The Defiant

🐂Weekly Recap: ETH Rebounds on ETF News

The Defiant

Weekly Recap

Happy weekend Defiers!

The digital asset markets reversed their recent bearish momentum, with Bitcoin up 7.7% and Ethereum gaining 9.3% over the past seven days.

Ether outperformed the broader crypto markets following news that VanEck, the $80B investment manager, is putting together an ETF that will invest in Ether futures. The firm also pledged to donate 10% of the fund’s profits to the Protocol Guild.

CRV holders breathed a sigh of relief after Michael Erogov, the founder of Curve Finance, paid down his remaining debts on Aave. Erogov still owes $42.7M to the Cream, Inverse, Fraxlend, and Silo lending protocols, but the positions are backed by $132.5M — providing a sizable buffer protecting Erogov from again being at risk of liquidation.

Aave is poised to embark upon its long-awaited v3 governance overhaul. The Aave community is now considering a plan for completing the complex upgrade, with Aave set to enable fee-free multi-chain voting.

The total value locked in Savings DAI, a yield-bearing version of MakerDAO’s decentralized stablecoin, DAI, surpassed $1B this week. However, despite sDAI’s success, the overall capitalization of DAI continues to recede.

Arbitrum relaunched its Odyssey campaign in a bid to fend off recently surging rival Layer 2s. The seven-week campaign will guide users through 13 of the network’s top protocols, with participants receiving NFT badges to commemorate their achievements.

The floor price of the Pudgy Penguins NFT sposted a double-digit jump following news that 2,000 Walmart stores will soon stock soft toys depicting characters from the Pudgy Penguins collection.

The Bitcoin Ordinals community is wrestling with how best to index inscriptions. One proposal from Ordinals’ creator has ruffled the feathers of early collectors, but other researchers believe a compromise can be found.

And in this week’s podcast, MetaMask’s director of product, Erik Marks, takes us on a deep dive into MetaMask’s new Snaps plug-ins.


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