11 Figures DeFi Drama - The WAGMI Journal #11
A reminder of how early we all are in DeFi.
In today’s issue:
The crypto market is slightly up with the global crypto market cap inching close to $2.8 trillion. NFT-related tokens (SAND, MANA) are still leading the market after Facebook’s recent move to double down on the Metaverse. Additionally, Justin Sun pulls billions from AAVE amidst vulnerability discussion, Amazon Web Services (AWS) dives deeper into crypto, and South African pensions funds are to be banned from crypto investment.
We’re finalizing our internal workflow and content.
Starting today, our daily issue will be sent out before 9 am EST.
Based on our readers’ suggestions, we are working to add:
a section tracking top projects (primarily DeFi) governance proposals/activities
a section showing open interest and other trading-related metrics 24-h changes
a section showing newly released projects
Please reach out if you have any other ideas or would like us to recap a segment of the market on a daily basis.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Justin Sun Withdraws Billion From AAVE
After the recent CREAM Finance exploits, developers of AAVE and Yearn had a public subtweet/discussion/ramble regarding defi protocols vulnerability, with Andre Cronje’s now-deleted tweets as reported by Decrypt.
Although the rumor regarding AAVE’s vulnerability has not been fully confirmed, users of the AAVE protocol, specifically Gauntlet Network, submitted a governance proposal to disable the borrow function for $xSUSHI and $DPI on V2 of the Aave Protocol as a precautionary measure.
Seemingly, this cause Justin Sun to (perhaps) de-risks some of his positions in AAVE.
⎆AWS Dives Deeper Into Crypto
In a recent job posting, AWS is seeking a specialist “to foster digital asset underwriting, transaction processing, and custody in the cloud”. We have previously seen other Amazon job postings related to digital assets, especially given the tech giant's recent preparation to launch a ‘digital currency’ in Mexico. Just like how Facebook is playing into its strength with the Metaverse, Amazon is doing the same within the payment and cloud computing realm. It will be interesting to see what Google and Apple might do in the near future.
⎆South African Pension Funds to Be Banned From Crypto Investment
A South African government proposal that aims to ban South African pension funds from investing in digital assets (directly or indirectly) was published on Friday. If this legislation passes, it will replace a previous rule that approves investment of as much as 2.5% of the pension funds portfolio. This move is primarily a response to the rise in retail investors getting scammed by fraudulent crypto-related firms. Sad to say, I think this piece of legislation underestimates South Africa’s own pension funds managers’ risk management and decision-making capability.
👨🏻💻Decentralized Finance (DeFi)
Anubis DAO Descends Into the Underworld After $60M Exploit
Aave Set to Disable Borrowing on xSushi and DPI Citing Potential Exploit
First Uniswap ETP Goes Live as Institutional DeFi Products Proliferate
Justin Sun Withdraws Billions of Dollars Worth of Crypto From Aave's Lending Pools
🦮NFT & Metaverse
London's NFT Art Scene Thrives Even As Prestigious Frieze Fair Sits Out
Aavegotchi Gains 50% as ‘Gotchiverse’ Auctions Set a Path to The Metaverse
Ant Group, Tencent, JD.com Sign NFT ‘Self-Regulation’ Convention
WWE Partners With Blockchain Creative Labs to Announce NFT Marketplace Due to Launch Soon
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
⚖️Regulatory Update
BIS Report Questions Whether Stablecoins, CBDCs Can Create Risks in Developing Countries
South African Pension Funds to Be Banned From Crypto Investment, Draft Rules Indicate
Texas GOP Representatives Plan To Make State A Cryptocurrency Hub
Global Watchdog Seeks Clamp-Down On Stablecoins, Peer-To-Peer Transactions, And DeFi
📚Noteworthy Reads
A Thread on How Yield Farming is a Misnomer
AnubisDAO Rug Pull Timeline Blog
Greg Isenberg’s Thread on NFT
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.