Google & Nike build Web3 experiences while FTX's Chapter 11 is out💻👟🚨

How DeFi Wins From FTX (kind of)

Welcome to the 35th edition of DeFi Fridays!

Access all the previous editions here.

101 today:

• Major happenings in the ecosystem

• A topic we explain: Intro to Stader Labs

• In this week's good reads:

  • How DeFi Wins From FTX (Kind Of).

  • Ethereum Object Format (EOF) deep-dive.

Protocol of The Week

Stader Labs

But before we understand what Stader does, let’s first understand why is there a need for such a protocol.

Staked tokens are required to be locked in for a certain amount of time. They cannot be withdrawn or used for anything else in that period.

Liquid staking, on the other hand, is a process to earn staking awards without locking up crypto tokens on a blockchain network. This is made possible by issuing tokenized versions (derivative contracts) of already staked crypto tokens, for example, stETH for ETH, MaticX for Matic, etc.

These tokens can be further used to borrow, lend or stake, thereby providing a lot more liquidity to not only the user but also the market while maintaining the security and integrity of the chain.

What is Stader?

Stader is a non-custodial smart contract-based protocol that helps its users find and access a multitude of staking opportunities in one place. It is operational on chains like Polygon, Hedera, BNB, etc.

It provides all types of staking solutions including conventional staking, liquid staking, derivatives, gaming and high-yield strategies.

What is Stader trying to do?

Stader is making the UX for their users easy by simplifying the staking process and consolidating multiple liquidity pools & staking protocols across numerous chains.

How are they doing it?

By operating on a middleware infrastructure - that allows users to deposit their tokens on the protocol, onto a Proof of Stake blockchain of their choice.

Resources: Guide to Stader

Biggest News in the Ecosystem:

⚠FTX’s Chapter 11 is out.

What Happened?

FTX, once the leading cryptocurrency exchange, filed for chapter 11 bankruptcy on November 11. “In bankruptcy, the first-day affidavit is a comprehensive summary of how the entity got to this point and why it's requesting relief via corporate restructuring.”

Check out this comprehensive summary by @jonwu_

jonwu.eth @jonwu_

Ray opens with his experience, and then immediately condemns FTX as the worst case of his career: "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."

What else is happening?

🔰Google teams up with Aptos to “move the Web3 movement forward with the community and strong tech at the heart.”

Mo Shaikh @moshaikhs

What can the Aptos and web3 community expect? INFRASTRUCTURE UPDATES: 1️⃣@googlecloud will continue to participate on the Aptos mainnet with a staked block-producing node 2️⃣Aptos will be included as a public dataset for Google Cloud BigQuery

🎬Nike Builds on Polygon!

Polygon - MATIC 💜 @0xPolygon

Grab your kicks 👟 + BRING 👏🏽 YOUR 👏🏽 A 👏🏽 GAME 👏🏽 @Nike is building their web3 experiences exclusively #onPolygon 💪🏾 This is the first step of the journey, and we can't wait to see how Nike engages its community through #web3 blog.swoosh.nike/day-1-dcdcb1be…

More Good Reads:

✍️DeFi Wins From FTX (kind of) by

DeFi, NFT & Web3 Insights - The Defiant

✍️Ethereum Object Format (EOF) deepdive

ً @lightclients

Ethereum has recently seen substantial changes, such as the move to PoS & EIP-1559. However, the EVM looks mostly the same. This may finally change with the Ethereum Object Format (EOF), which is likely going into Shanghai. It will be the EVM's biggest change since genesis.

On Brew Money 🦉🚀

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Psst… We also got featured on @EARLYONES!

Brew Money @brew_defi

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And that’s it for today, folks. See ya next Friday. 🧢
Disclaimer: Nothing included in DeFi Fridays should be taken as financial advice.

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