💸 ‘Smart Money’ Plows $33M into Staked ETH Tokens After Merge

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

News

• ‘Smart Money’ Plows $33M into Staked ETH Tokens After Merge
• On-Chain Action Disappears on Terra’s Luna Classic Token
• Boba Network Becomes the First Layer 2 to Launch on Avalanche

Markets

• Crypto Markets Dive After Another Rate Hike From The Fed

Podcast

🎙 Listen to the Exclusive Interview with Robert Lauko

DeFi Beginners

• What Is Yearn Finance?

Elsewhere

• Kraken’s Powell steps down, incoming CEO says culture will not change: Fortune
• Helium Ditches Own Blockchain in Favor of Solana After Community Vote: CoinDesk
• What a wealth of knowledge in Berlin at K8 by @zeroknowledgefm What was it? : Polygon

Trending in The Defiant

• Little Understood Trading Stratagem Quietly Siphons Money from Ethereum Users
• Massive Dumping’ by Ethereum Miners Punishes ETH
• Gensler Rattles DeFi With Suggestion PoS Coins are Securities

The open economy is taking over the old one. Subscribe to keep up with this revolution. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).

🙌 Together with:

Nexo’s fundamentals-first model helps you secure your assets and grow your wealth. The company now provides an increased insurance on custodial assets of $775 million. Learn More!

ZetaChain is the first public L1 blockchain that natively connects with any chain and layer including Bitcoin and Dogecoin without wrapping or bridging assets. Dive into the docs to start building the future of multichain.

Thales is your way into OP Summer! Simple, novel, and easy-to-understand markets: UP or DOWN? IN or OUT? The choice is yours. Try it now. No registration needed.

Ref Finance:Where your DeFi Journey starts on NEAR. First AMM and DEX on NEAR. A DEX offering easy to use liquidity mining programs and access to many networks.

Ethereum Staking

💸 ‘Smart Money’ Plows $33M into Staked ETH Tokens After Merge

Lido’s stETH Back at Par with Ethereum in Heavy Action: Nansen

By Aleksandar Gilbert

DEPEGGED Almost six months after it first “de-pegged” from Ether, investors have flocked to Lido’s stETH token, pushing it back up to par with the second-largest cryptocurrency.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Market Action

📉 Crypto Markets Dive After Another Rate Hike From The Fed

Ether Down 4% in Last 24 Hours After Stabilizing Overnight

By Owen Fernau

VOLATILITY Global markets took a beating after the U.S. Federal Reserve announced a 0.75% interest rate hike on Sept. 21. After an initial bout of volatility that saw Bitcoin and Ether make news daily highs above $19,900 and $1,400 respectively, crypto markets swiftly reversed lower.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Sponsored Post

Nested is the ideal place for your crypto journey combining portfolio management and social trading – all at the touch of a button.

On Nested, you can build, share, and copy strategies. Earn 50% of the platform’s fees whenever someone copies your strategy – our royalties scheme will become your favorite passive income!

When you create or copy a strategy, your NFT comes to life and represents your portfolio: Here you can see what our disruptive solution looks like.

Nested raised more than $8 million from the most renowned investors including Jump and Alan Howard. More than 40,000 strategies have already been created and thousands of dollars have already been shared with our community.

It’s your time to make your mark and appear on the top of ourleaderboard!

Terra Fallout

😶 On-Chain Action Disappears on Terra’s Luna Classic Token

LUNC Had Surged Until Failed Chain Imposed Transaction Tax

By Samuel Haig

DRIED UP On-chain activity appears to have dried up on the Luna Classic, the network token of the failed and abandoned Terra chain, after it imposed a 1.2% tax on transactions that is burned from supply.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Layer 2s

⚙️ Boba Network Becomes the First Layer 2 to Launch on Avalanche

Avalanche Developers Can Now Access Boba’s Hybrid Compute Feature

By Samuel Haig

LAUNCH Boba Network, a Layer 2 chain leveraging Optimistic rollups, is the first L2 to launch on Avalanche, a Layer 1 smart contract network. Unlike other prominent L2s, Boba is establishing itself as a cross-chain Layer 2. The Avalanche deployment is Boba’s fourth, following its debut launch on Ethereum in September last year, and subsequent launches on Moonbeam and Fantom in June.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Podcast

🎙 Building The Forefront of Decentralization

Shoutout

ZetaChain is the first public L1 blockchain that natively connects with any chain and layer including Bitcoin and Dogecoin without wrapping or bridging assets.

Enter ZetaChain’s ZetaLabs testnet dApp now to experience the 1st native asset cross-chain swap and contribute to the development of omnichain dApps.

DeFi Beginners

🧐 What Is Yearn Finance?

A Step-by-Step Guide to a Pioneer in Yield Farming

By Rahul Nambiampurath

MAXIMIZE YIELDS Yearn Finance played a leading role in the decentralized finance (DeFi) boom in the summer of 2020. Running on Ethereum blockchain, Yearn Finance deployed smart contracts to maximize yields on deposits and generate high interest rates.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Elsewhere

🔗 Kraken’s Powell steps down, incoming CEO says culture will not change: Fortune

Jesse Powell, the CEO of Kraken, is stepping down from the top job at the cryptocurrency exchange he founded in 2011.

🔗 Helium Ditches Own Blockchain in Favor of Solana After Community Vote: CoinDesk

Helium community members have voted to move the decentralized WiFi network from its blockchain, officially known as HIP 70, to the Solana blockchain.

https://twitter.com/0xPolygon/status/1572699902546944000?s=20&t=jvcZMSMAgy8NiQuZr_3OEw

Trending in The Defiant

• Little Understood Trading Stratagem Quietly Siphons Money from Ethereum UsersMost crypto users don’t even know it’s happening. It’s an unseen force, quietly and steadily siphoning money out of the marketplace and leaving unwitting Ethereum users none the wiser.
• ‘Massive Dumping’ by Ethereum Miners Punishes ETHEver since The Merge took place on Sept. 15 investors have looked on in dismay as Ether lost a fifth of its value over the next four days.
• Gensler Rattles DeFi With Suggestion PoS Coins are SecuritiesThe Merge may be complete, but the battle for legally defining Ethereum 2.0 is just beginning. Hours after Ethereum completed its historic transition to Proof of Stake technology, a top U.S. regulator said cryptocurrencies that use this approach should probably be defined as securities.

🧑‍💻 ✍️ 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 Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

Free subscribers to the newsletter get:

• Daily news briefings
• Sunday Weekly recap
• General chat on The Defiant’s Discord server

👑Prime defiers get:

• Full transcript of exclusive podcast interviews
• DeFi Alpha weekly newsletter on how to put your money to work in DeFi by yyctrader and DeFi Dad
• Weekly live DeFi Alpha call with yyctrader
• Inbox Dump edition of The Defiant newsletter every Saturday with all the PR that didn’t make it to our content channels
• Exclusive community calls with the team
• Subscriber-only chats on The Defiant Discord server
• Full access to The Defiant’s content archive

Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).

You can start a prime membership for free right now with this link. You’ll get full access for 7 days. It’s 100% risk-free.