Hello Defiers! Here’s what we are covering today,
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).
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Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at
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.
The DeFi Pulse Index, by Index Coop - DPI is the easiest way to capture the upside of DeFi with the benefit of diversification. Buy DPI today on your favorite DEX.
WHITE TEXT Pixelated jpegs going for millions of dollars were already blowing people’s minds. The latest NFT project goes one step further –– traders are dropping what for some is a year’s salary or a property down payment, in exchange for white text on a black background.
FANATICS The project was launched with a tweet from Dom Hoffmann, the creator of Vine, who shared the contract to mint a Loot “bag” on Aug. 27. With no fees aside from gas to pay, fanatics minted the 8,000 bags within three hours.
HOTTEST Now Loot is the hottest project in the NFT space. It’s already at the fifth slot on OpenSea in terms of trading volume with over $100M in the past 24 hours. The floor price, meaning the lowest someone is willing to sell a Loot bag at for, is 12.2 ETH, worth over $45K as of mid-evening New York time. And one LOOT bag sold for 250 ETH, almost $1M on Sept. 2.
Global Digital Finance sizes up the dramatic developments of the last three months and what comes next as financial institutions further embrace DeFi’s many innovations.
1. “Not just Bitcoin”: Altcoins are having their moment with institutional investors
Institutions are rushing back into crypto with $21M net inflows, following six weeks of outflows. This time, however, the funds which saw the largest inflows were not Bitcoin-related. Funds with exposure to Solana and Cardano related products saw the largest inflows with $7.1M and $6.4M respectively. These are followed by Ethereum and Litecoin related products.
Bitcoin, meanwhile, saw its seventh week of outflows. This is expected to change with Bitcoin reaching $50K on August 23rd.
While ETFs have been available across Europe for a while, investors in the US have been awaiting approvals from the SEC with anticipation. The SEC has yet to approve an application for a Bitcoin ETF, delaying decisions on high-profile applications. This includes applications from WisdomTree, who launched a Bitcoin ETF on Switzerland’s SIX stock exchange back in 2019.
In this latest addition to The Defiant’s DeFi 101 curricula, Brian Huang walks us through the ins and outs of one of the hottest trading strategies in the market.
TOOLS Does leveraged yield farming sound intimidating? It’s understandable that some would feel that way. After all, leverage and yield strategies are tools that professional investors have been known to utilize, their inner workings esoteric to the every-day investor. Yet, with the growth of decentralized finance, that’s no longer the case. Easy-to-use platforms now exist to allow normal investors to take advantage of these tools and earn yields that even professional investors can’t beat.
SECTOR Of course, for professional investors, it’s also a positive situation. With these tools, they can further customize their strategies to perfectly align with their market biases, risk profiles, and target yields. And all this while participating in the high-growth high-yield sector of decentralized finance.
BREAKDOWN So let’s break down leveraged yield farming strategies step-by-step.
📺 The SuperMassive NFT show: Mutants, Logan and Pranksy's Banksy
UXD Protocol, an algorithmic stablecoin that automatically generates interest and is minted on the Solana blockchain, has raised $3 million in seed funding led by Multicoin Capital.
The $WRITE Race Oracle is a contract that enables creators to make Sybil-resistant, fair-launch NFTs. Imagine if Loot, for example, could only have been minted once per person.
Gabby Dizon is the co-founder of Yield Guild Games. We cover YGG’s decentralized structure, the unit economics of its business model, and how Gabby thinks about the volatility of crypto assets when trying to build a durable, long-term business.
A real trader will make a market on anything. Story time. As many long-time readers know, I spent the summer of 2007 in the Deutsche Bank Hong Kong internship program. I rotated on the equity derivatives sales desk. It was an era before the trading floor got woke and banned such demeaning activities as interns getting breakfast and lunch for the desk.
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🧑💻 ✍️ Stories in this newsletter were written by Brady Dale, YYCtrader, and edited by Bailey Reutzel and Edward Robinson. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was 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