🔥Markets Roundup: Ethereum Burn Rate Surges as DeFi Tokens Post Mixed Performance
Hello Defiers! Here’s what we are covering today,
Most Read in The Defiant
The next crypto conference lighting up the season is DeFiCon 2021, hosted on December 18-19 in Brooklyn, NYC. As a nonprofit conference, DeFiCon steers away from the typical corporate and for-profit conference model. All of DeFiCon’s net proceeds will be donated to charity. The event is also engages civic leaders and activists. Featured keynote speakers are Stani Kulechov, the Founder and CEO of AAVE, and Jaz Gulati, the co-founder of Ren Labs. As a crypto native event, DeFiCon tickets are NFTs designed by the original artist of the Bored Apes Yacht Club, Seneca.
Mint now for early bird ticket pricing to own the full artwork and join frens in Brooklyn at DeFiCon next month on December 18-19.
To mint General Admission and VIP NFT tickets, visit: www.deficon.nyc - ALL net proceeds from ticket sales will go directly to nonprofit.
View the exclusive NFT slight reveal, released here on the Defiant first!
FIND DEFICON ON:
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:
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.
STAKING With much of the Polkadot community locking up DOT amid the ecosystem’s first batch of parachain lease auctions, many participants are looking to contribute via projects offering innovative liquid staking products.
SCALABILITY Ethereum pioneered smart contract functionality with its mainnet launch in 2015, however its developers quickly realized that greater scalability would be needed to meet its objective of becoming the world’s decentralized computer.
SHARDED While Ethereum pledged to soon deliver a second version of the protocol validated by sharded proof-of-stake (PoS) consensus to achieve scalability, the long-awaited “Ethereum 2.0” upgrades have only been partially implemented today. The rollout is expected to finish sometime around the second quarter with the merge of the existing Ethereum chain and its recently launched proof-of-stake beacon chain.
A weekly recap of DeFi market action from Sam Haig
DRAWDOWNS DeFi assets saw a mixed performance this week, with roughly half of the sector’s leading protocols suffering drawdowns by both TVL and token. Still, sector-wide TVL and market cap have continued trending into previously uncharted territory.
PREVIOUS HIGH According to CoinGecko, the combined capitalization of DeFi tokens has continued to press into new all-time highs this past week, currently sitting at a record of $173.7B equal to 16% more than the previous high from early May.
RANKINGS Terra (LUNA) remains at the top of the rankings with a nearly $22.9B market cap, followed by Chainlink (LINK) with $15.5B, and Uniswap (UNI) with $12.8B.
In this guest column, Lukas Schor writes how DAOs present an unprecedented to challenge to venture capitalists when it comes to backing Web 3 projects.
COMPETITION Investment in crypto and blockchain startups rose significantly in 2021 and changed how venture capital funding is received in Web3 projects. Now with the emergence of Decentralised Autonomous Organisations (DAOs), traditional VCs are facing competition. They have to rethink how they help companies raise money.
PROJECTS Despite a rocky start in 2016, DAOs have adapted and changed. Some early examples include dxDAO, DAOStack’s Genesis DAO, or MolochDAO, which have paved the way for more recent projects. Following on from surging interest in decentralised finance (DeFi) and non-fungible tokens (NFTs), DAOs are one of the most interesting topics in crypto right now.
WEB3 Crypto communities springing up as DAOs are pooling their funds in DAO treasuries and enabling members to vote and decide how the project should be managed. VCs are no longer monopolizing the funding scene, and they’ll have to change how they operate, how they invest in projects, and what value, if any, they bring to the table, particularly as Web3 grows.
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.
This quarter, we are doing things a little differently by covering the major trends in Web3, not just DeFi.
Last night, some unusual price action on CVX was brought to our attention. This came from an address which had just swapped 46M USDM to DAI in a factory pool.
Growth in Web3 is a challenge; Web3 has no app stores, no targeted Facebook ads, no email marketing, no re-marketing, no affiliate marketing...yeah, you get it.
Sotheby’s, the 277-year-old British auction house, will allow live bidding in ether cryptocurrency in an upcoming virtual exhibition on Nov. 18 to be held at its “headquarters” in Decentraland.
The City of Miami will soon give out a “bitcoin yield” from the staking of its cryptocurrency to its citizens, Miami Mayor Francis Suarez announced on CoinDesk TV Thursday morning.
Reimagining the virtual band playbook of Gorillaz with a crypto twist, major music label Universal Music Group announced today that it has formed a “metaverse group” featuring a quartet of characters depicted in the Bored Ape Yacht Club NFT collection.
TRONSCAN @TRONSCAN_ORG🎉The average daily transfer volume of #stablecoins on #TRON network reached $11,073,065,553 this week! 💪Relying on the strong alliance of 4 #TRON -based stablecoins #USDT, #USDJ, #TUSD and #USDC, the demands and circulation of TRON’s stablecoins are continuously increasing. https://t.co/cnY6u8TuXw
Solana Breakpoint 2021 @SolanaConfGoodbye #BreakpointLisbon! Thank you for a great final day (and night). If you missed anything, you can watch all the livestream and highlights here: https://t.co/UmEtuXCffV https://t.co/nS608GeTnl
Most Read in The Defiant
Ethereum Name Service Jumps to $1B Market Cap After Airdrop of ENS Token ENS, the governance token of Ethereum Name Service, hit a market capitalization of $1.15B in early morning trading EST. That’s equal to about 10% of the value of GoDaddy, the 24-year-old internet domain registrar and web hosting company.
Curve Turns Off Mochi’s Rewards After ‘Amazingly Scammy’ Tactics Trigger Outcry A fresh salvo has been fired in the Curve War and the Establishment isn’t happy.
ConsenSys Founder Joe Lubin Teases MetaMask Token $MASK One of web3’s most essential tools may be getting a token. Joseph Lubin, founder of Ethereum incubator ConsenSys, set off speculation a token for the non-custodial wallet MetaMask is imminent after tweeting, “Wen $MASK? Stay tuned.”
This is a public version of the newsletter and both paid and free subscribers are receiving it.
Free subscribers get:
Daily news briefings
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, 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).