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🐸PEPE Crashes 50% As Memecoin Mania Cools

The Defiant

DeFi Daily

GM Defiers!

Crypto markets have turned lower after Ether briefly hit $2,000 last Friday, but Bitcoin forks remain resilient. Meanwhile, MakerDAO has launched Spark Protocol, a new DeFi money market based on Aave V3. And in Layer 2 news, the Chronos DEX has become the third-largest dapp on Arbitrum.

✍️ In today’s newsletter:

  • BTC and ETH are down 10% since the weekend
  • Bitcoin forks rally
  • Maker launches lending protocol
  • New Solidly fork on Arbitrum gains traction

🙏Sponsored:

📈 Markets in the last 24 hrs:

TickerValue24h
BTC$27,705 0.42%
ETH$1,864.6 0.14%
MKR$688 -0.29%
SPY$412.07 0.08%
UNI$5.451 0.41%
LDO$2.081 0.19%

🎬 WATCH

Watch our video on BRC-20 tokens, the latest Bitcoin craze. And check out our podcast with Nader Dabit, director of developer relations at Aave/Lens.


Crypto Markets

Markets Pull Back As Memecoin Mania Cools

TLDR The crypto markets are experiencing some turbulence, with Bitcoin and Ether trading lower by around 8% since the weekend. The total value locked in DeFi protocols has dipped by 5% to $47.2B, and the market capitalization of the DeFi sector is down 7% at $46.4B. The memecoin market is also seeing a downturn, but volumes on decentralized exchanges remain high as traders search for the next obscure token promising eye-watering gains.


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secret-surge

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Bitcoin

Bitcoin Forks Rally As Fees Spike On World’s Most Valuable Blockchain

TLDR Bitcoin SV (BSV), a cryptocurrency created from a 2018 hard fork of Bitcoin Cash, has surged almost 40% in the past 24 hours, pushing its market cap ahead of well-known DeFi tokens. The price action contrasts with low volatility in the overall crypto market, and some speculate that Bitcoin-adjacent projects like Bitcoin Cash and BSV are receiving spillover attention from the world’s most valuable blockchain.

SO WHAT The increased demand for Bitcoin blockspace due to the advent of Ordinals and BRC-20s has also led to an all-time high in the number of unconfirmed transactions, causing short-term difficulties for users due to high transaction fees and delays.


DeFi

MakerDAO Launches Spark Lending Protocol

TLDR MakerDAO has launched Spark Protocol, a lending platform that allows users to borrow or supply Ether, stETH, DAI, and savings DAI at competitive rates. Savings DAI (sDAI) is a new yield-bearing token that represents DAI deposited in Maker's DAI Saving Rate (DSR) module. Phoenix Labs, the development team behind Spark, has built it as a soft fork of Aave V3.

SO WHAT Spark Protocol's launch and the introduction of sDAI add to MakerDAO's DeFi ecosystem, expanding DAI's capabilities and offering users more flexibility in terms of borrowing, lending, and earning yield.


Layer 2

Chronos DEX Attracts $230M With Modified ve(3,3) Tokenomics

TLDR Decentralized exchange Chronos has become the third-largest dApp on Arbitrum with $230 million in total value locked. Chronos is a fork of Solidly and uses a "maturity-adjusted" ve-tokenomics design, which triples the rewards paid out to loyal LPs over six weeks.

SO WHAT Chronos hopes to avoid the pitfalls of liquidity mining campaigns, which can attract short-term liquidity but fail to retain it in the long run. The success of Chronos and other forks of Solidly, such as Velodrome and Hermes, suggests that modified ve(3,3) tokenomics could play a key role in shaping the future of DeFi liquidity provision.


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🌍 ELSEWHERE

  • Jane Street, Jump Pull Back Crypto Trading Over US Regulatory Uncertainty ( Bloomberg)
  • Pudgy Penguins raise $9M seed round led by 1kx ( Twitter)
  • Microsoft, Deloitte, Goldman Sachs and others to launch Canton blockchain ( Coindesk)