🤗 The Merge Goes Live in Historic Upgrade for Ethereum
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:
ZetaChain is the first public L1 blockchain that natively connects with any chain and layer including Bitcoin and Dogecoin without wrapping or bridging assets. Dive into the docs to start building the future of multichain.
After Years of Toil and Tests Ethereum Shifts to Proof of Stake and Sets Stage for Further Changes
By Samuel Haig
It’s done. The Merge was activated at 6:43 AM UTC time. The long-awaited upgrade to Ethereum occurred at block height 58,750,000,000,000,000,000,000, unifying the Proof of Stake, ‘Eth2’ Beacon Chain consensus layer with the Proof of Work mainnet and execution layer.
Proof of Work Miners Seek Haven in Ethereum Classic as Main Network Goes PoS
By Samuel Haig
MINERS It only took minutes for Proof of Work miners to flock to Ethereum Classic after The Merge activated at 6:43 UTC on Thursday morning. With Ethereum no longer reliant on mining as it changed to the Proof of Stake consensus mechanism, the hash rate of the Ethereum Classic network is at a record 106 terahashes per second (TH/s).
Fans of Maker and Liquity protocols can now rely on the advanced trailing stop strategy for managing their DeFi positions using DeFi Saver, an all-in-one dashboard for sophisticated DeFi management.
A trailing stop is a dynamic type strategy that allows users to configure a percentage drop from peak market value that would trigger the full closing of a position once reached. While with a standard Stop loss, a position would get closed at a fixed price, a Trailing stop actively follows any upward market movements by the set percentage, instead continuously increasing the stop price.
The new strategy is another in the series of automated trading strategies introduced to MakerDAO and Liquity by DeFi Saver, following Stop loss and Take Profit. Setting up is straightforward. Existing Maker and Liquity users need to visit DeFi Saver and switch to the Automate tab in the dedicated protocol dashboard. Users just need to input the percentage that they want the stop price to be below the reached market peak and to select the asset to which they want their position to be closed (e.g. collateral asset or debt asset).
A trailing stop is a great method to reduce losses or lock in profits. For example, when one is using these lending protocols to go long on ETH. It’s recommended to combine a trailing stop with a standard stop loss to further minimize potential losses in case of a market downturn. Users can find both of these options available in the dedicated protocol dashboards within the DeFi Saver app.
Check out the new Trailing Stop automation for Maker and Liquity by DeFi Saver.
Proof of Work
Ethereum Classic’s Hash Rate Is At An All-Time High
By Samuel Haig
MINERS Ethereum is not the only chain changing this week. Rival Proof-of-Work (PoW) chains are also being disrupted by The Merge. The upgrade boots PoW miners off the Ethereum network in favor of Proof-of-Stake (PoS) validators, displacing an estimated $5B worth of mining hardware. As a result, some miners have banded together and pledged to fork Ethereum and maintain the chain using Proof of Work consensus under the ticker ETHW.
Ether Borrow Rate Has Spiked To 190%
By Owen Fernau
Investors have borrowed 100% of the ETH available on Aave, a DeFi lending protocol with $6.5B in total value locked according to The Defiant Terminal. That’s around 643,660 ETH worth over $1B as of Sep. 14.
Offering Latest Push in Revival of Crypto Lending
NEW OFFERING Compound Treasury, a business that streamlines access to the Compound DeFi lending protocol on behalf of institutional clients, announced a new borrowing service Wednesday.
You’re invited to a live recording of The Defiant podcast during Unfinished Live. Camila Russo will sit down with Alex Zhang, Mayor of Friends with Benefits, to discuss all things DeFi. Don’t miss their session, and nearly 100 more, next week at The Shed in NYC. Use code DEFIANT50 for a 50% discount on all ticket types.
A Step-by-Step Guide to the ‘Internet of Blockchains’
LAYERS When it comes to decentralized finance, the networks that make it run are divided into layers. What lies below Layer 1 blockchains are made up of stalwarts such as Bitcoin or Ethereum. Layer 2 networks comprise next-generation projects such as Aribitrum. And Layer 0 networks may be the least understood.
Ethereum co-founder Vitalik Buterin is worried that Bitcoin’s level of security is not going to be strong enough in the years to come.
Ethereum has completed a long-awaited upgrade to its system in a move expected to slash its energy costs and intended to prepare the ground for more use of crypto technology in mainstream finance.
Trending in The Defiant
U.S. Permits Tornado Cash Users to Access Crypto Deposits U.S. residents with crypto trapped on Tornado Cash may now apply for a license from the U.S. Treasury Department to retrieve their funds.
Stake Your ETH After The Merge Whether you’re a shrimp or a whale, there are multiple ways you can contribute to and earn from the Ethereum network after the merge. In this video we’re taking a look at the options you can consider.
Macro Trumps The Merge As Crypto Dives After Hot Inflation Data Worse-than-expected U.S. inflation numbers sent global markets tumbling Tuesday despite mounting excitement over the Merge, the most significant upgrade to Ethereum in its seven-year history.
🧑💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
Free subscribers to the newsletter get:
Daily news briefings
Sunday Weekly recap
General chat on The Defiant’s Discord server
👑Prime defiers get:
Full transcript of exclusive podcast interviews
DeFi Alpha weekly newsletter on how to put your money to work in DeFi by yyctrader and DeFi Dad
Weekly live DeFi Alpha call with yyctrader
Inbox Dump edition of The Defiant newsletter every Saturday with all the PR that didn’t make it to our content channels
Exclusive community calls with the team
Subscriber-only chats on The Defiant Discord server
Full access to The Defiant’s content archive
Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).
You can start a prime membership for free right now with this link. You’ll get full access for 7 days. It’s 100% risk-free.