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October 12, 2024

🤔Weekly Recap: Satoshi's Identity Revealed?

Happy weekend Defiers!

Leading crypto markets oscillated sideways this week, with performance marred by renewed inflation concerns, a lackluster Chinese stimulus announcement, and fears that the U.S. government may soon move to offload $4.4 billion worth of BTC seized from Silk Road.

But not all digital assets trended down, with memecoins enjoying bullish momentum amid support from former fund managers, while Chiliz fan tokens also posted significant gains.

It was a big week for Bitcoin. HBO broadcast its documentary claiming to uncover the real-life identity of Satoshi Nakamoto, Bitcoin’s pseudonymous founder. However, the film attracted backlash after proclaiming Peter Todd, a long-time Bitcoin contributor, is Satoshi without providing substantial evidence to support its claims.

Babylon, the hyped Bitcoin staking protocol, amassed $1.42 billion worth of BTC after briefly opening deposits for 10 blocks. Data shows that only 20% of Bitcoin transactions leverage Taproot, while a former Russian investigator was sentenced to prison for receiving a 1,032 BTC bribe.

World Liberty Financial, the upcoming DeFi project from the family of Donald Trump, proposed launching an instance of the Aave v3 protocol. The platform would support ETH, WBTC, USDT, and USDC at launch, and distribute 20% of fee revenue to the Aave DAO.

Uniswap announced Unichain, an upcoming Layer 2 claiming near-instant transaction execution. The news comes amid a decline in L2 adoption excluding Base, with Coinbase’s Layer 2 defiantly soaring to new heights.

The SEC remains hawkish on crypto, with the agency sending a Wells Notice to Crypto.com and filing legal action against Cumberland. Crypto.com hit back with its own lawsuit accusing the SEC of pursuing an unlawful regulatory campaign.

In other regulatory news, the FBI created a crypto token in a bid to lure market-makers engaged in illegal market manipulation.

Plus, Wrapped Bitcoin completes its corporate restructuring, Scroll schedules SCR airdrop for October, XCOPY NFT fetches $2M sale, UAE announces VAT exemptions for crypto, and Aave floats GHO on Avalanche and Base.

Also, don’t forget to check out our podcast with John Avlon, a congressional candidate advocating for bipartisan support of emerging technologies, including cryptocurrency.

Enjoy!

DEFI ALPHA

Boost Your Yields with Turtle Club

Our DeFi degens show you how to participate in Turtle Club, a DeFi collective seeking to negotiate boosted yields by leveraging their collective liquidity. The project offers a 50% bonus on emissions to liquidity providers from partner protocols.

Plus, we discuss market analysis on all the top digital assets!

PODCAST & INTERVIEWS

Democratic Candidate John Avlon on Depolarizing Crypto Regulation and Building Bipartisan Support

In this week’s podcast, Cami Russo was joined by John Avlon, a congressional candidate for New York, advocating for bipartisan support of emerging technologies, including cryptocurrency.

John emphasizes the need for clear and reasonable regulation to foster innovation without stifling it, while warning against making technology a partisan issue. Avlon critiques the current regulatory landscape — including the approach of figures like Gary Gensler — and highlights the potential risks of pushing innovation overseas. Avlon advocates for Democrats to embrace technology as a key driver of U.S. competitiveness, underscoring that this election will shape the trajectory of the nation's future.

Decentralized Identity with Humanity Protocol Founder, Terence Kwok

The Defiant sat down with Terence Kwok, the founder of Humanity Protocol, a zero-knowledge-powered Layer 2 blockchain solution focused on decentralized identity.

The project emphasizes proof of humanity and utilizes biometric verification (palm scans) to establish users as unique individuals in a bid to combat fraud and AI-driven impersonation. Humanity Protocol’s long-term vision includes enhancing identity verification for web3 applications such as airdrops, governance, and advertising while promoting a more secure, user-controlled data ecosystem.

Rune Christensen on Sky's Vision: The Future of DeFi, Stablecoins, & Real-World Assets

The Defiant spoke to Rune Christensen, the founder of MakerDAO (formerly Sky) to discuss the project’s recent rebrand.

Christensen emphasized the project's goal of simplifying decentralized finance (DeFi) for broader adoption. He highlights the introduction of USDS, a new decentralized stablecoin designed to offer users easy access to savings and rewards, as well as Sky’s new native token incentives. Rune also addresses Sky’s adoption of real-world assets (RWAs) and touches on the potential for tokenization to drive future DeFi growth of DeFi. Ultimately, Christensen envisions DeFi becoming the dominant narrative in the crypto space, with a focus on delivering real-world solutions.

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