Curve’s Stablecoin Trades Within 0.5% Range For First Month

MakerDAO Mulls Proposal To Boost DAI Savings Rate

Hello Defiers! Here’s what we’re covering today:

BendDAO Passes Emergency Changes Amid Liquidations

Ready Player Me Raises $56M To Expand Cross-Platform Avatars

Aura Capitalizes On Race for Balancer Liquidity

Traders Shun On-Chain Leverage In Volatile Market

Three Arrows Liquidators Get Singapore Nod to Probe Crypto Fund: Bloomberg

Crypto Lender Celsius Countersues KeyFi for ‘Gross Mismanagement’: Decrypt

Ontario securities regulator warns against Kucoin in latest alert: The Block

Fei Community Up In Arms Over Dissolution Plan

Feds Didn’t Just Sanction Tornado — They Forgot Code is Free Speech

GitPOAP Raises $4.28M To Build Out On-Chain Credentials

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Aave and Compound Liquidated Just $850K Of Collateral As Ether Dropped 25%

DeFi money markets have liquidated tens of millions in crypto collateral following each nosedive in the crypto markets this year. But traders are unscathed in the wake of last week’s industry-wide selloff.

Aave and Compound, two of the three largest lending protocols with a combined $14.6B in total value locked, liquidated just $850,000 of collateral in the past week, according to 

 from The Defiant Terminal. Ether fell 25% during the period after briefly trading above $2,000 on Aug. 14.

That sum is a far cry from the amounts liquidated during other sharp downturns this year. Meanwhile, centralized exchanges saw over 

Between June 9 and June 13, Ether lost a third of its value as 

now-defunct hedge fund Three Arrows Capital

 sold its digital assets in a last-ditch attempt to remain solvent. On June 13, Aave liquidated more than $34M in collateral, while LUSD issuer Liquity liquidated $22M. Five days later, after Ether dropped below $1,000, Liquity sold off another $77M.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

NFT Lending Protocol Relaxes Bidding Requirements

 The bear market shows no mercy to products developed with “up only” mechanics.

 that four Bored Ape Yacht Club (BAYC) NFTs were up for liquidation in a major stress test for the digital assets that were once worth over $400,000 a pop earlier this year.

Users borrowed Ether against their Bored Apes using a protocol called BendDAO, which facilitates NFT-backed lending. As the value of the Apes fell, the ratio of the debt borrowed against that value grew to the point that Bored Apes, as well as tens of Mutant Apes, all still worth over $10,000, became eligible for liquidation.

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Yield Optimizer Controls A Third Of veBAL Supply

 Balancer, another automated market maker (AMM) that started as a research project in 2018, is gaining enough steam to attract its own protocol geared towards optimizing native token rewards.

 Enter Aura Finance, whose AURA token has quietly jumped 18.9% in the past week to $3.65. The token has been on a longer-term uptrend as well — it’s up 157.5% in the past 60 days. Aura’s TVL stands at 

, making it the 33rd-largest DeFi protocol.

 Aura holds 29% of the current veBAL supply, so the project exerts enormous influence over where BAL rewards are allocated.

Series B Led By a16z’s $600M Games Fund One

Would you rather buy an outfit that works in 1 game or 3,000? Metaverse composability startup Ready Player Me is betting on users choosing the second answer.

 Series B round led by Andreessen Horowitz’s a16z Games Fund One and a16z Crypto for its technology that lets over 3,000 video games have interoperable avatars, the company said in an Aug. 23 announcement. Founded in May 2020, Ready Player Me has created over five million avatars and worked with brands like RTFKT, Adidas, Dior, VRChat, and more.

Ready Player Me lets gamers use their avatar across multiple video games rather than each video game having its own avatars and characters. The avatar creation system is the result of a proprietary database of 

 face scans captured with the company’s own 3D scanners.

“People spend more and more time in virtual worlds every year. 12-15 year olds today hang out with their friends in games and this trend will continue. Games are the new social platforms,” Ready Player One co-founder Timmu Tõke told The Defiant. “In 5-10 years Ready Player Me is the avatar interoperability layer for the metaverse. We help people create awesome avatars and travel with them across the metaverse.”

Three Arrows Capital Ltd.’s liquidators secured a key court decision in Singapore that may give them greater insight into the collapsed crypto hedge fund’s remaining assets in a major jurisdiction, people with knowledge of the matter said. The Singapore High Court on Monday granted a petition by advisory firm Teneo, which in June was appointed by a British Virgin Islands court to liquidate Three Arrows, to recognize the liquidation order in the country, the people said.

Troubled crypto lending platform Celsius filed a 

 in United States Bankruptcy Court on Tuesday against 

 and his company KeyFi. In the filing, Celsius alleges Stone falsely represented himself as a pioneer and expert in coin staking and decentralized finance (DeFi) investments. “Unfortunately, Defendants Stone and KeyFi, Stone’s majority-owned corporate vehicle, proved themselves incapable of deploying coins profitably and appear to have lost thousands of Celsius coins through their gross mismanagement,” Celsius says.

The Ontario Securities Commission (OSC) has issued another consumer alert calling out a swath of crypto firms, including Kucoin and its affiliates, for not being registered to deal in the Canadian province.

 earlier this month that also named Kucoin as an unregistered entity.

Amid “mounting technical, financial, and future regulatory risks,” the team behind Fei, the 

 stablecoin by market capitalization, is ready to call it quits. But their 

, which would only partially repay victims of an $80M hack and compel Fei holders to redeem their tokens for DAI has been met with fury from some of the project’s earliest backers.

The U.S. Department of the Treasury’s sanction of Tornado Cash on Aug. 8 was a remarkable development. It wasn’t just the sweeping scope of the action. Pulling the plug on an entire crypto platform isn’t something you see every day. It was the fact that the authorities blacklisted a piece of code — not a person or a corporate entity.

Hello Defiers! Here’s what we’re covering today:

News

BendDAO Passes Emergency Changes Amid Liquidations

Ready Player Me Raises $56M To Expand Cross-Platform Avatars

Dive

Aura Capitalizes On Race for Balancer Liquidity

Markets

Traders Shun On-Chain ...

🎢Traders Shun On-Chain Leverage In Volatile Market