Together with | | GM Defiers! | MakerDAO and Aave are falling out, with a proposal to abandon support for DAI as collateral appearing on Aave's governance forum. The move follows MakerDAO moving to quickly ramp up the debt ceiling for DAI against USDe via the Spark DAI Morpho vault, and comes after Maker took exception to Aave launching a rewards program disincentivizing Spark and Morpho adoption. | The crypto markets are off to a bearish start to the week, with Bitcoin sliding more than 7% since the start of April. Cryptocurrencies and mainstream markets are both performing bearishly as the Dollar Index ramps up in response to an unexpectedly strong performance in the manufacturing sector. | Ethena's ENA airdropped kicked off at a $1 billion market cap and has since rallied to push above $1.7 billion. Ethena also launched the second season of its airdrop campaign and onboarded support for BTC and stETH. | Plus, the Ethereum community is up in arms over research from the Ethereum Foundation advocating for a reduction in the rate of new Ether issuance, with critics warning such a move would undermine the neutrality of Ethereum's monetary policy. | ✍️ In today's newsletter: | MakerDAO's USDe support roils Aave Markets slump since record March close Ethena airdrops ENA at ten-figure valuation Should Ethereum reduce ETH issuance?
| 🙏Sponsored | | 📈 Markets in the last 24 hrs: | | TICKER | VALUE | 24 H |
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| Bitcoin | $65,774 | -5.75 % | | Ethereum | $3,296 | -6.05 % | | Gold 1st Future | $2,261 | 1.10 % | | S&P 500 | 5205.81 | -0.72 % | | Arch Web3 | 2.76 | -6.49 % | | Learn more about Arch Indices here. | |
| | | | | 🎬 WATCH | Check out our guide to earning memecoins using Farcaster and Drakula. Also, watch our podcast with TN Lee, the founder of Pendle, to learn about the innovative yield tokenization protocol. |  | 💸 Earn Memecoins ($DEGEN) For FREE | Farcaster & Drakula Tutorial |
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| | THANKING OUR NEWSLETTER SPONSORS | | NEWSLETTER CONTINUES BELOW | | | NEAR is the chain abstraction stack, empowering builders to create apps that scale to billions of users and across all blockchains. | | | DeFi Saver is an all-in-one management dashboard for decentralized finance protocols, with more powerful interfaces, trading features and automation options for Aave, Compound, Curve, Spark, Morpho Blue & more. | | Join Consensus, the world's largest and most established global hub for all things crypto, blockchain and Web3, happening May 29-31 in Austin. Save 15% on registration with code DEFIANT. | | | | Aave and Nostra Finance are moving to remove support for MakerDAO's DAI stablecoin as collateral in response to Maker floating a rapid expansion in its support for Ethena's controversial yield-bearing USDe token. Aave said Maker has become "unpredictable in terms of risk management," with the proposal following a spat between Aave and Maker over Aave's incentive program penalizing users that use rival protocols including MakerDAO's Spark Lend. | | | Crypto markets are off to a bearish start to the month, with Bitcoin sliding 7% and the combined capitalization of digital assets shedding $200 billion since the start of April. Global markets are also down after the U.S. Dollar Index rallied on strong U.S. manufacturing data. | | |
| | | | | Are you looking for you next 10X? Then don't miss Consensus 2024 – your exclusive pass to cutting-edge alpha. From humble beginnings during Bitcoin's infancy to now welcoming 15,000+ attendees from 100+ countries, Consensus is the biggest and most established global hub for all things crypto, blockchain and Web3. Celebrating its tenth year, Consensus offers an unrivaled, forward-looking perspective on the future of finance, encompassing digital assets, tokenization, blockchain technology, regulation and policy, startups and beyond. | Meet with investors, builders, founders, creators, developers and brands looking to shape the narrative of the digital revolution. Mark your calendar for May 29-31 in Austin, Texas and don't miss this landmark occasion celebrating a decade of decentralizing the future. | READ MORE: Celebrating 10 years of decentralizing the future through discovery, dialogue and dealmaking |
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| | | Ethena Labs airdropped 5% of ENA's supply to early adopters at an impressive $1 billion market cap. ENA is the latest token to buck the usual initial downward momentum suffered by airdropped assets, with ENA rallying to a $1.7 billion capitalization since. Ethena also launched support for Bitcoin and stETH alongside kicking off its second points season. | | | A new report from Ethereum Foundation researchers has ruffled feathers across the Ethereum community after advocating for a reduction in new Ether emissions. The post argues in favor of updating ETH's Proof of Stake four-year-old issuance curve in response to the current state of the staking landscape. However, many onlookers believe tinkering with Ethereum's monetary policy at the behest of the researchers would undermine the perceived neutrality of the network. | | 🌍 ELSEWHERE | Seven central banks in BIS Project Agora to tokenize cross border payments (Ledger Insights) Crypto VC Paradigm in Talks to Raise Over $750 Million for Fund (Bloomberg) U.S. SEC Calls for Comments on Spot ETH ETFs (CoinDesk)
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