🧛🏻 Upstart’s Vampire Attack on OpenSea Fizzles After Technical Issues and Criticism
Hello Defiers! Here’s what we’re covering today:
Trending in 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:
Eden Rocket RPC, providing the fastest private transactions on Ethereum (90%+ hashrate). Trade better anywhere on Ethereum with Eden Rocket RPC.
Zerion Zerion is Mission Control for Web3: an intuitive DeFi portfolio manager, multichain tracking & trading and the best place to show off your NFT collection
Synfutures List and trade any futures contracts based on popular cryptocurrencies, altcoins, indices, NFTs and real-world assets — you name it!
STALLED OpenSea, the Leading NFT marketplace, is again under vampire attack, this time from new rival, x2y2. But the assault quickly stalled after a number of technical glitches halted an airdrop and triggered accusations that the project was manipulating the price of its token.
TARGET With its centralized structure and market dominance, OpenSea is a target for upstart marketplaces. x2y2 estimates that OpenSea represents 90% of all NFT transactions. OpenSea also takes a hefty 2.5% fee from all trades executed on its platform.
AIRDROP In a bid to break OpenSea’s “monopoly” over the NFT markets, x2y2 announced on Feb. 16 that it was planning to airdrop its newly launched X2Y2 token to all wallets that used OpenSea before 2022. Wallets must also list NFTs for sale on the x2y2 marketplace to be eligible for the airdrop.
DOXES Anyone paying attention to crypto in the last three months knows it has been anything but calm. There’s been jaw-dropping doxes and nine-figure hacks, all while the market has lost a staggering $1T in value since November.
SUPPLY At the same time, the supply of stablecoin has continued to increase despite the crypto market plummeting 32.2% to $2.08T as of Feb. 16 after hitting an all-time high of $3.07T on Nov. 8, according to CoinGecko. Stablecoin supply has increased the same amount, 32.2%, to $176.73B from $141.0B during those 100 days, according to data provided by The Block, an information services provider for digital assets.
INEVITABILITY So what’s going on? The uptick in stablecoin supply may suggest the simple inevitability of blockchain-based assets, even in the more risk-off environment in crypto that we’ve seen for the past three months or so.
BELIEF “Stablecoin supply increasing still makes sense because it’s a symbol of secular increase in belief in digital assets, but not necessarily being risk-on those assets in current market conditions,” Jack Melnick, who does research for The Tie, an information services provider for businesses, told The Defiant.
NEWS The TradFi eestablishment has taken a long, hard look at DeFi. And it does not like what it sees. The Financial Stability Board (FSB), an international body that helps shape policy in the world’s biggest nations, said yesterday that DeFi protocols could undermine confidence in the global financial system.
OVERSIGHT While the FSB has been sounding the alarm over stablecoins for several years, the organization has only briefly focused on their use in DeFi dapps until now. The FSB fears the lack of DeFi regulation and market oversight, systemic stablecoin risks, and cybersecurity breaches are a serious threat.
REPORT “If the sector were to continue to increase in size, the crystallizsation of these vulnerabilities might have consequences for the functioning of, and confidence in, the broader financial system,” the FSB said in a report published Feb. 16.
Oasis is the leading, scalable, and privacy-enabled, layer-1 blockchain. It’s one of the two most-invested-in blockchains, according to Messari and has an established partner ecosystem with Fortune 500 companies. With a $200 million Ecosystem Fund dedicated to helping projects build on the network and supported by top industry backers such as Pantera, Binance Labs, Dragonfly, Electric Capital and more, Oasis Network offers plenty of opportunities.
Oasis is ideal for DeFi due to its instant finality, 99% lower gas fees versus Ethereum, high throughput, privacy protection, and defense against MEV
You can now participate in DeFi on Oasis! The Wormhole Bridge and the new YuzuSwap DEX are both live on Oasis Network. YuzuSwap, the first Decentralized Exchange (DEX) built on Oasis Network offers the following:
Swapping between ETH-based and Oasis-based tokens
Liquidity pools and pairs
A voting system for governance of the funds collected with 20% of the transactions fees
The Ontario Provincial Police and Royal Canadian Mounted Police ordered all regulated financial firms to cease facilitating any transactions from 34 crypto wallets tied to funding trucker-led protests in the country.
A coalition of some of the US's largest crypto firms is rolling out a solution to heightened anti-money laundering standards.
I’m not going to Monday-morning quarterback the Fed’s decisions in an economic panic two years ago. But, what they are doing today is so clearly a mistake.
Cryptocurrency and blockchain venture capital firm Castle Island Ventures announced Wednesday it has raised $250 million for a new fund.
Trending in the Defiant
Cancel Culture Comes to Crypto as Offensive Tweets Trigger Flurry of Ousters or years, crypto has floated along in its own bubble, replete with risque anime characters, profane observations, and lots of provocative opinions about politics and society.
SushiSwap Struggles to Overcome Lack of Management and Nixed Frog Nation Deal SushiSwap doesn’t just need leadership, it also needs to sort out where all its keys are.
Zero Knowledge Proofs Can Save the Metaverse From Becoming a Dystopian Surveillance State When it comes to the metaverse, one thing is clear: Big tech players are aggressively trying to grab market share.
🧑💻 ✍️ 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)