💸 Refunds for NFTs? New Standard Sets Give-Back Period for Minters
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The ERC721R Standard is a New Twist in NFT Space
By Owen Fernau
WILD WEST Maybe every wild west must become civilized in the end. If so, then the taming of NFTs may be about to begin. The catalyst for a more stable NFT space is a new token standard called ERC721R. It builds off the ERC721 standard, which NFTs typically use. Its twist: refunds.
MINT The idea is that tokens which implement the standard will come with a refund feature so users who mint an ERC721R NFT will be able trade it back for the original mint price within a set time frame.
REFUND PERIOD An NFT analytics project called Exodia implemented a 14-day refund period that 5% of minters used, according to its founder, Elie Steinbock, who also developed the ERC721R standard. Curious Addys’ Trading Club, which bills itself as a “Quora for Web3,” implemented the standard with a 100-day refund period and a 10% refund rate according to Steinbock, who spoke to the project’s founder.
By Samuel Haig
NEWS Uniswap Labs, the team behind the leading decentralized exchange, has launched a venture wing to make early-stage investments in web3, it announced on April 11. Uniswap said Uniswap Labs Ventures (ULV) will invest in web3 protocols with aligned values. Uniswap’s former strategy lead, Matteo Leibowitz, and Uniswap COO Mary-Catherine Lader will both lead ULV’s operations. Uniswap did not say how much money it planned to raise.
EXCITED “As a crypto-native development team, we’re uniquely positioned to support the teams we invest in as they launch and grow. We’re excited to leverage our experience to help these teams build and scale,” Uniswap said in a blog post.
MIXED RECEPTION The news received mixed reactions on Twitter, with many commenters complaining about Uniswap’s price performance. UNI has tumbled 70% in the last 12 months, which is about the same as rival PancakeSwap, according to CoinGecko data.
By Samuel Haig
NEWS The DeFi sector has lost a fifth of its value in the last week and a third going back to the heady days of November, according to data from CoinGecko.
HARDEST HIT DeFi darling Terra has been among the hardest hit in the crypto sell-off. Terra’s LUNA token has plunged 30% since posting an all-time high of $119 one week ago, according to CoinGecko. The slide comes after a brief flurry of bullishness triggered by Co-founder Do Kwon’s vow to amass a treasury of $10B worth of Bitcoin.
LUNA’s rollercoaster ride in last six months. Source: CoinGecko
FRESH HIGHS The total value locked (TVL) in Terra has also retraced after posting fresh highs last week. At $26.4B, it’s dropped 16% from last week’s record of $31.3B. In comparison, the combined TVL of the DeFi sector is down 10.5% in the last seven days, according to DeFi Llama.
There Are Other Threats Besides Exploits in DeFi
On-Chain Markets Update by Lucas Outumuro, Head of Research at IntoTheBlock
HAZARDS The risk of hacks in DeFi has been a pervasive hazard for seasoned participants in crypto for some time. While smart contract bugs can do damage to a protocol and its depositors, economic risks are also dangerous, and oftentimes these challenges are underestimated. The recent USDN de-peg highlights the importance that economic factors play when depositing into DeFi applications.
TWO BUCKETS At IntoTheBlock, we have been researching risks in DeFi, and categorize them into two buckets:
Technical risks — programmatic functions used in an adversarial manner to withdraw funds from protocols
Economic risks — imbalances in key supply and demand metrics that create vulnerabilities that can result in protocol illiquidity and loss of deposits
IMBALANCES Hacks and rug pulls exploit technical risks to get away with user deposits. Meanwhile, economic imbalances, such as the ones seen with USDN, can lead to billions in losses. Analyzing the 50 largest incidents across DeFi, we observe that just over half of all losses stem from economic risks.
ZERO The largest incident due to economic conditions was the collapse of the TITAN algorithmic stablecoin, which resulted in its market cap of $2B evaporating to zero within hours.
A Step-by-Step Guide for Managing Ethereum Wallets
By Arya Ghobadi
EXPLORE Coinbase Wallet is a separate, stand-alone app that allows users to store their crypto. It also lets users explore the decentralized web with a dApp browser and use applications such as Uniswap and OpenSea.
PRIVATE KEYS Coinbase Wallet helps users manage their private keys and store their crypto assets directly on their devices without a centralized broker or exchange, this means you can’t connect Coinbase Wallet directly to your bank account or buy and sell crypto with US dollars or fiat currencies.
MOBILE WALLET Coinbase wallet is called a”self-custody mobile wallet” and web3 browser. It gives you access to a wide spectrum of decentralized innovations. You can buy and store different cryptocurrency tokens on the Ethereum network, collect digital NFTs, and browse decentralized applications at stores that accept crypto. You can send crypto to anyone in the world.
DOWNLOAD You’ll find that the Coinbase Wallet is pretty similar to MetaMask or the Trust wallet but with a slightly different set of features and functionality. You don’t need a Coinbase account to use the Coinbase Wallet. You can download and use the Coinbase Wallet from anywhere in the world. Let’s get started.
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Sperax provides additional ways to earn passive income using $USDs through their dapp, where you can stake to earn the protocol’s native token, $SPA, and other cryptos.
The decentralized protocol runs completely on-chain and is powered by the Arbitrum L2 blockchain. This guarantees the security of Ethereum, but users enjoy 10x+ cheaper gas fees.
Thanks to Sperax USD, any crypto user can harness the power of decentralized finance. It pays to hold $USDs.
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The Bored Ape Yacht Club is getting its own film trilogy, with crypto exchange Coinbase (COIN) behind the camera.
BitMEX co-founder and former CEO Arthur Hayes said the ailing state of global stock markets might lead to a crypto crash in the second quarter — and he’s buying put options as protection.
🔗 The Merge updates, GitPOAP now live and more - The Daily Gwei Refuel #351 - Ethereum Updates: The Daily Gwei
Utopia Labs (We're Hiring!) ⛩ @utopialabs_Today, we're launching Community Spotlights - a new content series that shines light on the amazing DAOs who use Utopia to power their DAO ops. We're excited to share the first piece featuring our peeps over @pleasrdao ✨, a short thread below 🧵 https://t.co/XMqtJKaasz
Multichain (Previously Anyswap) @MultichainOrg1/#anyCall is officially live! A generic cross-chain messaging protocol, for cross-chain Dapps With just one transaction, #anyCall can send arbitrary data, like smart contracts, NFTs, messages, tokens, data, etc...to any other blockchain. [1/5] https://t.co/nFofWdXano
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Head to Head Refik Anadol || a Defiant SPECIAL 4:00 pm CEST, 10:00 am EST we go live with someone that is, and this is NOT a stretch to say, one of the leading digital artists in the world right now. Any ideas? One things for sure, this man eats data for breakfast.
Miami Journal: Bitcoin 2022 Reveals the Inevitable Draw of DeFi and NFTs Wow. Bitcoin is big now. Maybe an obvious statement for anyone who attended Bitcoin 2021, in Miami, Florida, but for a first timer whose main experience with crypto gatherings has been ten-person meetups, the sheer size of Bitcoin 2022 is striking.
New Standard Promises to Clean Up ‘Mess’ in Yield-Bearing Tokens The mess in yield-bearing tokens is about to be cleaned up. At least, that’s the plan. ERC-4626, a new token standard for yield-generating vaults on Ethereum, has been finalized.
🧑💻 ✍️ Stories in The Defiant are written by 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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