🪞 Vitalik Muses on How PoS Could Have Come Sooner
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Proof of Stake
With The Merge Coming Ethereum's Chief Scientist and Muse Takes Stock
By Samuel Haig
EVOLUTION All eyes are on Ethereum’s coming transition to Proof of Stake (PoS) consensus. It’s a historic moment in the history of crypto. Vitalik Buterin, Ethereum’s co-founder and muse, weighed in this week with his thoughts on what’s to come, and poignantly, the significance of decisions not made in the network’s evolution.
CHAIN MERGE In an article titled ‘The Roads Not Taken’ and published on March 29, Buterin acknowledges that the move to PoS could have happened much earlier in the network’s lifespan. The chain merge between Ethereum’s mainnet and the Eth2 beacon chain, dubbed The Merge, is expected to reduce new Ether emissions by 90% and cut the network’s energy consumption by more than 99% by doing away with Proof of Work (PoW) consensus.
COMPLEX AND SIMPLE Vitalik argues that Ethereum’s greatest challenges and criticisms have emerged from the difficulty of balancing two contradictory visions. To hear Buterin tell it, Ethereum must be “a highly performant and functional platform for building advanced applications” but also a “pure and simple blockchain.” In other words, complex and simple at the same time.
Polygon Plans to Use ZK for New Wallet App
By Samuel Haig
NEWS On March 29, Polygon unveiled an identity service as the latest addition to its upcoming suite of zero-knowledge (ZK) proofs, the project announced in an official blog post.
VALIDATE Zero-knowledge-based protocols bolster privacy by allowing blockchain networks to validate transactions without disclosing data other than time and date on the blockchain. Only the entities involved in a transaction can access further details regarding a transaction.
SANCTITY The move is designed to let users transact on Ethereum but protect the sanctity of their personal information in a much greater way than they can now. As for Polygon, offering a rich variety of ZK-based protocols positions the team as a front-runner in the technology that it and many others believe will define how blockchains are used in the future.
A Step-by-Step Guide to Using Two Key DeFi Protocols Together
By Arya Ghobadi
LOW FEES Fantom was launched in 2019 by South Korean blockchain development scientists, Ahn Byung Ik, and Matthew Hur. It’s another second generation smart contract platform that offers high scalability and extremely low fees. The developers of Fantom claim that smart contract interactions on the network have been reduced to a maximum of two seconds waiting time.
METAMASK This is a step-by-step guide on how to add Fantom to MetaMask. Read more! MetaMask supports Ethereum and all of the ERC20 tokens, such as Tether, MANA, DAI, and the Uniswap token. But we can add specific tokens or Blockchains to the MetaMask manually, even if they aren’t officially supported or immediately compatible. Read more about MetaMask here.
TWO WAYS There are two ways to add the Fantom network to MetaMask. First we will explain the simple one. Go to the SushiSwap website and Click Enter App:
It’s becoming clear that utility is the future of NFT technology, and no launch platform does utility better than Galaxis. Galaxis’s Launchpad is quickly gaining notoriety as a platform that can be used by anyone to launch an NFT collection with dynamic, interactive utility traits that allow the creator to issue traits that make sense within their own community.
For example, an artist can issue traits that allow the owner to collaborate on the original artwork, a musician or athlete can offer event tickets or in-person meetings, and a retailer can issue exclusive discounts to its most loyal customers. The number of use cases is only limited by the imagination of the creator. This feature separates Galaxis from NFT launch platforms that only allow a creator to randomize art layers.
Soon, anyone with a community can use this tool to engage with, incentivize and monetize their following with no coding required.
Many high profile clients, such as Lamelo Ball, Mike Tyson and Steve Aoki have already used Galaxis to launch their collections with many more to come. The Galaxis ecosystem is also quickly becoming a “community of communities” who support and collaborate with one another in new and exciting ways.
🔗 Sequoia, FTX Ventures And A16z Lead $135 Million Investment In Crypto Firm Breaking Down Barriers Between Blockchains: Forbes
‘The future is multichain’ has become crypto’s latest favorite refrain.
To the crypto-conscious, blockchain industry conferences have become annual pilgrimages of sorts, drawing each chain’s respective believers to multi-day extravaganzas in exotic locales around the world.
It’s been a relatively calm day for the cryptocurrency market, with the wider market up less than 2% over the past 24 hours. But in the top 10 coins by market cap, Solana is rising well above the rest right now.
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Do Kwon’s Treasury Play Allies LUNA and BTC Maxis in a Pumped Market Earlier this month, Terra ecosystem co-founder Do Kwon bet $11M that its token, LUNA, would be higher a year from its March 14 price of $88.
OpenSea Adds Solana to Its Quiver of Networks OpenSea is already the No. 1 NFT marketplace with $2.3B in monthly volume. Now it may be about to get a lot bigger.
Axie Infinity’s Ronin Bridge Exploited For More Than $600M The Ronin Bridge that connects Axie Infinity’s Ronin sidechain to Ethereum has been drained of 173,600 ETH ($590M) and 25.5M USDC in what may be DeFi’s biggest exploit yet.
🧑💻 ✍️ 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.
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. Signest, 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)