In maybe a very powerful 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 fashion, however it is a main line drawn by U.S. regulators. It’s turn out to be clear over the previous few months that any CEX “earn” packages will fall below the SEC’s regime going ahead, however there was some hope that custodial staking, whose yield comes from the protocol, may very well be labeled as a know-how service.
That dream seems to have died. As soon as once more that is excellent news for DeFi. As damning as this appears to Coinbase and Kraken, it’s onerous to think about an identical case in opposition to Yearn, Compound or Maker. Just like the Celsius & FTX debacle, this may push the prevailing crypto trade increasingly into DeFi. Current 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 prompted some controversy by making an attempt to stop the deployment and by pushing Layer Zero in neighborhood governance. Finally, the BNB delployment proposal handed – with a number of of a16z delegated College 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 stop copycats from taking marketshare on different chains.
Anyway, the chart above is from Messari’s This fall report on BNB chain. We typically get a bit of too Ethereum-focused round right here, and it’s necessary to recollect there are different ecosystems with a number of customers. Uniswap v3 has performed effectively in all places 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 Hyperlink
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WSJ: The weird crew behind Tehter, crypto’s pre-eminent stablecoin Hyperlink
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Hegic income surprises to the upside Hyperlink
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Compound v3 launches WETH lending market Hyperlink
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ENS DAO executes 10k ETH order by Cow Protocol Hyperlink
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Lido pronounces v2 and “Subsequent step in decentralization” Hyperlink
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MakerDAO integrates Chainlink Hyperlink
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Aave’s new stablecoin GHO launches on Goerli testnet Hyperlink
That’s it! Suggestions appreciated. Simply hit reply. Written in Nashville, the place it’s February, so there’s not a lot to say about something. Oh the Tremendous Bowl, proper!
Dose of DeFi is written by Chris Powers, with assist from Denis Suslov and Monetary Content material 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 meant as funding recommendation.
