This crypto exchange is about to launch a new challenger

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This crypto exchange is about to launch a new challenger

In the past year, the slew of blockchains has left most deFi denizens apathetic to new launches. There was Aptos, Sei, and Sui, not to mention about half a dozen new Ethereum layer 2s.

Another rival, Celestia, has announced it is about to join the fray.

Even if you haven't been paying attention to Celestia, you can still get an airdrop of its TIA token if you've been active on one of Ethereum's many layer 2 networks.

Token airdrops have proven themselves as a great way to bootstrap users and liquidity - look no further than the top layer 2 Arbitrum. Celestia has a better chance than most because its focus is on something special: Modularity.

Celestia's approach is that instead of a single blockchain doing everything, Celestia uses interconnected modules that are each responsible for specific functions.

Celestia acknowledges that this specialization offers groundbreaking advancements in scalability, flexibility, and interoperability. The arrest of Three Arrows Capital co-founder Su Zhu last week offers a few lessons.

Among them: going on a soul-searching trip to Bali and then spinning up another crypto business isn't enough to shirk responsibility for the collapse of your $3 billion trading firm.

Zhu's arrest in Singapore was heavily influenced by his new venture OPNX, a cryptocurrency exchange that also lets people buy and sell bankruptcy claims for FTX, Voyager, and Three Arrows Capital. Its token, OX crashed over 44% on the news, and shows little sign of recovery.

On the bright side, those who lost money lending to Three Arrows Capital may have a better chance at getting some of it back now that Zhu is being forced to cooperate with liquidators.

The authorities in Singapore have an arrest warrant for Kyle Davies, the co-founder of Three Arrows. He was last seen at Dubai, where he was planning to open a restaurant focusing on chicken-based cuisine.

Avan-Nomayo also wrote up a second story on DAO rage quitting, this time at Jade Protocol.

Rage quitting is becoming more common among DeFi protocols.

A dozen of DAOs raised funds, usually by selling tokens, trying to make something work, but failed. The token holders are increasingly voting to dissolve what's left to recoup some of their losses.

I expect DAO rage to continue, he said. There are still many DAOs in similar positions, and with more competition for a declining pool of blockchain-based liquidity, it's going to get harder for many projects to justify burning investors' cash.

As long as token holders have the motivation to hold team members accountable, it is possible for them to do so, as long as token holders have the motivation to do so.

In 2023, Crypto projects have airdropped users a whopping $2.2 billion worth of tokens.

Airdrops have not only become a way for project to acquire users and cut out middlemen but also to decentralise ownership efficiently.

Yearn Finance developer Banteg has developed a heatmap of over 2.1 billion native Ether transfers.

In the noise, transfer patterns depict liquidation cascades and likely Sybil attacks over the past seven years of Ethereum activity.

For me, the purple hue makes Banteg's chart more mesmerizing and shows how, with the right approach, data doesn't have to be soulless and dry - it can be beautiful, too.

FTX's bankruptcy case entered a new stage last week when the court granted the defunct crypto exchange a go-ahead to liquidate its crypto holdings.

But former customers are increasingly worried that FTX's new management may try and clawback funds from those who exited the exchange in the 90 days before its collapse.

The precedent set in the liquidation of crypto lender BlockFi may protect those who withdrew less than $250,000 or are based outside the US.

Tim Craig, who serves as DeFi Correspondent at DL News in Edinburgh, Scotland, is a journalist who works for DL News. Tim is owned by a substantial portion of Ether, Swell staked Ether, Redacted Cartel, and GMX. He also holds an insignificant amount in NFTs.