Advertisement

Loading...

🔒Aave Freezes Assets To Guard Against Security Vulnerability

The Defiant

DeFi Daily

Together with

Together with

GM Defiers!

The top DeFi lending protocol, Aave, froze many of its markets after identifying a security vulnerability affecting pools offering fixed-interest borrowing. AAVE holders are now voting on a governance proposal to resume normal operations in roughly one week.

Arbitrum governance backed a proposal to introduce a staking mechanism for ARB holders. Voting is also ongoing for a closely contested proposal pushing for the launch of an "Arbitrum Coalition" tasked with research and development.

Bank of England published stablecoin regulation set to take effect next year. Stablecoin issuers will be subject to the central bank's oversight and will need permission to operate in the U.K.

A new NFT collection inspired by a Simpsons episode parodying the non-fungibles sector quickly sold out. The NFTs cost $19 each to mint and are now trading at a $300 floor price.

Cardano announced it will adopt Polkadot's Substrate technology to underpin its upcoming "partner chain" initiative, Input Output Global. The pivot seeks to revamp Cardano from single chain into an ecosystem of multiple networks.

Multiple attendees of Yuga Labs' ApeFest conference reported suffering burns to their skin and eyes due to excessive exposure to ultraviolet lighting. The incident gave new meaning to the cryptocurrency trope of Bitcoin maximalists donning "laser eyes."

Plus, check out our deep dive into the emerging SocialFi sector!

✍️ In today’s newsletter:

  • Aave freezes markets to patch vulneraility
  • Arbitrum to introduce staking mechanism
  • Arbitrum Council proposal divides community
  • U.K. central bank publishes stablecoin guidance
  • Simpsons-inspired NFTs sell out
  • ApeFest attendees suffer UV exposure
  • Cardano borrows Polkadot tech
  • Everything you need to know about SocialFi

🙏Sponsored

📈 Markets in last 24 hrs:

TickerValue24h
BTC$35,062 0.04%
ETH$1,896 2.18%
S&P 500$4,366 0.18%
GOLD$1,982 -0.5%
Arch WEB31.02pts +5.06%
FINANCE0.95pts 3.93%
INFRA1.16pts 6.52%
CONSUMER1.11pts 4.94%
Arch WEB3

Learn more about Arch Indices here.

🎬 WATCH

Check out our interview interview with UNCX to learn more about their liquidity locking. And watch our podcast with Eric Balchunas, senior ETF analyst at Bloomberg, to learn about the Bitcoin exchange-trade fund landscape.


SCAM WARNING FOR READERS

The Defiant is not releasing a token soon!

On Tuesday Oct 3 a group of DeFi users received phishing emails that pretended to come from a group of companies and projects in the ecosystem, including The Defiant.

Be mindful that the correct domain for The Defiant is THEDEFIANT.IO and NEVER click on any links coming from other domains. This particular email promoted a Defiant token – to be clear, we do not have a token nor are planning to launch one in the near future, and we urge our community and subscribers to NEVER click on links coming from outside our official communication channels, which are:

https://thedefiant.io/

https://twitter.com/DefiantNews

https://discord.com/invite/3SdRdEs5ag

https://www.youtube.com/TheDefiant

Stay safe out there Defiers!


THANKING OUR NEWSLETTER SPONSORS

| Newsletter continues below |

DeFi, done right.

Linea’s DeFi Voyage will bring everyone—from web3 newcomers to seasoned investors—an intuitive, immersive, and educational DeFi experience.

6 weeks. 10 waves. 10 core tasks. Choose from over 60 DeFi dapps to engage with. Collect Linea Voyage XP.

Coming on November 7th. Be ready.

Cove is the first automated ERC-4626 yield optimizer built on Yearn and optimized by Gauntlet. Cove brings simplicity, high-yields, and accessibility to degens and those new to the space. Join the Cove community today to redefine the way the world approaches finance.

Clipper is built for liquidity providers. It is designed to deliver above-market returns for holding ETH, BTC, and stables while eliminating impermanent loss. Deposit today and start earning.


DeFi

Aave To Vote On Restoration Plan Following Market Freezes

TLDR The Aave community is voting on a proposal to resume normal services after the protocol froze many of its v2 and v3 markets following a reported security vulnerability affected assets offering fixed-rate borrowing. The proposal will also prevent the minting of new tokens representing assets borrowed at fixed rates.

SO WHAT Aave emphasized that no user funds are at risk when announcing the asset freezes. Users can still repay debts and withdraw assets corresponding to the affected pools, but cannot supply or borrow said assets at this time.

READ MORE: Aave To Vote On Restoration Plan Following Market Freezes


Staking

Arbitrum Community Greenlights Staking Mechanism

TLDR Arbitrum governance passed a proposal to introduce staking for ARB holders. An initial 12-month campaign will distribute 100M ARB as rewards for stakers, with users receiving additional rewards for committing to lock up their assets for the entire period.

SO WHAT Arbitrum airdropped 12.75% of ARB supply to users in a $1.5B airdrop during March. However, the token currently does not offer any non-governance utility or native yields for holders.

Read More: Arbitrum Community Greenlights Staking Mechanism


SPONSORED POST

Cove is an automated yield optimizer, built on Yearn V3 and optimized by Gauntlet. Cove brings simplicity, high-yields, and accessibility to degens and those new to the space. Cove is brought to you by DeFi veterans and advised by Joey Santoro, Founder of Fei Protocol & author of ERC-4626, the tokenized vault standard, and Tarun Chitra, Founder & CEO of Gauntlet.

Cove moves assets across your selected strategies into the most optimal allocation automatically. Say goodbye to paying gas for regularly staking/unstaking your positions, constantly updating your portfolio, and spending an ungodly amount of time monitoring farms. Cove empowers you to customize your DeFi experience like never before.

Cove is more than just another DeFi app; we are building a game-changing financial protocol that will bring in millions to the world of decentralized finance. So, whether you're a seasoned DeFi enthusiast or a newcomer exploring the world of decentralized finance, join the community today: https://discord.com/invite/2jx8DkjvSH


Governance

Arbitrum Governance Divided Over $2.4M Research Coalition

TLDR The Arbitrum community is divided over a governance proposal advocating for the establishment of an "Arbitrum Coalition" tasked with research and development. With Arbitrum requesting $2.2M to fund the entity or 12 months, some community members believe the proposal is wasteful.

SO WHAT The Coalition would span prominent researchers Trail of Bits, Gauntlet, Blockworks Research, and L2beat, with the first three companies set to receive annual payouts of between $780,000 and $1.1M.

READ MORE: Arbitrum Governance Divided Over $2.4M Research Coalition


Regulation

Bank of England Unveils Stablecoin Rules

TLDR The U.K. central bank published upcoming guidance for stablecoin issuers. The rules are set to take effect next year, with the Bank of England overseeing stablecoins while the U.K. Financial Conduct Authority will regulate the broader cryptocurrency markets.

SO WHAT The news comes as the United Kingdom seeks to establish itself as a global digital asset hub under the administration of its crypto-friendly prime minister, Rishi Sunak. The legal apparatus seeks to minimize contagion risks and protect customer assets.

Read More: Bank of England Unveils Stablecoin Rules


NFTs

Free NFT Inspired By The Simpsons Crosses $2M In Trading Volume

TLDR An NFT collection inspired by a recently episode of The Simpsons parodying the non-fungibles sector quickly sold out and is now driving seven-figures in trade volume. The NFTs were initially minted for a $19 fee and now boast a floor price of around $300.

SO WHAT The news comes as the NFT markets are showing tentative sings of recovery, with trade volume picking up in recent weeks after sinking to multi-year lows.

Read More: Free NFT Inspired By The Simpsons Crosses $2M In Trading Volume


SPONSORED SHOUTOUT

Benzinga’s Future of Digital Assets | November 14, 2023 | Convene in NYC

Forge partnerships and build winning investment strategies at Benzinga’s Future of Digital Assets – where global power players, Wall Street money managers and blockchain visionaries meet and manifest a dynamic, future-forward Web3 marketplace. Use code THEDEFIANT20 for 20% off tickets. Get tickets here.


Technology

Cardano Blockchain Plans to Adopt Polkadot's Substrate Framework

TLDR Candano announced it will adopt Substrate, the technology underpinning Polkadot. Cardano will use Substrate to build out an ecosystem of modular "partner chains."

SO WHAT Cardano aims to establish an ecosystem of multiple chains, pivoting away from its existing single-chain model. Investors appear to back the move, with Cardano's ADA token rallying 46% in less than three weeks.

Read More: Cardano Blockchain Plans to Adopt Polkadot's Substrate Framework


NFTs

ApeFest Attendees Report Severe Eye Injuries After UV Light Exposure

TLDR Yuga Labs' recent ApeFest conference ended in injury for several attendees, with multiple guests reporting they were admitted to hospital for burns resulting from exposure to ultraviolet lighting. Yuga estimated around 1% of attendees were injured.

SO WHAT The incident coincided with Yuga announcing a partnership with Magic Eden to launch an NFT marketplace contractually enforcing royalty payouts for NFT creators.

Read More: ApeFest Attendees Report Severe Eye Injuries After UV Light Exposure


DeFi

What Is Social-Fi?

TLDR The explosive boom of social-fi platforms caught many onlookers off-guard, with many fortunes quickly made and lost speculating on keys granting access to exclusive chatrooms associated with prominent Twitter influencers.

SO WHAT While Friend Tech kicked off the social-fi boom in August, rival platforms have since proliferated across different networks. Our social-fi explainer walks through everything you need to know to dive into the emerging sector.

Read More: What Is Social-Fi?


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • Stablecoin Issuer Circle Internet Considering 2024 IPO (Bloomberg)
  • Robinhood to Expand Crypto Trading Into EU, Plans to Start UK Brokerage (CoinDesk)
  • NFT Volume Hits 3-Month High—You Can Thank This Massive CryptoPunks Sale (Decrypt)