The Last 168 Hours in DeFi

A volatile September coming to a close, and an introduction to Magical Internet Money

ALPHA:

Abracadabra.money is the latest decentralized stablecoin, backed by yield bearing tokens (among others), to explode. Abracadabra has launched on Ethereum, Avalanche, BSC, Fantom, and now Arbitrum.

The $MIM Curve Factory pool on Arbitrum is giving out $SPELL rewards at >150% APR! You’ll need to bridge ETH to Arbitrum and mint $MIM, then deposit to the Factory pool. Fortunately, transactions are cheap on Arbitrum.

MARKET:

A turbulent week in financial markets this week as the Evergrande debt debacle spread into traditional and digital finance. Both China and the US are going to print more money, push back raising interest rates, and there’s no sign of a taper in sight (til next Summer)…so the bull market and inflation will continue!

NEWS:

Immediately following the news Coinbase is canceling their “Lend” product:

NFTS:

RUGS:

A wild story with a rogue developer who stole a lot of ETH, then gave it all back after the community rallied and threatened DOX’ing, legal enforcement. Win for the white hats!

REGULATION:

Rumor of SEC summons served at Messari's Mainnet conference

POD O’ THE WEEK:

Awesome discussion about Bitcoin’s global TAM and who’s going to announce their BTC holdings next