The Last 168 Hours in DeFi

Bank Runs and Coinbase launches Base

ALPHA:

Four Moons is advising the Cion Finance team on Canto. This is a Mummy Finance fork (decentralized perpetuals), with a good group of builders and contributors behind it. Take a look!

A⋐edabook.eth @Ace_da_Book

It's no secret I love Canto, and it's now time to pay attention to good ecosystem plays on the growing chain. The Cantobots NFTs are a huge opportunity to get exposure to @CION_FI ($CION), a promising decentralized perpetuals exchange plus earn real yield on @CantoPublic. 1/9

MARKET:

The banks are looking shaky according to Wall St. Silvergate was the canary in the coal mine and now Silicon Valley Bank is showing cracks.

Silvergate did not file their 10-K and are in big trouble. Crypto exchanges are severing ties left and right with the bank after the FTX fallout

CoinDesk @CoinDesk

Silvergate Capital $SI is down 45% in early trading on Thursday as its "going concern" filing Wednesday evening has sell-siders and customers jumping ship. @LedesmaLyllah reports

trib.alCrypto Bank Silvergate Stock Tumbles 45% After ‘Going Concern’ FilingThe ominous language came in an 8-K filing with the SEC Wednesday evening, in which the troubled lender requested more time before filing its 2022 annual report.

And now Silvergate is winding down and liquidating assets:

Frank Chaparro @fintechfrank

SILVERGATE ANNOUNCES INTENT TO WIND DOWN OPERATIONS, VOLUNTARILY LIQUIDATE SILVERGATE BANK

Silicon Valley:

Jamie Quint @jamiequint

Looks like Silicon Valley Bank is in some deep shit. They just announced they sold nearly 80% of their AFS securities at a $1.8bn loss and are raising another $1.75bn via stock sale. Stock is down over 15% after hours. I wonder if this was precipitated prnewswire.com/news-releases/…… https://t.co/XECSB6IMOK

NEWS:

Amazon news is big:

Blockworks @Blockworks_

SCOOP: Amazon NFTs will be tied to real-world assets, token may be incoming.

blockworks.coAmazon NFTs Will Be Tied to Real-world Assets, Token PossibleAmazon NFTs are coming soon - and they will be tied to physical, real-world goods with ownership recorded on a private blockchain.

Coinbase launching an Ethereum Layer 2 forked from the Optimism stack:

Coinbase @coinbase

1/ 🔵 We’re excited to announce @BuildOnBase. Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy.

Shanghai hard fork on testnet in 2 weeks:

CoinDesk @CoinDesk

#Ethereum developers have agreed to target March 14 for the final Shanghai upgrade dress rehearsal on the Goerli testnet, @cryptauxmargaux reports

trib.alEthereum Developers Target March 14 Date for Shanghai Upgrade on Goerli TestnetThe event will be the last “Shapella” dress rehearsal for Ethereum’s upcoming hard fork.

Bankrupt Voyager liquidating their assets:

Andrew Kang @Rewkang

Voyager continuing daily disposal of balance sheet Few more liquidations and then up only

Andrew Kang @Rewkang

Voyager has sold ~$100m out of $630m total assets onchain Largest assets remaining are $276M $ETH and $81M $SHIB Reckon this ongoing sale is one of the last few big casualties of contagion to be finished off https://t.co/BPe4yGEKQV

NFTs:

KPR wins “Site of the Year” from Awwwards

KPR @KPRVERSE

// SITE OF THE YEAR KPR is proud to announce that it has won the @awwwards 2022 Site of the Year Award! Beating out industry giants such as Spotify, Gucci, and Netflix to become the first Web3 Jury Vote Winner is a truly incredible honor! This remarkable achievement is a… https://t.co/uH1hu0Ylj0

REGULATORY:

Big week:

Bitcoin Magazine @BitcoinMagazine

BREAKING: 🇺🇸 US Court likely to overturn SEC denial of Grayscale spot #Bitcoin ETF - Bloomberg Intelligence. This could "unlock $5.5 billion in value" 🚀

Bipartisan support for crypto innovation:

Brendan Pedersen @BrendanPedersen

First in @PunchbowlNews: House Financial Services Committee Chair Patrick McHenry (R-NC) and Rep. Ritchie Torres (D-NY) will reintroduce the Keep Innovation in America Act today. punchbowl.news/archive/3723-p…

RUGS:

Exploiter gets exploited:

Blockworks @Blockworks_

SCOOP: Jump Crypto $140M better off after turning tables on Wormhole hacker. Via @smyyguy and @JonRiceCrypto

blockworks.coJump Crypto Just Counter-Exploited the Wormhole Hacker for $140 MillionThe Wormhole hacker could have gotten away with it too, if it wasn’t for that pesky upgradeable smart contract.

POD O’ THE WEEK:

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