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CONTENDER Forks of OlympusDAO have struggled to gain traction and attracted a lot of criticism. But that hasn’t stopped a new contender from coming down from the mountaintop with another proposition.
MOMENTUM The new fork, called [REDACTED], is gaining momentum as it takes a different tack than its originator. Since the dapp went live on Dec. 15, BTRFLY, [REDACTED]’s token, has soared to a $468.8M market cap, according to CoinGecko. [REDACTED] is the second most valuable Olympus fork as of Jan. 10, trailing only its originator and Wonderland, whose TIME token has a $1.9B market cap, according to fohm.io.
GOVERNANCE [REDACTED] has the apparent support of DeFi influencers like Tetranode and DeFiGod, each of whom have more than 100,000 Twitter followers. [REDACTED] has further differentiated itself as being a “complimentary subDAO for OlympusDAO,” as the protocol’s website states. Indeed, the project spawned from in the OlympusDAO forums whose governance would make [REDACTED] “the first official branch of OlympusDAO,” shortly afterwards.
NEWS A new NFT marketplace has launched on Ethereum, and its revenues are open to anyone who is willing to put some skin in the game.
RECORD LOOKSRARE is a new venue to buy and sell non-fungible tokens, aiming to take on the behemoth that is OpenSea. The leading marketplace for digital collectibles has already done $2B in volume in January, which puts it well on track to break its August record of $3.4B in volume, according to Dune Analytics.
ATTACK That’s a steep hill to climb. LOOKSRARE is driving attention right now with an airdrop of its LOOKS token. The airdrop has even crossed the milestone of facing an attempted DDoS attack. The team has set aside 75% of its token supply for different community initiatives, with 120M LOOKS tokens allocated to the airdrop.
OFFLINE Arbitrum, a scaling solution designed to both quicken and reduce the costs of Ethereum transactions, went offline for roughly 10 hours on Jan. 9, according to an administrator in the project’s Discord.
OUTAGE No funds were lost, according to Arbitrum’s Twitter account, and the network is back online. Still, influential members of the crypto community underscored the importance of the outage.
NETWORK “If you didn’t tweet about Arbitrum turning off, you’re not allowed to sh*t on Solana network problems ever again – it’s only fair,” tweeted Do Kwon, co-founder of Terraform Labs. Solana, a rival to Arbitrum in terms of cheap and fast transactions, saw its network go down on Jan. 4 as well as having similar outages last year.“I am confident the Ethereum people who criticized Solana will be equally fair and critical about this,” joked Cobie, a trader and host of popular crypto podcast UpOnly.
VULNERABILITY Vitalik Buterin, the co-founder and chief scientist of Ethereum, has sounded the alarm over the security of cross-chain bridges, warning of their vulnerability in the event of 51% attacks.
SILOED Buterin’s comments come as low-cost EVM-compatible Layer 1 networks seek to capitalize on Ethereum’s sky-high gas fees. To prevent liquidity from becoming siloed within one particular network, myriad decentralized and centralized bridges have emerged to enable capital to flow freely between various networks. However, both the security and decentralization of many bridges have been called into question.
EXPLOITS And with good reason. While the burgeoning cross-chain ecosystem has allowed users to mitigate the expense of using Ethereum’s mainnet, cross-chain protocols were among those hit hardest by hackers in 2021. THORChain suffered multiple exploits, and Poly Network was hit by the largest DeFi hack on record worth $600M (although the funds were eventually returned). Chainswap and AnySwap were also successfully targeted by hackers.
LIBRARY The crypto market may be cratering but that hasn’t stopped the action in NFT land. With volumes surging, the Associated Press will launch an NFT marketplace to showcase its library of historic photographs, and it will do so on a system built by blockchain provider Xooa.
NEW RECORDS The move underscores the unflagging investment by mainstream media, entertainment, and sports interests in nonfungible tokens. Game publisher Konami, entrepreneur Mark Cuban, film director Quentin Tarantino, and K-Pop band BTS are making headlines with a raft of NFT moves. Trade volume on leading marketplace OpenSea setting new records in January even as ETH plunged more than 17%.
POLYGON The marketplace is set to launch on Jan. 31. AP’s initial collection will be released over several weeks, with NFTs minted on the Polygon blockchain to minimize transaction fees. Proceeds from NFTs sold will be used to fund AP journalism, with the photographers who created the images also receiving a share of the revenue.
Web3 tokens are beating ETH driven by the Lending and Infrastructure sectors, recovering after metaverse-related tokens led the industry’s slide in early December.
The Arch Ethereum Web3 Index is up 22% in ETH terms in the last 30 days. The index, which tracks Ethereum governance tokens, has declined 7% in that time, while ETH has plunged 13%.
This outperformance is led by the Infrastructure and the Lending sectors, which are up 48% and 34% in the past month against ETH, respectively. LINK and AAVE are leading in their respective sectors and are up 74% and 48% during the last 30 days against ETH.
The recovery comes after the Arch Ethereum Web3 Index was down 21% against ETH in the previous month, as all sectors tracked by Arch tumbled.
The Arch Ethereum Web3 index, considered a gauge for the overall web3 ecosystem, is tracked by the Arch $WEB3 token, which provides reliable, market-neutral exposure to roughly 70% of the market capitalization of the Ethereum Web3 Index.
Go to Arch (www.archfinance.io) to learn more about the Arch Ethereum Web3 Index, its underlying sectors and gain financial exposure to the Ethereum Web3 universe, with the Arch $WEB3 token.
🔗 Single inactive volcano has 90% chance of powering El Salvador's Bitcoin City, according to president: CoinTelegraph
El Salvador's President Nayib Bukele has claimed officials will be able to use geothermal energy from one of the country’s inactive volcanoes to power its Bitcoin City project.
The Associated Press, the leading global news wire service, is looking to non-fungible tokens to monetize its photojournalism.
Binance CEO Changpeng “CZ” Zhao is worth an estimated $96 billion, a figure that rivals tech billionaires Mark Zuckerberg, Larry Page and Sergey Brin, according to Bloomberg.
🔗 ve(3,3): Curves, Initial distribution, Competition, & Building a protocol for protocols: Andre Cronje
By now, most are probably curious what the new protocol is, while this article will not go into depth (that is reserved for a later article closer to launch) we will simply list some of the core features.
Trending in The Defiant
ETH Burn Rate Surges Amid Market Chaos and Record NFT Volume Ethereum’s burn rate has seen a dramatic resurgence this week amid market volatility and renewed NFT volume, averaging 8.58 ETH every minute for the past seven days.
LOOKSRARE Airdrops Token and Entices NFT Fans to Try Out New Marketplace A new NFT marketplace has launched on Ethereum, and its revenues are open to anyone who is willing to put some skin in the game.
Fire on the Iceberg: Pudgy Penguin Holders Eye Coup Amid Acquisition Talks It’s getting hot inside the igloo. Pudgy Penguin owners are revolting against the team of four that created the cute penguin profile picture (PFP) NFTs, known collectively as 309Labs.
🧑💻 ✍️ 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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