📈 Bored Apes’ Floor Price Briefly Passes CryptoPunks as NFT Race Intensifies
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NFT Floor Prices
PRICE TAG The floor price of Bored Ape Yacht Club (BAYC) NFTs briefly surpassed that of CryptoPunks for the first time, with no tokens from either collection fetching a price tag below $200,000.
FLOOR PRICE On Dec. 22, media outlets spotted that the floor price — the value of the cheapest NFT from a collection that is available for purchase on leading marketplace OpenSea — for BAYC had risen to 53.9 ETH (roughly $213,450). At the same, the floor price of CryptoPunks had fallen to a four-month low of 52.69 Ether (roughly $208,650).
AUCTION However, opportunistic NFT traders have since responded to the BAYC news, with the cheapest Bored Ape now up for auction at 52.2 Ether ($206,700) while CryptoPunks’ floor is sitting at 53.83 ETH ($213,000).
NEWS The Compound DAO, which oversees the decentralized finance money market of the same name, has picked a security auditor. OpenZeppelin will take on the unusual role of an on-call security auditor for a decentralized autonomous organization (DAO), available to monitor changes to the smart contracts and to its governance system, following a major bug in Sept. in how Compound distributed its governance token, COMP.
SO WHAT The company was selected through a governance vote that ended on Dec. 18, featuring bids from three different security companies. It won the role through an open, public process that may provide a look into how DAOs will do business over time.
VOTE In the end, 1.37M COMP were voted to support OpenZeppelin’s bid, with only a few thousand COMP voting against it. It was by far the largest vote for any of the three proposals. The biggest voting pools supporting OpenZeppelin came from Andreessen-Horowitz, Polychain Capital and Bain Capital Ventures. Based on its proposal, OpenZeppelin will be paid a flat fee of $1M in COMP tokens each quarter for one year.
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ONRAMPS Transak Finance, a team of developers building fiat-to-crypto payment bridges, launched fiat onramps for popular Ethereum L2s Arbitrum and Optimism on Dec. 22.
BRIDGES The bridges represent a significant milestone in the adoption of L2s, enabling users to directly transfer value onto the networks using their local fiat currency and card providers.
LARGEST L2 Without the fiat bridge, transacting on L2 would require users to transfer assets onto the Ethereum network before bridging them onto Arbitrum or Optimism, racking up significant gas fees in the process. Arbitrum is currently the largest L2 by total value locked (TVL) with $2.41B or 44.7% of total Layer 2 market share. Optimism ranks fifth with $399M or 7.4% of the sector’s TVL.
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🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.
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