Investors Eye Digital Currency Group After FTX’s Implosion

News

• MakerDAO to Liquidate Overleveraged Vaults and Absorb $1.3M in Bad Debt
• Paradigm Accused Of Copying Code For Rust-Based Ethereum Client
• Layer 2 Gas Usage Up 170% in 2022 as Adoption Surges
• US ApeCoin Holders Will Be Blocked From Official Staking Website

Dive

• The ‘DEF CON Scenario’: Investors Eye Digital Currency Group After FTX’s Implosion

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• Thanksgiving Special: Thankful for Crypto
• Weekly Recap: MetaMask Is Tracking You

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News

DeFi Lending

MakerDAO to Liquidate Overleveraged Vaults and Absorb $1.3M in Bad Debt

USDC, USDP and GUSD Vaults Affected

By Samuel Haig

MakerDAO, the largest DeFi protocol with $6.4B in total value locked (TVL), has said it will liquidate heavily leveraged vaults in a bid to prevent the protocol from accruing excessive bad debt.

Read the full story on The Defiant

Ethereum

Paradigm Accused Of Copying Code For Rust-Based Ethereum Client

Erigon To Wind Down Support For Akula

By Samuel Haig

On Nov. 24, Erigon announced that it is winding down support for Akula, a Rust implementation of OpenEthereum. The team said they decided to sunset the project after becoming aware of a competing product from an entity with incomparable resources and influence.

Read the full story on The Defiant

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FTX Crisis

The ‘DEF CON Scenario’: Investors Eye Digital Currency Group After FTX’s Implosion

Genesis Reportedly Considering Bankruptcy As Funding Proves Elusive

By Aleksandar Gilbert

As FTX collapsed — and the tide came in — builders, investors, aficionados and just about anyone with a passing interest in cryptocurrencies wondered: who else had been swimming naked?

All eyes are now on Digital Currency Group (DCG).

The crypto conglomerate, whose subsidiaries include some of the biggest names in the industry, is tottering in the wake of FTX’s bankruptcy.

Read the full story on The Defiant

Layer 2s

Layer 2 Gas Usage Up 170% in 2022 as Adoption Surges

Arbitrum Continues to Lead Sector After Nitro Upgrade and OpenSea Integration

By Samuel Haig

Ethereum’s Layer 2 (L2) ecosystem is seeing record network activity despite the bear market, with the monthly gas spent on settling L2 transactions set to post its second consecutive all-time high.

Read the full story on The Defiant

NFTs

US ApeCoin Holders Will Be Blocked From Official Staking Website

Eleventh-Hour Decision Riles BAYC Community

By Tarang Khaitan

Residents from several countries including the United States and Canada are prohibited from accessing ApeStake.io, the official website for staking APE tokens.

Read the full story on The Defiant

Defiant Video

Thankful for Crypto

Weekly Recap: MetaMask Is Tracking You

Making Web 3 More Accessible