📺 First Look: Cardano's first DEX is here. Does it work?
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SAFE RETURN Terra’s DeFi protocol for savers is burning through its savings account. Anchor is the DeFi protocol meant to offer a safe, predictable return for DeFi’s conservative investors. It’s widely considered the benchmark yield for the whole industry and currently sits at 19.33%.
WILDLY HIGHER In other words, Anchor aims to set the bare minimum yield that investors looking for a safe, boring DeFi investment should be able to expect, which is still wildly higher than anything found in the traditional market.
COLLATERAL Anchor is able to offer this high return based in part on interest paid by borrowers and in part on yield earned by those borrowers’ collateral. That said, too many savers are coming into the system and not enough loans are getting made, so Anchor has started to burn through its reserves in order to meet that ambitious benchmark. The community has noticed and started to discuss the issue.
MULTIPLE CHAINS The Frog Nation, a collective of crypto protocols meant to work together across multiple chains, has added SushiSwap to its ranks. What this means remains to be seen, but in a blog post from Frog Nation lead Daniele Sesta, it seemed that the team behind protocols such as Abracadabra and Wonderland will be taking over top level management at SushiSwap.
EFFICIENCY “As a first note, Frog Nation is here to clean up and bring efficiency back into Sushi, prior to the last 3-4 months LOTs of products were being shipped, Sushi proved that it was not simply just a Uni Fork,” Sesta wrote.
REACTION Market reaction to the news was tepid. SUSHI traded at about $4.48 just beforE Sesta tweeted out the blog post on Tuesday. By Thursday morning, it had slipped to $4.16. The news of the merger does not come as a surprise to close watchers of SushiSwap. Sesta first floated the idea in SushiSwap’s forums at the end of December.
MOJO In a sign that nonfungible tokens are picking up serious mojo despite market angst, Google searches for the term “NFT”are now firmly ahead of ‘crypto’ and “Ethereum”, according to Google Trends.
TRAFFIC The term “Bitcoin” continues to lead all comers. NFTs flipped crypto for the first time on other leading terms on Dec. 25 and have seen a surge in interest on the back of China’s plans to build NFT infrastructure, albeit with no cryptocurrency links. Indeed, Asian countries comprise six of the top ten sources of search traffic.
CHINA As Google is banned in China, we can safely infer that at least some of the searches routed through Hong Kong and Taiwan may be coming from the mainland.
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Bitcoin has mirrored the sharp fluctuations in traditional markets this year, highlighting the tightening link between cryptocurrencies and mainstream financial assets as more professional traders enter the digital finance arena.
The Curve Wars are the DeFi trenches. Deep in the realm of liquidity and incentives, a battle of tokenomics rages on. Many might not be clued into the mountains being moved in the Curve War, but CurveMarketCap is here to settle it all.
Facebook’s ambitious effort to bring cryptocurrency to the masses has failed.
🔗 Quadriga co-founder served time in U.S. prison for role in identity-theft ring, documents reveal: The Globe and Mail
The co-founder of troubled cryptocurrency exchange QuadrigaCX is a convicted felon who served time in the United States for his role in an online identity-theft ring.
One of the advantages of building derivatives infrastructure on Solana is the ability to release the most cutting edge features in DeFi, creating the conditions to attract the most esteemed and talented protocols in DeFi.
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OlympusDAO Created a Breakthrough DeFi Model – Now It’s Down 93% and Called a ‘Ponzi’ OlympusDAO held so much promise when it exploded on the DeFi scene in 2021.
Uniswap Crosses Milestone With Greater ETH/Stablecoin Volume than Coinbase or Binance Uniswap, the leading decentralized exchange by trade volume, now processes more ETH/stablecoin volume than any centralized crypto trading venue.
LooksRare Surges to $7B Valuation as Torrid Volumes Fuel Staking Rewards LooksRare, the upstart NFT marketplace that airdropped its $LOOKS token to NFT traders on Jan. 9, is having a stellar run.
🧑💻 ✍️ 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.
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)