In maybe crucial SEC transfer since former Jay Clayton informally declared Ethereum decentralized, Gary Gensler and the SEC have gone after Kraken for its retail staking providing. ETH tanked, decentralized staking supplier Rocket Pool (RPL) mooned. The crypto trade is united in admonishing the regulation-by-enforcement type, however this can be a main line drawn by U.S. regulators. It’s turn into clear over the previous couple of months that any CEX “earn” applications will fall underneath the SEC’s regime going ahead, however there was some hope that custodial staking, whose yield comes from the protocol, could be classified as a technology service.
That dream seems to have died. Once once more that is excellent news for DeFi. As damning as this appears to Coinbase and Kraken, it’s laborious to think about an identical case in opposition to Yearn, Compound or Maker. Like the Celsius & FTX debacle, it will push the present crypto trade increasingly into DeFi. Existing CEX customers are simpler to transform than mass retail.
The juiciest story this week was the drama in Uniswap governance over deploying to BNB Chain and what bridge to make use of – Wormhole or Layer Zero. A16z triggered some controversy by making an attempt to forestall the deployment and by pushing Layer Zero in group governance. Ultimately, the BNB delployment proposal handed – with a number of of a16z delegated University blockchain golf equipment voting FOR (and in opposition to a16z). Uniswap governance is making an attempt to entrance run the expiration of the v3 enterprise license on April 1 and forestall copycats from taking marketshare on different chains.
Anyway, the chart above is from Messari’s This autumn report on BNB chain. We generally get a little bit too Ethereum-focused round right here, and it’s necessary to recollect there are different ecosystems with plenty of customers. Uniswap v3 has carried out effectively in every single place it has deployed, however will probably be fascinating to see the way it performs out in Binance’s again yard.
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Maker strikes nearer to launching particular fund and one other direct deposit Link
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WSJ: The uncommon crew behind Tehter, crypto’s pre-eminent stablecoin Link
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Hegic income surprises to the upside Link
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Compound v3 launches WETH lending market Link
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ENS DAO executes 10k ETH order by means of Cow Protocol Link
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Lido proclaims v2 and “Next step in decentralization” Link
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MakerDAO integrates Chainlink Link
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Aave’s new stablecoin GHO launches on Goerli testnet Link
That’s it! Feedback appreciated. Just hit reply. Written in Nashville, the place it’s February, so there’s not a lot to say about something. Oh the Super Bowl, proper!
Dose of DeFi is written by Chris Powers, with assist from Denis Suslov and Financial Content Lab. Caney Fork, which owns Dose of DeFi, is a contributor to DXdao and advantages financially from it and its merchandise’ success. All content material is for informational functions and isn’t supposed as funding recommendation.
