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😲 Coinbase Surprises MakerDAO with Pitch to Load Up on USDC

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DeFi Explainers
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DeFi Lending

😲 Coinbase Surprises MakerDAO with Pitch to Load Up on USDC

Proposal Could Change Christensen’s Bid to Lessen Reliance on Centralized Revenue

By Samuel Haig

RELIANCE Coinbase has thrown a wrench into MakerDAO’s plans to lessen its reliance on USD Coin collateral, and it may force the DeFi stalwart to change major elements of its strategic growth plan. 

PROPOSAL On Wednesday, Coinbase proposed that MakerDAO deposit 1.6B USDC in its institutional platform, called Prime, in exchange for an annual yield of 1.5%. If passed, the deal would provide Maker with an additional $24M in yearly revenue.

DEBT PROTOCOL MakerDAO is a collateralized debt protocol that allows users to mint its DAI stablecoin against collateral assets deposited into the protocol. It initially exclusively supported ETH as collateral, but has since expanded to support more than a dozen different assets. USDC currently comprises more than a third of its $9.3B total value locked, according to Daistats.



🧮 Curve Releases Interface Code For Stablecoin

crvUSD Is Likely To Launch After Ethereum’s Merge

By Owen Fernau

NEWS Curve Finance was the epicenter of the stablecoin wars in 2021. Now it’s getting ready to launch its own stablecoin even as the cryptocurrencies have come under intense scrutiny in the wake of Terra’s failure in May and a looming regulatory crackdown.

CODE Curve Finance, an automated market maker (AMM) with $5B total value locked in its smart contracts, has deployed a JavaScript library for its much-anticipated stablecoin, which is called  crvUSD. The code will act as an interface to the crvUSD smart contracts, which are not yet deployed. 

PUBLIC Curve’s plans to deploy a dollar-pegged asset became public in June, but details were scarce. With the code now public, DeFi enthusiasts are working to ascertain what they can about crvUSD.


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Market Action

📉 Bellatrix Euphoria Short-Lived as Markets Slide

The Borrowing Rate For ETH On Aave Has Spiked Above 30%

By Owen Fernau

BANG For a second there, Layer 1s were pumping like it was 2021. Smart contract platforms, also known as Layer 1s, started the week with a bang as Ethereum’s ETH, Solana’s SOL, Avalanche’s AVAX and others were all up more than 3% as of midday New York time.

SENTIMENT nvestor sentiment was buoyed after the Bellatrix hard fork, the first stage of Ethereum’s much-anticipated Merge, was completed successfully earlier today. However, a sharp reversal in global markets has seen crypto largely give up those gains.

TRADING Stock market indices like the S&P 500 and Nasdaq are also trading nearly 0.5% lower as of mid-afternoon New York time. Ethereum Classic’s ETC is still up 4% on the day and 11% in the last week. The token briefly hit a two-week high above $42. 


Defiant Video

📺 Tutorial: Trading The Ethereum Merge – NFA

DeFi Explainers

🍣 What Is SushiSwap?

A Step-by-Step Guide to one of the Top DEXs in DeFi

By Rahul Nambiampurath  

JEALOUS TWIN SushiSwap is Uniswap’s jealous twin. After Uniswap pioneered decentralized exchanges (DEXs), it triggered a DEX race. SushiSwap was one of those race contestants.

CHEF Why did SushiSwap become popular, and what does it offer compared to Uniswap? And should you become Sushi “chef”? Find out in this SushiSwap overview.

UNISWAP SushiSwap cannot be understood without looking at Uniswap. Both DEXs use their names to tell their purpose. Proposed by Vitalik Buterin in 2016, but implemented by Siemens engineer Hayden Adams, universal token swapping — Uniswap — came online in November 2018.

OPEN SOURCE The open source protocol enabled anyone to list their cryptocurrencies as ERC-20 compliant tokens on Ethereum, without permission. Users would provide liquidity for token pairs, so that exchange would be possible without any central organization pouring liquidity.



🔗 Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH: Unchained

Arthur Hayes, cofounder of BitMex, discusses how he’s trading the Merge, the impact of macroeconomic policy in the markets, his career as a writer, and much more.

🔗 Pantera Capital’s Exodus Broader Than Previously Reported: Sources: Coindesk

Senior executive departures from Pantera Capital, a major cryptocurrency hedge fund and venture capital investor with $4.7 billion in assets, are wider than previously reported, according to people familiar with the matter.

🔗 How Ethereum Miners Plan to Pivot After the Merge: Decrypt

Mining infrastructure companies Hive Blockchain and Hut 8 Mining Corp. today released notices that detail how their businesses plan to pivot away from Ethereum mining.

Trending in The Defiant

🧑‍💻 ✍️ 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.

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