🏦 MakerDAO May Hook Up With Traditional Bank
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Banks Loans May Be Used as Collateral on Maker's Platform
By Owen Fernau
NEWS The line between DeFi and the traditional finance world continues to blur. An application to onboard loans originated by Huntingdon Valley Bank (HVB), for use as collateral in MakerDAO, has gone live on the platform’s forum.
ASSETS Based in the suburbs of Philadelphia, HVB is a 151-year-old community bank with $500M in assets. If its loans are accepted as collateral by MakerDAO, that would mark the first time a traditional lender has been able to borrow against its assets using DeFi, according to the protocol’s Twitter account.
PLATFORM The deal punctuates the cross pollination that appears to be accelerating between DeFi and TradFi enterprises. MakerDAO’s members are considering a proposal to tap real world assets to strengthen its surplus fund. And the Aave Arc lending platform has been soliciting banks and other traditional institutions.
SYNDICATION For MakerDAO, it shows that DeFi can offer something useful to banks — the ability to sell parts of their loans in a process called “loan syndication” to a protocol. Banks like syndication because it lets them rake in more revenue and offload credit risk.
VICTIMS As DeFi exploits go, this may be a first. Cashio, a stablecoin protocol on Solana, was exploited on March 23 to the tune of $52M. Now, the hacker is asking victims to justify why they should be refunded, saying their “intention was only to take money from those who do not need it, not from those who do.”
ENCODED This message was encoded in an Ethereum transaction in the early hours of Mar. 28. Affected users are asked to explain the source of their assets and why their money should be returned.
HACKER The message goes on to single out users in Western nations, saying “money will not be refunded to rich Americans and Europeans who don’t need it.” In response, a community member set up a website for victims to submit their responses in the very specific format demanded by the hacker.
Here's How to Put Your Ethereum Wallet on a Layer 2 Network
By Arya Ghobadi
SIDE CHAINS Polygon is an Ethereum-based Layer 2 scaling solution. That means Polygon runs a souped up version of Ethereum that is faster and cheaper than the original network. Polygon helps Ethereum handle more transactions by processing them on various new ‘side chains’.
VALIDITY This frees up some space on the Ethereum blockchain and is similar to multi-chain projects like Polkadot and Cosmos. All of the transactions on Polygon are bundled together, checked for validity, and then written to the Ethereum mainnet, which also provides Polygon with robust security and “blockchain integrity”.
COMPATIBLE MetaMask supports Ethereum and any other token developed on the Ethereum Blockchain (ERC20 tokens), such as Tether, USDC, DAI, and the Uniswap token. It is also possible to add specific tokens or Blockchains, even if they aren’t officially supported or immediately compatible. Read more about MetaMask here.
A Step-by-Step Guide to Using the MetaMask Ethereum wallet.
By Arya Ghobadi
TL;DR MetaMask is a free cryptocurrency and NFT wallet that comes as a browser extension or a mobile app to interact with the Ethereum network, BSC or any other layer 2 networks. MetaMask lets you send or receive digital assets, and also make direct transactions within the app.
DOWNLOAD In this article, we will show you how to install and how to use MetaMask. If you want to learn more about MetaMask and understand what it is, be sure to check out our article here. To get started with MetaMask, we need to download the MetaMask app on our browser. In this case, we use Chrome browser, but you can also use Firefox, Brave or Edge.
BROWSER Enter the Metamask.io website. Then, it will automatically detect your browser. Click Download now and click on Install MetaMask for Chrome which will redirect you to the Chrome store.
It’s becoming clear that utility is the future of NFT technology, and no launch platform does utility better than Galaxis. Galaxis’s Launchpad is quickly gaining notoriety as a platform that can be used by anyone to launch an NFT collection with dynamic, interactive utility traits that allow the creator to issue traits that make sense within their own community.
For example, an artist can issue traits that allow the owner to collaborate on the original artwork, a musician or athlete can offer event tickets or in-person meetings, and a retailer can issue exclusive discounts to its most loyal customers. The number of use cases is only limited by the imagination of the creator. This feature separates Galaxis from NFT launch platforms that only allow a creator to randomize art layers.
Soon, anyone with a community can use this tool to engage with, incentivize and monetize their following with no coding required.
Many high profile clients, such as Lamelo Ball, Mike Tyson and Steve Aoki have already used Galaxis to launch their collections with many more to come. The Galaxis ecosystem is also quickly becoming a “community of communities” who support and collaborate with one another in new and exciting ways.
Do you want to make a real difference in the Ukraine crisis? Until March 24th, if you donate to help improve the situation in Ukraine on Gitcoin your funds will be matched by a pool of over $700,000 using the power of quadratic funding.
In some cases, 1 DAI can be matched up to 50x, so even small amounts are meaningful. Peace is a global public good, and it's become increasingly clear that we have to work to collectively maintain it. For more details, check out http://gitcoin.co/grants and go to the "Support for Ukraine" category.
Public goods are good.
Gitcoin grants sustain web3 projects with quadratic funding
LUNA, the governance token behind the Terra network, is leading the charge in today's crypto market. It spiked more than 10% earlier today to reach a new record high of $106.14, according to CoinMarketCap.
Lyn Alden is the Founder of Lyn Alden Investment Strategy and an expert in macro markets who’s also a strong Bitcoin, proof-of-work proponent. Her friendly counterpart, Justin Drake is a researcher at the Ethereum Foundation and is pro proof-of-stake.
TL;DR: A series of Tezos protocol proposals in 2022 will focus on paving the way for further adoption, high-throughput use cases and expanded smart contract functionality.
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The Defiant Weekly: There are NFTs buried in the Arctic. We went to find out why On the 17th March Top Dog Studios made history by initiating the first NFT deposit in the Arctic World Archive.
Anchor Leapfrogs Aave as Top DeFi Lending Protocol With $14B TVL Anchor, a stablecoin yield protocol representing more than 53% of Terra’s Total Value Locked (TVL), has overtaken Aave to become the third-largest dApp in DeFi.
Getting Gamers to Embrace NFTs is Not Impossible NFTs are hot. The art, fashion, and food industries have embraced them. So has Hollywood and professional sports leagues and stars. But there’s one group that isn’t interested: gamers.
🧑💻 ✍️ Stories in The Defiant are written by 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. Signest, 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)