🦍 OlympusDAO’s Success Inspires Dozens of Forks
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LEAD They say imitation is the highest form of flattery. In crypto, this manifests as forks, or copies of a project’s codebase. In that sense, OlympusDAO must be feeling pretty flattered.
FORKS A slew of forks (over 30, according to DeFi influencer mewnyfish) of the OlympusDAO codebase have emerged.
DEFI 2.0 OlympusDAO’s protocol-owned liquidity model has been a catalyst for the DeFi 2.0 movement, and its success is inspiring copycats. At a $4B market cap, the project’s OHM token has vaulted into the 50th slot among digital assets as of Oct. 25 after going up over 200% in the last 30 days, according to Coingecko.
WONDERLAND Leading the pack of forks in terms of market cap is Wonderland, whose TIME token has gained over 340% in market cap the last 30 days. That has landed it in the 131st spot in terms of market cap among all digital assets as of Oct. 26.
Terra Takes A Stand
KWON FIGHTS BACK Do Kwon, founder of Terraform Labs (TFL), the maker of the Terra blockchain and Mirror protocol, received a subpoena from the SEC during Messari’s Mainnet conference in September. But Kwon is pushing back.
SEC BREAKING ITS OWN RULES The federal case brought by Terraform Labs via its counsel at Dentons LLP pulls no punches. TFL asks courts to throw out the subpoena as failing to follow the SEC’s own procedural rules and violating the Administrative Procedure Act. The SEC’s media relations director, Aisha Johnson, declined to comment on behalf of the agency.
LAMB TO LION This suit isn’t happening in a vacuum either. Crypto has gotten politically organized. It’s ready to make its pitch for updated laws and regulations. Crypto was a lamb in 2017, but this time it could be a lion. Still, lambs and lions both end up in zoos sometimes.
SALIVATING “Degen” traders are likely salivating at an announcement by DeFi’s rising star Daniele Sestagalli, claiming that they will soon be able to earn high yields from their stablecoins thanks to a new cross-chain, leveraged yield farming protocol.
CROSS-CHAIN YIELDS The Abracadabra founder said today on Twitter that a protocol which connects Ethereum with the Terra blockchain to yield farm with leverage has been tested and deployed. The recently announced partnership with Terra is already taking shape with the imminent launch of Terra’s UST stablecoin as collateral on the platform.
OG WORLDCOIN Two years before Ethereum had even been released, Worldcoin had already weathered a double-spend attack.
WEIRD OPTICS The internet is abuzz about the new Worldcoin because of the big names and numbers, but also because it has weird optics. People are going around scanning people’s eyeballs with these devices that look sort of like the spaceship in Flight of the Navigator and then giving the scannees cryptocurrency.
“This is big tech trying to squash the little guy. They really should have chosen a different name,” someone behind the original Worldcoin’s email wrote to The Defiant.
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In this primer, Robin Schmidt offers some handy tips on how to navigate the ever-changing DeFi sector.
Adobe is launching a system built into Photoshop that can, among other things, help prove that the person selling an NFT is the person who made it. It’s called Content Credentials, and NFT sellers will be able to link the Adobe ID with their crypto wallet.
There is a massive difference between the existing “Web 2.0” bug bounties and the new era of “Web 3.0” bugs associated with blockchains and crypto. In the era of Decentralised Finance, Web 3.0 bug bounties take on the critical nature of being associated with actual monetary value, not just software bugs.
“Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” Gamestop’s Head of Web3 Gaming job listing reads.
A big handful of blockchain companies wrote an open letter Tuesday to Valve, creator of the gaming platform Steam, in a bid to reverse a decision to boot blockchain-based video games from its platform last month.
An “Initial Litigation Offering” is looking to fund a case against a California county by offering a tokenized stake in any resulting recovery.
Most Read in The Defiant
Fantom Deploys High-Speed PoS to Solve the ‘Blockchain Trilemma’ Fantom’s Asynchronous Byzantine Fault Tolerance (aBFT) seeks to solve the blockchain trilemma by allowing for the highest quality and assurance in terms of decentralization, scalability, and security.
Lisbon Surfaced The Evolution of DAOs, Solarpunks vs. Lunarpunks and Web3 Social Media Leaders from all over the Ethereum community and beyond came together to bring attention to developments happening with DAOs, DeFi and NFTs.
DeFi 2.0 Wave of New Projects Test Liquidity Mining Alternatives Projects like OlympusDAO, Fei Protocol, and Alchemix, are all experimenting with new ways of capturing users with the new challenge of getting them to stay.
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🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, 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).