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💵Michael Erogov Pays Down Eight-Figure Aave Debt
The Defiant Daily
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GM Defiers!
Curve's founder, Michael Erogov, completely paid down his debt on Aave. Onlookers recently feared there would not be sufficient liquidity on-chain to process a potential Erogov liquidation without leaving Aave with bad debt.
A line of 26 soft toys depicting characters from the Pudgy Penguins NFT collection rolled out across 2,000 Walmart stores in the U.S. Traders pushed up the floor price by 11% in response to the news.
Arbitrum relaunched its Odyssey campaign in a bid to drum up network adoption. The move comes as ZkSync Era and Base have recently overshadowed Arbitrum by transaction throughput.
And Celestia, a Cosmos-based data availability layer, has unveiled plans for its mainnet deployment and token launch before the end of the year.
✍️ In today’s newsletter:
- Curve founder resolves debt on Aave v2
- Pudgy Penguins toys roll out across Walmart
- Arbitrum looks to bolster adoption with Odyssey relaunch
- Celestia plots mainnet deployment by 2024
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- What is MetaMask Snaps? Main Functions & Features Explained
- Honeypot Challenge: Cartesi’s First Rollup DApp on Ethereum Mainnet
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $26,265 | ↙ -0.13% |
| ETH | $1,598 | ↗ 0.59% |
| S&P 500 | $4,275 | ↗ 0.02% |
| GOLD | $1,872 | ↙ -1.52% |
| Arch WEB3 | 0.74pts | ↙ -0.25% |
| ↳ FINANCE | 0.77pts | ↗ 0.48% |
| ↳ INFRA | 0.74pts | ↙ -1.4% |
| ↳ CONSUMER | 0.80pts | ↙ -0.65% |
Learn more about Arch Indices here.
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THANKING OUR NEWSLETTER SPONSORS
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MetaMask Snaps are new features and functionality, created by third-party developers, that MetaMask users worldwide can install directly to customize their wallet. With MetaMask Snaps, every wallet becomes a unique reflection of its owner's aspirations and preferences.
DeFi
Curve Founder Pays Down Debts On Aave v2
TLDR Michael Erogov, the founder of Curve Finance, has finally paid down all of his debts on Aave v2. Erogov still owes $42.7M worth of stablecoins to four other web3 lending protocols, but those positions are backed by $132.5M worth of CRV.
SO WHAT Erogov's lending activities began making headlines in June as altcoins were hit hard by the recent crypto downturn. With a 40% price drop threatening to liquidate Erogov and leave Aave with bad debt, Curve's founder began offloading his CRV collateral via private sales in August.
READ MORE: Curve Founder Pays Down Debts On Aave v2
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Business
Walmart Introduces Pudgy Toys In 2,000 Stores
TLDR The price of Pudgy Penguins is on the up after 2,000 Walmarts across the U.S. began stocking soft toys depicting 26 penguins from the collection. Pudgy Penguins ranked as the second-most traded NFT collection following the news.
SO WHAT Walmart's Pudgy Penguins embrace serves as a boon to the broader web3 sector, which has suffered from a long-term decline since the 2021 digital asset market peak.
SPONSORED SHOUTOUT
Ethereum is taking over Milan
From October 5th-6th Milan will host ETHMilan, the biggest italian conference about Web3.
The event will host around 100 speakers and different sponsor will be there too!
Here’s a little spoiler about what the conference is about:
- How to scale Ethereum and its adoption.
- Decentralized Finance and the rise of new financial primitives;
- Account Abstraction and onboarding the next billion users to Ethereum;
- DAOs and decentralised governance;
- Digital & Performance Art, NFTs, Fashion & Music;
- Privacy, Security, and regulatory challenges in Web3;
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Layer 2
Arbitrum Reboots Odyssey Campaign As Rival Layer 2s Gain Ground
TLDR Arbitrum is hoping to bolster activity on its network with the relaunch of its Odyssey promotional campaign. The seven-week event will showcase 13 of the top web3 protocols on Arbtrum, with users receiving NFT badges as rewards for participation.
SO WHAT The relaunch of Odyssey comes as Arbitrum is sliding behind freshly-launched rivals in the form of ZkSync Era and Base by transaction throughput. Arbitrum's on-chain activity is already up 7% compared to one week ago.
READ MORE: Arbitrum Reboots Odyssey Campaign As Rival Layer 2s Gain Ground
Op-Ed
[Op-Ed] Making the Wallet Personal
TLDR Christian Montoya, the product lead for MetaMask Snaps, runs us through some of the wallet customizability enabled by Snaps, which are like plug-ins for MetaMask wallets.
SO WHAT There are 36 Snaps available for any users to download and use, enabling innovative features including support for multiple blockchain networks, advanced security and identity functionality, and account abstraction.
READ MORE: Making the Wallet Personal
DeFi
Celestia Unveils Airdrop and Launch Plans
TLDR Celestia plans to launch its data availability layer and airdrop a native token before the end of the year. Users engaging with top Ethereum Layer 2s or Cosmos-based projects will qualify for the token drop.
SO WHAT Celestia aims to disrupt the blockchain scaling sector with its modular blockchain design and ambitious throughput targets. Celestia hopes to attract a broad user base by making its airdrop available to a wide variety of blockchain users.
READ MORE: Celestia Unveils Airdrop and Launch Plans
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- The SEC Delays Bitcoin ETF Despite Congressional Pressure For Approval (Forbes)
- Do Kwon says SEC’s extradition request is impossible (Cointelegraph)
- Former Binance employees may have joined Russia successor CommEX: CZ (The Block)
