☠️ Oracle Pyth Goes Haywire on Solana with Bad Prices

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Blockchain Oracles

☠️ Oracle Pyth Goes Haywire on Solana with Bad Prices

BREAKDOWN The Pyth Network malfunctioned on Sep. 20 as the data provider reported a Bitcoin price of $5,402 on a day when other sources like CoinGecko didn’t report a BTC price below $40K.

DISPARITY That wasn’t the only snafu. Pyth’s price feed for the stock of movie theater chain, AMC, showed a spike to $772 on Sep. 15 and 17, a yawning disparity with conventional data providers like Yahoo Finance, which didn’t show AMC’s price rising higher than $50 on those days. 

BAD PRICING Pyth, which is a so-called oracle that bridges traditional finance and blockchain-based apps, is breaking one of the cardinal rules of the markets — don’t release bad pricing data.

👉READ THE FULL STORY IN THE DEFIANT.IO 👈


Crypto Brokerages

🏹 Robinhood’s New Crypto Policy Poised to Bolster DeFi and NFTs

TLDR Robinhood, the wildly popular brokerage app, just made a move that could be a shot in the arm for DeFi. 

SO WHAT It plans to introduce crypto wallets in 2022 that will enable customers to deposit and withdraw Bitcoin, ETH, and other digital tokens from their accounts to external wallets. Robinhood’s current system doesn’t provide customers with a lot of mobility for their crypto assets, much to the frustration of its users.

SCALE With 21.3M active users and $102B in assets under custody, Robinhood’s new policy could unlock a wave of liquidity, a potential boon for the DeFi ecosystem. That could translate into more action for yield-bearing tokens and other Ethereum-inspired assets, and the purchase of NFTs. 

TEST Robinhood will test the new wallets with select customers in October, the company said on its website. The app will initially accommodate seven coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin. 

👉READ THE FULL STORY IN THE DEFIANT.IO 👈


Video

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Links

🔗 Dapper Labs Said to Reach $7.6B Valuation in $250M Funding Round: CoinDesk

Dapper Labs has closed a $250 million funding round, the company behind NBA Top Shot and the Flow blockchain said Wednesday. Coatue led the raise, which also included Andreessen Horowitz, Google’s GV and Version One Ventures. According to a source familiar with the deal, Dapper Labs received a $7.6 billion valuation.

🔗 SushiSwap denies reports of billion dollar bug: CoinTelegraph

The developer behind popular decentralized exchange SushiSwap has rejected a purported vulnerability reported by a white-hat hacker snooping through their smart contracts.

🔗 Decentralized Exchange on Solana Raises $18M in Series A Funding: Decrypt

Orca, a decentralized crypto exchange (DEX) built on the Solana blockchain, has today announced $18 million in fresh funding led by Polychain, Placeholder, and Three Arrows Capital.

🔗 Official DAI Token Bridge now live on Arbitrum One: MakerDAO

Following the highly anticipated optimistic rollup launch 15 of Arbitrum on mainnet earlier this month, MakerDAO’s Protocol Engineering Core Unit is today launching the official DAI Token Bridge.


🧑‍💻 ✍️ Stories in this newsletter were written by Owen Fernau, and edited by Edward Robinson and Camila Russo. 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.