🔥 Mistaken $1B Hack Exposes ‘Blessing and Curse’ of Web3

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Exploits

🔥 Mistaken $1B Hack Exposes ‘Blessing and Curse’ of Web3

pNetwork ‘s ‘Misconfiguration’ of Code Pressures Gala Games Token

By Samuel Haig

Mistaken $1B Hack Exposes ‘Blessing and Curse’ of Web3

DAMAGE CONTROL The cross-chain bridge provider, pNetwork, swung into damage control after its attempt to address a “misconfiguration” in its code gave the appearance of a $1B hack.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Macroeconomics

📈 Rising Rate Environment Tests DeFi’s Stickiness

U.S. Treasuries Now Yield More Than DeFi Money Markets

By Owen Fernau

Rising Rate Environment Tests DeFi’s Stickiness

UNCHARTED TERRITORY With benchmark DeFi yielding less than low-risk assets like U.S. Treasuries, blockchain-based finance has entered unfamiliar territory. After the Federal Reserve’s fourth consecutive 0.75% hike on Nov. 2, the benchmark U.S. interest rate stands at 4%, the highest it’s been since January 2008.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Become a Goldfinch Member for enhanced yields

Goldfinch is a decentralized credit protocol with a mission to connect the world’s capital to the world’s growth, with yields generated by real-world lending to growing off-chain businesses, and loans fully collateralized by real-world assets. The protocol has been noted as having one of DeFi’s highest yields for USDC lending, with Investors earning a 7.8%—18.5% USDC APY, and up to 23% est. APY including GFI rewards.

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Upgrade your participation for enhanced yields from Member Rewards, and own the new global credit paradigm. Sign up for the waitlist today

NFT Roundup

👹 Art Gobblers’ Floor Price Drops 50% After Splashy Debut

Arweave, Polygon Rally After Meta’s NFT Announcement

By yyctrader

Art Gobblers’ Floor Price Drops 50% After Splashy Debut

CUT Art Gobblers, a highly anticipated NFT collection designed by Rick and Morty creator Justin Roiland and backed by Paradigm, the web3 venture capital fund, saw its floor price cut in half on Nov. 3.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

DeFi Comebacks

👀 Cronje Rejoins Fantom and DeFi After Posting Essay on Crypto Winter

FTM Jumps 20% on News Yearn DeFi Pioneer is Back in the Game

By Tarang Khaitan

Cronje Rejoins Fantom and DeFi After Posting Essay on Crypto Winter

DEFECTOR Andre Cronje just can’t stay away. Conje, a gifted dev and founder of Yearn Finance, has also proven to be a serial defector from DeFi. On Thursday, Conje tweeted that he’s making a comeback, again.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

NFT Applications

🎓 Your Diploma is an NFT — Mongolian Students to Receive Honors on a Polygon Chain

National University of Mongolia to Receive Soulbound Tokens on PoS Chain

By Samuel Haig

Your Diploma is an NFT — Mongolian Students to Receive Honors on a Polygon Chain

ON-CHAIN In an unusual move into higher education, the team behind Polygon, the Layer 2 blockchain, is planning to let students at the National University of Mongolia (NUM) receive their diplomas as Soulbound Tokens on-chain, the project said on Thursday.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

The Tube

📺 Daily Defiant: JPMorgan Uses Polygon For First DeFi Trade

Podcast Video

📺🎙 How Arbitrum Became The Number 1 Layer 2

DeFi Explainers

🤔 What Is dYdX?

A Step-by-Step Guide to the Leading Decentralized Exchange

By Rahul Nambiampurath

RARE PLATFORM DYdX is a decentralized exchange (DEX) hosted on Ethereum that enables the swap of at least 36 cryptocurrencies without know-your-customer (KYC) identity verification. The exchange is also one of the rare platforms to offer perpetual margin trading, allowing traders to fund only a portion of the trade instead of the entire value of the trading position.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Elsewhere

🔗 Dapper Labs Cuts 22% of Staff as NFT Market Craters: CoinDesk

One of the biggest names in the non-fungible token (NFT) industry is dramatically reducing headcount as the crypto bear market continues to take a toll on Web3 companies.

🔗 How low liquidity led to Mango Markets losing over $116 million: CoinTelegraph

It would seem that the hackers used an “oracle price manipulation” tactic in the exploit on the Solana-based DeFi network, as indicated by a tweet sent by the official account for the Mango cryptocurrency exchange.

Solana @solana1/ @instagram & @facebook have integrated support for Solana NFTs! 🙌 In the Instagram app, go to Settings, click Digital Collectibles & connect your Phantom wallet. The integration is rolling out to all users over the coming days, get ready to showcase your favorite NFTs! 10:20 PM ∙ Nov 2, 20225,231Likes1,909Retweets

Trending in The Defiant

Microstrategy Could Have Pocketed $1.3B if Saylor Had Bought ETHWhat if Michael Saylor had bought Ethereum instead of Bitcoin? During the bull market of 2020-21, Saylor, the Bitcoin-loving CEO of Microstrategy, made one of the most famous crypto bets ever — he directed the business intelligence software maker to invest $4B in the No. 1 cryptocurrency, according to data from Bitcoin Treasuries.
JPMorgan Dives into DeFi After CEO Trashed Crypto as ‘Ponzi’JPMorgan Chase & Co., the No. 1 U.S. bank and a charter member of Wall Street’s financial establishment, has gone DeFi. Or at least, one of its blockchain-focused units has.
Art Gobblers Spikes to 5,000 ETH in Volume as NFT Collectors Pile InThat didn’t take long. Art Gobblers, an NFT project from Rick and Morty co-creator Justin Roiland, began minting on Monday and immediately became one of the hottest collections of the month.

🧑‍💻 ✍️ 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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