14f9fc58 7ea0 44f5 b5d6 b5ccb0e89ee2 1080x1080

🦄 Recap: DeFi Week of Feb. 27

Hello Defiers! Happy Weekend!

Is the bear market over? That was the question buzzing through the DeFi market this week after broad-based rally turned around the fortunes of many leading names. Sam Haig reported the action and spotlighted the surge by Terra and Fantom. Sam also addressed the riddle of why TVL was not matching the pace of tokens. It’s a nice piece of market analysis.

On the NFT side, yyctrader unpacked the strange fandango that swept up Pixelmon, an out-of-nowhere project that rapidly raised $70M and then underwhelmed collectors with lackluster imagery. The floor price sank so fast after the auction that investors were saddled with 50% losses. Ugh… It’s a cautionary tale about a market that’s getting way too frothy…

Then again, there are projects that are doing truly creative work. Take Doodles’ spinoff Space Doodles, a playful new collection of NFTs. As Owen Fernau reported, that offering had its own bout of drama with a confusing valuation model.

Meanwhile, over in the Terra ecosystem, Brady Dale explored Anchor’s record rise in TVL, to $11.7B, after the Luna Foundation topped up reserves. Brady dissected the treasury mechanics of this influential network in a must read for Defiers.

Speaking of influential networks, The Defiant was thrilled to record an exclusive interview with Gavin Wood, Ethereum legend and co-founder of Polkadot, on this week’s podcast. Gavin told Defiant Chiefess Camila Russo about building a Layer 0 to support all blockchains.

As we entered the second week of Russia’s invasion of Ukraine, crypto emerged as major story in the global effort to get aid to citizens in the embattled nation. Robin Schmidt and his crew produced a series of segments examining the Ukraine government’s planned airdrop, how the rouble is the new shitcoin, and why Russia cannot us blockchain to bypass Swift. Meanwhile, Sam Haig continued his excellent reporting on UkraineDAO with an exclusive interview with co-founder Alona, who is toiling to raise funds and support for her fellow Ukrainians.

A momentous week. Enjoy our roundup.

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).

🙌 Together with: 

  • Verse Network by STP, is a Layer 2 for DAOs. Redefining value one DAO at a time.

  • Eden Rocket RPC, providing the fastest private transactions on Ethereum (90%+ hashrate). Trade better anywhere on Ethereum with Eden Rocket RPC.

  • Zerion is Mission Control for Web3: an intuitive DeFi portfolio manager, multichain tracking & trading and the best place to show off your NFT collection  

  • Unstoppable Domains, the #1 provider of NFT domains. Own your name on the internet and web3. With no renewal fees you own it for life. Get yours today!

⍺ DeFi Alpha Newsletter

Check out and subscribe to DeFi Alpha, a weekly newsletter by The Defiant and DeFi Dad, packed with tutorials and tips on how to earn yield in DeFi.

This week:

20% Fixed Yield On ETH and BTC Using 88mph + Yield Farming on Metis

📬 Inbox Dump #4

Our Inbox Dump newsletter, which is exclusive to paid subscribers, is where we include the updates and announcements that flood our DMs each week and didn’t make it to The Defiant’s content platforms. Sometimes announcements here didn’t meet the bar to become a news story, sometimes they may have slipped through the cracks, or they came late and we haven’t had a chance to cover. We also include a compilation of DeFi and crypto funding rounds in the past week so you have these in one handy place.


🎙 Polkadot’s Gavin Wood on Building a Layer 0 to Underpin All Blockchains

Gavin Wood’s crypto journey started with Ethereum – he was one of the eight original founders and the project’s CTO in the early days. Today though, he’s busy building Polkadot, a chain that is attempting to improve where Ethereum falls short. After years of development, the ecosystem’s first applications are finally coming to life as it lays the foundations to become a layer zero, where multiple Layer 1 chains and their decentralized applications can flourish. Polkadot aims to give developers the flexibility to build decentralized applications as they see fit, and on scalable infrastructure.

Gavin wants to turn Polkadot into a multichain powerhouse where financial systems and web apps can run and interact seamlessly. To Gavin, Polkadot can be the base infrastructure for a web3 future, a set of technologies that can guarantee privacy, trustlessness and decentralization, which to him, will be crucial if the free world is going to survive.

The Tube


📺 Quick Take: The Ukraine Airdrop – is this for real?

📺 Tuesday Tutorial: DeFi gets sexy with Solidex

📺 Quick Take: Rouble trades like a shitcoin as sanctions bite

📺 Quick Take: There’s ZERO chance Russia will bypass SWIFT using crypto

Special Report

🇺🇦 UkraineDAO Raises $7M and Builds Global Network of Supporters, Says Co-Founder Alona

By Samuel Haig

UkraineDAO, a decentralized collective raising funds to address the humanitarian crisis unfolding in eastern Europe, has collected more than $7M in five days. The funds will be used to support non-profits and Ukrainians struggling to endure the Russian invasion, which is now entering its second week.  

“The most valuable thing, to me, about this DAO, is that I was able to connect with other people who were on the ground, or that could provide some help,” Alona, a UkraineDAO co-founder and Ukrainian living in the UK, told The Defiant in an exclusive interview. “To me, UkraineDAO is about providing Ukraine with the help that it needs, and providing those connections that unite people who are willing to help or that need help.”

Alona has been instrumental in building a network of supporters in the crypto community for her embattled fellow Ukrainians. She took part in discussions last week with PleasrDAO, theinfluential collective of DeFi leaders. And Illia Polosukhin, co-founder of Near Protocol, connected her with Ethereum co-founder Vitalik Buterin. She says that Buterin called her within minutes to express his support.

Deep Dive

⚓️ Anchor’s TVL Surges to All Time High of $11.7B After Luna Foundation Refills Reserves

By Brady Dale

With $11.7B in funds locked in, Anchor now has more funds committed to it since the savings application launched on Terra last year, according to DeFiLlama.

This is a turnaround from January, when depositors started leaving because it looked as though it might not be able to meet its roughly 20% fixed yield for those using it to grow their savings.  That generous reserve was insured by a yield reserve that covered the difference when cash flows didn’t, a reserve that looked like it could run out as it fell by $2M every day. 

In early February, though, the protocol sought a $450M contribution from the Luna Foundation Guard to refill its reserves. Those new reserves were turned over to the Anchor yield reserve on February 18, according to Terra.Engineer. Anchor reserves now sit at $476M (in TerraUSD), as the reserves continue to shrink by the same amount, about $2M per day. 









💜Community Love💜

Thanking all the amazing Defiers for the support and love this week (and always)!

🧑‍💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Sanuel 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.

The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content.Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr.



, ,