🦙The DeFiLlama Drama

GM Readers!📪 It's BitDegree Insider, and here's what's up.

Last week was a whirlwind of financial chaos as bank panics and plummeting stock prices hit the US and the rest of the world. But amidst the tumultuous sea of uncertainty, something unexpected happened - Bitcoin emerged as a safe haven.

⭐️Today’s selection:

  • 👁Overview

  • 🦙DeFiLlama Drama

  • 💰Venture Mondays

  • 👌Selected Meme of The Day

  • 📰Bite-Sized News

A SHORT INTRO

The Fear and Greed Index is now in the "greed" zone and has reached a score of 66 for the first time in more than 16 months.

This week we take a look at how market will react to both: FED decision (Wednesday) and Arbitrum Airdrop (Thursday).

By the way, regarding minor but noticeable setbacks in prices. Why did Bitcoin fall today below $28,000 for a moment?

At least one reason behind it is that the market was being greedily eyed by a whale who took a long position with ultra-high leverage at $28,000.

This means that the whale made a bet that the price of Bitcoin would continue to rise and borrowed money to amplify their potential profits.

However, the whale was targeted by other whales who started selling off their large amounts of cryptocurrency in order to force the whale to liquidate their position.

This caused the market to drop rapidly and triggered the liquidation of the whale's position at a lower price than they had anticipated. unlucky

DEFILLAMA NO MORE (HOW GREED DESTROYS)

The word "airdrop" is all over social media. “Money out of thin air” is what got people buzzing.

But it's not only early users that may profit from them. The team behind particular projects usually receive even bigger allocations of tokens.

And after the success of Arbitrum, or Optimism, other projects want to imitate their strategies.

But, unfortunately, sometimes greed-oriented people may ruin the whole thing for everyone else. Especially if they belong to a project that's about to drop an Airdrop.

That's what happened at the headquarterss of DeFiLlama (a pro DeFi analytics dashboard).

And as you can understand, it's not about hacking incident.

It's about a division of opinions from the inside. About deciding to launch a token despite the rest of the team thinking it's a bad idea. So, what happened?

The co-founder, 0xngmi, accused the other founders of launching the token without support and publicly stated that the token does not represent the company.

One contributor to the project explained that the platform has not been generating revenue, though the team was always against launching the token.

To avoid association with the token launch, some team members decided to fork DeFiLlama under a new name and create a new Twitter domain.

Several other leading developers have sided with 0xngmi and moved to the new platform.

The situation is still unfolding. Llama corp (the parent company) denies that there's a hostile takeover going on.

Data aggregator DeFiLlama has always been free. Such sites usually have paid subscriptions for advanced features to pay for the team/servers/domain.

So the release of the DeFiLlama token... Kinda makes sense.

The team will get funding for development, whereas now the founders are funding the project "out of their pocket".

On the other hand, releasing a useless token just to make money is not very ethical (although many people do), so, naturally, part of the team is against it.

But what's stopping them from coming up with some useful scenarios for using the token?

That's what happens when you start a company with someone who has different morals than yourself. We shall see what's the next chapter in the Llama odyssey!

TL;DR: DeFi data aggregator DeFiLlama is going through a civil war. Co-founders and main developers got into a conflict whether the company should release a token. An agreement was not reached, which looks like is about to end up in part of the team separating and establishing their own branch of the company, if not an entirely separate project.

VENTURE MONDAYS

Stablecoin issuer CNHC raised $10M in a Series A+ funding round led by KuCoin Ventures, with participation from Circle Ventures and IDG Capital. 

CNHC is a stablecoin that is pegged to offshore RMB (CNH) at a ratio of 1:1.

Offshore RMB is a type of Chinese currency that is traded outside of China's mainland and is used for international trade settlements, cross-border payments, and currency hedging.

NFT certification platform Wakweli raised $1.1M in a seed funding round led by Summit Group, with participation from Funfair Ventures.

Wakweli is a Web3 protocol designed to provide certificates of authenticity for tokenized assets, with the aim of ensuring trust in the ecosystem.

The protocol is based on a decentralized consensus algorithm called Proof of Democracy (PoD), where the community votes on different tokens and finds which are legit,

It adds a special tick next to an NFT, some services like marketplaces may implement it

The Wakweli tick mark displayed on the certified NFTs highlights the asset's authenticity, like “true NFT”, no scam here.

Potentially, the protocol is expected to find use cases in various verticals such as intellectual property, real estate, art, and commodities.

Code4rena (DAO that is creating incentives for independent auditors hunting for bugs) raised $6M in a token sale round from Paradigm.

Code4rena is a decentralized platform that organizes coding competitions for smart contracts.

These competitions, also known as "bounties," are designed to encourage developers to create and improve the functionality of smart contracts.

The platform works by allowing anyone to submit a smart contract to be reviewed by a community of skilled developers.

Once the contract is approved, a bounty is offered to incentivize other developers to find and report any vulnerabilities or bugs in the code. The developers who find and report these bugs are rewarded with cryptocurrency, while the contract owner gets a more secure and reliable smart contract.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

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