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🎉 DeFi Wrap for 2023
The Defiant Daily
Together with
GM Defiers!
Wishing everyone happy holidays from The Defiant!
As the year wraps up, we take stock of the rise and performance of DeFi in 2023, where total value locked more than doubled and the number of protocols with over $250M of TVL grew to 19, from 15 at the start of the year. DeFi tokens also rallied in line with the rest of crypto. But while it was a bullish year for the ecosystem, the amount of "free money" distributed in airdrops declined by about 40%.
In other news, Ethereum creator Vitalik Buterin proposed a way to simplify the network's Proof-of-Stake architecture, while one of Crypto Twitter's most respected blockchain detectives, ZachXBT, said he's temporarily stepping down.
✍️ In today’s newsletter:
- DeFi 2023 wrap
- 2023 was a bad year for "free money"
- Vitalik wants to make Ethereum's PoS simpler.
📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $43,634 | ↗ 3.28% |
| ETH | $2,198 | ↗ 0.99% |
| S&P 500 | $4,747 | ↗ 1.03% |
| GOLD | $2,039 | ↗ 0.23% |
| Arch WEB3 | 1.24pts | ↗ +2.91% |
| ↳ FINANCE | 1.13pts | ↗ 2.44% |
| ↳ INFRA | 1.40pts | ↗ 3.91% |
| ↳ CONSUMER | 1.50pts | ↗ 1.95% |
Learn more about Arch Indices here.
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Research
DeFi Wrap for 2023: Time For Bears to Go Into Hibernation
TLDR Decentralized finance had a good year with total value locked increasing by 110%, the lending ecosystem maturing with upgraded versions of OG protocols as well as new entrants, tokens rallied, and the number of protocols at scale increased.
SO WHAT As 2023 concludes, DeFi's increasing maturity has set the stage for a dynamic future, looking set to fundamentally challenge traditional financial services.
READ MORE: DeFi Wrap for 2023: Time For Bears to Go Into Hibernation
Ethereum
Vitalik Buterin Wants to Modify Ethereum's Proof-of-Stake Model
TLDR Ethereum creator Vitalik Buterin published a blog post today proposing three approaches to reduce the network’s load associated with its high validator count. Ethereum's 895,000 validators supports decentralization but strains the network due to the huge number of signatures it has to process.
SO WHAT A change in Ethereum's architecture would be a major undertaking and affect the inner workings and performance of the world's most largest Proof-of-Stake blockchain.
READ MORE: Vitalik Buterin Wants to Modify Ethereum's Proof-of-Stake Model
Crypto Twitter
Blockchain Sleuth ZachXBT’s X Profile Goes Back to Offline After Briefly Flipping On
TLDR ZachXBT’s X account was momentarily back online today after the renowned blockchain investigator said he was was deactivating his profile for an indefinite amount of time to the dismay of “Crypto Twitter.”
SO WHAT With ZachXBT gone, the crypto community will be missing one of the most active and vocal investigators of scams and hacks in the space.
READ MORE: Blockchain Sleuth ZachXBT’s X Profile Goes Back to Offline After Briefly Flipping On
