Celsius Ponzi Allegations, Aave launches a new Stablecoin, and how a fake job offer caused a $600M hack.
Finally a green week in crypto...
Welcome to the #17th edition of DeFi Fridays!
101 today:
Major happenings in the ecosystem —
Celsius in hot waters, Aave launches a new stablecoin, and a fake job offer that caused a $600M hack.
A topic we explain —
Stablecoin Refresher.
On #DeFiwithBrew Twitter Spaces Event #12
🥇 Tweet of the week:
#DeFiwithBrew Twitter Space:
We invite you to Brew Money’s #12th Twitter Spaces Event with @cryptoPothu.
About Pothu: With a humble following of ~17k on Twitter, he writes regular tweets on crypto & web3.
Find the event on @brew_defi or register on Luma.
A Topic we explain: Stablecoin Refresher
1️⃣ The Pioneer Phase (2014-2019)
📝Crypto was experimental & hundreds of stablecoins were issued. Many are not active today. The world’s first stablecoin BitUSD was released on 21 July 2014 and issued as a token on the BitShares blockchain.
📝Tether (USDT) was launched in 2014. Through USDT, the concept of collateralized off-chain stablecoins backed by real assets took off.
2️⃣ Initial Expansion Phase (2019-2020)
📝The ICO bubble popped, inviting a 3-year bear market.
📝During this bear market, we saw an emerging crypto derivatives market & a growing demand for dollar backed stablecoins.
3️⃣Expansion & Maturation Phase (2020 onwards)
📝Despite market volatility, stablecoin growth has been constant. Unpredictibility of the market doesn’t seem to affect stablecoins much.
📝It seems like the early adoption phase has occurred & we are now in the ‘Crossing the Chasm’ phase for mass adoption.
Down the rabbit hole: Bankless - Stablecoin Edition
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Major News in the Ecosystem:
⚠️Former employee sues Celsius, drops a 32 page lawsuit with big allegations:
Celsius was running a Ponzi Scheme.
Celsius bought their own CEL token to inflate the price.
Celsius' CEO transferred NFT investments they had to his wife.
⚠️Tether Discloses Celsius' Loan Liquidation Process.
🔰Aave is launching a new stablecoin - GHO pegged to USD. It'll be decentralized and over collateralized.
🔰Crema Finance hacker returns funds & accepts 45455 SOL as white hat bounty.
🔰Celsius paid off debt to Maker DAO.
💎 Wait for Brew Gem Findouts💎
Let’s be honest, markets make a lot of noise. And the web3 market is no less. Scrolling away on #cryptotwitter will make sure you know that. And so, we have brought you a source that separates insights from the noise.
Investrly is a newsletter publication on substack that empowers its readers to invest early in Web3 and learn & earn through their newsletter & podcast.
Find their recent edition here.
✍️More Good Reads:
🔰Crypto Bear Market Retrospective by Messari.
🔰The Token End Game by Marco Manoppo.
🔰Toys, Secrets, and Cycles: Lessons from the 2000s by Chris Dixon.
🔰How a fake job offer caused a $600M Crypto Hack.
Did you like this edition? Help us improve! 💪
That’s it for today, folks. See ya next Friday. 🧢
Disclaimer: Nothing included in DeFi Fridays should be taken as financial advice. DeFi Fridays & investrly have mutually decided to mention each other in their newsletters.
