bonding LUSD, users accrue boosted LUSD (bLUSD), derivative token.
Primary benefit for bonding LUSD instead of supplying to Liquity’s Stability Pool is the amplified yield users get from Liquity’s internal liquidation mechanism as well as from other liquidity sources like the pools in Curve. Alongside improved liquidity for the LUSD stablecoin, the most important benefit to users is bonding with no time commitment or maturity. Users can withdraw principal LUSD fully and chicken out at any time, renouncing the accrued interest. The other option being to chicken in and claim accrued bLUSD, forgoing the initial LUSD deposit.
As the most comprehensive decentralized frontend for Liquity, DeFi Savercontinues its devoted support with dedicated Chicken Bonds dashboard and advanced protocol actions and strategies. Alongside basic actions, DeFi Saver offers users options to Claim and Sell bLUSD or Rebond (Claim, Sell and create new bond). DeFi Saver team is even preparing automation options for the new Liquity innovation.
Get the most out of your Liquity experience with DeFi Saver.
Crypto Regulation
🏛 Congressional Hearing on FTX to Cast Spotlight on Crypto’s Annus Horribilis
House Financial Services Committee to Call SBF to Testify on Exchange’s Failure and Practices
By Samuel Haig
HEARING In a year when regulators and lawmakers were bearing down on cryptocurrencies, the FTX disaster was the last thing the industry needed. And now, the U.S. House Financial Services Committee plans to hold a hearing in December on the failure of the No. 2 crypto exchange.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
NFT Roundup
🧑🏻⚖️ SuperRare Auctions NFT Subscription Passes For More Than $4M
Magic Eden Raises ‘Fair Mint’ Mechanism in Busy Week for NFTs
By yyctrader
COLLECTORS SuperRare, an Ethereum-based NFT marketplace that generated over $250M in sales, is experimenting with a new way for serious collectors to acquire pieces from leading artists in the NFT space.
PRICE On Nov. 16, a collection of 250 Genesis RarePasses was sold through a Dutch Auction that started at 138 ETH ($166,000) after RarePass #1 was purchased at that price.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Defiant Video
📺 DeFi Wins From FTX Collapse (kind of)
Podcast Video
📺🎙 Podcast: Robinhood is coming after MetaMask with Polygon Web3 Wallets
DeFi Explainers
🤔 What is Polygon zkEVM?
A Step-by-Step Guide to One of Ethereum’s Key Scaling Solutions
SCALABILITY Polygon has become a Swiss Army-knife for fixing Ethereum’s scalability problems. One of the latest methods Polygon uses to make Ethereum’s ecosystem faster and more efficient is zkEVM, the zero-knowledge Ethereum Virtual Machine.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Trending in The Defiant
- Crypto Users Jump to DeFi Platforms in Wake of FTX’s CeFi CrashDon’t look now, but the FTX collapse has spurred a wave of interest in decentralized finance platforms. DeFi protocols are experiencing double digit increases in the number of users over the past week, according to data from Nansen, the blockchain analytics platform.
- CZ Strives to Show Binance is Different From FTX Just like FTX, Binance maintains billions of dollars worth of its own tokens on its balance sheet. So is the globe’s No. 1 cryptocurrency exchange vulnerable to the same type of bank run that poleaxed Sam Bankman-Fried’s exchange last week?
- Unsecured DeFi Lenders Look Shaky in Face of FTX Contagion The fallout from FTX’s collapse is just starting and within decentralized finance, platforms enabling unsecured loans are the most exposed relative to collateralized counterparts with millions in loans on the line, while total value locked slides.
Elsewhere
🔗 House Committee Calls on SBF, Binance to Testify on FTX Collapse: Decrypt
The House Financial Services Committee will next month hear from Sam Bankman-Fried on the collapse of his crypto empire, lawmakers announced today.
🔗 FTX’s former CEO claims crypto exchange is still solvent: The Guardian
Sam Bankman-Fried, the former chief executive of the collapsed crypto exchange FTX, has claimed the company he founded is still solvent, even as its new boss, who oversaw the final days of Enron, begins the formal bankruptcy process.
Overcollateralization in DeFi. Always traceable, block by block. → makerburn.com/#/rundown
🧑💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Alp Gasimov. Podcast was led by Camila, edited by Alp.
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