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🌪 Solana Endures ‘Crucible’ as FTX Connection Deletes 70% of TVL

FTX Crisis
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FTX Crisis: Solana

🌪 Solana Endures ‘Crucible’ as FTX Connection Deletes 70% of TVL

Fall of SBF’s Empire Rocks Layer 1 As It Was Rebounding From Tough Year

By Tarang Khaitan

Solana Endures ‘Crucible’ as FTX Connection Deletes 70% of TVL

HIT HARDER There was a time when Solana’s relationship with Sam Bankman-Fried was a good thing. Not anymore. Perhaps no DeFi player has been hit harder by the FTX disaster than Solana, the Layer 1 blockchain that, until recently, had attracted users and buzz with its high-speed, low cost performance.


FTX Crisis: Alameda

💰 FTX Leadership Borrowed Over $1B From Alameda

Incoming CEO John Ray Cites ‘Complete Absence of Trustworthy Financial Information’

By Aleksandar Gilbert

FTX Leadership Borrowed Over $1B From Alameda

LOANS Former FTX CEO Sam Bankman-Fried and other executives at the now-bankrupt crypto exchange were loaned more than $1B by sister company Alameda Research, according to a court document released Thursday. Another $2.3B was loaned to Paper Bird Inc. Alameda, Paper Bird and FTX are largely or wholly owned by Bankman-Fried and are among the 100-plus companies in his empire to have filed for Chapter 11 bankruptcy in Delaware last week. 


Sponsored Post

Liquity’s Chicken Bonds enhanced yield with DeFi Saver

DeFi Saver is an all-in-one dashboard for creating, managing and tracking positions with automatic liquidation protection and leverage management options for only the most trusted DeFi protocols, Liquity among them.

Liquity, interest-free borrowing protocol built on Ethereum, recently introduced a novel product offering The Defiant wrote about – Chicken Bonds. Chicken Bonds are a new, innovative form of bonding mechanism in DeFi.

Chicken Bonds are an innovative bonding mechanism offering several key benefits to those willing to bond their Liquity native stablecoin LUSD. In exchange for depositing and bonding LUSD, users accrue boosted LUSD (bLUSD), derivative token.

Primary benefit for bonding LUSD instead of supplying to Liquity’s Stability Pool is the amplified yield users get from Liquity’s internal liquidation mechanism as well as from other liquidity sources like the pools in Curve. Alongside improved liquidity for the LUSD stablecoin, the most important benefit to users is bonding with no time commitment or maturity. Users can withdraw principal LUSD fully and chicken out at any time, renouncing the accrued interest. The other option being to chicken in and claim accrued bLUSD, forgoing the initial LUSD deposit.

As the most comprehensive decentralized frontend for Liquity, DeFi Savercontinues its devoted support with dedicated Chicken Bonds dashboard and advanced protocol actions and strategies. Alongside basic actions, DeFi Saver offers users options to Claim and Sell bLUSD or Rebond (Claim, Sell and create new bond). DeFi Saver team is even preparing automation options for the new Liquity innovation.

Get the most out of your Liquity experience with DeFi Saver. 

FTX Crisis: DeFi Impact

🏝 DeFi Users Jump But Boom is a Mirage: Chainalysis 

Data Shows Activity Spike Came from Existing Users and MEV Bot

By Aleksandar Gilbert

DeFi Boom is a Mirage: Chainalysis

VOLUMES Ever since FTX halted withdrawals and filed for bankruptcy last week, several DeFi protocols have enjoyed surging transaction volumes and fee revenue. However, FTX’s collapse has not spurred a rush to self-custody, according to research from blockchain analytics firm Chainalysis.


FTX Crisis: SBF

🔩 SBF Rues FTX Bankruptcy Filing As Screws Tighten: Report

Says Altruist Persona Was ‘Just PR’ in Wide-ranging Interview with Vox

By Aleksandar Gilbert

SBF Rues FTX Bankruptcy Filing As Screws Tighten: Vox

OVERTURES Disgraced FTX co-founder and former CEO Sam Bankman-Fried (SBF) said his overtures to regulators and his cultivated image as a do-gooder were “just PR” in an interview with Vox published Wednesday. 


Crypto Audits

📝 Audit Shows Terra Groups Spent $3.4B to Defend Dollar Peg in UST

Terraform Labs Commissioned Study to Quantify Support for Stablecoin During May Crisis

By Owen Fernau

Audit Shows Terra Groups Spent $3.4B to Defend Dollar Peg in UST

PEG In a bid to quell speculation about how Terra defended its stablecoin UST during its meltdown last May, two organizations connected with the failed blockchain ecosystem spent a whopping $3.4B in May to support its dollar peg, according to an audit released Wednesday. 



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Defiant Video

📺 Does SBF Have A Get Out Of Jail Free Card?

Podcast Video

📺🎙 Podcast: JPMorgan’s First DeFi Trade: Behind The Scenes

Trending in The Defiant


🔗 Genesis Sought $1B Bailout From Investors Before Halting Withdrawals: Report: Decrypt

Crypto lender Genesis tried to raise a $1 billion loan from investors to avoid a “liquidity crunch” driven by the fallout from crypto exchange FTX’s collapse, according to a Wall Street Journal report.

🔗 Binance to Relaunch Bid for Bankrupt Crypto Lender Voyager: Source: CoinDesk

Binance.US, the American arm of the world’s largest cryptocurrency exchange, is preparing to bid for bankrupt lending platform Voyager Digital, according to a person familiar with the plans.

🧑‍💻 ✍️ 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 Alp Gasimov. Podcast was led by Camila, edited by Alp.

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