He Gave 50 Strangers His Private Keys
Hello Defiers! In today’s issue, we’ll dig into the day’s most interesting news, but also give you a peek into a crazy experiment exploring digital art and greed:
- Aave turns governance to community
- DeFi project uses flash loan in MakerDAO governance
- The Defiant producer Robin Schmidt has been leading an experiment exploring the very core of human nature and today, the grand finale is revealed
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🙌 Together with Zerion, a simple interface to access and use decentralized finance, Sorare, a fantasy football game with officially licensed cards on Ethereum, and Near, a high-performance proof-of-stake blockchain that interoperates with Ethereum.
He Let Strangers Raid His Private Wallet for Art
Non-fungible tokens, or digital assets representing unique and scarce items, have taken off in the past few weeks. So much so, that video producer Robin Schmidt and artist Simon Wan thought to do an experiment to find what is actually valuable, art attached to these tokens or their crypto component?
And that gets to a deeper question: are those buying or coveting these items cultured, or just greedy?
The Rug Pull
That was the question posed to all those who stumbled into a Telegram chat called The Rug Pull. The gateway into this rabbit hole was a QR code embedded in the latest video in The Defiant’s YouTube channel, published one week ago along with the question: Can you recognize art when it’s right in front of you?
Those who picked up on that wink and scanned the QR code landed in a parallel universe with its own special rules. Throughout the week, they were treated with short videos reminiscent of the self-destructing messages in James Bond movies, containing riddles and tasks.
The Bomb Squad
One of these tasks was for the first 50 people in the chat to fill out a Google form with their ETH address, in exchange for which they were airdropped a Bomb NFT (one of which is for sale here).
There was no limit for the number of addresses they could include in the form so theoretically, someone could have taken all 50 tokens. Still, most of the group showed to be cultured and not greedy. Unfortunately for Robin, this wasn’t the case in a subsequent test.
12 Angry Men
Robin, aka SuperMassive, performed the ultimate sacrifice: He exposed the seed phrase of his private wallet in a cryptic video. Nonetheless, the savvy people in the group were quickly able to pick up on the hint.
For what happened next, and to see what this experiment’s grand finale will be, watch the video:
Aave Releases Admin Keys to Community
Aave has transferred its admin keys for the lending protocol with nearly $1B in total value locked over to AAVE holders.
Maker Gets Flash Governed
In the wake of flash loans making headlines for exploits, this week's use is a first of its kind.B.Protocol - a decentralized backstop liquidity protocol - utilized a flash loan to borrow MKR and pass a governance proposal to whitelist their use of Maker Price Oracles.
Audius Is Moving Part of Its Service to Solana Blockchain: CoinDesk
Decentralized music app Audius announced Thursday that it will migrate its content management system over to Solana’s high-speed blockchain from an Ethereum sidechain operated by the POA Network that runs on a set of trusted validators, CoinDesk reported.
Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators: Forbes
Binance Holdings Limited, the world’s largest cryptocurrency exchange conceived of an elaborate corporate structure designed to intentionally deceive regulators and surreptitiously profit from crypto investors in the United States, according to a document thought to be created by its senior executives and obtained by Forbes.
A Whopping $2 Billion in Bitcoin Is Now on Ethereum: Decrypt
There’s now more than $2 billion worth of Bitcoin on the Ethereum network, according to the latest figures from a dashboard on metrics site Dune Analytics.
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 at $10/month or $100/year, while free signups get only part of the content.
About the founder and editor: Camila Russo is the author of The Infinite Machine, the first book on the history of Ethereum, and was previously a Bloomberg News markets reporter based in New York, Madrid and Buenos Aires. She has extensively covered crypto and finance, and now is diving into DeFi, the intersection of the two.
