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The Defiant

📉Weekly Recap: Markets Lose Ground

The Defiant

Weekly Recap

Happy weekend Defiers!

Digital Assets continued to shed value this past week as investors hedged their positions ahead of new inflation data and FUD surrounding FTX’s bid to begin offloading its multi-billion crypto portfolio.

On Wednesday, FTX received approval for financial services firm Galaxy Digital to start selling its $3.4B digital asset holdings in tranches of up to $200M per week. Assets comprising FTX’s largest holdings were the week’s poorest performing tokens.

Media firms that sought to cash in on the hype surrounding NFTs last bull run remain in regulators’ crosshairs following last week’s landmark charges against Impact Theory. On Sept. 13, the SEC levied charges against Stoner Cats, the NFT-funded animated series from Ashton Kutcher and Milla Kunis. However, the charges were settled for $1M on the same day.

We also spoke to experts from the Blockchain Association, General Markets Advisory Commission, and 0x to learn more about the ramifications of last week’s CFTC action targeting three derivatives DEXes.

In bullish news, Sony announced it will develop a blockchain in partnership with Startale Labs, a team that spun out from the high-flying Polkadot project, Astar Network. The network will host future blockchain-based offerings from Sony, with the company adding it hopes Sony Chain will also emerge as a “backbone” of the global web3 industry.

LayerZero, a popular cross-chain interoperability protocol, tapped Google Chrome for oracle services. The news comes as Google Cloud is expanding its web3 footprint, with the company recently launching node management services for Proof of Stake validators.

Polygon published proposals seeking to formalize the initial stages of its “2.0” roadmap. The project will first migrate its native token from MATIC to POL, before making POL the network and staking token of the Polygon ecosystem, and launching a new staking layer for the project.

The week was also marked by exploits, with hackers believed to be affiliated with North Korea stealing tens of millions from the centralized exchange, CoinEx. The exchange said that it will compensate all users impacted by the hack.

The famed billionaire, Mark Cuban, also delivered a cautionary reminder of the importance of maintaining robust security practices when one of his web3 wallets was breached and drained of nearly $1M in tokens.

And the highly-anticipated launch of BANANA, the token for the Telegram trading bot, Banana Gun, ended in tears after a contract bug was identified in its contracts. After enjoying a post-launch rally, the token lost more than 99% of its value in a matter of hours.


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