🍣 SushiSwap Discounted Treasury Sale Proposal Draws Community Ire

Hello Defiers! Here’s what we are covering today,

Feature

• Bots are Funneling Millions from Wax Blockchain’s Star Dapp Alien Worlds

Research

• Looking Back at Uniswap’s Growth as it’s Deployed on L2

News

• SushiSwap Treasury Sale Proposal Draws Community Ire
• Upgrade Opens ThorChain to $4.9M Exploit

Video

• Stani, Calvin, Rune, Leo - LENDING's top players join Jam Session #2

Podcast

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

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Feature

🤖 Bots are Funneling Millions from Wax Blockchain’s Star Dapp Alien Worlds

TLDR Alien Worlds, one of the biggest blockchain games running on the Wax blockchain (EOS fork), is making some participants millions of dollars in weeks. The issue is, these players are gaming the game.

THE GAME Players buy NFT tools and click a button to get Trilium (TLM), the in-game currency, as well as more NFTs. Even if the gameplay is simple and repetitive, AW attracted the attention of Animoca and Binance. Depending on the day, TLM’s market cap is around $100m and sometimes exceeds that of its parent chain.

THE FLAW The system is flawed: despite installing captchas and bots protection, TLM is extensively mined by a few botnets, and the founders are apparently unable to slow or shut them down.The rogue bots are bypassing defenses and wreaking havoc.

SO WHAT A single actor is draining 10% of daily TLM and several botnets are earning thousands of dollars “playing.” These exploits are making the competition unfair for human players and investors trusting TLM to be scarce and fairly distributed.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈

Markets

🍣 SushiSwap Discounted Treasury Sale Proposal Draws Community Ire

TLDR SushiSwap’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.

NEWS Last week, the SushiSwap team introduced a proposal to diversify the protocol’s treasury. The decentralized exchange holds the bulk of its treasury funds in the form of its native SUSHI tokens and the proposal forms part of its overall Treasury Diversification Plan.

SO WHAT Under the proposal, the protocol plans to raise $50M from a slate of venture capitalists and other institutional investors, with an additional $10M reserved for community members who wish to participate. The investors will receive SUSHI tokens at a 20 to 30% discount to the average price over the last 30 days. The tokens will be vested over eighteen months with a six-month cliff.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈

Research: On-Chain Markets Update by Lucas Outumuro, IntoTheBlock

🦄 Looking at Uniswap’s Growth as it’s Deployed on L2

The anticipated launch of Uniswap on layer 2 has finally arrived, at least to some extent. Uniswap’s alpha on Optimism has been released, supporting only six crypto-assets so far, but at a fraction of the cost incurred on Ethereum’s mainnet.

As 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 analyze the implications of its upcoming full release on layer 2.

👉READ THE FULL PIECE IN THE DEFIANT.IO 👈

Bytes

🦹🏻‍♂️ Upgrade Opens ThorChain to $4.9M Exploit

TLDR ThorChain, a popular decentralized exchange that enables native token swaps across different blockchains, was exploited yesterday to the tune of $4.9M.

NEWS According to the project, the exploit was made possible by a recent upgrade to the protocol’s “Bifrost” router that connects ThorChain to Ethereum. The change allowed the attacker to trick the router using a custom wrapper contract that indicated a deposit value of 200 ETH while actually diverting the ETH back to the attacker.

SWAP The router then proceeded to allow the exploiter to swap the phantom ETH for various other DeFi tokens that remain in the exploiter’s address at the time of writing.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈

Video

📺 Stani, Calvin, Rune, Leo - LENDING's top players join Jam Session #2

Links

🔗 Masterpieces: Swiss bank issuing NFT shares in Picasso painting for $6K each: CoinTelegraph

Digital asset-focused Swiss Bank, Sygnum, has teamed up with art investment firm Artemundi to offer fractionalized ownership shares in a Pablo Picasso painting for $6,000 each. Shares representing ownership over $3.68 million Picasso painting, “Fillette au béret,” will be tokenized and issued via blockchain technology, allowing a wide variety of investors to gain exposure to the artwork.

🔗 London Mainnet Announcement: Ethereum Foundation

After a successful testnet deployement, the London upgrade is now ready to be activated on the Ethereum mainnet. It will go live on block 12 965 000, which is expected between August 3-5, 2021.

🔗 UK Regulator to Launch £11M Campaign Warning of Crypto Risks: CoinDesk

The U.K. Financial Conduct Authority (FCA) is launching an £11 million (US$15 million) marketing campaign to warn young people of the risks in investing in crypto.

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🧑‍💻 ✍️ Stories in this newsletter were written by yyctrader, Lucas Outumuro, Mann000, and edited by Edward Robinson, Bailey Reutzel and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

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The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).