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🦄 Recap: DeFi Week of Nov. 20

Stability. That’s the watchword for this febrile moment in DeFi. It’s been two weeks since CeFi bellwether FTX went poof! and lo and behold the world of decentralized finance is still here, still working, still developing, still building. 

Just check out Owen Fernau’s dive into the performance of stablecoins since Sam Bankman-Fried’s exchange empire started unraveling. Owen found TVL for the top five stablecoins fell 18%, no surprise, but their yields have settled down. Or read Sam Haig’s story on Layer 2 gas usage — it soared 170% in 2022, a strong sign that Ethereum scaling continues unabated.

Still, contagion and carnage are everywhere to be found in the wake of the FTX disaster. Aleks Gilbert wrote a cracker on the ‘Def Con Scenario’ at Genesis and its parent, Barry Silbert’s DCG.The implications of Genesis’ potential bankruptcy on Grayscale, the family of crypto trusts that comprise the crown jewel in DCG’s empire, are severe. 

Then there was the news, reported by Sam Haig, that MakerDAO is liquidating overleveraged vaults. It’s not a big amount — $1.3M — but it is evidence that bad debt is making headlines in DeFi. And Sam also reported on ConsenSys taking heat for collecting MetaMask wallet and IP addresses. Oof.

And The Defiant gives a big shout out to Tegan Kline for her debut podcast! Tegan spoke with Bogdan Alexandrescu, co-founder and VP of engineering at SAGA. Bogdan told Tegan about his departure from Apple after six years to work full-time in crypto and shared his perspective on the metaverse SAGA’s innovator program. 

In our Defiant Video series, don’t miss our takes on the Genesis saga, and the insane story of Alexy Pertsev, the Tornado Cash dev who is being detained in the Netherlands. 

Great stuff. Enjoy!


🎙 Saga’s Bogdan Alexandrescu on Making Web3 More Accessible to Builders

This week on The Defiant Podcast, Tegan Kline speaks with Bogdan Alexandrescu, co-founder and VP of Engineering at SAGA.

SAGA is focused on lowering the barrier of entry for building in Web3 so that developers can spin up a blockchain in a single click, and the company places emphasis on the metaverse. 

In this conversation, we dive deep into Bogdan’s departure from Apple after six years to work full-time in crypto, any advice that he has for anyone looking to make a similar switch, what the metaverse is, more about SAGA, and the current innovator program they’re running.

Defiant Video

📺 FTX Contagion: Are DCG and Genesis next?

📺 Tornado Cash Developer’s First Public Hearing

📺 🦃 Thankful for Crypto 🙏

📺 FTX Hacker is on the move

Podcast Video

📺 🎙 Making Web 3 More Accessible

Weekend Read

👀The ‘DEF CON Scenario’: Investors Eye Digital Currency Group After FTX’s Implosion

Genesis Reportedly Considering Bankruptcy As Funding Proves Elusive

Aleksandar Gilbert dives into the precarious 

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As FTX collapsed — and the tide came in — builders, investors, aficionados and just about anyone with a passing interest in cryptocurrencies wondered: who else had been swimming naked. All eyes are now on Digital Currency Group (DCG).

Read the full story on The Defiant

Stablecoin Dive

🚣 Stablecoins Show Signs of Stabilizing After FTX Storm

TVL for Top Five Stablecoins Falls 18% Since FTX Meltdown

Owen Fernau crunches the numbers to provide state of play on these vital assets.

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As FTX collapsed — and the tide came in — builders, investors, aficionados and just about anyone with a passing interest in cryptocurrencies wondered: who else had been swimming naked. All eyes are now on Digital Currency Group (DCG).

Read the full story on The Defiant

DeFi Strategy

🏂 Avalanche Surges to New High in Boost for ‘Subnet’ Strategy

DFK Chain Subnet Drives 51% Jump in Transactions Processed in September

In which Samuel Haig reports on the mojo at Avalanche…

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Avalanche is on a roll. Even as crypto wrestles with existential questions in the wake of the FTX disaster, transaction volumes on Avalanche, a Layer 1 network, surged to new highs in the third quarter amid the growth of its DFK Chain subnet.

Read the full story on The Defiant

Trading Dive

💰 Major CRV Trade on Aave Leaves Money Market With $1.6M in Bad Debt

Trader Had Warned Aave of ‘Trading Strategy’ Last Month

Owen Fernau explores some strange moves in the markets…

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The Curve wars have become the Curve games. After warning of a trading strategy which could leave Aave with bad debt last month, trader Avraham Eisenberg has put his plan into action. The results have been mixed, but the trader’s actions ultimately left Aave, one of DeFi’s largest protocols with $4.1B in total value locked (TVL), with $1.6M in bad debt. 

Read the full story on The Defiant


🤔 How Zero Knowledge Proofs Can Restore Digital Trust

New Technology Can Deliver a User-Controlled Web and Propel the Expansion of DeFi

Guest writer Evan Shapiro makes his case for the utility of this technological breakthrough.

Cryptography and encryption have enabled a degree of trust on today’s internet that allows us to use our passwords without having to think about whether someone will be able to watch our connections and steal them. 

👉Read the full story on The Defiant👈




  • Stablecoins Show Signs of Stabilizing After FTX Storm Just as stablecoins were becoming, well, stable again after the $60B collapse of the Terra ecosystem in May, the FTX disaster struck and pegged tokens have been whipsawed ever since. The total value (TVL) of the top five stablecoins in DeFi has dropped 18%, to $2.64B since Nov. 6, according to DeFi Llama. 
  • Curve Releases Whitepaper for crvUSD Stablecoin Curve, the second largest decentralized exchange on Ethereum, has released a whitepaper detailing its forthcoming stablecoin, sending the price of its CRV governance token soaring.
  • Crypto Perpetual Open Interest Dives 43% in Wake of FTX Collapse As the shockwaves from the collapse of FTX continue to ripple through crypto, open interest in perpetual swaps has taken a massive hit. The now-defunct exchange accounted for nearly a quarter of the market prior to its downfall, according to data analytics firmMessari.
  • World Cup Fan Tokens Rise and Fall With Action on the Pitch When Saudi Arabia stunned Argentina in the World Cup 2-1 on Tuesday, the Middle Eastern nation’s fans rejoiced and sports pundits discussed every facet of the most shocking upset in the tournament’s history. Oh, and ARG also lost a third of its value in two hours.



💜Community Love💜

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

✍️ News stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, yyctrader, and contributors, and are edited by Edward Robinson, yyctrader and Camila Russo. The video team is led by Alp Gasimov. The podcast is led by Camila.

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