Recap: DeFi Week of Jan. 11 🦄
Hello Defiers! Hope you’re having a great weekend. Summing up: The week started off with a sell-off in the cryptocurrency market, which prompted liquidations in DeFi to jump to the third-highest ever, while short positions on ETH climbed near the highest ...
Hello Defiers! Hope you’re having a great weekend.
Summing up: The week started off with a sell-off in the cryptocurrency market, which prompted liquidations in DeFi to jump to the third-highest ever, while short positions on ETH climbed near the highest since 2019. There was also drama going on at one of Ethereum’s longest-standing teams, Aragon, which faced over a dozen of resignations.
We shone a light on rebasing tokens, aka elastic finance, with an op-ed by AmpleSenseDAO, our Defiant Weekly video, and a DeFi101 explainer. DeFi rockstar Andre Cronje penned part 2 of his post “Building in DeFi Sucks,” and we caught up with other DeFi founders, who said the pressure of building in open sourced systems is intense. Rumors about EIP-1559 being ready riled Ethereans up, as did the debate around social media’s power to deplatform individuals.
And there was even more :)
That was just one week. Subscribe to get the latest DeFi news and analysis straight to your inbox and you don’t miss a thing. Free-signups get partial content, paid subscribers get everything. Click here to pay with DAI (for $100/yr) or click on the button below to subscribe with fiat ($100/yr, $10/mo).
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That was just one week. Subscribe to get the latest DeFi news and analysis straight to your inbox. Free-signups get partial content, paid subscribers get everything. Click here to pay with DAI (for $100/yr) or click on the button below to subscribe with fiat/credit card (for $10/mo or $100/yr).
🙌 Together with Zerion, a simple interface to access and use decentralized finance, Neutrino, an algorithmic price-stable protocol that enables the creation of stablecoins tied to real-world assets, Value DeFi Protocol, a suite of DeFi products including the Value Liquid AMM, which allows anyone to create trading pools with flexible ratio pairs, and Cartesi, an optimistic roll-ups solution that aims to revolutionize smart contracts by allowing developers to code with mainstream software stacks, has just launched CTSI Reserve Mining.
Interview
"I'm Imagining a World Where Every Song Has an Investable Layer:" DJ 3LAU
In this week’s podcast, we interview Justin Blau, better known as 3LAU, one of the world’s top DJs, who is also at the forefront of the intersection between music and crypto. He became interested in blockchain technology because it can provide a means for fans to provably to own digital content, and for artists to better monetize their work. He believes this innovation has the potential to revolutionize the music industry.
🎙Listen to the interview in this week’s podcast episode here:
Op-Ed
Elastic Finance: Definition, Use Cases and Framework by AmpleSense DAO
The team at AmpleSense DAO, a community focused on improving understanding and adoption of elastic finance assets, wrote a piece that aims to explain how rebasing tokens work. The quick definition for these tokens is that instead of price volatility, they have supply volatility. Their token supply expands and contracts in response to market demand to maintain a pre-determined target price. Rebases magnify holders’ gains when the price is going up, but also magnify losses on the way down, which is why it can be a risky investment. Another common criticism they get is that they historically haven’t been able to hold their peg, which in theory would make them less useful than a stablecoin as a means of exchange. Amplesens provides a framework for evaluating them, and list the many use cases they see for these assets.
Thursday
Dives
- DeFi Founders Empathize With Cronje’s RantYearn Finance founder and prolific DeFi builder Andre Cronje posted a part two to his initial post “Building in #DeFi sucks.”
- Ethereum Improvement Proposal 1559 Is Ready. Or is it? Ethereum Improvement Proposal 1559, a long-awaited update to Ethereum’s core codebase, was rumored to be ready for deployment, according to a leaked Discord conversation on Twitter.
Markets
- LINK Supply Off Exchanges is Near 1-Year LowChainlinlink has fallen out of favor in the last few months, possibly due to the parabolic run-up it enjoyed in mid-2020, but the worst may be over.
Bytes
- We Might Get a Blockchain Expert Heading the SECPresident-elect Joe Biden will be appointing MIT professor Gary Gensler as chair of the U.S. Securities and Exchange Commission, Reuters reported.
- Ledger Suffers Another Data Leak Ledger, which makes hardware wallets for digital assets, said it has been targeted by rogue Shopify team members who exported over 200 merchants’ customer databases in April and June of 2020.
Links
- FinCen Extends Self-Hosted Wallet Rule Comment Period
- Portugal. The Man Launches Cryptocurrency: Decrypt
Wednesday
Dives
- Aragon Facing Mass Departures and It’s Not Clear Why The Aragon community is facing mass resignations and nobody in the leadership team is being forthright as to what exactly is driving the exodus.
- Crypto Calls For Decentralization After Trump BanWhile half of America likely cheered the deplatforming of Donald Trump, crypto was calling for decentralized social media.
Bytes
- CryptoPunk Sold for Record 140k ETH Last WeekA 24x24 pixel image last week sold for 140 ETH, or $176k, the highest USD price on-record for a non-fungible token.
- Notional Comes out of Stealth With Fixed Lending Protocol Notional Finance has come out of stealth with $3M in liquidity following a closed beta over the past quarter.
Links
Tuesday
Markets
- DeFi Liquidations Spike Amid Market Slump Total liquidation volume jumped to $14.6M on Jan. 10, almost tripling from the previous day, according to data compiled by DeBank.
- Ethereum Short Positions at Highest Level Since 2019Ether short positions on Bitfinex, a top-five spot exchange in terms of volume according to CoinMarketCap, are at the highest level since March 2019.
Dives
- $300M Whale Spotted in DeFi’s Turbulent SeasA wallet holding over 1% of the $20B total value locked in DeFi, has surfaced on crypto Twitter.
- Fei is the Latest Ethereum StablecoinFei released details of its plans to launch a decentralized stablecoin protocol in Q1. FEI is an algorithmic stablecoins which uses crypto collateral
Links
- ETH 2.0 Staking now live in Argent: Argent
- Wrapped Bitcoin ‘Burns’ Outpaced Minting for the First Time in December: CoinDesk
- Block.one CTO Daniel Larimer Announces Resignation: The Block
🧑💻 ✍️ Stories this week were written by Daniel Kahan, Owen Fernau, Cooper Turley and Christopher Attard, and edited by Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov, with writing from DeFiDad.
💜Community Love💜
Thanking all the amazing Defiers for the support and love this week (and always)!
thedefiant.substack.comElastic Finance: Definition, Use Cases and Framework by AmpleSense DAOIt’s been called useless and likened to a ponzi scheme, while also hailed as the greatest crypto innovation since Bitcoin and Ethereum. Here’s your guide to Elastic finance.10:38 PM ∙ Jan 11, 202119Likes5Retweets
David Prince @RiskObscurityMy favourite video on DeFi to date. Algorithmic Stablecoins are my new negligee #SexyYfronts #DeFi youtu.be/sQ9m9txjF4U Amazing @DefiantNews !!!
youtu.beAlgorithmic Stablecoins: Sexy AF or A Load of Pants?While your regular crypto asset will fling you around like a ragdoll and reduce your life expectancy by double digits at least twice a month, stablecoins wra...6:58 PM ∙ Jan 16, 20217Likes2Retweets
The Defiant @DefiantNews🔉Announcement🔊 We are proud to present the new series “2 Minute Tuesday Tutorials” on the @DefiantNews’ YouTube Channel, full of all them 💎s. Checkout Today’s Episode on “14 Buzzwords to Know in DeFi” https://t.co/wbmFFqPdBj https://t.co/PkM2goCbD55:46 PM ∙ Jan 15, 202110Likes4Retweets
L @LCStoryteller@MeYourselfAndIt @carlsonaio 🔑 starters: -Discover crypto Twitter - Subscribe to @DefiantNews - Intern - Join virtual meetups I fell down the rabbit hole as an event producer with a blockchain org at @sxsw then switched into marketing at @Consensys 📚 consensys.net/blog/blockchai… by @masonnystrom
consensys.netBreaking into Blockchain: How to Get a Full-Time Job in Crypto. | ConsenSysHow I got a job at ConsenSys and my advice to non-developers who are eager to start working full time in crypto.1:29 PM ∙ Jan 15, 2021
Ash Egan @AshAEgan@BrendanOfEarth recommend: @BanklessHQ @DefiantNews @defipulse7:04 PM ∙ Jan 12, 2021
The Defiant @DefiantNewsIt’s been hailed as one of the most exciting innovations in crypto since Bitcoin and Ethereum. It's also been called useless and compared to a Ponzi scheme. Here's your guide to the DeFi sector that's confounding investors: Elastic finance, by @AmpleSense https://t.co/jPSlDLVpUK5:29 PM ∙ Jan 12, 2021
youtube.comDeFi 101Share your videos with friends, family, and the world4:53 PM ∙ Jan 11, 202111Likes4Retweets
thedefiant.ioHome - The Defiant - DeFi NewsThe essential information platform for the open economy.4:09 AM ∙ Jan 12, 2021
The Defiant @DefiantNewsIt’s been hailed as one of the most exciting innovations in crypto since Bitcoin and Ethereum. It's also been called useless and compared to a Ponzi scheme. Here's your guide to the DeFi sector that's confounding investors: Elastic finance, by @AmpleSense https://t.co/jPSlDLVpUK8:16 AM ∙ Jan 12, 202114Likes1Retweet
The Defiant @DefiantNewsIt’s been hailed as one of the most exciting innovations in crypto since Bitcoin and Ethereum. It's also been called useless and compared to a Ponzi scheme. Here's your guide to the DeFi sector that's confounding investors: Elastic finance, by @AmpleSense https://t.co/jPSlDLVpUK10:44 PM ∙ Jan 11, 2021196Likes117Retweets
The Defiant @DefiantNewsIt’s been hailed as one of the most exciting innovations in crypto since Bitcoin and Ethereum. It's also been called useless and compared to a Ponzi scheme. Here's your guide to the DeFi sector that's confounding investors: Elastic finance, by @AmpleSense https://t.co/jPSlDLVpUK11:12 PM ∙ Jan 11, 202116Likes3Retweets
Matcha 🍵 @matchaxyz@DefiantNews produces some of the best content for DeFi newbies 👶🤑 Check out their recent overview of DEX Aggregators (like @matchaxyz) to learn about the magic of aggregation 🧙♂️ and why you're leaving money on the table trading anywhere else. 🍵🙏 youtube.com/watch?v=hSxf4j…
youtube.comHow DEX Aggregators are the Search Engines of DeFi TradingNOTE: As you cruise along this series, you will notice how fast the DeFi space is; both in terms of execution and change. So if you happen to spot a discrepa...8:54 PM ∙ Jan 11, 202115Likes3Retweets
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