📉 USDC Market Cap Slides By $10B Since Tornado Cash Bans

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

News

• USDC Market Cap Slides By $10B Since Tornado Cash Bans
• FTX Sees Spike In Liquidations Amid Market Surge
• FTX Prepares Stablecoin For Launch: Report

Podcast

Video

• Daily Defiant: MakerDAO Just Voted on Plan That Changes Everything

Defiant Explainers

• What Is Phantom?

Elsewhere

• Meta’s metaverse losses top $9.4 billion for the year: The Block
• Eric Wall and Udi Wertheimer on Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’: Unchained
• Welcome to Night Market – the new home of Solana’s creators, collectors, and degens: Solana

Trending in The Defiant

• Ether Issuance Goes Negative as Merge Delivers on Deflationary Promise
• Multichain Questioned About Management of Millions in User Funds
• Bored Apes Dealt Marketing Jackpot by Bicycle Playing Cards

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).

Stablecoins

📉 USDC Market Cap Slides By $10B Since Tornado Cash Bans

Investor Interest in USDC Wanes as Competing Stablecoins Gain Market Share

By Tarang Khaitan

LOSING SHARE Centre Consortium’s USDC, crypto’s second-largest stablecoin by market capitalization, is steadily losing market share. The circulating supply of USDC has fallen by almost 20% from $53.6B on Aug. 8 to $43.2B on Oct. 27. Meanwhile, other leading stablecoins like Tether’s USDT and Binance’s BUSD expanded by $1.82B and$3.41B respectively.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Market Action

💦 FTX Sees Spike In Liquidations Amid Market Surge

Coinglass Data Shows $1.2B Of Liquidations in the Past 48 Hours

By Owen Fernau

LIQUIDATIONS FTX, one of crypto’s largest exchanges processing over $10B in daily trading volume, is potentially having a record week in terms of liquidations. The exchange has liquidated $1.21B of positions in the past two days, according to data from Coinglass. Of that, $677M was related to Bitcoin positions with another $470M related to Ether.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

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Exchange Stablecoins

👀 FTX Prepares Stablecoin For Launch: Report

FTX Follows Binance With Move to Release its Own Pegged Token

By Aleksandar Gilbert

LAUNCH An FTX stablecoin is in the works and may launch in the “not too distant future,” CEO Sam Bankman-Fried told European crypto publication The Big Whale in a recent interview.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Defiant Video

📺 Daily Defiant: MakerDAO Just Voted on Plan That Changes Everything

Defiant Podcast Video

📺 🎙Ali Yahya of a16z: “We’ve Entered The Golden Era Of Blockchain Applications”

DeFi Explainers

What Is Phantom?

A Step-by-Step Guide to the Digital Wallet for Solana

By Rahul Nambiampurath

WALLET Phantom is the main digital wallet for the Solana blockchain. An Ethereum rival, Solana offers faster transaction speeds and more affordable transfer fees.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Elsewhere

🔗 Meta’s metaverse losses top $9.4 billion for the year: The Block

Facebook owner Meta reported that its metaverse division Reality Labs posted a $3.7 billion loss in the third quarter of this year.

🔗 Eric Wall and Udi Wertheimer on Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’: Unchained

Eric Wall, crypto blogger and investor, and Udi Wertheimer, a recovering Bitcoin maxi, discuss everything about Bitcoin Maximalism, whether BTC can survive, and whether Ethereum constitutes a threat for Bitcoin.

Welcome to Night Market – the new home of Solana's creators, collectors, and degens.



👇🧵 Here's what we're all about. All interactions will be considered. pic.twitter.com/f5dgTWLBOQ



— Night Market by Motley Labs (🌚, 💫) (@nightmarketio) October 25, 2022

Trending in The Defiant

• Ether Issuance Goes Negative as Merge Delivers on Deflationary PromiseIt was one of the great promises of The Merge — the Ethereum network would become deflationary.
• 🤨 Multichain Questioned About Management of Millions in User FundsThe vast majority of crypto lost to hacks this year was stolen from bridges, the technology that allows users to transfer digital assets between blockchains.
• Bored Apes Dealt Marketing Jackpot by Bicycle Playing CardsIf you’ve ever played a game of poker or Go Fish, chances are you were dealt Bicycle playing cards.

🧑‍💻 ✍️ 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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