📈 Russia's Invasion Triggers 6% Premium on BTC-Ukrainian Hryvnia Trade
Hello Defiers! Here’s what we’re covering today:
Handpicked by 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).
🙌 Together with:
Verse Network by STP, is a Layer 2 for DAOs. Redefining value one DAO at a time.
Eden Rocket RPC, providing the fastest private transactions on Ethereum (90%+ hashrate). Trade better anywhere on Ethereum with Eden Rocket RPC.
Zerion is Mission Control for Web3: an intuitive DeFi portfolio manager, multichain tracking & trading and the best place to show off your NFT collection
Unstoppable Domains, the #1 provider of NFT domains. Own your name on the internet and web3. With no renewal fees you own it for life. Get yours today!
Crypto Exchange Rates
DIVERGENT Wildly divergent spreads used to be a staple in Bitcoin trading, with savvy traders raking in profits by playing the arbitrage between the pricing on different exchanges, especially in Asia.
TRADING PAIR Now a 6% premium for BTC has emerged on a trading pair with the Ukrainian hryvnia (UAH), the nation’s currency, as Russia’s invasion of its smaller neighbor roils the crypto markets and burnishes Bitcoin’s role as a form of digital gold.
PREMIUM The premium exists on WhiteBIT, which is the most popular exchange in Russia, according to bitrawr, which ranks exchanges on a per country basis. More than a third of WhiteBIT’s traffic comes from Russian users and 13% comes from Ukrainian ones, according to similarweb, which tracks website traffic.
STRIFE Converting WhiteBIT’s BTC-UAH price to dollars prices the cryptocurrency at $46,167, while the price shown on CoinGecko at the same time, 8PM New York time, is $43,541. Premiums on digital assets have been known to emerge during times of strife. Ukrainians may be fleeing to BTC and other digital assets, causing the premium to emerge — USDT is trading at $1.12, as opposed to its $1 peg, on Kuna, a Ukrainian exchange.
DEFENSE It’s getting to be a status thing. This weekend, the official Twitter account of the government of Ukraine tweeted out a bitcoin address and one Ethereum, too, and asked for donations to support the nation’s defense against Russia.
SCIONS Subsequently, blockchain scions like Polkadot’s Gavin Wood and Tron’s Justin Sun petitioned government officials to accept their chain’s respective native tokens. Likewise, fans of other layer-1 blockchains also started urging the government to open additional wallets.
RESISTANCE The tweet was an historic moment for cryptocurrency. A sovereign nation showed that the censorship resistance of blockchain technologies is valuable to a government in crisis. Various news organizations have confirmed that these wallets are legitimate.
NEWS Solidex Finance has attracted $2.18B of assets in just a few days since the project launched on the Fantom blockchain — that’s good for the 22th slot in all of DeFi as of Feb. 28 according to DeFi Llama, which tracks total value locked (TVL).
OPTIMIZE So what’s attracting the capital? Unsurprisingly, it’s the token rewards that users are raking in from the platform. Solidex bills itself as “a protocol to optimize yield, voting power, and liquidity provisioning on Solidly,” according to the project’s documentation. In a nutshell, the project is built on top of Solidly, a decentralized exchange deployed on Fantom. Andre Cronje, who is the founder of Yearn Finance, is the project’s lead.
VE-TOKENS Everyone is getting into ve-tokens, including venture capital firms that make investments with long time horizons. In its latest round of funding, Electric Capital has raised $1B for two new funds that it will use to purchase tokens and equity in cryptocurrency projects that deepen blockchain communities, decentralize web3 infrastructure, and further democratize finance, the firm said in a statement today.
INVESTORS The firm declined to disclose the backers of this new fund, noting that it’s almost entirely university endowments, large non-profit organizations, and foundations. “Founders in Web3 need crypto-native investors who understand the unique support that protocols and Web3 companies need through the inevitable crypto cycles,” said Avichal Garg, cofounder of the firm, in a statement.
Soldex is building a flexible, user-friendly crypto exchange platform where you will be able to trade cryptocurrencies with your unique trading bot.
Crypto is volatile, and trading cryptocurrencies is risky.
Clouded with emotions, you often make expensive mistakes.
With Soldex, you'd have easy-to-setup trading bots that can execute your trading 24/7, without the danger of human error.
You'd be able to customize your bot according to your criteria like risk tolerance, time frame, budget, etc.
You'd have access to educational tools to assist you in setting up your bot.
Soldex will also let you use AI-powered algorithms created by experienced traders.
Now for the best part.
Soldex's token, $SOLX, is already trading on different exchanges.
Imagine what it's like to buy Solana at under $5; that is what it'll feel like to grab some $SOLX now.
Being the first AI-powered DEX on Solana, you can imagine what this would do to $SOLX price action.
You're not early.
$SOLX recently passed a huge milestone of $1,000,000 staked on the Atrix SOLX-USDC protocol.
But you can get in. You can trade and stake $SOLX for 100%+ APY.
Visit soldex.ai today for more details.
When the United States barred Americans from doing business with Russian banks, oil and gas developers and other companies in 2014, after the country’s invasion of Crimea, the hit to Russia’s economy was swift and immense.
Faced with a request by Ukrainian leadership to freeze the accounts of all people in Russia and Belarus, major crypto exchanges are steadfastly refusing, saying the tactic would unfairly harm civilians and “fly in the face” of the crypto community’s libertarian ideology.
Episode 14 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Darren Lau of The Daily Ape and Not3Lau Capital.
There’s a crypto-sized hole in U.S. sanctions targeting Russian financial institutions and oligarchs.
Ukraine / Україна @UkraineStand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT. BTC - 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH and USDT (ERC-20) - 0x165CD37b4C644C2921454429E7F9358d18A45e14
Handpicked by The Defiant
Pussy Riot Helps Newly Formed UkraineDAO Mobilize Support and Raise Funds Via NFTs Pussy Riot, the famed feminist punk protest group, helped form a DAO on Thursday to assist Ukrainians as they cope with the Russian invasion of their country.
Metaverse Land Sales Hold Steady in Defiance of the Crypto Selloff It’s a stark reality. The cryptocurrency market has lost 40% of its value since peaking in November, and even web3 supporters have accepted that a bear market has arrived with no end in sight.
Blockchain Teams in Ukraine Struggle and Galvanize as Russia Invades Their Country Crypto has always been global, but the crisis created by Vladimir Putin’s assault on Ukraine this week has dramatized just how global it has truly become.
🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, 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.
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)