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🦄 Recap: DeFi Week of Oct. 9

Hello Defiers! Happy weekend!

It was a rough and tumble week in DeFi. Drama was busting out all over the place. First, there was a spate of exploits across the space. Tarang Khaitan covered the scramble by projects to negotiate with hackers and settle bounties. His piece on Mango Markets took us inside the action. 

Meantime, Sam Haig continued his peerless coverage of the operatic tumult inside SushiSwap, the storied DEX that thought it had finally laid its troubles to rest with the election of new head chef Jared Grey. If only! No sooner did Grey settle in than Crypto Twitter exploded with wild allegations from a former colleague. Somewhere along the way intimate relations with a, uh, horse, came into the picture. Sam covered the initial news and then Grey’s detailed rebuttal to the charges. Cami Russo also reported on the episode on The Defiant YouTube channel with a Quick Take.

Back in the real world, Aleksandar Gilbert reported from Devcon Bogota on blockchain startup nxyz’s $40M funding round. Aleks also delivered an excellent analysis of the state of play in Lido’s staking operations. The upshot: Lido is flooding Layer 2s with staked ETH thanks to incentive programs.

Speaking of incentives, be sure to check out Owen Fernau’s report on Curve DAO’s approval of permissionless rewards. It was one of the hottest stories on The Defiant this week. Owen also reported on the news that the SEC is probing Yuga Labs

Rounding out the week, Cami Russo spoke with Alex Zhang of Friends with Benefits, an influential DAO for creatives, in this week’s podcast. Alex shared his insights on the blooming of projects in web3.

Enjoy!


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Podcast

🎙️Friends with Benefits’ Alex Zhang on Building Web3 Communities That Endure

This week’s Defiant Podcast is from a conversation I had with Alex Zhang at the Unfinished Live conference. Alex is the mayor of Friend with Benefits, or FWB, a prominent DAO of creatives.

Friends with Benefits started as an experiment when its founder minted and airdropped the FWB token to an early community.  FWB holders gained access to private chat groups on Discord.  From there, it developed into a community of thousands of members, live events and even proprietary software.  Alex explains the evolution and growth of Friends with Benefits. 

A common criticism of Web3 is that it over-financializes communities and social media. To join Friends with Benefits, a user must hold 75 FWB in their Ethereum wallet.   At its peak, membership would have set you back $14,000. At current prices, it costs roughly $600, which can still be considered a prohibitive price for most people. Alex shares his thoughts on this exclusionary feature of Web3. 

In the past two years, we’ve seen a boom in Web3 communities sprouting from DeFi, DAOs, and NFTs.   As we’re still in an experimental phase in this regard, meaning there are no strict rules and practices, we discuss how Alex finds running a DAO in this environment, given the less hierarchical and structureless nature found in Web3 communities. 


Defiant Video

📺 Core US Inflation Rises to 40-Year High, What Does it Mean For Crypto?

📺 Quick Take: 4 DeFi Projects Get Hacked in 1 Day

📺 Quick Take: Shocking SushiSwap CEO Horse & Fraud Allegations

📺 Quick Take: CZ says crypto is about “security” but BSC gets hacked anyway


DEX Drama Part 1

😳 SushiSwap’s Grey Hit By Wild Allegations of Impropriety

DEX’s New Head Chef Rejects ‘Untrue’ Accusations of Ripoffs and Bestiality

In which Samuel Haig reports on the bizarre new imbroglio at SushiSwap…

Less than a week after SushiSwap sought to end a period of turmoil with the election of Jared Grey as head chef, the decentralized exchange was engulfed in controversy yet again as a series of extraordinary allegations were leveled at its new hire.

👉READ THE FULL STORY IN THE DEFIANT.IO👈


DEX Drama Part 2

🍣 SushiSwap’s Grey Rebuts Accusations Made ‘Without Any Substantial Evidence’

Jared Grey Lays Out Detailed Defense of His Record as He Takes Up Post at DEX

Samuel Haig reports on Grey’s response to online salvo…

Jared Grey has said his piece. And yes, he addressed the horse. In a detailed response published on Thursday, SushiSwap’s new head chef rejected the extraordinary allegations leveled against him this week and defended his record and reputation. 

👉READ THE FULL STORY IN THE DEFIANT.IO👈


Devcon Dispatch

🤺 ‘We’ve Got To Fight Until The Entirety of Ethereum Gets Burned Down’

Crypto Influencer Eric Wall Talks Censorship Resistance At Devcon

By Aleksandar Gilbert

When investor and social media star Eric Wall took the main stage at Ethereum’s marquee conference in Bogota, Colombia Thursday afternoon, he came with a warning.

👉READ THE FULL STORY IN THE DEFIANT.IO👈


Exploit Episodes

🦹🏻‍♂️ Attacker Behind $116M Mango Markets Exploit Eyes $65M Bounty

In What May Be A New Record For DeFi, Mango Markets, Temple DAO and RabbySwap All Exploited On Oct. 11

In which Tarang Khaitan delves into the spate of hacks in DeFi this week…

Mango Markets, a margin trading and lending platform on the Solana blockchain, was exploited to the tune of $116M on Oct. 11,  the venture said on Twitter.  The attacker managed to inflate the price of the platform’s native MNGO token and drain all the liquidity from the protocol, according to Joshua Lim, Head of Derivatives at Genesis Global Trading. 

👉READ THE FULL STORY IN THE DEFIANT.IO👈


Deep Dive

🌊 Lido Floods Layer 2s with Staked ETH After Launching Incentives Program

Lido Scrambles to Counter Coinbase and Rocket Pool as Staked ETH Market Heats Up

Aleksandar Gilbert plunges into the staking pool to report on the latest with Lido…

Lido is flooding Arbitrum and Optimism, Ethereum’s most popular scaling protocols, with its staked ETH tokens. And it’s set aside half a million dollars in incentives to do so. Less than a week after Lido announced its integration with Arbitrum and Optimism, the Layer 2 blockchains have received a combined $9M in wstETH.

👉READ THE FULL STORY IN THE DEFIANT.IO👈


Opinion

🧐 Why MEV Matters and Other Post-Merge Revelations

PoS Ethereum Will Create Hidden Value But Block Construction is Vital

Guest writer Matt Cutler walks us through the many changes in Ethereum’s blockchain since the shift to Proof of Stake…

The Merge was undoubtedly the most significant Web3 network upgrade to date, with implications that go beyond switching consensus mechanisms and reducing energy consumption. In fact, this upgrade was the first step towards a future in which your Ethereum wallet pays you to use it.

👉READ THE FULL STORY IN THE DEFIANT.IO👈


DeFi Explainers

🤔 What Is a DAO?

A Step-by-Step Guide to the Cooperative Entities at the Heart of DeFi

Rahul Nambiampurath lays out the mechanics of these fascinating models.

Since the dawn of commerce, business leaders have been coping with the problem of governance. Who has the right to run a company, and under what conditions? How much influence should shareholders have over a company’s strategic direction? Or for that matter, customers? And what role should boards of directors have in making sure companies operate in ethical and productive ways? 

👉READ THE FULL STORY IN THE DEFIANT.IO👈


Friday

News
Devcon Dispatches
NFT Roundup
👀 Defiant Premium Story for Paid Subscribers (📜Scroll to the end!)
DeFi Explainers
  • What Is TVL? Total value locked (TVL) is one of the key indicators to help us understand the value of a smart contract protocol. Smart contracts recreate traditional finance by codifying contractual logic and automating it.

Thursday

News
Special Report: Exploits
Opinion
DeFi Explainers
  • What Is Lido? Proof of stake blockchains like Ethereum or Solana rely on economic staking instead of computational Proof of Work to execute transactions and secure the network. The problem is, staking makes funds illiquid when they are locked-in for this purpose.

Wednesday

News
DeFi Explainers
  • What Is a DAO? Since the dawn of commerce, business leaders have been coping with the problem of governance. Who has the right to run a company, and under what conditions? How much influence should shareholders have over a company’s strategic direction? Or for that matter, customers? And what role should boards of directors have in making sure companies operate in ethical and productive ways? 

Tuesday

News
  • SushiSwap’s Grey Hit By Wild Allegations of Impropriety Less than a week after SushiSwap sought to end a period of turmoil with the election of Jared Grey as head chef, the decentralized exchange was engulfed in controversy yet again as a series of extraordinary allegations were leveled at its new hire.
News Analysis
  • Mad about the Celsius Customer Dox? Pray Your CeFi App Doesn’t Go Bankrupt At least they didn’t include home addresses. Bankrupt crypto lender Celsius disclosed the names and transaction histories of its customers in a court filing Wednesday, infuriating the privacy-obsessed crypto community, but drawing a shrug from experts who say that kind of disclosure is common in bankruptcy proceedings. 
Exploits
DeFi Explainers
  • What Is Aurora? More than half the traffic in the decentralized finance (DeFi) ecosystem runs is on Ethereum. This includes lending dApps, exchanges, blockchain games, and NFT marketplaces. So, how does a competitive blockchain challenge such a powerful first-mover advantage?

💜Community Love💜

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


🧑‍💻 ✍️ 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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