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News
Airdrop
Arbitrum To Airdrop Long-Awaited ARB Token On March 23
Layer 2 Network To Decentralize And Add Support For Layer 3 Blockchains
By Aleksandar Gilbert
Arbitrum’s founding group will relinquish management of the Layer 2 blockchain subsequent week with an airdrop that may distribute billions of newly minted governance tokens amongst customers, a decentralized autonomous group (DAO), buyers, and the group that constructed the protocol.
The launch of Arbitrum’s ARB token on March 23 is likely one of the most anticipated in current reminiscence.
Of the full provide of 10B ARB tokens, 56% will go to a DAO-controlled basis. The Arbitrum DAO itself will likely be run collectively by token holders. Current and future workers of Offchain Labs, Arbitrum’s dad or mum firm, will obtain 1 / 4 of the tokens. Investors will obtain 19%.
Users who meet sure standards will likely be airdropped 11.5% of the availability, and DAOs – virtually all of them inside the Arbitrum ecosystem — will obtain the remaining 1.1%.
Check your eligibility right here.
Read the complete story in The Defiant
DeFi Derivatives
Synthetix Perpetual Volumes Hit Record $200M As Optimism Incentives Near
More Than 3.5M OP Tokens Will Be Distributed To Traders Over 20 Weeks
By Tarang Khaitan
Synthetix, a derivatives protocol with over $600M in whole worth locked, plans to distribute over $8M of Optimism’s governance tokens to lively customers of its perpetual swaps platform.
Daily buying and selling quantity on the protocol’s V2 iteration hit a file of just about $200M on Mar. 13. Synthetix’s SNX governance token has doubled in worth this yr, outpacing a 40% rally in Ether.
Traders will likely be rewarded based mostly on varied standards akin to charges paid, quantity generated, and the quantity of SNX staked.
The program is scheduled to go reside within the first week of April and run for 20 weeks.
Read the complete story in The Defiant
DEX
Uniswap v3 Launches On BNB Chain After Months of Infighting
By Samuel Haig
Uniswap, the main decentralized alternate, went reside on BNB Chain following months of infighting on Wednesday.
Uniswap Labs introduced the launch of its v3 protocol on BNB Chain, saying the blockchain “typically offers faster and cheaper transactions than Ethereum,” making the alternate accessible to a broader consumer base.
Uniswap’s v3 iteration pioneered “concentrated liquidity”, a function considerably enhancing the effectivity of capital utilization for DEXes, in May 2021 when it launched on Ethereum. The Uniswap v3 code was launched underneath a Business Source License, defending its code towards unauthorized commercialization for 2 years.
Read the complete story in The Defiant
Stablecoins
TrueUSD Moves $1B in Reserves To The Bahamas After U.S. Banking Failures
The transfer is one other signal crypto corporations are being successfully pushed out of the U.S.
By Samuel Haig
The firm behind TrueUSD, the fifth-largest stablecoin, moved $1B of the corporate’s reserve belongings to a Bahamas-based monetary establishment citing the tumultuous state of the U.S. banking sector on Wednesday.
Archblock, the agency that oversees TrueUSD’s $2B in reserve belongings, moved the funds to Capital Union Bank. The Bahamas-based financial institution now holds $1.4B of the stablecoin’s reserves, in accordance with an attestation from TrustExplorer.
The transfer is yet one more signal crypto corporations are being successfully pushed out of the U.S., as a current string of regulatory actions and the financial institution failures of the previous week, has made the biggest financial system inhospitable for the trade in contrast with friendlier jurisdictions.
Read the complete story in The Defiant
DeFi
Money Legos
Euler Hack Shines Light on Promise – and Peril – of DeFi Composability
$200M Exploit Leaves Over A Dozen Protocols Reeling
By Aleksandar Gilbert
Euler Labs is providing a $1M bounty for info that results in the arrest of a hacker who stole greater than $200M from the Euler protocol on Monday.
The Euler protocol had greater than $500B in TVL previous to the exploit and was a poster baby for DeFi’s composability, the power to combine and match unbiased protocols to create top-to-bottom monetary merchandise.
But Monday’s hack has put a highlight on the opposite facet of composability: the compounding threat that comes with integrating myriad monetary software program merchandise. At least 14 protocols and their customers have been affected by the hack.
Read the complete story in The Defiant
Web3 ID
Worldcoin’s Digital Identity Protocol Goes Live Alongside GPT-4
As Altman-backed OpenAI progresses, so does the tech titan’s identification enterprise
By Owen Fernau
This week Sam Altman’s OpenAI launched a brand new iteration of its viral product which replaces human capabilities with robots, whereas Worldcoin, one other enterprise co-founded by Altman, launched a challenge that goals to verify robots can’t impersonate people.
Worldcoin, a challenge which goals to construct digital identification by way of biometrics saved on-chain, on Tuesday launched World ID, a protocol that goals to supply instruments for builders to show that there’s a actual particular person behind a digital motion. OpenAI, which developed the AI-powered chatbot ChatGPT, launched a serious improve, GPT-4, on the identical day.
World ID runs on Ethereum and stands to doubtlessly give builders working in crypto a brand new technique to set up whether or not there’s a actual particular person behind a transaction. The absence of a longtime identification has held again many facets of crypto like voting on a per particular person foundation, establishing credit score scores, and stopping gaming of reward schemes like airdrops.
Read the complete story in The Defiant
