📉Solend Plans Ahead for Potential $160M Liquidation - TWJ #169
Muh decentralization.
In today’s issue:
The crypto market is down with its total market cap sitting at ~$800 billion. Synthetix (SNX) is the best performer in the top 100 in the past 24-h. Fed’s Mester said inflation won’t fall to 2% for 2 years.
In other news, Solend governance faces potential large liquidation, Bancor pauses impermanent loss protection, and Babel Finance announces steps to improve its liquidity situation.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Solend Governance Faces Potential Large Liquidation
Solend, a lending platform on Solana, is facing a potentially large liquidation scenario as one of its borrowers with $100M+ in borrowed capital will be liquidated if SOL price falls further. Since there isn’t enough liquidity in the DEXs, Solend suggests that they need to take over the borrower’s account and liquidate it via OTC.
⎆Bancor DEX Pauses Impermanent Loss Protection
Decentralized Exchange Bancor Network has paused its impermanent loss (ILs) protection feature amidst large sales of BNT tokens. The feature essentially subsidizes the ILs the liquidity providers experience when providing liquidity.
⎆Babel Finance Announces Steps to Improve Its Liquidity Situation
Babel Finance, a crypto-financial service firm paused its withdrawal last week amidst the market downturn. The firm cited “unusual liquidity pressures” as the cause and has since actively communicated with counterparties to repay its debt.
👨🏻💻Decentralized Finance (DeFi)
Abracadabra Addresses Insolvency Claims
Tranchess v2 is Live
Arbitrum Odyssey will Officially Start on Tuesday, June 21st, 2022 at 1 pm EST
SecretSwap v3 is Live
Bancor’s Impermanent Loss Protection is Temporarily Paused
SLND2 is Live
Do Kwon and Terraform Labs Slapped With Class-Action Suit
Solana DeFi Platform Votes to Control Whale Account
MakerDAO Cuts Off Its AAVE-DAI Direct Deposit Module
Wallet That Helped Trigger UST Implosion Linked by Analysis Firm to Terra Developer
🏛Governance - Active Proposals
Uniswap - Should the Uniswap community participate in the Protocol Guild Pilot?
🦮NFT & Metaverse
UAE Launches the World’s Most Expensive Modern Postage Stamp
NFT Platforms in China Grow 5X in Four Months
Christie’s Web3 Expert Leaves Auction House to Run CryptoPunks
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Crema Finance - $5.4M Unknown Round
EktaChain - $60M Unknown Round
zCloak Network - $5.8M Pre-series A
Terrible Pets - $4M Seed Round
Outland - $5M Seed Round
Foresight Ventures - $200M Foresight Secondary Fund I
Immutable X - $500M Developer Grants
Bitvo - Undisclosed $ of Acquisition by FTX
⚖️Regulatory Update
FBI Says LinkedIn Is Being Used for Crypto Scams
Michelle Bond (ADAM’s CEO) Announces Bid for US Congress
Panamanian President Partially Vetoes Crypto Regulation Legislation
📚Noteworthy Reads
WuBlockchain’s Read on Investigation: How $ 2 billion lending giant Babel Finance Was on the Verge of Collapse?
Kadeemclarke.eth’s Thread on Liquid Staking Explained
Pothu’s Thread on Key Takeaways from a16z’s State of Crypto Report
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.