📈 dYdX Now Accounts for More Than All Other DEX Trading Combined
Hello Defiers! Here’s what we are covering today,
🧑💻 🦄 🌈 NYC DeFi Hub: The Defiant has just launched Colony, a co-working space in Dumbo for teams building DeFi and Web3 to join and find a community. There are 20 desks in an open floor plan at a reformed factory building. Fill out this form if you’re interested in working there or sponsoring the space.
The open economy is taking over the old one. Subscribe to keep up with this revolution. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).
🙌 Together with:
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.
The DeFi Pulse Index, by Index Coop - DPI is the easiest way to capture the upside of DeFi with the benefit of diversification. Buy DPI today on your favorite DEX.
Non-custodial exchange dYdX has climbed to the top of the DEX rankings by trading volume, beating out Uniswap, for the first time.
More than $9B has been exchanged on the trading platform in the last 24 hours, according to data provider CoinMarketCap. Uniswap’s V3 lands in second at $1.2B, the only other DEX to trade above one billion in the past day, and lags dYdX even when adding the almost $280,000 that was traded on Uniswap V2.
All other 104 DEXs listed on CoinMarketCap have traded a total of $5.4B in the past day, or about half of dYdX’s volume.
The a16z-backed DEX founded in 2017 by ex-Coinbase and Uber engineer Antonio Juliano, is also beating Coinbase, the largest centralized US crypto exchange, which has traded over $3B in the past 24 hours.
NEWS Add AngelList to the ever-lengthening list of mainstream tech outfits going crypto. On Tuesday it started letting investors use USDC-enabled funds on its site.
UTILITY It’s a significant move. For the last decade, AngelList’s online bulletin board for angel investors and job-seekers has made it a valuable utility in the U.S. startup scene by playing matchmaker between angel investors and entrepreneurs. Users can apply for more than 130K jobs in its site, and its venture fund has deployed more than $1B alongside leading VCs.
STABLECOIN Now by enabling limited partners (LPs) to use USDC, the dollar-pegged stablecoin that runs on the Ethereum blockchain, AngelList is acknowledging that startup founders and investors are increasingly opting to use DeFi to do business.
OPTION “The process is really simple,” said AngelList CEO Avlok Kohli during the keynote of the company’s AngelList Confidential conference. “In the closing flow there will just be an option, rather than ACH or wire, there’ll be USDC.”
Kraken will pay $1.25 million to settle charges with the Commodity Futures Trading Commission (CFTC) that it offered illegal margined digital asset transaction services and did not register as a futures commodity merchant (FCM) with the regulatory agency.
Account abstraction has for a long time been a dream of the Ethereum developer community. Instead of EVM code just being used to implement the logic of applications, it would also be used to implement the verification logic (nonces, signatures…) of individual users’ wallets. This would open the door for creativity in wallet designs that could provide some important features:
Join us on this SHOWDOWN episode of Top Signal, where top tier profile pic avatar reps come and shill their squad!
BeePool, the fourth-largest Ether (ETH) mining pool, is closing amid China’s crypto crackdown. The China-based Ether mining pool announced on Tuesday it would suspend operations “in response to the latest regulatory policies.”
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🧑💻 ✍️ Stories in this newsletter were written by Owen Fernau, and edited by Edward Robinson 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.