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Of people the slope runs astatine Silvergate and Silicon Valley Bank are each anyone tin speech astir this week. Crypto folks should beryllium acquainted with this concern aft experiencing FTX, BlockFi, Genesis and the remainder of 2022, but erstwhile again we are drawn to the stark differences betwixt however the aforesaid fiscal panic would play retired successful DeFi. In the supra tweet (h/t Hart Lambur), Superfluid laminitis Francesco Renzi highlights however depositors would person much inducement to enactment erstwhile others withdrew their funds due to the fact that involvement rates set automatically.
We’d adhd 1 more: transparent collateral. There wouldn’t beryllium whispers of however a slope didn’t respond speedy capable to changing rates and the losses that may person ocurred. It would beryllium on-chain for everyone to verify.
Perhaps it’s due to the fact that we’re obsessed die-hards, but just arsenic aft the FTX collapse, it’s conscionable much crushed to double-down connected DeFi.
The archetypal illustration successful a heavy dive into the authorities of DEX trading enactment successful the months pursuing FTX’s illness from Tanay Ved & Kyle Waters successful CoinMetrics’ latest State of the Network. The illustration supra lays retired the marketplace stock amongst Uniswap and large CEXs - with the notable objection of Binance, which commands an 80% marketshare successful the spot market. While Kraken and Coinbase took a bully chunk of travel from FTX, Uniswap’s marketplace stock has besides steadily increased. Barely touching 20% anterior to FTX autumn versus present consistently supra and person to 30-35%. Uniswap is blessed to beryllium connected par with these CEXs but it has its sights acceptable connected Binance.
It volition request to absorption connected increasing measurement extracurricular of Ethereum mainnet if it hopes to instrumentality connected Binance. Around 80% of Uniswap v3 measurement comes from Ethereum mainnet, versus ~11% connected Arbitrum, 6% connected Polygon and 3% connected Optimism. With the summation of Base from Coinbase (a fork of Optimism) and different zkEVMs connected the horizon, determination is much country to grow. And, of course, Uniswap Governance voted past week to motorboat connected BNB concatenation itself.
Check retired the full CoinMetrics post to amended recognize DEX measurement the past fewer months. There was besides a great portion connected Messari Pro yesterday looking astatine DEX users.
Alpha Homora offers $32m successful ‘seized’ assets to Iron Bank to wage down indebtedness Link
Timeboost: A caller transaction ordering argumentation for Arbitrum Link
Frax co-founder makes a lawsuit for stablecoin maximalism astatine ETH Denver Link
Blockchain Association announces principles for stablecoin authorities Link
Rune, MakerDAO founder, proposes rebranding DAI stablecoin Link
Rocket Pool to motorboat 8 ETH “mini” pools Link
WSJ: Stablecoins similar USDC are commodities, says CFTC seat Link
Why are cross-chain auctions hard? [Tarun Chitra/Gauntlet]
Finding luck successful the $Blur craze [EigenPhi]
Nigerians’ rejection of their CBDC offers a cautionary communicative [Nicholas Anthony/Coindesk]
Crypto Bank had a boring illness [Matt Levine/Bloomberg]
All the ways we person fucked up governance, and however to rethink it [Eylon/DXdao]
Backrunning backstage transactions utilizing multi-party computation [Robert Annessi/Flashbots]
That’s it! Feedback appreciated. Just deed reply. Written successful Nashville, wherever the anticipation for outpouring is building.
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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