👀 Hey Bitcoin ETF! Say Hello to the 500 DeFi Index Funds Already Trading
Hello Defiers! Here’s what we are covering today,
Most Read in The Defiant
We’re excited. We’re getting ready to launch The Defiant Terminal, a platform for investors and analysts to track all DeFi data in one place. Join the waitlist today to be notified as soon as it’s live. You’ll want to be the first to get your eyes on that alpha.
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.
NEWS Smart contract platforms — Terra, Solana and Avalanche, to name a few — had a summer to remember. Terra’s LUNA rocketed 421% between June 1 and Sept. 30 and its fellow Layer 1s (L1s) Avalanche and Solana also delivered triple-digit returns.
SPOTLIGHT Now Layer 2s (L2s), which make Ethereum transactions more affordable and faster by executing them off the Layer 1 mainnet, are showing signs of mounting a rally of their own. This may bring Ethereum back in the spotlight after Solana’s SOL, Terra’s LUNA and Avalanche’s AVAX hit all-time highs in September and October. ETH has yet to break its all-time high of $4,357, which it hit in May.
YIELD FARM Both Ethereum L2s and these L1s tout their low fees and quick transaction speeds as advantages, placing the two groups in direct competition. Total value locked across Ethereum L2s is at an all-time high of $3.80B as of Oct. 18, eclipsing last month’s previous all-time high of $3.59B. The previous high occurred at a time when ArbiNYAN, an upstart yield farm on Arbitrum, the leading L2 in terms of TVL, accounted for roughly one-third of the TVL across all L2 solutions.
NEW STAR There’s a new star in the Layer 1 firmament: Fantom. The smart contract platform’s token, FTM, set an all-time high of $2.48 on Oct. 19 before slipping to about $2.31 in early morning trading Eastern time, according to CoinGecko. With a $5.9B market cap, the token has almost doubled in the last 30 days.
TRILEMMA Fantom is deploying a high-speed Proof-of-Stake system to solve the “blockchain trilemma” of balancing scalability, security, and decentralization without compromising efficacy. (See Mason Marcabello’s exclusive primer in The Defiant for details).
MULTIPLIED Having multiplied 144x since Jan. 1, FTM has bested the likes of Solana and Avalanche, as well as Cardano, Polkadot, Polygon and other smart contract platforms.
BTC ETF Op-Ed
Camila Russo, the Defiant’s founder and chiefess, notes the long-anticipated moment with a contrarian view — DeFi is way beyond a BTC futures ETF.
CRYPTO’S FUTURE The first Bitcoin ETF starts trading today and that’s a big deal. Everyone from multi-billion dollar investment firms to Wall Street hedge funds to individual investors can now easily and relatively cheaply buy Bitcoin. From the position of a news organization (and individual) who is optimistic about crypto’s future it feels almost wrong to write anything but a celebratory post.
CONTRARIAN TAKE So yeah, a Bitcoin futures ETF is a milestone. It’s nice. But it’s also just so meh when you look at DeFi’s progress. In the last year, a picture of a new financial system is emerging, and a Bitcoin futures ETF just isn’t the game-changer everyone in the mainstream believes it may be.
HUNDREDS OF FUNDS U.S. regulators have taken almost a decade since the Winklevoss twins filed their application to list their $COIN ETF to finally approve the ProShares product. But in just the last 24 months, hundreds of different tokenized index funds have been created using open source tools like Uniswap, Balancer and Set Protocol. These products were created by users who didn’t have to ask for anyone’s permission to provide index-based exposure to traders and investors. Anyone can invest in these funds.
3 Days Left to Earn 300+% APY via Augmented Finance’s Early Liquidity Mining!
Augmented Finance is the new DeFi liquidity protocol for high-yield lending and low-rate borrowing of digital assets. Augmented Finance focuses on augmentation and intelligence as core capabilities: NFT as collateral, dynamic interest rates, and more innovation coming!
$17,000,000+ TLV reached in just 2 weeks since launch! Augmented Finance became the fastest-growing DeFi lending protocol according to DefiLlama.
📈 High APY — 300+% during the Early Liquidity Mining Program (active till 23 October 2021, 12PM UTC)
on major assets: USDC, USDT, DAI, ETH, WBTC
on Aave’s aTokens and Compound’s cTokens
🔓 Top security
Non-custodial and open-source protocol
Chainlink oracle price feeds
Audited by PeckShield
The program provides higher rewards for liquidity providers who supply and stake their assets earlier. Supply USDC, USDT, DAI, ETH, WBTC, then stake your interest-bearing tokens (e.g. agDAI) and keep them staked until 23 October 2021 or longer.
Read more details about Augmented Finance's Early Liquidity Mining (extended till 23 October 2021, 12PM UTC)
Hindenburg Research, a forensic financial research firm, today announces it is launching the Hindenburg Tether Bounty Program (the “Program”) – a reward of up to $1,000,000 for information leading to previously undisclosed details about cryptocurrency “stablecoin” Tether’s backing.
France has used digital assets and blockchain technology in a series of bond transactions, marking one of the most significant trials to date of cryptocurrencies in a leading established market.
The first-ever exchange-traded fund (ETF) backed by bitcoin futures hauled in some $570 million of assets on its first day of trading, a sign of just how hungry investors remain for bets on the cryptocurrency as prices approach a record high.
Dear Bankless Nation, DeFi is great because it’s permissionless. Anyone, anywhere, at any time can create financial products and services.
Art Blocks @artblocks_io@BrettRichey So sorry this happened! It was an outlier on OpenSea's UI and they've verified it's the only instance of a fake piece in a verified collection. They also reached out to issue a full refund. But yes, everyone please be careful out there. https://t.co/hVVrYD1ILZ
Most Read in The Defiant
Fantom Deploys High-Speed PoS to Solve the ‘Blockchain Trilemma’ While the ever expansive world of decentralized finance is improving on its traditional counterpart the web3 is not without its problems.
Terra and Abracadabra Team Up to Challenge Centralized Stablecoins For an industry that has decentralization in its very name, DeFi’s reliance on centralized stablecoins remains an Achilles’ heel, making it an easy target for overzealous regulators.
DeFi 2.0 Wave of New Projects Test Liquidity Mining Alternatives Things aren’t getting easier for those struggling to stay current with the lightning quick DeFi space. Just when you think you’re up to speed with the latest token or protocol along comes something new. Brace yourselves because here comes DeFi 2.0. What that term actually means is still in flux.
This is a public version of the newsletter and both paid and free subscribers are receiving it.
Free subscribers get:
Daily news briefings
Paid subscribers get:
Full transcript of the weekly podcast interview
Early access to opinion columns and research pieces
Exclusive access to Inbox Dump where we send all the press releases that didn’t make it to the newsletter (Saturday)
Exclusive access to subscribers-only Discord chat
Exclusive access to bi-weekly community calls
🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Bailey Reutzel, 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