Advertisement

Loading...

💪 Arbitrum and Base Consolidate L2 Dominance

Together with

the-defiant

GM Defiers!

The growing dominance of Arbitrum and Base is calling critics’ claims that liquidity fragmentation is wreaking havoc on Ethereum’s Layer 2 ecosystem into question. The two chains now account for half of Layer 2 TVL, transactions, users, and trades.

Degens continue to descend on politics-inspired memecoins. The KAMA token rallied 125% in 24 hours as pundits predicted Kamala Harris may be poised to lead the Democratic party.

The TVL of Symbiotic tripled to more than $1 billion in one day after the project raised its deposit caps. Symbiotic now ranks as the second-largest restaking protocol.

Argentinian crypto adoption is rising, with digital asset trades paired with the Argentinian Peso jumping 400% this year.

Plus, the market drawdown drives heavy liquidations, Bittensor halts its network after wallets were drained, BLAST tumbles despite a Season 2 points campaign, and hackers are ransacking centralized exchanges,

✍️ In today’s newsletter:

  • Layer 2 activity consolidates
  • KAMA surges after presidential debate
  • Symbiotic’s TVL rockets past $1B
  • Argentinian crypto adoption spikes
  • Digital assets continue posting losses
  • Bittensor network halted after exploit scare
  • BLAST posts heavy losses
  • Hackers target centralized exchanges in 2024

🙏Sponsored

📈 Markets in the last 24 hrs:

TickerValue24h
the-defiantBitcoin$62,617-0.09%
the-defiantEthereum$3,435.82-0.70%
the-defiantBNB$578.120.12%
the-defiantSolana$149.011.40%
the-defiantXRP$0.4871.39%

🎬WATCH

Check out our podcast with Daniel Fogg, the CEO of Rootstock Labs, to learn about the bubbling Bitcoin sidechain. Catch up on our interview with Chris Bradbury, the CEO of Summer.fi, to learn about their new points campaign. Plus, watch our explainer looking at the advanced AI blockchain tooling offered by DexGuru's GURU Network 👀

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

the-defiant

Stellar empowers builders to unlock human and economic potential. Explore the new Stellar smart contract platform, Soroban, designed for scale and sensibility.

the-defiant

The PayPal stablecoin PYUSD is live on Solana. PayPal has over two decades of payments experience, and is now making low-cost, high-throughput web3 payments possible through the PYUSD on Solana launch. Learn about PYUSD on Solana and start building the future of payments.

PayPal, Inc. is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.

the-defiant

zkVerify reduces proof verification costs by over 90% and provides a developer-friendly environment for proof verification across a range of rollups and settlement layers.

zkVerify was developed by Horizen Labs.

🌐Rising Dominance Of Arbitrum and Base Defies Liquidity Fragmentation Narrative

the-defiant

Arbitrum and Base’s increasing dominance over Ethereum’s Layer 2 ecosystem is undermining claims the sector is plagued by liquidity fragmentation. Arbitrum and Base account for roughly half of L2 users, transactions, TVL, and DEX trade volumes, while roughly 10 networks command more than 90%.

🚀New Kamala Harris Memecoin KAMA Soars on U.S. Presidential Race Speculation

Degen political memecoin speculation is rallying strong, with a Kamala Harris-inspired token soaring 125% in 24 hours. The move comes as punters are wagering Harris may replace Joe Biden as the Democrat party’s presidential nominee, also igniting a surge in trade volume on Polymarket.

⬆️Symbiotic TVL Triples To $1B Within 24 Hours Of Raising Deposit Limits

Symbiotic is now the second-largest restaking protocol after its TVL tripled in less than 24 hours. Symbiotic’s TVL has now ballooned to more than $1 billion one month after launching.

SPONSORED POST

the-defiant

On June 18th, 2024, Stellar public network validators voted to upgrade the network to Protocol 21, which actives five new Core Advancement Proposals (CAPs) on the Stellar Mainnet.

The five CAPs introduced in Protocol 21 allow for some neat features, including an improvement to state archival, a few overall cost improvements to smart contract transactions, and perhaps the most exciting, native support of secp256r1 verification in smart contracts, enabling passkey signing support. The Stellar Development Foundation has built out a web app where you can demo passkeys to build a smart wallet.

READ MORE: Protocol 21 Upgrade on Stellar Brings Enhanced Security with Passkeys

📈Argentine Peso Crypto Trading Volume Grows by 400% This Year

Argentina is the fastest-growing Latin nation by crypto adoption. Trade volume between cryptocurrencies and the Argentinian Peso has rocketed five-fold since the start of the year.

💥Crypto Markets Bleed Amid Massive Liquidations

Digital assets continue to drop as onlookers fear the German government may be planning to dump a portion of its $2 billion in BTC holdings. Leverage traders suffered $381 million in liquidations over 24 hours, pushing asset prices lower. Notable drawdowns include Bitcoin with 5%, Ethereum with 3.5%, and Polkadot with 5%.

⚠️Bittensor Halts Network After Users Fall Victim To Malicious Python Software

Bittensor paused its network after multiple users reported attacks targeting their wallets. The project’s foundation identified a malicious package uploaded to a Python software repository as the culprit.

SPONSORED SHOUTOUT

the-defiant

Cartesi and The Defiant are teaming up to bring you an exclusive live stream from ETHCC[7] in Brussels. Join us for in-depth discussions on critical topics like fraud proofs and cross-rollup interoperability, featuring expert speakers from the Ethereum Foundation, OP Labs, Espresso, Offchain Labs, and other leading L2 projects.

📅 17:30 UTC, July 11 2024

🔔Set your notification here.

⬇️Blast Token Tumbles as Layer 2 Unveils Season 2

The recently airdropped BLAST token is suffering heavy losses despite Blast unveiling the terms of its Season 2 points campaign. BLAST is down 32.6% in the past seven days.

💣Centralized Exchange Losses to Hacks are Up 1,000% This Year: ImmuneFi

Centralized exchanges are suffering heavy losses to hackers this year, with CEX’s shedding $572 million to exploits in the first half of 2024 already. Notably, DeFi hacks are down, with quarterly losses falling 25%.

🌍 ELSEWHERE

  • Coinbase demands Gensler’s private emails in SEC battle over crypto rules (CryptoSlate)
  • Ethereum Rolls Out EIP-7732 Proposing Major Shift In Block Validation Process (CoinGape)
  • Dormant address containing $6.8 million in bitcoin wakes up after more than 12 years (The Block)
  • Perception That Bitcoin Core Never Has Bugs ‘Dangerous,’ Say Developers (Unchained)

🔥 TRENDING

The Defiant Alpha
“an industry must-read
new-york

Get even more! For actionable insights and community access, Join The Defiant Alpha to receive:

  • The Defiant Daily | Mon to Fri
  • Weekly Recap | Saturdays
  • DeFi Alpha | Sundays
  • Access to exclusive degen chats and events

Become a Member