Happy Monday, Blockfolians!
Things are getting wild in DeFi land. As total value locked smashes past $8B, popular DEX Uniswap is flexing its first 24H trading period with volume higher than Coinbase.
That said, Uniswap itself is dealing with something of an insurgency in the form of SushiSwap, a fork which adds a governance token and which attracted $700M+ within a few days of the project’s announcement. This is despite the fact that many in DeFi - like Dharma Labs co-founder Brendan Foster - aren’t pleased.
Forking liquidity will make swap prices worse for all users and make impermanent loss worse for all LPs [liquidity providers]. The only beneficiaries are the Sushi founders.
Here come some crazy times, friends.
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Highly Relevant Reading
A Chinese bank had to disable a digital yuan wallet after drawing too much attention
Marc Andreessen replaces Chris Dixon as Coinbase board observer as company preps for potential IPO
Ethereum Classic hit by third 51% attack in a month
And finally, ICYMI, the Serum DEX went live over the weekend
Highly recommend this discussion of DeFi on the Bankless podcast
Really interesting argument about the importance of fair launches
A Really Big Number We Should Be Paying Attention To
That’s the size of the seed round for Yellow Card, a Nigerian exchange startup trying to bring crypto to the African continent
OMG get in or get out already. Why are you so obsessed with us?