🦄 Recap: DeFi Week of July 11
Hello Defiers! Rogue bots, trading dust-ups, exploits and contentious governance votes. That was just some of the drama that punctuated the DeFi week. Never a dull moment, eh? Amid the mayhem we also benefitted from solid research and captivating new video...
Hello Defiers! Rogue bots, trading dust-ups, exploits and contentious governance votes. That was just some of the drama that punctuated the DeFi week. Never a dull moment, eh? Amid the mayhem we also benefitted from solid research and captivating new video content courtesy of the invincible Robin Schmidt. So kick up your feet and unwind this weekend with the best of The Defiant this week…
For starters, we had a scoop on the new Ethereum documentary, The Infinite Garden, which will use — what else? — Ethereum tokens to finance its production via a crowdfunding round. Exclusive interviews with Vitalik Buterin and Aya Miyaguchi promise to make this an irresistible film. Can’t wait! The Defiant was also delighted to report on Damien Hirst’s new NFT project, in which the British artist will offer collectors a choice of digital versions of his famous spot paintings, or the actual versions on handmade paper.
But that was the tame side of a week that opened with a report from yyctrader on the clash between Adamant Finance and Alameda Research over a governance vote that pit the two entities against one another, at least for a spell. Not to be outdone, Owen Fernau waded into the controversial trades executed by the DeFi Education Fund and one of its committee members, the latest snafu to strike a project that’s already sparked a fair amount of angst about power grabs and centralization.
Meantime, The Defiant conducted its second Jam Session on our YouTube channel. These brainstorms are quickly becoming must-see TV for anyone in the community. And be sure to check out Camila Russo’s podcast with Tim Beiko and the future of Ethereum. It doesn’t get any more dynamic or fundamental than that! Enjoy…
ALSO, PSA: We are changing up our publishing schedule so that the weekly podcast will go out Mondays, and our jam-packed newsletter will go out Tuesday to Fridays, first thing in the AM.
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🙌 Together with:
- Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at https://balancer.finance/!
- 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.
- The DeFi Pulse Index, a capitalization-weighted index that tracks the performance of selected DeFi assets across the market.
Podcast
"It's Almost Like EIP-1559 Fixes an Economic Bug in Ethereum; More Usage Can Now Capture More Value:" Tim Beiko
In this week’s episode we speak with Tim Beiko, who organizes the Ethereum core developers calls and knows all the intricacies and latest development of the world’s most active blockchain. We spoke right after Beiko had proposed a date for the implementation of one of the biggest changes expected to happen to the Ethereum blockchain in recent history: EIP 1559. Tim explains in non-dev terms exactly how this change will reduce volatility in Ethereum gas prices and also reduce the uncertainty of whether user transactions are approved or not. Importantly, it also means that part of ETH paid per transaction will be burned, so that if demand for ETH and use of the Ethereum blockchain are greater than ETH issued, it should put pressure on the ether price to increase.
📺 Watch:
🎙 Listen:
Video
📺 Jam Session 2: Lending giants feat. Stani, Rune, Leo and Calvin
📺 The Defiant Weekly: Bare Knuckle Governance, tales from the streets ($UNI, $SUSHI $ADDY)
📺 Tuesday Tutorials: GOD MODE UNLEASHED! Bumper Finance LP pools are FINALLY here
📺. Quick Take: Chainswap + Anyswap HACKED. What's up with GETH reorgs?
📺 First Look: Treasury Troubles Solved: with the UMA range Token
Opinion
🤖 Rogue Bots are Funneling Millions from Wax Blockchain’s Star Dapp Alien Worlds
In this week’s opinion piece, Man0000 blows the lid off the mining snafu going on in the blockbuster blockchain game, Alien Worlds. It’s a player’s lament on how rogue bots have been deployed in a beloved space, and what can be done to address the issue.
Inbox Dump #16
For paid subscribers only — The Inbox Dump is where we include the updates and announcements that flood our DMs each week and didn’t make it to The Defiant’s content platforms. We also include a compilation of DeFi and crypto funding rounds in the past week so you have these in one handy place.
Friday
Dive
- SushiSwap Treasury Sale Proposal Draws Community IreSushiSwap’s $60M strategic fundraising round has come under fire from community members who dislike the plan to offer investors deep discounts at a time when its tokens are slumping in the marketplace.
Bytes
- Upgrade Opens ThorChain to $4.9M ExploitThorChain, a popular decentralized exchange that enables native token swaps across different blockchains, was exploited yesterday to the tune of $4.9M.
Research
- Looking Back at Uniswap’s Growth as it’s Deployed on L2In this week’s Into the Block research piece, Lucas Outumuro unpacks the ramifications of Uniswap’s next chapter on L2.
Links
- Masterpieces: Swiss bank issuing NFT shares in Picasso painting for $6K each: CoinTelegraph
- London Mainnet Announcement: Ethereum Foundation
- UK Regulator to Launch £11M Campaign Warning of Crypto Risks: CoinDesk
Thursday
Markets
- UNI Sale Raises Concerns Regarding Newly Formed DeFi Education FundA series of unexpected trades in the last two days roiled the DeFi Education Fund set up by Uniswap token holders, leading to finger-pointing and accusatory tweets as the newly formed lobbying organization struggled to fend off more controversy.
Dives
- Digital or Physical? Damien Hirst’s New NFT Project Gives Buyers A ChoiceDamien Hirst, still the enfant terrible of the UK art scene and reportedly the nation’s richest living artist, is about to add to his fortune with a $20M NFT drop.
Bytes
- Hop Drops on Mainnet: A Protocol for Interoperability Across Scaling SolutionsAs yields and prices cool, dampening down dreams of another DeFi summer, the hope of a Layer 2 version of the season has emerged.
- Uniswap’s V3 Launches on Layer 2 Solution OptimismIt’s a good time for Layer 2 enthusiasts as Uniswap V3 has soft-launched on Optimism, a leading optimistic rollup solution for scaling Ethereum.
Links
- DeFi wallet Phantom raises $9 million in Series A funding led by A16z: The Block
- Ethereum: The Infinite Garden
- Blocknative raises $12 million to scale core transaction monitoring infrastructure: Blocknative
Wednesday
Dives
- EXCLUSIVE: Ethereum Documentary Plans to Sell $INFINITE Tokens to Fully Finance ProductionWhen it came time to raise cash for Ethereum: The Infinite Garden,the first feature-length documentary about the world’s most active blockchain network, the producers had a logical choice: Ethereum tokens.
Disputes
- Adamant Targets Alameda With Contentious Governance VoteWhat a can of worms. This weekend, Adamant Finance, a yield aggregator on Polygon, initiated a governance vote to “blacklist” wallets it said belong to Alameda Research, a crypto hedge fund that trades up to $10B a day in tokens and derivatives. The fallout has been fast and furious.
Research
- The DeFi Future is AutomatedIn this week’s research essay, David Liebowitz analyzes the state of play in development of the Ethereum-based automation and chronicles the efforts of a new crop of players in the space, Gelato, Keep3r, and Chainlink.
Links
- Binance.US CEO Brian Brooks Weighs in on Recent Global Regulatory Warnings, Sen. Pat Toomey on US Crypto Regulations Outlook: CoinDesk
- Ethereum-based money streaming protocol Superfluid raises $9 million in seed funding: The Block
- S&P Dow Jones Indices launches new cryptocurrency indexes: CoinTelegraph
- Israeli Government Seizes Cryptocurrency Addresses Associated with Hamas Donation Campaigns: Insights
Tuesday
Markets
- Iron Finance at it Again: V2 has Drawn in Over $1B With Eye-Popping Yield FarmsLess than a month after the spectacular implosion of Iron Finance’s algorithmic stablecoin, the DeFi project has relaunched a new yield farm on Polygon.
- Circle To Go Public in Q4 at $4.5B ValuationDeFi’s most popular stablecoin issuer is going public. Circle, which issues the USDC stablecoin, announced its plans yesterday to go public in Q4 of this year through a special purpose acquisition company (SPAC). The deal will happen with Concord Acquisition Corp. and Circle will trade under the ticker symbol CRCL with the transaction valuing the company at $4.5B.
Fundraising
- Buenbit Raises $11M to Bolster Crypto in Latin AmericaIn a record-breaking deal for a Latin American crypto company, Buenbit, an exchange based in Argentina has raised $11M in Series A funding.
Hacks
- DeFi Traders Lost More Than $11M Across Two Weekend Hacks Over the weekend, DeFi traders lost more than $11M across two hacks on Binance Smart Chain (BSC). On July 10, Anyswap, a decentralized cross-chain protocol, suffered a hack worth nearly $8M of USDC and MIM (Magic Internet Money), a lesser known stablecoin.
Links
- Anyswap Multichain Router V3 Exploit Statement: Medium
- Crypto and blockchain venture funding soars during 2021's second quarter: The Block
- The Bogdanoff Twins Claim They Participated in Helping Satoshi Nakamoto Build Bitcoin: Bitcoin.com
💜Community Love💜
Thanking all the amazing Defiers for the support and love this week (and always)!
Clayton Roche | UMA @TokenArchitect1/ "As it became clear that one of the community’s primary concerns was selling SUSHI tokens below their perceived fair value, the team from UMA Protocol, a platform for building customized synthetic assets and derivatives, stepped in with a novel plan." -@DefiantNews5:29 PM ∙ Jul 16, 202143Likes11Retweets
Lucas Outumuro @LucasOutumuro1/ Following @Uniswap's L2 alpha, it is worth highlighting how far it has come already Wrote a piece for @DefiantNews breaking down Uniswap’s growth (v1 - v3) and how it stacks relative to CEXs and TradFi: thedefiant.io/looking-back-a… TLDR 🧵 with bonus 📈 👇
thedefiant.ioLooking Back at Uniswap’s Growth as it’s Deployed on L2 - The Defiant - DeFi NewsAs Uniswap’s V3 is on track to fully deploy onto layer 2 both on Optimism and Arbitrum, it is worth recapitulating over the impressive growth it has already achieved. This piece aims to cover a holistic view of Uniswap’s three versions, cast comparisons versus traditional counterparts and finally an…3:44 PM ∙ Jul 16, 202196Likes29Retweets
The Defiant @DefiantNews👽@AlienWorlds , one of the biggest games running on the @WAX_io blockchain, is making some participants millions of dollars in weeks. The issue is, these players are gaming the game. Read more from @nftshare👇 https://t.co/XcCPMDOquE https://t.co/rAytK39kFX3:31 PM ∙ Jul 16, 2021
The Defiant @DefiantNews👽@AlienWorlds , one of the biggest games running on the @WAX_io blockchain, is making some participants millions of dollars in weeks. The issue is, these players are gaming the game. Read more from @nftshare👇 https://t.co/XcCPMDOquE https://t.co/rAytK39kFX3:16 PM ∙ Jul 16, 20217Likes5Retweets
podcasts.apple.comThe Defiant: “It’s Almost Like EIP-1559 Fixes an Economic Bug in Ethereum; More Usage Can Now Capture More Value:” Tim Beiko on Apple Podc…In this week’s episode we speak with Tim Beiko, who organizes the Ethereum core developers calls and knows all the intricacies and latest development of the world’s most active blockchain. We spoke right after Beiko had proposed a date for the implementation of one of the biggest changes expected to…2:29 PM ∙ Jul 16, 202111Likes3Retweets
The Defiant @DefiantNews🤖Automation has the power to supercharge #DeFi protocols yet is still a relatively unexplored area. @gelatonetwork @chainlink and Keep3r continue to innovate, and we're likely to see more use-cases in the days to come⚡️ Read more from @davesaidthat_ 👇 https://t.co/RLCy5FKpav https://t.co/WJYdhIV2p62:11 AM ∙ Jul 16, 202137Likes4Retweets
The Defiant @DefiantNews🤖Automation has the power to supercharge #DeFi protocols yet is still a relatively unexplored area. @gelatonetwork @chainlink and Keep3r continue to innovate, and we're likely to see more use-cases in the days to come⚡️ Read more from @davesaidthat_ 👇 https://t.co/RLCy5FKpav https://t.co/WJYdhIV2p62:01 AM ∙ Jul 16, 202114Likes4Retweets
The Defiant @DefiantNewsWe're live with @StaniKulechov @RuneKek @leokcheng @cjliu49 @CamiRusso 👇 https://t.co/NiGLrtfspz11:16 PM ∙ Jul 15, 20212Likes1Retweet
R.E.A. 👸🏻 @moon_guurlAmazing read from @davesaidthat_ 🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥
The Defiant @DefiantNews🤖Automation has the power to supercharge #DeFi protocols yet is still a relatively unexplored area. @gelatonetwork @chainlink and Keep3r continue to innovate, and we're likely to see more use-cases in the days to come⚡️ Read more from @davesaidthat_ 👇 https://t.co/RLCy5FKpav https://t.co/WJYdhIV2p610:47 PM ∙ Jul 15, 20217Likes2Retweets
The Defiant @DefiantNews🤖Automation has the power to supercharge #DeFi protocols yet is still a relatively unexplored area. @gelatonetwork @chainlink and Keep3r continue to innovate, and we're likely to see more use-cases in the days to come⚡️ Read more from @davesaidthat_ 👇 https://t.co/RLCy5FKpav https://t.co/WJYdhIV2p610:14 PM ∙ Jul 15, 202111Likes3Retweets
The Defiant @DefiantNews🤖Automation has the power to supercharge #DeFi protocols yet is still a relatively unexplored area. @gelatonetwork @chainlink and Keep3r continue to innovate, and we're likely to see more use-cases in the days to come⚡️ Read more from @davesaidthat_ 👇 https://t.co/RLCy5FKpav https://t.co/WJYdhIV2p69:30 PM ∙ Jul 15, 202117Likes1Retweet
Thumbs Up Finance 🇨🇦 @thumbsupfinance@Crypto_Texan @DefiantNews @CamiRusso @soona @volt_cap Huge fan of all @DefiantNews content from the pod, to the videos, to the newsletter.5:47 PM ∙ Jul 15, 2021
podcasts.apple.comThe Defiant on Apple PodcastsThe internet of money is being built with blockchain technology and without banks. We call it DeFi, short for Decentralized Finance, and this is where you can hear the builders and users of this cutting edge world tell their stories first hand. Hosted by Camila Russo.3:53 PM ∙ Jul 15, 20215Likes1Retweet
UMA @UMAprotocol1/ "Treasury Troubles Solved" posted by @DefiantNews uncovers the UMA range token. He reiterates why we think the range token serves tokenholder interests for a fundraise. The Defiant even highlights our reply to @0xMaki in his @SushiSwap proposal and explains:3:32 PM ∙ Jul 15, 20213Likes2Retweets
Chris Blec @ChrisBlecFull story in @DefiantNews: thedefiant.io/sale-of-usdc-r…
10:18 PM ∙ Jul 14, 202114Likes2Retweets
Bruno Werneck de Almeida @brunoswerneck'Tradfi' and DeFi yields converging was expected What wasn't is how quickly it happened after the DeFi devaluation in ~mid-May-21 Curious to see how this plays out during the next upswing cc '@LexSokolin @NikMilanovic @sytaylor thedefiant.io/defi-rates-are… h/t @DefiantNews
𝚂𝚌𝚘𝚝𝚝 𝙻Ξ𝚠𝚒𝚜 🌾 @scott_lew_is*THE COUPLING* of defi interest rates and tradfi interest rates is the least understood catalyst in defi right now. quickie thread on what that means for defi:10:08 PM ∙ Jul 14, 2021
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