1 year ago
283
The massive, monolithic quality of the week is the revelation that FTX lent lawsuit deposits (!!!) to Alameda research…who seemingly mislaid it all? The spread successful FTX is (gulp) $10bn, according to the WSJ. Like, everyone other I’m glued to Twitter for scraps connected the latest.
The tweet supra from Brent Xu is the same decision that we drew aft the illness of 3AC: the tragic catastrophe of CeFi makes the statement for DeFi.
As I texted my (normie) assemblage friends contiguous astir the quality betwixt CeFi & DeFi:
My crypto is not with a centralized exchange, wherever you don't cognize what they're doing with it. When I enactment wealth successful a DeFi product:
1. I tin spot what they're doing with the assets bc it's connected the blockchain. There is nary achromatic box.
2. There is nary "pause withdrawals" fastener bc it's controlled by an autonomous astute declaration and nary 1 tin alteration the code.
Even Binance is present embracing impervious of reserves, arguing that transparency is cardinal to fiscal marketplace stability. A Dune dashboard puts their on-chain holdings astatine $42bn. Smart contracts are inactive better, but it’s a start.
For a bully distraction from the FTX collapse, we crook to a illustration that shows the declining magnitude of MEV profits being squeezed retired of Uniswap implicit the past six months. Miner payments were overmuch higher successful 2021 than 2022 adjacent though measurement numbers were comparable. For instance, Uniswap saw $62bn of measurement successful October 2021 which led to miner payments of $16.6m; whereas successful May 2022, Uniswap saw $63bn successful monthly measurement but miner payments were lone $5.7m. Perhaps traders did a amended occupation of guarding against MEV?
The full dashboard, enactment unneurotic by @jhackworth, has a batch of large accusation connected MEV connected Uniswap, though each of it is pre-merge.
DXdao* Month successful Review Link
Senators moving guardant with SBF-backed measure aft FTX illness Link
LUSD Chicken bonds spot $35m successful inflows but LUSD inactive trading astatine $1.04 Link
CowSwap achieves 11% of aggregator marketplace stock implicit past week Link
A caller batch of banned addresses for USDC is released Link
ETH Lisbon Hackathon winners Link
Uniswap LPs are getting rekt (still) [Alex/Friktion Labs]
Proposed milestones for rollups taking disconnected grooming wheels [Vitalik]
How Aave tin leverage staked aTokens and Balancer to bring GHO to marketplace [Traver Normandi/Messari]
Ethereum endgame [Salomon Crypto]
The settlers of Canto [Chase Devens/Messari]
The marketplace accidental of modular blockchains [Denis Suslov/Dose of DeFi]
That’s it! Feedback appreciated. Just deed reply. Written successful Nashville. Whew, betwixt the midterms and FTX, it’s been hard to propulsion distant from Twitter the past fewer days- not adjacent counting for Elon and the changes astatine Twitter itself.
Dose of DeFi is written by Chris Powers, with assistance from Denis Suslov and Financial Content Lab. Caney Fork, which owns Dose of DeFi, is simply a contributor to DXdao and benefits financially from it and its products’ success. All contented is for informational purposes and is not intended arsenic concern advice.
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