Atomic Wallet Exploited For More Than $35M

CFTC Sees ‘Significant Risks’ From Digital Assets 

Stability. That’s the watchword for this febrile moment in DeFi. It’s been two weeks since CeFi bellwether 

 went poof! and lo and behold the world of decentralized finance is still here, still working, still developing, still building.

into the performance of stablecoins since 

 exchange empire started unraveling. Owen found TVL for the top five stablecoins fell 18%, no surprise, but their yields have settled down. Or read Sam Haig’s 

on Layer 2 gas usage — it soared 170% in 2022, a strong sign that 

Still, contagion and carnage are everywhere to be found in the wake of the FTX disaster. Aleks Gilbert wrote 

.The implications of Genesis’ potential bankruptcy on 

, the family of crypto trusts that comprise the crown jewel in DCG’s empire, are severe.

 is liquidating overleveraged vaults. It’s not a big amount — $1.3M — but it is evidence that bad debt is making headlines in DeFi. And Sam also reported on 

 wallet and IP addresses. Oof.

And The Defiant gives a big shout out to 

. Bogdan told Tegan about his departure from Apple after six years to work full-time in crypto and shared his perspective on the metaverse SAGA’s innovator program.

 series, don’t miss our takes on the 

 dev who is being detained in the Netherlands.

Saga’s Bogdan Alexandrescu on Making Web3 More Accessible to Builders

This week on The Defiant Podcast, Tegan Kline speaks with Bogdan Alexandrescu, co-founder and VP of Engineering at SAGA.

SAGA is focused on lowering the barrier of entry for building in Web3 so that developers can spin up a blockchain in a single click, and the company places emphasis on the metaverse.

In this conversation, we dive deep into Bogdan’s departure from Apple after six years to work full-time in crypto, any advice that he has for anyone looking to make a similar switch, what the metaverse is, more about SAGA, and the current innovator program they’re running.

Tornado Cash Developer’s First Public Hearing

The ‘DEF CON Scenario’: Investors Eye Digital Currency Group After FTX’s Implosion

Genesis Reportedly Considering Bankruptcy As Funding Proves Elusive

As FTX collapsed — and the tide came in — builders, investors, aficionados and just about anyone with a passing interest in cryptocurrencies wondered: who else had been swimming naked. All eyes are now on Digital Currency Group (DCG).

Stablecoins Show Signs of Stabilizing After FTX Storm

TVL for Top Five Stablecoins Falls 18% Since FTX Meltdown

 crunches the numbers to provide state of play on these vital assets.

Avalanche Surges to New High in Boost for ‘Subnet’ Strategy

DFK Chain Subnet Drives 51% Jump in Transactions Processed in September

Avalanche is on a roll. Even as crypto wrestles with existential questions in the wake of the FTX disaster, transaction volumes on Avalanche, 

, surged to new highs in the third quarter amid the growth of its DFK Chain subnet.

Major CRV Trade on Aave Leaves Money Market With $1.6M in Bad Debt

Trader Had Warned Aave of ‘Trading Strategy’ Last Month

 explores some strange moves in the markets…

The Curve wars have become the Curve games. After warning of a 

 which could leave Aave with bad debt last month, trader Avraham Eisenberg has put his plan into action. The results have been mixed, but the trader’s actions ultimately left Aave, one of DeFi’s largest protocols with 

 in total value locked (TVL), with $1.6M in bad debt.

How Zero Knowledge Proofs Can Restore Digital Trust

New Technology Can Deliver a User-Controlled Web and Propel the Expansion of DeFi

 makes his case for the utility of this technological breakthrough.

Cryptography and encryption have enabled a degree of trust on today’s internet that allows us to use our passwords without having to think about whether someone will be able to watch our connections and steal them.

 has rebranded to WX.Network and now it is more than a decentralized exchange. Since its launch five years ago, services have expanded and Waves.Exchange became a robust platform for self-sovereign crypto management with a suite of investment tools in a convenient interface.

In just 2 clicks, you can start your own token right from the platform user interface. Get the verification for the token and launch your own liquidity pool.

 team wants to welcome new projects, so they are giving away up to $70,000 to those users who start the best tokens, with real utility!

You should just be clear on the use case for your token and create something of value that people would actually want to use.

Fill in the form describing your token economics

Your token is created and you’re entered into the lottery

Layer 2 Gas Usage Up 170% in 2022 as Adoption Surges

 Ethereum’s Layer 2 (L2) ecosystem is seeing record network activity despite the bear market, with the monthly gas spent on settling L2 transactions set to post its second consecutive all-time high.

ConsenSys Under Fire for Collecting MetaMask Users’ Wallet and IP Addresses 

Consensys, the New York-based blockchain software company behind the leading Ethereum wallet, MetaMask, has shocked decentralization advocates with new changes to its privacy policy.

MakerDAO to Liquidate Overleveraged Vaults and Absorb $1.3M in Bad Debt

, has said it will liquidate heavily leveraged vaults in a bid to prevent the protocol from accruing excessive bad debt.

Tornado Cash Developer to Remain in Detention for Another Three Months

 Dutch authorities have ruled that Alexey Pertsev should remain behind bars until Feb.20, 2023, calling him a flight risk.

Ethereum Foundation To Test Withdrawals of Staked ETH 

Ethereum’s developers are making progress towards enabling Beacon Chain withdrawals for ETH stakers.

 Just as stablecoins were becoming, well, stable again after the $60B collapse of the Terra ecosystem in May, the FTX disaster struck and pegged tokens have been whipsawed ever since. The total value (TVL) of the top five stablecoins in DeFi has dropped 18%, to $2.64B since Nov. 6, according to DeFi Llama. 

Curve Releases Whitepaper for crvUSD Stablecoin

 Curve, the second largest decentralized exchange on Ethereum, has released a 

 detailing its forthcoming stablecoin, sending the price of its CRV governance token soaring.

Crypto Perpetual Open Interest Dives 43% in Wake of FTX Collapse

 As the shockwaves from the collapse of FTX continue to ripple through crypto, open interest in perpetual swaps has taken a massive hit. The now-defunct exchange accounted for nearly a quarter of the market prior to its downfall, according to data analytics firm

World Cup Fan Tokens Rise and Fall With Action on the Pitch

 When Saudi Arabia stunned Argentina in the World Cup 2-1 on Tuesday, the Middle Eastern nation’s fans rejoiced and sports pundits discussed every facet of the most shocking upset in the tournament’s history. Oh, and ARG also lost a third of its value in two hours.

MakerDAO Brings Aboard Rocket Pool’s LSD Token

 In a deal that may ratchet up competition for staking giant Lido, 

, the No. 1 DeFi protocol, has embraced Rocket Pool’s 

FTX Hacker Offloads Over $59M of ETH and Sells for BTC

 The hacker behind one of the wallets that drained the failed FTX exchange is offloading several millions of dollars worth of Ether, causing a further slide in the cryptocurrency. 

Uniswap Riles Up Users With Plan to Share Wallet Addresses

 Uniswap, the top decentralized exchange by trade volume, is taking flak after its new privacy policy revealed on Nov. 17 that Uniswap Labs may share wallet addresses with third parties in the event of regulatory or legal proceedings.

FTX Hack Mystery Deepens with Statement from Bahamian Regulators

 Bahamian regulators are not responsible for the $477M hack of bankrupt crypto exchange FTX on Nov. 11, according to blockchain research firm Chainalysis. Chainalysis is among several firms hired by FTX’s new leadership to assist in bankruptcy proceedings, according to court documents filed this week. 

Grayscale Reassures Investors After Sister Firm Seeks Emergency Funding

 Grayscale, the issuer of the world’s largest publicly traded crypto fund, is hoping to reassure investors that the digital assets backing its products are safe.

Stability. That’s the watchword for this febrile moment in DeFi. It’s been two weeks since CeFi bellwether FTX went poof! and lo and behold the world of decentralized finance is still here, still working, still developing, still building.

Just check out O...

🦄 Recap: DeFi Week of Nov. 20