🦹♀️ Wintermute DeFi Operations Hacked for $160M
Hello Defiers! Here’s what we’re covering today:
👀 Defiant Premium Story for Paid Subscribers (📜Scroll to the end!)
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.
CEO Evgeny Gaevoy Says Firm Remains Solvent
TARGETED Crypto market maker Wintermute has lost $160M in a hack that targeted its DeFi operations early Tuesday. “If you have a [market maker] agreement with Wintermute, your funds are safe,” CEO Evgeny Gaevoy said on Twitter. “There will be a disruption in our services today and potentially for [the] next few days and will get back to normal after.”
Terra Collapse Prompts Congress to Crack Down on Dollar-Pegged Token Issuers
By Samuel Haig
Influential members of the U.S. Congress appear to be working on legislation that would temporarily ban certain types of algorithmic stablecoins, according to a Sept. 21 report from Bloomberg News.
Nested is the ideal place for your crypto journey combining portfolio management and social trading - all at the touch of a button.
On Nested, you can build, share, and copy strategies. Earn 50% of the platform’s fees whenever someone copies your strategy - our royalties scheme will become your favorite passive income!
When you create or copy a strategy, your NFT comes to life and represents your portfolio: Here you can see what our disruptive solution looks like.
Nested raised more than $8 million from the most renowned investors including Jump and Alan Howard. More than 40,000 strategies have already been created and thousands of dollars have already been shared with our community.
It’s your time to make your mark and appear on the top of our leaderboard!
Agency Claims Jurisdiction Over Ethereum Transactions With U.S. Nodes
LAWSUIT Anyone who doubted the U.S. Securities and Exchange Commission isn’t serious about expanding its scope across crypto might want to check out a lawsuit the agency filed this week.
NFTs + Layer 2s
Leading NFT Marketplace To Launch Layer 2 Deployment On Sept. 21
By Owen Fernau
OpenSea is expanding to its first Layer 2 rollup.
The leading NFT marketplace plans to launch on Arbitrum on Sept. 21.
The launch would wed two projects which are leaders in their respective categories — Arbitrum is top among Ethereum scaling solutions known as Layer 2s with $2.5B of value locked in its smart contracts, according to L2BEAT.
ZetaChain is the first public L1 blockchain that natively connects with any chain and layer including Bitcoin and Dogecoin without wrapping or bridging assets.
Enter ZetaChain’s ZetaLabs testnet dApp now to experience the 1st native asset cross-chain swap and contribute to the development of omnichain dApps.
A Step-by-Step Guide to One of DeFi Most Influential Lending Protocols
SMART CONTRACTS Maker, a crypto lender, is one of the pioneers of decentralized finance (DeFi), Maker uses smart contracts on the Ethereum blockchain to make loans based on DAI, a stablecoin.
DAOs are not corporations: where decentralization in autonomous organizations matters: Vitalik Buterin Recently, there has been a lot of discourse around the idea that highly decentralized DAOs do not work, and DAO governance should start to more closely resemble that of traditional corporations in order to remain competitive.
Draft stablecoin bill in Congress to require Fed, state regulator approval: The Block Draft legislation to create a U.S. federal framework around stablecoins would temporarily ban the types of payment coins that are not backed by outside assets — similar to TerraUSD, an algorithmic stablecoin that collapsed earlier this year.
Magic Eden CEO: ‘Very Natural’ to Expand From Solana to Ethereum NFTs: Decrypt Magic Eden, the leading Solana NFT marketplace, continued its expansion to Ethereum today by rolling out support for a handful of major collections, including the Bored Ape Yacht Club, Pudgy Penguins, and Otherside. Additional projects will be added in the days ahead.
Trending in The Defiant
‘Massive Dumping’ by Ethereum Miners Punishes ETH Ever since The Merge took place on Sept. 15 investors have looked on in dismay as Ether lost a fifth of its value over the next four days.
Gensler Rattles DeFi With Suggestion PoS Coins are Securities The Merge may be complete, but the battle for legally defining Ethereum 2.0 is just beginning. Hours after Ethereum completed its historic transition to Proof of Stake technology, a top U.S. regulator said cryptocurrencies that use this approach should probably be defined as securities.
New PoW Ethereum Fork Plunges 75% Amid Flurry of Problems The Merge may have launched without a hitch but ETHPoW, the Proof of Work fork of Ethereum aimed at die-hard miners, is off to a troubled start.
🧑💻 ✍️ 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.
👀 Defiant Premium Story for Paid Subscribers
MEV Bolsters Validator Rewards and Poised to Grow Post-Merge
By Samuel Haig
UNSEEN FORCE Most crypto users don’t even know it’s happening. It’s an unseen force, quietly and steadily siphoning money out of the marketplace and leaving unwitting Ethereum users none the wiser.
MEV It’s called Maximal Extractable Value, and it’s costing the average Ethereum user $1,200 over the last 21 months, according to data from Flashbots, a research project dedicated to solving the “MEV crisis.”
To read the full story subscribe to The Defiant newsletter.
Keep reading with a 7-day free trial
Subscribe to DeFi, NFT & Web3 Insights - The Defiant to keep reading this post and get 7 days of free access to the full post archives.