🌒 DeFiance Founder Had ‘No Visibility’ on Three Arrows’ Condition: Statement
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Zetachain is the first public L1 blockchain that natively connects with any chain and layer including Bitcoin and Dogecoin without wrapping or bridging assets. Dive into the docs to start building the future of multichain.
Thirdweb: Build web3 apps easily, for free, with easy smart contract deployment, powerful SDKs and UI components from thirdweb. Create NFT drops, marketplaces, social tokens, DAOs and more on Ethereum, Polygon, Avalanche, Fantom, Arbitrum and Optimism.
Three Arrows Collapse
AFFECTED DeFiance Capital said it has been “materially affected” by the liquidation of Three Arrows Capital in a statement released Friday. The investment firm sought to distance founder Arthur Cheong from the failed $10B crypto hedge fund.
ASSETS “Arthur Cheong is committed to taking all necessary steps to protect, preserve and recover all assets which are and were owned in the context of DC’s business,” the statement read.
COLLAPSE A court in the British Virgin islands placed Three Arrows into liquidation at the end of June. The fund, which championed the idea of a “super-cycle” that would make Bitcoin and other digital tokens worth millions of dollars, suffered heavy losses from the collapse of the Terra network in May.
OpenSea Makes Job Cuts and Art Blocks Rebounds
When GameStop said that it would launch an NFT marketplace earlier this year, many in the web3 community were sceptical of the meme stonk retailer’s plans.
Yet, in just two days since going live, GameStop’s NFT marketplace has seen more sales activity than the much-vaunted Coinbase NFT has managed in the two months since it launched.
The top 50 collections have generated over 3,500 ETH ($4M) in sales volumes, according to the website. The action is dominated by the MetaBoy collection, which accounts for just under a third of the total volume.
DeFi Saver offers convenient and safe access to borrowing, leveraging and yield farming, available using DeFi's most trusted protocols such as Maker, Aave and Liquity through a unified interface with additional automation and loan shifting options for complete management.
The famous DeFi app first started off as CDP Saver in early 2019 as a tool to help users protect their Maker CDPs (now Vaults) from liquidation and the dreaded 13% liquidation penalty. As DeFi started growing, they pivoted to DeFi Saver and over the past 3 years integrated protocols such as Aave, Liquity, Compound, Reflexer, Yearn, mStable and as of latest Convex.
As a complementary protocol to Curve, Convex brings users enhanced yield on their liquidity, and is the latest addition to DeFi Saver’s Smart Savings dashboard. With simple 1-transaction asset supply to the most famous yield farming protocols, it offers an easy access to some of the most popular DeFi protocol liquidity pools. The option to move your funds between pools and integrated protocols in a single transaction makes the dashboard especially convenient.
With an ever more expanding set of features, DeFi Saver is slowly becoming a truly robust solution for DeFi asset management with a safe and low-risk approach.
Check out this essential piece of anyone’s DeFi toolkit at DeFiSaver.com.
NEWS Ethereum developers have doubled down on a mid-September target for the Merge during a conference call held on Thursday.
CRITIQUES The Merge is Ethereum’s highly anticipated transition from a proof-of-work to a proof-of-stake consensus mechanism. It’s expected to slash the blockchain’s energy use and, therefore, carbon emissions, by as much as 99%, addressing one of the primary critiques of the world’s second-largest cryptocurrency by market capitalization.
TARGET DATE While discussing a series of steps that must be taken before the Merge, the Ethereum Foundation’s Tim Beiko, who organizes meetings of the network’s core developers, suggested a target date of September 19. No objections were raised to the suggested timeline.
A Primer on How Decentralized Exchanges Work and Why They're Important
INTERFACE Decentralized exchanges (DEXs) are the cornerstone application of smart contracts and blockchain technology. While Bitcoin popularized blockchain, Ethereum popularized smart contracts by tying them to a web interface and delivering dApps.
LIQUIDITY These dApps are capable of replicating the entire financial industry, from borrowing to lending to exchanging assets, in this case, on a DEX. These applications make it possible to exchange one cryptocurrency for another without a centralized organization that provides liquidity.
QUADRILLION To fully understand how DEXs work, we must explore how exchanges operate in the TradFi world. Stock markets and foreign exchange of currencies rely on large financial institutions to maintain the flow of assets. The forex market is the world’s largest financial arena — it’s worth $2.4 quadrillion, with a daily volume of $6.6T.
📢 EthCC (Ethereum Community Conference), the largest annual European Ethereum conference created by the community, for the community, returns next week from 19-21 July 2022 in Paris, France, bringing together the top minds in Ethereum to share their vision for the future of the ecosystem post-Merge, and the next wave of dApps with real-world impact. Don't miss tuning in to the talks and workshops livestreamed.
Crypto hedge fund DeFiance Capital said it was "materially affected" and "prejudiced" by the liquidation of rival fund Three Arrows Capital.
In this episode, Anatoly Yakovenko, Tsar of Solana, joins the show to discuss the use cases of Solana, whether it’s actually a blockchain, how Solana scales, and much more!
Don’t know who stole your crypto? If you’re in the U.K., you can now sue them through a blockchain.
Funded by a grant from the Uniswap Grant Program (UGP), ScopeLift has developed a new extension to the widely used Governor system pioneered by Compound and used by many DAOs.
Trending in The Defiant
Three Arrows’ Su Zhu Breaks Silence Accusing Liquidators of Playing Dirty Su Zhu, the co-founder of Three Arrows Capital, has accused the hedge fund’s liquidators of operating in bad faith, breaking a month-long silence during which his firm suffered a stunning fall from grace.
Crypto Lender Celsius Files for Bankruptcy Protection Celsius, the crypto lender that last month halted withdrawals, has filed for Chapter 11 bankruptcy protection, the company said in a press release. User withdrawals will remain halted.
StarkNet Testers Fume After Token Announcement StarkWare, the company behind Ethereum layer-2 scaling solution StarkNet, plans to launch a native token designed to decentralize control and maintenance of the network.
🧑💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Claire Gu, Samuel Haig, Jason Levin, and yyctrader, and edited by Edward Robinson, yyctrader 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.