🎯 Jump and Three Arrows Lead $1B LUNA Buy to Secure UST Against Black Swans
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PEGS Terra’s stablecoins, primarily UST, will now be backstopped by Bitcoin. A billion dollars worth of BTC will be set aside by the Luna Foundation Guard (LFG) to act as a backstop for UST and other Terra stablecoins in case they lose their pegs, as first reported by The Block.
SECURITY LFG sold $1B in LUNA tokens, the governance token of the Terra blockchain, to Jump Crypto, Three Arrows Capital, DeFiance Capital and other investors. LFG was announced in January, and is a non-profit foundation dedicated to advancing “greater economic sovereignty, security, and sustainability of open-source software and applications that help build and promote a truly decentralized economy.”
GRANTS It provides grants in the areas of open source development, community growth and research and development. Apparently, it also runs reserve funds.
Proof of Stake
NEWS Rocket Pool, an Eth2 staking provider, now accounts for 1% of Ethereum’s network validators just three months after launching.
STAKING The project has quickly emerged as the second-largest Eth2 liquid-staking platform, dramatically outpacing the growth of all rivals except for the sector’s leader, Lido, which enabled staking in December 2020.
LAUNCH Ethereum’s highly anticipated Eth2 overhaul was set in motion with the launch of staking in November 2020, one month before the beacon chain went live. However, individual stakers are required to contribute at least 32 Ethereum in order to secure the network, posing a barrier to entry for smaller hodlers. Ethereum stakers also cannot withdraw staked assets until after the network’s chain-merge is completed later this year.
CONTENDER OpenSea, the leading NFT marketplace, has a new contender atop its daily volume leaderboard.
TOP SLOT The project du jour is Tubby Cats, which has traded 4,954 ETH, equivalent to $12.9M, in volume in the past day. That’s good for the top slot on OpenSea, ahead of Bored Ape Yacht Club, Doodles, and well, every other NFT project on the platform as of Feb. 22.
MINT The whitelist mint for Tubby Cats went live on Feb. 21 at 12PM EST and will run for 48 hours, with any remaining NFTs from the 20,000 token collection made available to the public. The cheapest Tubby Cat is currently selling for 0.79 ETH, worth over $2,000, according to a Dune Analytics dashboard dedicated to the project.
In 2021, Ethereum traders lost over $250 million dollars to malicious bots exploiting their trades. As DeFi continues to gain popularity, this number is expected to rise.
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Launched on August 5th with EIP-1559, Eden Network successfully closed a $17.4 million dollar seed round led by Multicoin Capital with participation from Alameda Research, Jump Capital, Wintermute, GSR and DeFiance Capital. Genesis Capital executive Joshua Lim and Andre Cronje of Yearn.finance also participated as angel investors.
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Cryptocurrency tied to the Canadian truckers protesting COVID-19 restrictions has been on the move, in defiance of the authorities’ orders to freeze funds, blockchain analysis shows.
Switzerland-based fund manager Compass Financial Technologies has launched an index for 10 Decentralized Finance (DeFi) tokens dubbed the “Compass Crypto Basket Fundamental DeFi Index” (CCBFDEFI).
Gold has made a positive start to the year, outperforming bonds and equities as skittish investors scour the market for safe places to park cash.
🔗 Celsius Integrates Chainlink Proof of Reserve (PoR) To Help Secure Cross-Chain Wrapped Tokens: Celsius
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What’s Sifu Up To? Eponymous Token May Foreshadow New Project After the pseudonymous Sifu was revealed to be QuadrigaCX co-founder Michael Patryn last month, it would be easy to expect him to leave DeFi behind.
DeFi 2.0 Primer: Decentralized Finance is Poised to Expand its Reach But Challenges Loom Compared to the walled gardens of traditional finance the benefits of DeFi offer a more ubiquitous range of financial tools for consumers.
Smooth Love Potion Soars 70% in 24 Hours Behind Axie Infinity Update Smooth Love Potion, a token earned by playing Axie Infinity, has been a white knuckle ride in recent months.
🧑💻 ✍️ 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.
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