😩 Most Top Crypto Exchanges’ Mistaken Deposit Policies are Either Unclear or Missing
Hello Defiers! Here’s what we are covering today, News Most Top Crypto Exchanges’ Mistaken Deposit Policies are Either Unclear or Missing Arrival of Futures ETFs Stokes Bitcoin in DeFi Terra and Abracadabra Team Up to Challenge Centralized Stablecoins ...
Hello Defiers! Here’s what we are covering today,
News
- Most Top Crypto Exchanges’ Mistaken Deposit Policies are Either Unclear or Missing
- Arrival of Futures ETFs Stokes Bitcoin in DeFi
- Terra and Abracadabra Team Up to Challenge Centralized Stablecoins
Research
Video
Podcast
🎙Listen to the interview in this week’s podcast episode here:
Links
- Attorney General James Directs Unregistered Crypto Lending Platforms to Cease Operations In New York: NY Attorney General
- Arbitrum extends lead over Optimism as Uniswap posts record volume on L2: CoinTelegraph
- New Approaches to Liquidity in DeFi: Fei Protocol
- Crypto Learns to Play the DC Influence Game: CoinDesk
- Cross-chain governance and open-sourcing the Aave UI: Aave
- Yesterday we burnt $639M of #BNB: Binance
Most Read in The Defiant
- Terra and Abracadabra Team Up to Challenge Centralized Stablecoins
- DeFi 2.0 Wave of New Projects Test Liquidity Mining Alternatives
- XRP Holders to Get Huge Airdrop of New Blockchain Songbird
We’re excited. We’re getting ready to launch The Defiant Terminal, a platform for investors and analysts to track all DeFi data in one place. Join the waitlist today to be notified as soon as it’s live. You’ll want to be the first to get your eyes on that alpha.
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🙌 Together with:
- Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at this link.
- Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi
- Aave, an open-source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets.
Erroneous Deposits
😩 Most Top Crypto Exchanges’ Mistaken Deposit Policies are Either Unclear or Missing
TLDR Binance customers make erroneous deposits about 800 times a day, according to a spokesperson for the company. Mistaken deposits occur when a user indicates they are going to send one kind of token to an address but sends another.
IRRECOVERABLE Some are completely irrecoverable. Other times it might be recoverable, such as when a user indicates they are going to send one ERC-20 token and actually send another (even that isn’t always recoverable, apparently).
RARE GLIMPSE The finality of blockchains is by design. It’s a feature, not a bug, but internet users are accustomed to everything being reversible and fixable by customer service on the traditional web. This data point from Binance is a rare glimpse at just how often regular crypto users are making expensive mistakes.
ERRONEOUS The Defiant reached out to seven top exchanges to ask how they handle erroneous transactions. This question was prompted by a customer who was charged several hundred thousand dollars more for a recovery than expected, according to REKT News.
👉READ THE FULL STORY IN THE DEFIANT.IO 👈
DeFi Bitcoin
📈 Arrival of Futures ETFs Stokes Bitcoin in DeFi
SURGING Bitcoin in decentralized finance has been surging since speculation strengthened that the U.S. Securities and Exchange Commission would finally approve an exchange-traded fund to invest in the world’s largest cryptocurrency.
TWEET BTC deposited into Ethereum’s DeFi ecosystem as shown on DeFi Pulse’s “Bitcoin at Work” page, jumped 2% to 284,331 BTC since Oct. 14, when one of the SEC’s lesser Twitter accounts sent out an inscrutable tweet. It said: “Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.” At over $57,000 at the time, that’s $308M in Bitcoin.
YIELD It seems like many investors expected the news of a Bitcoin ETF to drive its price higher and wanted to take advantage of that appreciation and deploy it to gain yield. Their anticipation was justified. An exchange-traded fund based on Bitcoin futures, from ProShares, will be available on the New York Stock Exchange on Oct. 19.
👉READ THE FULL STORY IN THE DEFIANT.IO 👈
Stabelecoin Battle
🤝 Terra and Abracadabra Team Up to Challenge Centralized Stablecoins
TARGET For an industry that has decentralization in its very name, DeFi’s reliance on centralized stablecoins remains an Achilles’ heel, making it an easy target for overzealous regulators.
PARTNERSHIP On October 16, Terra and Abracadabra announced a partnership that aims to take on the incumbents by leveraging their UST and Magic Internet Money (MIM) stablecoins. Details of the partnership haven’t been announced yet but could potentially include MIM-UST liquidity pools and LUNA collateral, allowing users to borrow MIM against their LUNA tokens.
STABLECOINS “Decentralised Yields require a pair, $MIM and $UST are the power couple of Stablecoin Yields,” Abracadabra founder Daniele told The Defiant. Custodial stablecoins USDT, USDC and BUSD comprise 87% of the $133B in stablecoins currently in circulation, and the real number is even higher when we consider that DAI is partially collateralized by USDC.
👉READ THE FULL STORY IN THE DEFIANT.IO 👈
Fantom Primer
💡Fantom Deploys High-Speed PoS to Solve the ‘Blockchain Trilemma’
In this research piece, Mason Marcabello lays out in lucid detail how Fantom is addressing web3 challenges with a new Proof-of-Stake mechanism called “Lachesis.” It’s a fascinating deep dive in an intriguing platform that’s picking up serious mojo.
OPTIMAL STATE While the ever expansive world of decentralized finance is improving on its traditional counterpart the web3 is not without its problems. For example, to maintain an optimal state of functionality, commonly used assets like Bitcoin need to compromise between one of three core components: scalability, security, or decentralization. This concept is known as the “blockchain trilemma.”
SPEED Coined by Vitalik Buterin, it advocates that decentralized technologies (at least in their present layer-one state) can’t equally balance all three of these aspects simultaneously. With Bitcoin, for example, we can see that while Proof of Work helps provide strong security and a purer embodiment of decentralization, the speed of its transactions are slower as a result.
LACHESIS Still, a nascent cluster of platforms like Fantom are solving this trilemma. Fantom achieves this with its high-speed Proof of Stake consensus mechanism called “Lachesis.” It doesn’t compromise on security or decentralization to scale. With its bespoke “leaderless” PoS protocol, Fantom also allows developers to fully customize blockchains and tailor specific qualities for digital assets according to their respective use cases.
👉READ THE FULL STORY IN THE DEFIANT.IO 👈
Video
📺 Quick Take: Bitcoin ETF Explained - What's Next?
📺 The Defiant Weekly: You are NOT ready for the BEAR
Links
🔗 Attorney General James Directs Unregistered Crypto Lending Platforms to Cease Operations In New York: NY Attorney General
New York Attorney General Letitia James today announced new efforts she is taking to protect New York investors, and the trading markets more generally, from exploitation by high-risk virtual currency schemes.
🔗 Arbitrum extends lead over Optimism as Uniswap posts record volume on L2: CoinTelegraph
The world’s most popular decentralized exchange, Uniswap, is seeing layer two volumes surge as Ethereum transaction fees surge once again.
🔗 New Approaches to Liquidity in DeFi: Fei Protocol
Liquidity is one of the primary goals of any developed financial market. The problem is essentially, “I want to make X trade as cheaply as possible, and I need someone on the other side.”
🔗 Crypto Learns to Play the DC Influence Game: CoinDesk
Facing a head-spinning array of new legislative and regulatory action out of Washington, D.C., the crypto industry is reacting the way any sector flush with cash would: It’s throwing money at the problem.
Aave @AaveAaveMore than a month ago, the codebase for the front end of the Aave Protocol was open-sourced, making the code publicly available and allowing it to be distributed and modified by anyone (see the announcement here) medium.com/aave/cross-cha… (1/4)
medium.comCross-chain governance and open-sourcing the Aave UIThe Aave Companies are committed to creating open source software that empowers users’ financial, social and cultural independence. For this software, decentralization and — most specifically…9:13 PM ∙ Oct 18, 2021165Likes21Retweets
Binance @binanceYesterday we burnt $639M of #BNB. Read @cz_binance's quarterly update, covering: 🔸 #Binance's growth 🔸 Crypto regulation 🔸 Our recent progress And much more 👇 binance.com/en/blog/421499…
binance.com17th BNB Burn | Quarterly Highlights and Insights from CZ | Binance BlogBinance today announced the results from its 17th quarterly BNB burn on 15 October, 2021. The latest quarterly burn of 1,335,888 BNB, effectively removes the equivalent of approximately $639,462,868 USD from circulation. In this open letter, Binance CEO CZ shares his learnings over the past quarter …7:29 AM ∙ Oct 19, 20211,360Likes277Retweets
Most Read in The Defiant
- Terra and Abracadabra Team Up to Challenge Centralized StablecoinsFor an industry that has decentralization in its very name, DeFi’s reliance on centralized stablecoins remains an Achilles’ heel, making it an easy target for overzealous regulators.
- DeFi 2.0 Wave of New Projects Test Liquidity Mining AlternativesThings aren’t getting easier for those struggling to stay current with the lightning quick DeFi space. Just when you think you’re up to speed with the latest token or protocol along comes something new. Brace yourselves because here comes DeFi 2.0. What that term actually means is still in flux.
- XRP Holders to Get Huge Airdrop of New Blockchain SongbirdNot only is DOGE a very good boy, its coin is about to be very smart, too — as in, smart contract-ready.
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🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Bailey Reutzel, DeFiDad and yyctrader, and edited by Edward Robinson, Bailey Reutzel, 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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