🚣🏽♀️ Stablecoins Show Signs of Stabilizing After FTX Storm
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TVL for Top Five Stablecoins Falls 18% Since FTX Meltdown
By Owen Fernau
DROP Just as stablecoins were becoming, well, stable again after the $60B collapse of the Terra ecosystem in May, the FTX disaster struck and pegged tokens have been whipsawed ever since. The total value (TVL) of the top five stablecoins in DeFi has dropped 18%, to $2.64B since Nov. 6, according to DeFi Llama.
Overcollateralized Design Will Use a Novel Lending-Liquidating AMM Algorithm (LLAMMA)
NEWS Curve, the second largest decentralized exchange on Ethereum, has released a whitepaper detailing its forthcoming stablecoin, sending the price of its CRV governance token soaring. CRV, which had declined steadily over the past week, jumped 15% after the white paper was released, making it the best-performing crypto token over the preceding 24 hours.
Waves.Exchange has rebranded to WX.Network and now it is more than a decentralized exchange. Since its launch five years ago, services have expanded and Waves.Exchange became a robust platform for self-sovereign crypto management with a suite of investment tools in a convenient interface.
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Binance Holds a Larger Piece of a Smaller Pie
SHOCKWAVES As the shockwaves from the collapse of FTX continue to ripple through crypto, open interest in perpetual swaps has taken a massive hit. The now-defunct exchange accounted for nearly a quarter of the market prior to its downfall, according to data analytics firm Messari.
Argentina’s Fan Token Slumps After Shock Loss to Saudi Arabia
By Samuel Haig
UPSET When Saudi Arabia stunned Argentina in the World Cup 2-1 on Tuesday, the Middle Eastern nation’s fans rejoiced and sports pundits discussed every facet of the most shocking upset in the tournament’s history. Oh, and ARG also lost a third of its value in two hours.
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Avalanche Surges to New High in Boost for ‘Subnet’ Strategy Avalanche is on a roll. Even as crypto wrestles with existential questions in the wake of the FTX disaster, transaction volumes on Avalanche, a Layer 1 network, surged to new highs in the third quarter amid the growth of its DFK Chain subnet.
Don’t look now, but the FTX collapse has spurred a wave of interest in decentralized finance platforms.
There was a time when Solana’s relationship with Sam Bankman-Fried was a good thing. Not anymore.
🧑💻 ✍️ News stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, yyctrader, and contributors, and are edited by Edward Robinson, yyctrader and Camila Russo. The video team is led by Alp Gasimov. The podcast is led by Camila.
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