DeFi Daily

💨 Near Protocol’s USN Stablecoin Shut Down After Suffering $40M ‘Collateral Gap’

Hello Defiers! Here’s what we’re covering today: News Near Protocol’s USN Stablecoin Shut Down After Suffering $40M ‘Collateral Gap’ Ethereum Derivative Hits Market as Concerns Mount Over ‘Significant Risk’ Polkadot, Ethereum Co-Founder Gavin Wood Leaves Parity CEO Role

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

Deep Dive
Regulatory Report
NFT News

DeFi Explainers
Trending in The Defiant

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💨 Near Protocol’s USN Stablecoin Shut Down After Suffering $40M ‘Collateral Gap’

Tokenholders May Redeem USN Using Deccentral Bank dApps

By Samuel Haig

UNWINDING Decentral Bank, the DAO behind the Near-native USN stablecoin, is unwinding the project, it said on Oct. 24. The reason: USN has become undercollateralized by around $40M.


Blockchain Design

⚙️ Celestia’s ‘Modular Blockchain’ Attracts Investors Looking for Scaling Breakthrough

Warm Reception to Network Design Contrasts With Aptos Rollout

By Owen Fernau

PROMISES Last week, a blockchain called Aptos launched its mainnet only to be slapped with withering criticism from a crypto crowd jaded by promises of decentralization for the masses. 

ENTHUSIASM Two days later, a similar project called Celestia announced a $55M raise to noticeably less groaning and even a solid dose of enthusiasm. 

EXCITED The key difference: Celestia uses a newish design called “modular blockchain architecture” while Aptos is considered a “monolithic blockchain.” Investors and devs appear to be far more excited about the former rather than the latter. 


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Regulation Debate

🏛 SBF Replies to ‘Constructive Feedback’ on His Regulatory Proposals

FTX Honcho Roiled DeFi With Proposed ‘Industry Norms’

By Samuel Haig

Sam Bankman-Fried, the CEO of centralized exchange FTX and founder of trading firm Alameda Research, is trying to regain favor in the DeFi community after coming under fire for his opinions on regulation last week.


NFT Marketplaces

📈 Trade Volume in Reddit’s NFTs Surges $2.5M in 24 Hours

Polygon-powered Marketplace Spurs MATIC to 13% Gain

By Samuel Haig

BOON Reddit’s NFT avatars are off to a surging start, with the collections driving $2.5M in trade volume over the past 24 hours, according to Dune Analytics. And the performance is a boon for Polygon, which is supporting the NFT marketplace.


Crypto Regulation

🇪🇺 EU Report on Crypto Regulations Draws Praise From Crypto Attorneys

Measured Approach Stands In Contrast To U.S. Stance

By Aleksandar Gilbert

LIGHT-TOUCH A report prepared for the executive branch of the European Union recommends a suite of light-touch regulations for decentralized finance that has industry observers cheering. 



📈 Ethereum Derivative Hits Market as Concerns Mount Over ‘Significant Risk’

Aave and Launch Offering Letting Users Increase Exposure to Staked ETH

By Samuel Haig

YIELDS In a move that may accelerate the growth of staked Ether in a post-Merge market,, a dApp that spun out of MakerDAO, launched a product letting users bolster their exposure to stETH staking yields, the venture announced on Oct. 24. 


DeFi Moves

🔴 Polkadot, Ethereum Co-Founder Gavin Wood Leaves Parity CEO Role

Will Retain Title Of ‘Chief Architect’

By Aleksandar Gilbert

CEO Polkadot co-founder Gavin Wood has left his position as the CEO of Parity, the company that spearheads Polkadot development. Polkadot launched in 2020 and is the world’s eighth-largest blockchain by market capitalization.


NFT Lending

🖼 X2Y2 Dives Into NFT Lending With 0% Fees

Competition in the NFT Lending Space is Heating Up

By Tarang Khaitan

NEWS X2Y2, an NFT marketplace that did $143M of trading volume in the past month, has launched a new NFT Loan feature. The project aims to attract users by not charging any fees.



🧐 Crypto Offers Plenty For the Political Right and the Left

Bitcoin Originated as Libertarian Cause But the Left Should Also Embrace the Asset

Guest writer Will Szamosszegi says surprising developments are making crypto more appealing across the divide.

FREEDOM For its first decade of existence, Bitcoin was largely associated with the libertarian values of freedom from state control. The digital store-of-value was born out of an online community of cypherpunks, a group of idealistic computer scientists and cryptography enthusiasts. They sought to create an internet-native currency as a means of avoiding government censorship and control within the burgeoning world of cyberspace. 


Defiant Video

📺 Quick Take: INTERPOL is training officers to fight crime in the metaverse

📺 Weekly Roundup: SBF’s Regulation Proposal, ETH Goes Deflationary, Controversial Aptos Launch, Vitalik’s THE Protocol

Defiant Podcast Video

📺 Ali Yahya of a16z: “We’ve Entered The Golden Era Of Blockchain Applications”

DeFi Explainers

🤔 What Is Stacks?

A Step-by-Step Guide to Using dApps on Bitcoin

By Rahul Nambiampurath  

ECOSYSTEM Bitcoin provides a global, decentralized payment network. It’s also a virtual wealth vault. But what if Bitcoin could become an ecosystem of dApps equivalent to Ethereum? Is that possible? Stacks aims to do that.



🔗 Binance dominates spot and derivative crypto trading, and competition isn’t even close: The Block

With competition remaining fierce among major players in the centralized crypto exchange sector, it is easy to forget that Binance dominates both spot and derivatives trading volume — and its competitors aren’t even close to catching up.

🔗 A Response to SBF and Principled Crypto Regulation: Money & State

Yesterday, Sam Bankman-Fried posted his “Possible Digital Asset Industry Standards.” He describes the document as “a set of standards that we as an industry could enact to create clarity and protect customers while waiting for full federal regulatory regimes.”

There are only 7 days to zkSync 2.0 on mainnet. We will be releasing SDKs in a few languages and we'd love your feedback on which other languages you want available. Quote tweet us if you want to help contribute. #1000truedevs


— zkSync (@zksync) October 21, 2022

Trending in The Defiant

🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Alp Gasimov. Podcast was led by Camila, edited by Alp.

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