🤩 Cronje’s Goerli Move Triggers Confusion and Dreams of Instant Wealth
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TLDR Yearn Finance’s founder Andre Cronje triggered a dustup on Twitter Tuesday when he announced a new Layer 2 scaling solution for multichain.xyz, a cross-chain token transfer tool.
THE NEWS Cronje said multichain.xyz would have the support of Goerli, an Ethereum test network. The announcement has left some users wondering whether their tens of thousands of Goerli ETH are about to make them rich. The testnet has made its version of ETH available for free from faucets, meaning that if Goerli ETH really gains a monetary premium, holders of the tokens may have proved that there is such a thing as a free lunch.
TLDR In the DeFi world, oracles aren’t the seers of Greek myth but handy tools that enable data to flow between blockchains and traditional networks in the form of smart contracts. Now oracles have landed right in the middle of a clash pitting two of the biggest players in the space against one another — Chainlink and MakerDAO.
PRICE DATA Last week an ambassador of oracle provider Chainlink, who goes by the handle ChainLinkGod, accused Maker’s oracles of selling their price data, allowing buyers to jump the line and liquidate their positions before the public.
In this essay, Masha Prusso delves into the underworld of rug pulls, exit scams, and other digital swindles. Her takeaway: they’re endangering the DeFi experiment and need to be stopped. But the good news is there are clear paths to accomplishing this task, and she lays them out, one by one.
TLDR You may have seen this statistic floating around blogs and influencer feeds recently: an estimated 80% of ICO’s in 2017 were scams. This may have been four years ago but there is good reason to be concerned. That’s an alarming number, and it underscores a sober reality in the crypto community — grifters remain a serious threat. But users and developers in the DeFi space are creating robust measures to ensure more reliability and security in the decentralized community.
Zurich, 6 July 2021 – Sygnum Bank announces today that it is the first bank to offer Ethereum 2.0 staking. Clients can conveniently and securely stake Ethereumthrough Sygnum’s institutional-gradebanking platform and generate a yield of up to 7percent per annum currently.
Decentralized finance (DeFi) platform Zerion, which provides an investing interface across protocols, has raised $8.2 million in a Series A funding round. The round was led by Mosaic Ventures, with participation from Placeholder, Digital Currency Group, Lightspeed Venture Partners, Blockchain.com Ventures, and several others.
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🧑💻 ✍️ Stories in this newsletter were written by Owen Fernau, Dan Kahan and yyctrader and edited by Edward Robinson, Bailey Reutzel and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).