GM. The Merge is now only two weeks away. There will be plenty of scammers trying to take advantage of this. Please remember…you don’t have to do anything, your ETH is safe!
Today We'll Be Talking About:
- Dogechain - Is it legit?
- Hiring - I'm hiring an intern 👀
- News - Ava Labs allegations, Tether won't ban Tornado accounts, Meta supporting NFTs.
Let's dive in!
📉 THE MARKETS
- Total Crypto Market Cap: $1.01T (-1.96%, 7 days)
- BTC Price: $19,912.70 (-7.0%, 7 days)
- ETH Price: $1,544.70 (-6.8%, 7 days)
- TVL in DeFi: $59.37B (-4.72, 7 days)
- Fear & Greed: 20 (Extreme Fear)
"Given a 10% chance of a 100 times payoff, you should take that bet every time." — Jeff Bezo
The Rise of the Dogechain
I still remember my cousin ringing me up at 2am last year.
“Bro, you gotta get in on DOGECOIN. Elon’s pumping it like crazy!”
I didn’t invest, however, because I was not – and am not – into meme coins. It’s still surreal to think how much Dogecoin and Shiba Inu were able to pump and how insane retail went for Dogecoin.
(My cousin did 13x his memecoin bags. Unfortunately, he refused to take profits. That’s an expensive lesson which he has since learned.)
Well, Dogechain just launched last week. You can see in the chart above that it already has $24m+ in total value locked in.
The rough thesis is, “Dogecoin has a devout following, especially among retail investors. When the bull market starts again, could a Layer 2 solution for Dogecoin pump?”
This is in a similar vein to how ETH Layer 2s will likely benefit from the Merge.
What is Dogechain?
Dogechain is trying to introduce DeFi functionalities to Dogecoin, while using Dogecoin as its native gas token. It markets itself as a Layer 2, but it’s really more of a sidechain.
(Like the original Polygon MATIC)
- The Dogecoin community doesn’t support it. It’s not an official chain.
- The Dogecoin Co-Founder rejected a $14m offer to promote Dogechain.
- The developer wallet has been caught dumping tokens.
I’d stay away from this project. Far too many red flags to be a safe investment. It might have had some potential if it was officially connected to or endorsed by Dogecoin – but it isn’t.
TOGETHER WITH PEMBROCK FINANCE
The First Leverage Yield Farming Project on Near
I’ve always preached the power of Near Protocol. With the power of sharding already implemented, it feels as if ETH 2.0 is already here.
PembRock Finance is the first leverage yield protocol on Near Protocol.
- Under-collateralized loans - Most loans require over-collateralization. With PembRock, you can obtain loans that are of greater value than the initial funds provided. Leverage your holdings by up to 3x.
- PembRock secured a $75,000 grant from the Near Foundation. With additional backing by MetaWeb, Alameda Research, and more.
- You can borrow funds and farm with leverage, lend your tokens, or stake PEM to earn a % of the protocol profits.
Current Farms Available:
- $PEM - $USN
- $REF - $wNEAR
- $USDT - $wNEAR
- $ETH - $wNEAR
- $wNEAR - $wBTC
PembRock is leading the way for DeFi on Near Protocol!
Track Developer Activity with GokuStats by Artemis
One great way to easily compare chains is by considering developer activity.
Here’s the theory:
Developers coding -> Badass apps -> Attracts users -> Inflow of $ -> Value to base layer increases.
But it can be kind of a pain to identify and hunt down developer activity on GitHub.
Thus, it’s great news that I found a tool that simplifies this task by visualizing developer activity data: GokuStats.
Hat tip to @sgallardo_9 on Twitter for finding this tool!
I’m Looking for a Kohai
The DeFi Edge is slowly growing from a threadooooor into one of the top DeFi media brands!
I'd love to have someone help me out and shadow me as I take this brand to the next level.
In exchange, you'll get paid and I'll teach you everything I know about DeFi and Business.
Sound good? Keep reading.
📰 The Fast Five
SEC: XLM, ZEC and ZEN may be securities. Crypto asset management firm Grayscale has revealed that the SEC has been asking questions about Stellar (XLM), Zcash (ZEC), and Horizen (ZEN). These questions were in relation to Grayscale’s “securities law analysis.” Combined, the three tokens only account for $40M of Grayscale’s $18 billion+ in assets under management.
Crypto Leaks Ava Labs Allegations. Crypto Leaks, an anonymous publication, claims that Ava Labs, the entity tied to the Avalanche (AVAX) blockchain, has engaged the law firm Roche Freedman to sue competitors. Videos and leaked documents have prompted the crypto community to pressure Ava Labs into responding. Emin Gün Sirer, the founder of Ava Labs, dismissed and responded to these allegations.
The entire thing feels like b.s.
Tether Won’t Ban Tornado Cash Addresses. The issuer of the world’s largest stablecoin has publicly stated that it won’t ban any Tornado Cash-related addresses, despite sanctions. Citing potential disruptions, Tether says they would only do so if asked by government officials.
Facebook Joins Instagram in Supporting NFTs. Instagram-oriented NFT integration which began in May is now finally available on both Meta-owned platforms and across more than 100 countries. Users can now link their crypto wallets directly to Facebook and Instagram to post and show off their digital assets.
Coinbase Adds Nano ETH Futures. Coinbase expands its derivatives product offerings with the launch of nano ETH futures. This move will allow traders with smaller capital to speculate on the future price of ETH as the Ethereum merge approaches.
💻 DeFi Bits:
Synthetix Proposes Capping Token Supply. Synthetic’s Founder Kain Warwick has proposed the capping of the SNX token supply as the protocol increasingly gains revenue from newer products. The proposed cap would be set at 300 million. Kain cited that the initial inflationary token supply model was implemented to bootstrap the Synthetix ecosystem.
Compound on Ethereum Freezes for 7 Days. Compound, one of the largest lending-borrowing DeFi platforms, executed a chainlink price feeds update that contained faulty code. While the error luckily didn’t result in any lost funds, the Compound DAO will require additional governance proposals to rectify the situation, likely taking around seven days.
Sui Announces Full Node and Validator Selection. Sui, a new Layer 1 blockchain platform, has decided to register 500 Full Node Operators from a pool of 28,000 applicants. This is part of the first wave of Sui’s efforts to select validators and node operators in an attempt to decentralize the network. The selected entities will help Sui in maintaining a full node through the testnet.
Coinbase Announces cbETH Wrapped Ethereum Staking Token. Coinbase, the largest staked ETH validator after Lido, has launched its own liquid staking derivatives for staked ETH. Called cbETH, they represent ETH stakers' ownership of their staked ETH and the yield they will receive. The price of cbETH is not 1:1 to the price of ETH, but will be dependent upon secondary market liquidity.
Trader Joe Introduces Version 2. The Avalanche blockchain's largest DEX has launched its v2. Joe v2 introduces concentrated liquidity to improve capital efficiency, similar to Uniswap’s v3 model. Liquidity providers on Trader Joe can now capture more fees with less liquidity. A liquidity book designed to minimize the slippage experienced by traders was also announced.