FFATH ๐ DeFi vs CeFi (How to stay safe)โฟ BTC in Mexico & ๐โโ๏ธ Usain Bolt
We are very Far From All Time High
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Headlines
๐ฑ Morgan Stanley advises investors to buy El Salvadorโs Eurobond
โ๏ธ Bitcoin legal tender in Mexico soon?
๐ Tesla sold 75% of Bitcoin holdings in Q2 but Elon keeps his Dodgecoin
๐โโ๏ธ Usain Bolt choose Step App
๐ฆ Brave signing new partners
โ๏ธ Gemini receives virtual asset service provider license in Ireland
๐ Meta (Ex Facebook) partners with digital fashion startup
๐ฎ Minecraft said NO to crypto but Epic Games said YES
๐ Chinaโs metaverse strategy vs Dubai's metaverse strategy
๐ Christiesโs launches venture fund specialized in web3
๐ FTX stuffโฆ
๐ Reid Hoffman (LinkedIn Founder) trying Solana and NFTs
๐ฅ Gamestar and Avalanche
Featured Story
๐ป Centralized Finance vs Decentralized Finance, who is the real winner during this Bear Market?
Do you invest, or do you trade? If youโre using a centralized exchange (CEX) the answer is neither. Take a look at the domino of crypto banks toppling over in the past month.
Three Arrows Capital's (3AC) recent instability unearthed a series of risky shadow trades that crypto banks were making to one another behind closed doors with their depositorโs money, with your money. Of course, this type of risky, off-exchange trading happens all across the financial world, not just crypto banks, and thatโs kind of the point.
When you buy an asset from a CEX, much like you would a traditional stock, the CEX youโre buying from never buys your asset. Instead, they issue an IOU until you actively withdraw your token into a decentralized wallet. Forget about buy pressure, their goal is to take your money, use it for secret risky bets, buy that token in bulk at a lower price when you leave, and pocket the difference. More troublesome, is that much of their day-to-day business trades are made in bilateral OTC trades. Forget about price discovery, buy or sell pressure.
Once you give your money to a CEX itโs no longer yours. Celsius halted withdrawals just a day after its CEO rebuked speculative accusations that Celsius was nearing insolvency. In May, as millions of Terra investors began to panic Do Kwon famously tweeted out, โDeploying more capital - steady ladsโ
Terraโs centralized entity Luna Foundation Guard began offloading $1.5B in Bitcoin to defend the peg of its algorithmic stablecoin. The Centralized Exchanges you put your money in donโt care about you, and frankly, they have no interest in being transparent.
When shit hits the fan, DeFi protocols do their job without picking favorites, involving courts, lobbying or closed-door swindling. During the 3AC fallout, major DeFi protocols like Aave, Compound and Maker executed liquidations and expelled bad debt all on their own. In June, 9-figure liquidations took place across Compound ($9.9M), Aave ($2.6M) and Maker ($49M) without a hitch.
So if you want to own your assets, and not get screwed, buy through your wallet, swap, or just withdraw immediately from the CEX youโre on. Trust in the protocols, not the people.
๐ป Read more about the domino of crypto banks toppling over in the past month.
Insider News
๐ฆง Are 3AC degen masters? (Yacht stories)
๐ Is Gains the new GMX?
๐ฅ Mr. Goxx died
๐ฃ 1st crosschain swap AMM built on Stargate
๐ zkSync 2.0 will be live on โฆ
๐ Lido to launch liquid staking on Ethereum Layer 2
๐ Polygon #zkEVM
๐ Scroll opened for external testers
๐ After AAVE, Curve will launch his stablecoin
๐ NFTb and Klaytn to launch a metaverse and GameFi incubation program
๐ฆง ApeCoin staking
๐ Change the metric!
๐ Yuga Labs under attacks
๐ Announcing OpenSeaโs Solana Launchpad
๐บ 5 gaming companies coming to Avalanche
๐ Huobi working with Pyth Network
๐ Interoperability DAO
โ ๏ธ CoinFLEX Restarts Withdrawals With 10% Limit
Reads
๐ New Arthur Hayes : Excalibur
๐ StarkNet Roundup 26
๐ This week in music NFTs
๐Overview of 1st generation AMMs
Data
๐ Bitcoin adoption in El Salvador
๐ The Current Landscape of Soulbound Tokens
๐ Arbitrum and Avalancheโs datas on Dune
๐ State of staking Q2 2022
๐ State of Tezos Q2 2022
๐ State of Friktion Q2 2022
๐ SOL jumps!
๐ Sudoswap AMM
Builder
๐ ๏ธ Saber Labs
๐ ๏ธ Developer Guide to the Solana Web3 Stack
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