⚔️ Curve Turns Off Mochi’s Rewards After ‘Amazingly Scammy’ Tactics Trigger Outcry
Hello Defiers! Here’s what we are covering today,
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Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi
Aave, an open-source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets.
PROTOCOL Mochi is an overcollateralized lending protocol that allows users to borrow USDM, its native stablecoin, against their crypto assets. It functions similarly to Maker, Abracadabra and Cream.
REWARDS Launched yesterday, the project is in the spotlight for its brazen tactics to maximise CRV rewards for its USDM liquidity pool deployed on Curve Finance, which has now killed its gauge altogether, cutting off its rewards.
INCENTIVIZED Here’s how it all went down. On Oct. 10, Mochi launched its governance token, MOCHI INU, and incentivized liquidity for its USDM stablecoin. As is customary, DeFi users aped in, and liquidity quickly grew above $100M.
BLOCKCHAIN PARTY The big-but-not-Facebook-big companies of the social web, Discord, Reddit and Twitter, are giving crypto’s technology a much more serious look. That could mean the blockchain party will be much larger, soon.
OLD GUARD The question is: will they be able to use their size and reach to take the decentralized web over? Or will they accelerate the growth of crypto native efforts such as Decentraland and Bored Apes in spite of themselves? Or will all of the old guard’s efforts at decentralization end up looking roughly as good in hindsight as AOL keywords?
ONBOARDING EVENT The “Web3 Three,” Discord, Reddit and Twitter, are all making noises about embracing the decentralized web. The three companies have something like 300M to 400M users apiece. Whereas the latest count by ConsenSys puts Ethereum at 300M addresses, which would be far far fewer users. So if these companies go through with it, it could be, if nothing else, a major on-boarding event for crypto.
NEWS ENS, the governance token of Ethereum Name Service, hit a market capitalization of $1.15B in early morning trading EST. That’s equal to about 10% of the value of GoDaddy, the 24-year-old internet domain registrar and web hosting company.
SIDE PROJECT Airdropped ENS became claimable on Nov. 8. While it looks like Ethereum Name Service came out of nowhere it actually started back in 2016 as a side project of lead developer Nick Johnson.
REVENUE State, as they go by on Twitter and who works on governance at Aave, is a major proponent of the project. “Seems like ENS could become [the] basis for web3 identity and portable profile that u can plug into metaverse/games so it succeeds and everyone wants one = more revenue?,” State tweeted. “It’s a good coin,” as State told The Defiant in a DM.
In this research piece, Alex Shipp describes how Zk-proofs are a key source of innovation and a solution for deficiencies in blockchain tech.
TL;DR This year, Zero knowledge proofs (zk-proofs) are making their mark as the most potent cryptographic instruments powering innovation in decentralized ecosystems.
SOLUTIONS Zk-proofs were first conceived by computer science researchers Shari Goldwassser, Silvio Micali, and Charles Rackoff in their 1985 paper, The Knowledge Complexity of Interactive Proof-Systems. Developers, system architects, and researchers in the Ethereum community — blockchain’s leading smart contract ecosystem — have spent the better part of the last three years straining their creative faculties to develop solutions — and more often, temporary workarounds.
REMEDY Their goal is to remedy the blockchain’s two glaring deficiencies: the capacity to operate efficiently at scale, and to safeguard user privacy unequivocally. On both prerogatives, Ethereum’s best and brightest minds have converged on zero knowledge protocols and their ever-versatile implementations to build the next iteration of turing-complete blockchain infrastructure.
Join Fintech Meetup -Fintech’s Next Big Event!
Fintech Meetup is bringing together all the players, solutions and organizations at the intersection of DeFi, crypto and finance! It’s the next big event in fintech (online, March 22-24) and is the easiest and fastest way to create DeFi & crypto opportunities, deals and partnerships.
There are no speakers and no content... just 30,000+ online meetings for 3,000+ participants. This isn’t just another virtual event--we cut out the stuff you don’t need so you can focus 100% on what matters--creating opportunities.
Meet with DeFi & Crypto companies including BitPay, BlockFi, Circle, Onyx & Ripple (and many more!) plus the fintechs, networks and solution providers making DeFi & Crypto plays, including Finastra, Fiserv, JPMC Merchant Services, Mastercard, Veem & Visa (to name just a few!). Plus investors, banks, tech cos and many others.
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With BTC and ETH making new ATHs, new and old investors are asking themselves the same question: How do you value cryptoassets?
The launch of ETH2 staking service Rocket Pool saw it hit its stage two cap in just 45 seconds according to the co-founder of hosting partner Allnodes Konstantin Boyko-Romanovsky.
The Securities and Exchange Commission (SEC) stopped a Wyoming-based decentralized autonomous organization (DAO) from registering two digital tokens as securities, the agency said on Wednesday.
Following the $700k B2B Polygon Program announcement, we are excited to release Idle Protocol on Polygon with $DAI, $USDC, $WETH Best-Yield strategies!
Most Read in The Defiant
ConsenSys Founder Joe Lubin Teases MetaMask Token $MASK One of web3’s most essential tools may be getting a token. Joseph Lubin, founder of Ethereum incubator ConsenSys, set off speculation a token for the non-custodial wallet MetaMask is imminent after tweeting, “Wen $MASK? Stay tuned.”
Metis Joins Ethereum Layer 2 Race With $100M Ecosystem Fund The competition to become the dominant Optimistic Rollup Layer 2 solution just got a new player and a $100M fund boosts its chances.
Trailblazer THORChain Accidentally Front-runs THORSwap Community in Latest Woe Drama continues to hang over the trailblazing cross-chain decentralized exchange protocol THORChain, with the protocol’s treasury accidentally front-running the highly anticipated token offering of its platform, THORSwap.
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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, Bailey Reutzel, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is 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).