Welcome to the 62nd issue of The Defiprime Post, a quick weekly primer covering the biggest developments around Ethereum and DeFi. This week’s issue covers events between September 26th and October 3rd, 2021.
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🔥 The DeFi Bulletin
- A bug in a new upgrade for Compound Finance has left $80M worth of $COMP at risk of being misrewarded.
- One of the largest French banks, Société Générale, has recently applied for a $20M MakerDAO loan, using bond token collateral.
- Revolut, a fintech company with a value of $33B, is to reportedly launch its own Crypto Token, but the timing is subject to the decision of UK regulators.
- The owner of Guardian has recently invested in Unlock, which is an NFT protocol designed for subscriptions and memberships and is aimed at improving monetization for the creator economy.
- Nahmii has recently launched Nahmii 2.0, which includes Layer 2 commercial scaling for Ethereum, and also an $8M funding round led by DARMA Capital.
- MultiSafe, smart treasury management for crypto organizations, has recently rebranded to Coinshift. This occurred after a $2.5M funding round.
- Connext, an Ethereum-based network, has recently launched the NXTP Protocol to improve its own liquidity and expand itself, after a $12M funding round.
- Gelato has recently raised $11M in funding, as a race in the smart contract automation market is heating up.
- Roll has raised $10M in a Series A funding round on the 28th of September, with Roll aiming to provide infrastructure and APIs to allow you to create and integrate social tokens.
- XDEFI, a MetaMask challenger and multi-chain browser wallet, has recently raised $6M in a funding round.
- Avantgarde Finance recently wrapped up a $5.5M Series A funding round, with the lead investor being Blockchange Ventures.
- Angle Labs has recently raised $5M in funding, with the lead investor being a16z (Andreessen Horowitz).
- Layer3, an infrastructure platform that provides tools for DAOs, has recently raised $2.5M in seed funding.
- Kokoa Finance has recently raised $2.3M in a seed funding round, with the lead investor being Hashed.
💱 DEX Report
- dYdX has recently hosted one of the first of its own Trading Competitions, which lasts from September 30th to October 7th and has $250K in prizes.
💵 State of the Stablecoins
- The Biden administration is reportedly considering ways to control stablecoin issuers like banks with bank-like regulation.
- Visa has recently unveiled a Layer 2 network and universal hub for stablecoins and central bank digital currencies.
- Float Protocol has wrapped up a $1.2M funding round on the 30th of September, in an attempt to create a truly decentralized, non-dollar stablecoin.
💎 NFT News
- Ripple has recently started a $250M fund aimed at funding and supporting new NFTs, and in addition, exploring how the XRP Ledger’s speed and cost can support new uses for NFTs.
- TikTok has recently launched its first-ever NFT drop and released its creator-led NFT collection.
Thanks for reading, and be sure to catch the 63rd issue of The Defiprime Post out this time next week! 👋♦️👋