Recap: DeFi Week of Nov. 30 🦄

Hello Defiers! Hope you’re having a great weekend. Summing up the past week: The biggest news this week for the Ethereum ecosystem was the successful launch of the first phase in the transition to ETH2, the proof-of-stake chain. Anyone can become a valida...

Hello Defiers! Hope you’re having a great weekend.

Summing up the past week: The biggest news this week for the Ethereum ecosystem was the successful launch of the first phase in the transition to ETH2, the proof-of-stake chain. Anyone can become a validator in the network by depositing ETH in multiples of 32, and earn ETH rewards in exchange. Another consequence for crypto traders is that we will start to see many versions of staked ETH derivatives being traded on exchanges. The other news that dominated the week was a proposal by US lawmakers, which would make issuing and transacting with stablecoins require a banking license. This has the potential to upend much of DeFi activity and make even running an Ethreum node illegal. It also reveals how deeply regulators misunderstand open source and distributed networks.

Yearn Finance continued with its “merger” spree. Check out the related video on The Defiant’s YouTube channel; a rap on how Andre Cronje, aka Dr. Dre, got one of the recently hacked DeFi projects out of a “pickle” with a partnership. Aave released its V2, with flash-loan-powered innovations meant to make DeFi more seamless. Also, the latest and largest round of Gitcoin grants started. In this week’s podcast, we spoke with EG Galano, the cofounder of Infura, about running Ethereum nodes, claims of centralization in the Ethereum network, and how this DeFi and crypto rally is different from 2017. And there’s even more :)

💗 You Can Contribute to The Defiant’s Gitcoin Grant Here: Huge thanks to the 46 contributors so far. Your support for high-quality, DeFi-focused journalism makes a huge difference.

That was just one week. Subscribe to get the latest DeFi news and analysis straight to your inbox and you don’t miss a thing. Free-signups get partial content, paid subscribers get everything. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button below ($10/mo, $100/yr).

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🙌 Together with Zerion, a simple interface to access and use decentralized finance, 1inch.exchange v2, which aims to provide the best rates by discovering the most efficient swapping routes across all leading DEXes, and DeversiFi's Nectar Beehive V1, which allows traders to provide liquidity & earn Nectar ($NEC) tokens.

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Interview

"This Boom Feels Organic; Traffic's Not Coming Out of The Blue Like With ICOs in 2017:" Infura's EG Galano

In this week’s episode I speak with E.G. Galano, cofounder of Infura, an infrastructure provider for Ethereum and other blockchains. Many Ethereum applications depend on Infura to run their nodes, and it became apparent why that’s problematic recently, when the service provider was having trouble connecting to the Ethereum blockchain, causing much of DeFi to break down. E.G. dives into the recent outage; he goes into what went wrong and what Infrua is doing to make sure it doesn’t happen again. He also talks about DeFi from the backstage perspective of an infrastructure provider, and what he says might get you feeling even more bullish on this space.

🎙Listen to the interview in this week’s podcast episode here:

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📺 Be ready to get your mind blown by the latest Defiant video on Pickle

The Defiant’s video mastermind Robin Schmidt already did the first DeFi ballad. You’ll have to see the first-ever DeFi rap, ft. Simon Wan and Cooper Turley.

Friday

Dives

  • YFI Holders Have Strong Hands and Bought the Dip: The last time YFI was around $29,500 less than 50% of holders were in the money, or profiting from their positions. This percentage has grown significantly to approximately 73%, suggesting that new holders were able to buy at lower prices while some existing ones decreased their average cost.
  • US Regulators Propose Stablecoin Crack Down With STABLE Act: A new bill by US lawmakers has DeFi up in arms after proposing that all stablecoin issuers need to obtain a bank charter, which would potentially make much of DeFi trading and even running an Ethereum node, illegal.

Bytes

Wednesday

Dives

  • Wall Street’s ETH Gateway is Getting Ahead of Itself Again: Grayscale’s ether-based investment vehicle ETHE is surging above ETH itself as institutional appetite for crypto increases.

Bytes

Tuesday

Dives

Bytes

Links

💜Community Love💜

Thanking all the amazing Defiers for the support and love this week (and always)!

the-defiant

peth.eth 🐙 @pethethOmfg can y'all stop setting the bar so damn high? 🤣 cc @DirSchmidt @Cooopahtroopa @CamiRusso @DefiantNews youtube.com/watch?v=I7P9AL…

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youtube.comDeFi Dre and the Invisible Hacked PicklesAnother week, another hack... what have we learned this time?0:00 What a pickle1:09 Main draw1:43 Futt Buckerson2:10 Rich-T Bizkit3:41 Cooper Turley 4:40 Man...9:10 AM ∙ Dec 5, 202010Likes1Retweet

Josh Han @josh_dwmMy Spotify leaking most my Alpha 😛 Thank you @APompliano @mrjasonchoi @CamiRusso @DefiantNews open.spotify.com/wrapped/share-…

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5:56 PM ∙ Dec 2, 20209Likes1Retweet

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IPFSMain @IPFSMainSuper interesting talk between @CamiRusso and @infura_io's co-founder, @egalano! Check out this newest episode on @DefiantNews's podcast to hear them discuss the recent outage and learn what #DeFi means from the perspective of an infrastructure provider🏗️

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ConsenSys @Consensys"This Boom Feels Organic; Traffic's Not Coming Out of The Blue Like With ICOs in 2017" @infura_io 's co founder, @egalano discusses with @CamiRusso about what it takes to run cloud-optimized Ethereum infrastructure https://t.co/EUDwOj160h11:24 PM ∙ Nov 30, 20205Likes3Retweets

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Adam Levy @levychainno other crypto content is making my day like @DirSchmidt and @DefiantNews

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youtube.comDeFi Dre and the Invisible Hacked PicklesAnother week, another hack... what have we learned this time? 0:00 What a pickle 1:09 Main draw 1:43 Futt Buckerson 2:10 Rich-T Bizkit 3:41 Cooper Turley 4:4...2:32 PM ∙ Dec 5, 2020

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Max Glass 🧢 @MaxGlassThis is one of the most brilliant pieces of content I've ever seen! @DefiantNews DeFi Dre and the Invisible Hacked Pickles youtu.be/I7P9ALxljos via @YouTube

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youtu.beDeFi Dre and the Invisible Hacked PicklesAnother week, another hack... what have we learned this time?0:00 What a pickle1:09 Main draw1:43 Futt Buckerson2:10 Rich-T Bizkit3:41 Cooper Turley 4:40 Man...2:16 PM ∙ Dec 5, 20204Likes1Retweet

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scoopy trooples @scupytrooples@kermankohli @Cooopahtroopa @DefiantNews This video is the best piece of crypto media ever made10:49 AM ∙ Dec 5, 2020

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DeFi BlogNews 🌍 @defiblognewsYFI Holders Have Strong Hands, On-Chain Data Show - IntoTheBlock analyzes Yearn's YFI token post merger spree. Also, a n... #TheDefiant @DefiantNews #DeFi $DeFi

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thedefiant.substack.comYFI Holders Have Strong Hands and Bought the DipIntoTheBlock analyzes Yearn’s YFI token post merger spree. Also, a new US bill wants to stamp out stablecoins, and Gitcoin’s biggest round ever kicked off.11:18 PM ∙ Dec 4, 2020

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DevOnDeFi @DevOnDeFi1Great article from @DefiantNews @Cooopahtroopa on @NexusMutual offering cover for holdings on centralized exchanges!

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thedefiant.ioNexus Mutual Offers Cover on Centralized Exchanges - The DefiantCryptocurrency investors are now able to buy insurance on centralized exchange deposits via Nexus Mutual. Mutual members who have verified their identity with Nexus can purchase insurance claims on select centralized custodians including Celsius, BlockFi, Nexo, inLock, Ledn and Hodlnaut. NXM holde…1:33 AM ∙ Dec 4, 2020

Airmuze @Naty_AirmuzeLa info de @DefiantNews que podes encontrar en sus redes es muy util para entender conceptos y protocolos ademas de videos muy bien logrados 🆒. Aca 👇 podes ver una serie de videos de los basicos o 101 para entender DeFi y conceptos muy escuchados en cualquier foro de discusion

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The Defiant @DefiantNews📺 #defi101 Byte-sized basics every two days. by @DirSchmidt @DeFi_Dad @alpgasimov Subscribe 👇 https://t.co/i8Q4lYrUYg12:17 PM ∙ Dec 3, 2020

the-defiant

DeFi Dad ⟠ defidad.eth 👁⚡️👁 @DeFi_Dad"How is DeFi used?" Bookmark this and send it to friends getting into #DeFi. Proud to contribute to this effort by @DefiantNews, @DirSchmidt and @alpgasimov.

the-defiant

youtu.beCommon uses of DeFi: Lending, Borrowing, Trading, and StablecoinsNOTE: As you cruise along this series, you will notice how fast the DeFi space is; both in terms of execution and change. So if you happen to spot a discrepa...1:43 PM ∙ Dec 3, 202020Likes4Retweets

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ZKSwap @ZKSwapOfficial@DefiantNews My go-to defi newsletter11:11 PM ∙ Dec 1, 2020

The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access at $10/month or $100/year, while free signups get only part of the content.

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About the founder and editor: Camila Russo is the author of The Infinite Machine, the first book on the history of Ethereum, and was previously a Bloomberg News markets reporter based in New York, Madrid and Buenos Aires. She has extensively covered crypto and finance, and now is diving into DeFi, the intersection of the two.

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