Innovation & Launches
First Short Bitcoin ETF to List on NYSE (1 minute read)
ProShares is listing the first US exchange-traded fund (ETF) that allows investors to bet against the price of crypto. The ProShares Short Bitcoin Strategy (BITI) will start trading on the New York Stock Exchange today. ProShares was the first firm to list a bitcoin futures ETF in October. A short Bitcoin ETF by Horizons ETFs is already listed on the Toronto Stock Exchange.
ParaSwap Launches Peer-to-Peer NFT Trading App (1 minute read)
ParaSwap is releasing a peer-to-peer NFT trading app on Apple's App Store. The app allows sellers to create custom orders for NFTs that can be sent directly to buyers. Users can transact in their preferred tokens using ParaSwap's DEX engine. The app will have its own native wallet with Ramp as a fiat on-ramp. There will be no trading fees for the first three weeks.
Guides & Resources
Risk-adjusted yields in DeFi have effectively gone negative (2 minute read)
The risk-reward ratio for DeFi yield was positive during the bull market, but this has now changed. There have always been risks to investing in DeFi, but the high yields made the risks worth it. There are now lower yields and much higher risks. The best thing to do currently is to withdraw into a hardware wallet.
What's happening to $SOL and @solendprotocol, and why you should care (4 minute read)
A SOL whale deposited $170 million of SOL into Solend to borrow $108 million. The liquidation of the loan could put user funds at risk. Solend tried to reach out to the whale to negotiate, but the whale never responded. The Solend team then issued a proposal to take over the whale's account, which was met with vast public backlash. The vote was quickly invalidated. The whole situation highlights the network's centralization concerns.
I saw the Bancor announcement this morning and decided to do some digging (3 minute read)
Bancor recently announced that it will temporarily pause its Impermanent Loss Protection to protect the protocol and its users. It also upgraded its contracts to disable withdrawals before the announcement so nobody could react. While the protocol is trying to make it seem like a precaution, it may be in serious trouble. Its pools have likely incurred a lot of impermanent loss over the last few weeks due to market volatility.
Moonbeam Network (6 minute read)
Moonbeam Network is an Ethereum Virtual Machine compatible parachain on Polkadot. It is now ready for developers to build on. There are now decentralized exchanges, bridges, liquid staking, Chainlink price feeds, lending markets, and more on Moonbeam. This thread talks about the Moonbeam Network, its recent developments, and its plans for the future.
SBF and Alameda step in to prevent crypto collapse contagion (3 minute read)
Sam Bankman-Fried's Alameda Research is opening its credit facilities to help prevent liquidity issues across the crypto sector. Bankman-Fried's companies have helped numerous other companies in the past, providing them with broad lines of credit to cover their demands and to make customers whole. There are rumors that Alameda played a part in the recent instability of Celsius by selling 50,000 stETH earlier this month. Bankman-Fried has completely rejected the claims.