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🐓 Liquity Breaks DeFi Doldrums With ‘Chicken Bonds’ Offering

Hello Defiers! Here’s what we’re covering today:

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🎙 Starkware Founders: Ethereum Could Surpass Visa’s Transaction Speeds Within Months

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).

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Ref Finance: Largest DEX on NEAR. DeFi Hub of NEAR. The DEX connecting across many chains. Efficient liquidity to users. Accumulative trading volume $4.7B+.

DeFi Offerings

🐓 Liquity Breaks DeFi Doldrums With ‘Chicken Bonds’ Offering

New Mechanism Quickly Amasses More than $5M in Deposits

By Owen Fernau

BEAR It’s been some time since DeFi users have been able to work with a new type of offering. Thank the bear market for that. 

BONDS Yet on Oct. 4 there was an exception — Chicken Bonds, launched by Liquity, a collateralized debt position protocol with a market cap of $176M. Since then, Chicken Bonds have acquired $5.5M in LUSD, Liquity’s stablecoin, according to a Dune Analytics query.


NFT Sales

👩🏽‍⚖️ Three Arrows’ Prized NFT Collection Heads For The Block

Starry Night Transfers NFTs To Liquidator

By Aleksandar Gilbert  

NEWS Starry Night Capital, a subsidiary of bankrupt crypto hedge fund Three Arrows Capital, is moving its cherished NFT collection to Teneo, Three Arrows’ court-appointed liquidator. 



👀 Dwindling Ethereum Revenue Pressures Staking Yield

Blockchain Generated $200M In The Third Quarter: Report

By: Aleksandar Gilbert    4 hours ago

YIELDS Ethereum revenue “fell off a cliff” in the third quarter of 2022, squeezing staking yields in the process, according to a recent report from crypto research firm Messari.


Sponsored Post

AMC’s The Walking Dead Signature 3D Avatars Minting on 10/5

The Walking Dead series may be coming to an end, but the Dead continue to live on in Web3. After two public sell outs of their NFT collections, Orange Comet will be releasing their Metaverse-ready, 3D hand-sculpted avatars of some of the favorite characters from the TV series. On October 5, two 5K piece mints (one public, one passholder only) will go on sale.

The Avatars feature fan-favorites Rick, Daryl, Michonne (with her pets), Carol, Mercer and more. These high-quality digital collectibles are one of the required NFTs needed to activate the gamification of the upcoming ‘The Walking Dead Lands’ metaverse; a post-apocalyptic open-world build-and-earn experience.

The cost for the public mint will be $80, priced in ETH immediately before the mint, and if you’re a Walker Access passholder, there will be an additional 0.02 ETH discount. So even if your favorite show may be ending, get your wallets ready so you can stay connected to the TWD community.

Podcast Video

🎙📺 Ethereum can surpass Visa’s transaction speed within months


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🔗 The Devcon VI Manual: Ethereum Foundation

This is your Devcon VI Manual, and it includes everything you need to know about Devcon, the surroundings and more.

🔗 Despite call for Congress to act, new crypto laws look unlikely this year: The Block

Cryptocurrency advocates and regulators can agree on one thing: Congress should pass new laws for crypto. 

Trending in The Defiant
  • BNB Chain Slips as No. 1 Ethereum-Compatible Chain: Report Binance’s BNB Chain is losing its edge as the world’s most-used Ethereum-compatible blockchain. Daily transactions on BNB Chain still dwarf those on Ethereum, the world’s preeminent smart contract platform, but the gap has steadily narrowed over the past several months.
  • DeFi Lender Euler Finance Accepts USDT as Collateral Skepticism about whether USDT is fully backed by reserve assets has been around since 2017. Despite this, crypto’s largest dollar-pegged stablecoin, with a $68B market capitalization, has continued to make inroads into DeFi.
  • What are Gas Fees? For a system to be decentralized, it must be self-funded. In other words, there is no need for outside money to make it work. Self-funding must be incentivized to be effective.

🧑‍💻 ✍️ 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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👀 Defiant Premium Story for Paid Subscribers

📈 GMX Soars 17% After Twin Listing on FTX and Binance

Decentralized Perpetual Exchange Outperforms Market and Rivals in Third Quarter

By Tarang Khaitan  

GMX has emerged as that rare thing in crypto these days — a high flyer posting double-digit returns.The decentralized perpetual exchange may have Binance and FTX to thank for the performance.

The two giant exchanges listed the token this week, and FTX executed a two week promotion to support the token. 

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As a result, GMX’s token has jumped 17% since Wednesday, according to CoinGecko. 

GMX is a decentralized perpetual exchange that offers up to 30x leverage on Ethereum, Bitcoin, Chainlink, and Uniswap. It’s available on Arbitrum, the Ethereum Layer-2 blockchain, and Avalanche. 

Real Yield

Trading fees generated by the protocol are distributed to tokenholders, making it part of the “real yield” trend.

GMX has a dual token model: GMX and GLP. The GMX token is the protocol’s native governance and utility token and accrues 30% of the generated fees. 

GLP is a liquidity token that accrues 70% of the generated fees. It’s an index comprising ETH, WBTC, UNI and other stablecoins and tokens. 


The rate of return on these tokens varies depending on the chain the user is using. At present, staking GMX on Arbitrum yields an APR of 11.78% while staking on Avalanche yields 11.73%. 

However, the margin widens for GLP where staking on Aribtrum yields 18.83%, while staking on Avalanche yields 22.21%.

GMX has been a roll in the last year. Its trading volume of $19B has jumped 58%. The platform’s token has outperformed the market in the third quarter.GMX has soared 185% since June 30 compared to a 24% uptick for Ethereum. The token of GMX’s main competitor, dYdX, has fallen 12% in that period.



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