📉Weekly Recap: Markets Lose Ground

This week, our resident DeFi degens teach you how to earn up to 40% by providing stablecoin liquidity on BaseSwap, a decentralized exchange operating on Coinbase’s Layer 2, Base. Plus, we recap all of the hottest yields available across the broader Ethereum ecosystem.

We dive into Chronicle Protocol, a veteran in the web3 oracle and data space that's been exclusively powering MakerDAO since 2017. By the end of this video, you'll know what oracles are and why they’re critical to DeFi. Plus, we find out how Chronicle is setting new standards in scalability, verifiability and user accessibility.

• Mark Cuban Loses $870,000 In Wallet Hack Billionaire investor and crypto enthusiast Mark Cuban has confirmed that one of his wallets was hacked, resulting in a loss of over $870,000. The exploit was first reported by WazzCrypto, who questioned why the long-dormant wallet belonging to Cuban was suddenly moving all its assets.
• Latest CFTC Enforcement Actions Challenge Core Tenets of DeFi Last week, the CFTC charged three DEXes with illegally offering unlicensed securities to U.S. users. We spoke to representatives from the Blockchain Association, the CFTC’s Global Markets Advisory Committee, and 0x to learn more about the enforcement action.
• Polygon Targets Q4 For MATIC Token Migration Polygon published the first set of improvement proposals for its Polygon 2.0 overhaul, laying the groundwork for its token migration from MATIC to POL and launch of a new staking layer.

• Sony Unveils Plans To Develop Blockchain Sony Network Communications, a subsidiary of the $106B multinational conglomerate, is teaming up with Astar Network’s spin-off, Startale Labs, to develop a blockchain. Sony intends for the network to serve as the backbone of its blockchain-based offerings.
• ZRX-backed Loan On Aave V2 Gets Closer To Liquidation A wallet that has an outstanding loan of $2.5M on Aave V2 against roughly $8M worth of ZRX could face liquidation if the price of ZRX drops by 22%. ZRX is down more than 90% from its 2021 all-time high.
• LayerZero Taps Google Cloud Oracle For Message Verification Google Cloud now provides oracle services for all applications based on LayerZero’s cross-chain interoperability protocol. The move comes as Google Cloud is expanding its web3 presence.

• SEC Reaches $1M Settlement With Ashton Kutcher’s Stoner Cats NFT Project On Sep. 13, the SEC charged the company behind the Stoner Cats NFT project with selling the tokens in an unregistered securities offering. The company has already settled for $1M and will also return investors’ money as well as destroy any NFTs in its possession.
• Crypto Assets Slump Ahead Of US Inflation Report Crypto markets had a shaky start to the week ahead of US inflation data and potential asset sales by the failed FTX crypto exchange. Most assets ranked among the top 20 by market cap slumped between 2% and 4% on Monday, with Bitcoin dropping 2% to $25,000 and Ether tumbling 3.5% to $1,560.

• zkSync Airdrop Farmer Deploys 21,877 Wallets A single entity commanding 21,877 wallets on ZkSync Era, likely in a bid to game any future airdrop, was flagged on the network. The user even launched a closed decentralized exchange and token to trade between their wallets.
• Hyped Banana Token Launch Wrecked By Contract Bug The team behind the Banana Gun trading bot is planning to relaunch its token after a botched launch. BANANA went live yesterday and surged to a $70M market capitalization in less than an hour, but quickly crashed more than 99% after the discovery of a bug in its contract.
• CoinEx Exchange Hacked For $28M Hackers made off with tens of millions after breaching the CoinEx centralized exchange’s hot wallets. The CoinEx team said it will compensate affected users.

• SOL Drops Ahead Of Court Verdict On FTX Asset Sales Markets are bracing for a possible sell-off as failed centralized exchange, FTX, seeks court approval to begin offloading billions in digital assets. The assets would be sold by Galaxy Digital on FTX’s behalf.