🪂 ParaSwap Airdrops PSP Governance Token to ‘Active Users’

Hello Defiers! Here’s what we are covering today,

News
Podcast

🎙Listen to this week’s podcast with Nadya of Pussy Riot here:

Video
Links
Most Read on The Defiant

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).air


🙌 Together with: 

  • Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at this link.

  • 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. 

  • Fintech Meetup, join fintech’s largest online meetings event —30,000+ online speed date meetings. Learn More and Get Ticket


Airdrops

🪂 ParaSwap Airdrops PSP Governance Token to ‘Active Users’

NEWS ParaSwap, a decentralized exchange (DEX) aggregator and market maker, launched its governance token, PSP, on Nov. 15.

AIRDROP In a retroactive airdrop, 150M PSP tokens, or 7.5% of the total supply, have been allocated for active users of the protocol. This comes after the protocol quashed rumours of an airdrop just last month, perhaps in an attempt to deter gaming.

DEXS PSP holders will have governance rights over the protocol through the ParaswapDAO. ParaSwap attempts to source the best prices for users by obtaining quotes from private market makers on its platform and DEXs like Uniswap and Sushiswap. According to the announcement, PSP holders may stake their tokens to reward these market makers and incentivise them to provide better prices.

👉READ THE FULL STORY IN THE DEFIANT.IO👈


DeFi Hacks

🥛CREAM Team Gives Up Future Payouts Following Hack, But Will They Stay?

TL;DR The team behind DeFi money market C.R.E.A.M. Finance has come forward with a plan for partially compensating victims of the Oct. 27 exploit. The Yearn-affiliated money market is draining its treasury to repay users. 1.45M CREAM governance tokens had been set aside for future team remuneration, but will now be distributed proportionally to uninsured victims of the hack.

SO WHAT? Which raises the question: why would those building C.R.E.A.M. stick around without more tokens to look forward to? Approximately $130M in crypto assets were lost in late October in a flash loan attack; the team has now made $68M in CREAM tokens available to repay those who lost funds.

THEFT The theft was the third largest exploit of a decentralized finance (DeFi) protocol. In a post-mortem, the team explained that it had been a combined oracle and flash loan attack. The report said, “The key vulnerability lies in the price calculation of a wrappable token. We have stopped all supply/borrow of wrappable tokens.”

👉READ THE FULL STORY IN THE DEFIANT.IO👈


Yield Tokens

🌨 Pendle Launches Yield Token Trading on Avalanche

LAUNCH Pendle, a pioneering yield tokenization protocol and automated market maker exchange, launched on Avalanche on Nov. 11, bringing new functionality to Avalanche’s growing DeFi ecosystem.

FUTURE YIELDS Pendle was the first yield tokenization protocol to launch on Ethereum when its mainnet went live on June 17, allowing users to speculate on the future yields and underlying assets values associated with interest-bearing tokens and liquidity provider positions. 

ARBITRAGE Yield tokens give DeFi users greater flexibility in how they manage their positions, allowing them to realize future returns without selling underlying assets. Investors can speculate on future yields without purchasing underlying assets, access arbitrage opportunities, and generate returns through liquidity providing.

👉READ THE FULL STORY IN THE DEFIANT.IO👈


Bitcoin

🌳 Bitcoin’s Taproot Seeks to Boost Smart Contracts and Privacy in Major Upgrade

NEWS Bitcoin has completed its long-awaited Taproot enhancement, improving privacy, scalability, and smart contract functionality in the network’s first major upgrade since August 2017.

SCRIPTING Taproot was activated on Nov. 14 after receiving support from 90% of the Bitcoin network’s miners and mining pools in June. It went live with block 709,632, which was mined by F2Pool. The upgrade seeks to enhance the scripting capabilities and privacy of the Bitcoin network.

MILESTONE As the first major upgrade since Segregated Witness and the Lightning Network four years ago, Taproot’s arrival has been celebrated as a milestone for unity in the Bitcoin community. 

👉READ THE FULL STORY IN THE DEFIANT.IO👈


DAOs

🏛 DAO Forms to Buy Original Print of the US Constitution for $20 Million

DAO A rocky relationship with US regulators hasn’t dampened the web3 movement’s American patriotism. Last Thursday, a Decentralized Autonomous Organization (DAO) was formed to buy one of eleven remaining first prints of the United States Constitution.

AUCTION Sotheby’s will facilitate the auction and estimates that the document will go for between $15M and $20M. ConstitutionDAO has raised 902 ETH ($4.1M), as of Nov. 15 to purchase the document, which was printed in 1787. The auction will go live on Nov. 18. If successful, the project will have crowdfunded what’s likely to be an eight-figure purchase in just a week.

MESSAGE What’s drawn so much excitement from the web3 crowd? It’s about symbolism and sending a message. “Many of us were drawn to this project because we felt it was a great way to showcase the capabilities of web3,” Jonah Erlich, a core contributor to ConstitutionDAO told The Defiant. 

👉READ THE FULL STORY IN THE DEFIANT.IO👈


DeFi Protocols

💰Sablier Finance Deploys Payroll Streaming to Polygon and BSC

NEWS Streaming music and videos has become a daily part of life. A “real-time finance” DeFi protocol now wants to do the same thing with money. 

LESS EXPENSIVE Sablier Finance, a protocol that streams money by the second, is deploying to Polygon and Binance Smart Chain (BSC). The deployments onto blockchains with less expensive transaction fees than Ethereum, home of Sablier’s original deployment, may expand the protocol’s customer base.

STREAMING SALARIES Until now, Sablier has primarily been used as a way to control vesting for teams, according to the project. With Polygon lowering fees by 676,750% and BSC by 12,000%, streaming salaries may become viable. Using Sablier, customers could receive a salary or payments denominated in DAI incrementally over the course of a month. 

👉READ THE FULL STORY IN THE DEFIANT.IO👈


Sponsored Post

Join Fintech Meetup -Fintech’s Next Big Event! 

Fintech Meetup is bringing together all the players, solutions and organizations at the intersection of DeFi, crypto and finance! It’s the next big event in fintech (online, March 22-24) and is the easiest and fastest way to create DeFi & crypto opportunities, deals and partnerships.

There are no speakers and no content... just 30,000+ online meetings for 3,000+ participants. This isn’t just another virtual event--we cut out the stuff you don’t need so you can focus 100% on what matters--creating opportunities.

Meet with DeFi & Crypto companies including BitPay, BlockFi, Circle, Onyx & Ripple (and many more!) plus the fintechs, networks and solution providers making DeFi & Crypto plays, including Finastra, Fiserv, JPMC Merchant Services, Mastercard, Veem & Visa (to name just a few!). Plus investors, banks, tech cos and many others.

Qualifying startups can get discounted startup rates.

Learn More & Get Ticket


The Tube

📺 Tuesday Tutorial: How To Use Visor Vaults On Uniswap Hands Free

📺 Quick Take: Mochi's Governance Attack on Curve | DeFi on Bitcoin? Taproot Soft Fork Activated


Links

🔗 Coinbase is looking at support for third-party DeFi apps on its platform, says CFO: The Block

Coinbase's interest in decentralized finance has long been known, but new comments from the publicly traded crypto exchange's chief financial officer suggest that the company is eyeing a broader scope.

🔗 Paradigm’s New Venture Fund: Paradigm

We started Paradigm in 2018 with two strongly-held beliefs. First, that despite being in the midst of a “winter,” crypto was poised to be one of the most important technical and economic shifts over the coming decades with the potential to fundamentally change money, the financial system (DeFi), and the internet more broadly (Web3).

🔗 Welcoming Rune Christensen as a Venture Partner: Medium

As Dragonfly Capital continues to expand, we are delighted to bring on Rune Christensen as a venture partner. Rune is the founder of MakerDAO, the protocol behind the world’s largest decentralized stablecoin, and today the largest decentralized finance protocol today by TVL (almost $20B).

🔗 Barbados to Become First Sovereign Nation With an Embassy in the Metaverse: CoinDesk

In what could be seen as a historic step toward the legitimization of the metaverse, the island nation of Barbados is preparing to legally declare digital real estate sovereign land with the establishment of a metaverse embassy.

🔗 Michael Burry Nukes His Portfolio, Exits All Bearish Positions: ZeroHedge

Up until now, "the big short" Michael Burry was best known for periodically and inexplicably nuking his twitter account, then promptly restoring it a few days later. We can now add his investment portfolio to the list of things the famous subprime shorter tends to nuke every now and then.


Most Read on The Defiant

This is a public version of the newsletter and both paid and free subscribers are receiving it.

Free subscribers get:

  • Daily news briefings

  • Weekly Recap

Paid subscribers get:

  • Full transcript of the weekly podcast interview

  • Early access to opinion columns and research pieces

  • Exclusive access to Inbox Dump where we send all the press releases that didn’t make it to the newsletter (Saturday)

  • Exclusive access to subscribers-only Discord chat

  • Exclusive access to bi-weekly community calls


🧑‍💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, 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).