🦭Sappy Seals and Other NFT Communities Band Together in ‘Pixelverse’ and Take on Giants
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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
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POSSESSIVE We very seldom see collaborations across websites on the normal internet, where different companies are extremely possessive of their visitors. Attention is the currency of the web, and no one gives it away.
IDEALISTIC Perhaps it’s just the idealistic early days of web3, but on Wednesday night multiple leaders of different NFT products with dreams of metaverse collaboration came together on a Twitter Spaces discussion. These teams have joined together under the banner of the project that the Sappy Seals NFT founders are leading. It’s called the Pixelverse, and it is a metaverse for many projects.
PIXELVERSE Unveiled in November, the Pixelverse is a 2D metaverse where different NFT communities interact, create their own worlds, and also enable visits to each other’s worlds seamlessly. Communities joined the call because they have committed to be part of the Pixelverse, and these included the Sappy Seals, BearX, Winter Bears, Axolittles, Chubbicorns, WeAre24Px and Caked Apes. Other communities have also already committed to join (as many as 15), but there has not been a single complete list of the founding communities published so far.
NEWS Ethereum is now connected to the Cosmos network, courtesy of the Osmosis decentralized exchange and the Gravity Bridge.
BRIDGE “The Gravity Bridge marks a major milestone in the interchain vision of Cosmos as we welcome one of the foremost blockchain platforms into the Internet of Blockchains,” said Sunny Aggarwal, Co-Founder of Osmosis Labs, said in a statement released Jan. 19.
PROTOCOL According to Cosmos Cap, the whole ecosystem of interconnected blockchains that can be readily connected through Cosmos’s interblockchain protocol (IBC), has a market capitalization of $163B combined, including chains like Cosmos itself, Crypto.com, Thorchain and Terra.
BOON Direct access to the Ethereum blockchain is likely to be a major boon for many of these markets. At $378B in market capitalization, there’s a lot of value that can now easily move to Cosmos. Osmosis provides much less expensive trades than DEXes on Ethereum, making it easy for investors from Ethereum to come to Cosmos and try out its opportunities.
PURCHASING POWER In personal finance, there’s nothing more depressing than the savings account. It has always been the least glamorous, most conservative place to stick money. But once upon a time it did something for your financial health. In recent years, it’s been a slow way to lose ground. he average savings account rate is 0.06%, according to Bankrate. That might as well just be zero. In fact, in a time of high inflation (like now), it’s worse than that — you’re losing purchasing power by leaving cash in savings accounts.
HACKED Anyone in decentralized finance (DeFi) knows that higher rates can be attained through its various opportunities, but of course those things are riskier because smart contracts get hacked, the market is small enough for external events to have serious consequences and regulators loom. Even worse, there are a lot of hoops to jump through to get there. That’s why many companies, starting with Compound Labs, have been building ways for people to access DeFi returns without an Ethereum Wallet.
DEPOSITS The broad idea is simple: set up a relationship with a company that has clearance to touch people’s bank accounts, allow people to deposit their fiat into a high yield savings account, the DeFi partner converts all those deposits en masse into crypto (usually a stablecoin like USDC or DAI) and then invests all that somewhere in DeFi.
NEWS Aave’s institutional deployment, Aave Arc, will launch on leading Layer 2 rollup networks Optimism and Arbitrum after receiving resounding support in a governance snapshot.
SO WHAT Until now, much of the narrative surrounding L2s has focused on unburdening retail DeFi users from the soaring fees associated with transacting on Ethereum’s mainnet. But Aave believes the improved performance and scalability offered by Layer 2 could also prove vital to onboarding institutions to decentralized finance.
DEPLOYMENT Governance proposals supporting the L2 deployments of Aave’s v3 iteration have received widespread support from the protocol’s community. The snapshots on Jan. 18 showed that 583,000 or 99.99% of voters support Arc on Arbitrum, and 431,000 or 100% back its deployment on Optimism.
FUNDING POAP Inc., the company behind the Proof-of-Attendance Protocol, has closed a $10M funding round featuring participation from Delphi Digital.
COMMUNITIES While 2021 saw NFTs explode in popularity, much of the sector remains characterized by the speculative bubble surrounding cartoon social media avatars. POAP hopes to change this by showing NFTs can be a tool to unite and organize communities, commemorate events, and celebrate achievements.
VENTURE FIRMS The raise was co-led by Archetype and Sapphire Sport, also featuring participation from crypto-focused ventures firms Delphi Digital and Libertus Capital. POAP announced the round on Jan 19.
NEWS Multichain, the cross-chain bridge formerly known as Anyswap, has suffered a seven-digit exploit, the project’s team reported on Jan. 18.
STOLEN FUNDS The team further tweeted on Jan 20 that 602.7 ETH (roughly $1.9M) has been stolen, with the damages falling after about 259 ETH were returned by a white-hat hacker. The sum of stolen funds has increased from 445 ETH two days ago, despite the team’s efforts to notify users of the vulnerability.
SCALABLE FUTURE While many pundits believe a multi-chain dapp ecosystem holds the key to unlocking a scalable future for crypto and decentralized finance, the complexity of cross-chain applications has proved vulnerable to hackers so far. Multichain suffered a separate exploit worth $8M in July, and cross-chain DEX THORChain has been hacked multiple times since launching last year.
Former Merrill Lynch CFO joins the first Decentralized ETF as Advisor
The Decentralized ETF, an ERC-20 based exchange-traded fund established to simplify and enable investors broad exposure to the crypto market.
The D-ETF is completely self-operating by a DAO, which automatically executes the successfully voted proposals. Token holders can suggest token swaps, and participate in voting in token proposals.
Besides being a price speculative asset, the D-ETF protocol offers a 1.5% accumulating yield to token holders, coming from all daily transaction volume. Another 1.5% is added to a treasury to purchase more intrinsic value. These percentages are generated from transaction fees, incentivizing token holders to stay in the protocol and generating passive yields without locking up their tokens.
The D-ETF protocol has already started to add intrinsic value, with familiar tokens such as WOO Network, Fantom, Wrapped Luna, Chainlink, Wrapped Bitcoin, and ThorChain.
The D-ETF team has recently onboarded former Merrill Lynch CFO Peter Olden to assist the team with reaching better FIAT on-ramp opportunities via traditional fund structures to onboard institutional clients.
The D-ETF has not officially launched yet, but their tokens can be purchased pre-IDO on their website.
Crypto exchange Gemini continues to put to work its war-chest of capital, acquiring trading platform Omniex to offer more institutional services to its clientele.
Google has hired a former PayPal executive to help bolster Google Pay, with plans to expand into the crypto space.
Liquidity mining is dead, and trying to figure out the best way to replace it is the focus of one of crypto’s hottest subsectors.
CCIP is the application of Chainlink’s highly secure consensus mechanism—that helps secure over $75 billion and has operated successfully for multiple years—to the problem of cross-chain communications.
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Curve Boosts Layer 2s with Launch on Optimism Curve, a leading decentralized exchange specializing in stablecoin swaps, has launched on Layer 2 rollup network Optimism.
Solana Money Market Solend Offers Developers Incentives to Build on It Solend, a money market on the Solana blockchain, announced today that it will share proceeds from loan origination fees with the developers of applications that drive loans on the platform.
🧑💻 ✍️ 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.
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