💸 ‘Smart Money’ Plows $33M into Staked ETH Tokens After Merge

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

News

• ‘Smart Money’ Plows $33M into Staked ETH Tokens After Merge
• On-Chain Action Disappears on Terra’s Luna Classic Token
• Boba Network Becomes the First Layer 2 to Launch on Avalanche

Markets

• Crypto Markets Dive After Another Rate Hike From The Fed

Podcast

🎙 Listen to the Exclusive Interview with Robert Lauko

DeFi Beginners

• What Is Yearn Finance?

Elsewhere

• Kraken’s Powell steps down, incoming CEO says culture will not change: Fortune
• Helium Ditches Own Blockchain in Favor of Solana After Community Vote: CoinDesk
• What a wealth of knowledge in Berlin at K8 by @zeroknowledgefm What was it? : Polygon

Trending in The Defiant

• Little Understood Trading Stratagem Quietly Siphons Money from Ethereum Users
• Massive Dumping’ by Ethereum Miners Punishes ETH
• Gensler Rattles DeFi With Suggestion PoS Coins are Securities

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Ethereum Staking

💸 ‘Smart Money’ Plows $33M into Staked ETH Tokens After Merge

Lido’s stETH Back at Par with Ethereum in Heavy Action: Nansen

By Aleksandar Gilbert

DEPEGGED Almost six months after it first “de-pegged” from Ether, investors have flocked to Lido’s stETH token, pushing it back up to par with the second-largest cryptocurrency.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Market Action

📉 Crypto Markets Dive After Another Rate Hike From The Fed

Ether Down 4% in Last 24 Hours After Stabilizing Overnight

By Owen Fernau

VOLATILITY Global markets took a beating after the U.S. Federal Reserve announced a 0.75% interest rate hike on Sept. 21. After an initial bout of volatility that saw Bitcoin and Ether make news daily highs above $19,900 and $1,400 respectively, crypto markets swiftly reversed lower.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

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Terra Fallout

😶 On-Chain Action Disappears on Terra’s Luna Classic Token

LUNC Had Surged Until Failed Chain Imposed Transaction Tax

By Samuel Haig

DRIED UP On-chain activity appears to have dried up on the Luna Classic, the network token of the failed and abandoned Terra chain, after it imposed a 1.2% tax on transactions that is burned from supply.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Layer 2s

⚙️ Boba Network Becomes the First Layer 2 to Launch on Avalanche

Avalanche Developers Can Now Access Boba’s Hybrid Compute Feature

By Samuel Haig

LAUNCH Boba Network, a Layer 2 chain leveraging Optimistic rollups, is the first L2 to launch on Avalanche, a Layer 1 smart contract network. Unlike other prominent L2s, Boba is establishing itself as a cross-chain Layer 2. The Avalanche deployment is Boba’s fourth, following its debut launch on Ethereum in September last year, and subsequent launches on Moonbeam and Fantom in June.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Podcast

🎙 Building The Forefront of Decentralization

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DeFi Beginners

🧐 What Is Yearn Finance?

A Step-by-Step Guide to a Pioneer in Yield Farming

By Rahul Nambiampurath

MAXIMIZE YIELDS Yearn Finance played a leading role in the decentralized finance (DeFi) boom in the summer of 2020. Running on Ethereum blockchain, Yearn Finance deployed smart contracts to maximize yields on deposits and generate high interest rates.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Elsewhere

🔗 Kraken’s Powell steps down, incoming CEO says culture will not change: Fortune

Jesse Powell, the CEO of Kraken, is stepping down from the top job at the cryptocurrency exchange he founded in 2011.

🔗 Helium Ditches Own Blockchain in Favor of Solana After Community Vote: CoinDesk

Helium community members have voted to move the decentralized WiFi network from its blockchain, officially known as HIP 70, to the Solana blockchain.

Polygon - MATIC 💜 @0xPolygonWhat a wealth of knowledge in Berlin at K8 by @zeroknowledgefm 🤩 What was it? 🤷🏻‍♀️ A 1-day summit full of thinkers & builders in the space to learn about the latest in zero knowledge research, SNARKs, STARKs, cryptographic primitives, privacy and maths 🤝 See you all next year! 9:30 PM ∙ Sep 21, 2022135Likes24Retweets

Trending in The Defiant

• Little Understood Trading Stratagem Quietly Siphons Money from Ethereum UsersMost crypto users don’t even know it’s happening. It’s an unseen force, quietly and steadily siphoning money out of the marketplace and leaving unwitting Ethereum users none the wiser.
• ‘Massive Dumping’ by Ethereum Miners Punishes ETHEver since The Merge took place on Sept. 15 investors have looked on in dismay as Ether lost a fifth of its value over the next four days.
• Gensler Rattles DeFi With Suggestion PoS Coins are SecuritiesThe Merge may be complete, but the battle for legally defining Ethereum 2.0 is just beginning. Hours after Ethereum completed its historic transition to Proof of Stake technology, a top U.S. regulator said cryptocurrencies that use this approach should probably be defined as securities.

🧑‍💻 ✍️ 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 Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

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