??Let’s talk about DEX, baby

Good Morning Switchers

??Welcome to Switch Daily.

The weekend is here to bring us some cheer after all the wailing and whining on twitter. When we say cheer, it’s not only coz you don’t have to turn up to your desk tomorrow. But also the markets are looking ??for the first time this week.?

The total market cap is up by 5% since yesterday. Its not much we know, but the good news is the market is recovering.?

?Here’s what we’ve got for you today:?

• Market pulse
• CeFi or DeFi??
• Crispy news
• Meme of the day?

Market Pulse ??

The market is throwing a weekend party ??

The broader crypto market has turned green on the last day of what has otherwise been a pretty testing week for the traders and investors, alike. The market is up 6.90% at press time — desperately trying to reclaim the $900 billion market cap (sitting at $863.1 billion). The onshore crypto market is up 10.62%, bringing some relief to the crypto folks.?

Coin of the day: Polygon

Polygon (MATIC) was the biggest outperformer, moving up 27.23% to reclaim the pre-FTX levels. Decent surges were also seen at Dogecoin’s counter, with the memecoin closing the 24-hour price action with 13.67% unrealized gains at the time of publishing.

Is DeFi better than CeFi?

The ongoing controversy between the top two not so de-centralized exchanges ?? has made us revisit the basics before we post another tweet which is later corrected by a 16y/o.?

We are often told that Ethereum is a blockchain that allows you to deploy decentralized finance (DeFi) applications. But in the world of DeFi this-and-DeFi-that, experts usually forget to clarify what DeFi is.

So, let’s first address this – what is DeFi?

DeFi is a financial technology built to use digital assets for a wide range of financial services in a completely decentralized manner.?

Centralized Finance (CeFi) and DeFi are in fact not very different. It’s just that in a decentralized financial ecosystem, there is no central authority controlling the financial activities. So everyone is the boss,hence, everyone is paid like a boss ??

This is a big deal.

Exactly how big a deal? Just look at the innovations of DeFi over CeFi with real-life examples.

Here is a chart of CeFi versus DeFi with the last twelve months (LTM) revenue per employee.

Source: Big Ideas 2022, ARK Invest

As of writing, Ethereum’s market share based on the total value locked (TVL) in DeFi is 58%, according to data from DeFiLlama. Following this, the Binance Smart Chain (BSC) stands in the second runner ups’ position with 11.37% (not bad CZ!)

However, we will never ever ever ever (probably listened to too much Taylor Swift last night??) give our Switchers a biased opinion.?

So, it is important to know that DeFi may make more money, but that money is also at high risk.?

Don’t understand yet? Well, you probably have not lost any then. No, we are not being philosophical, just broke after a break-in. Let us explain.

So, DeFi hacks took this year for all it had and then some. To be more specific, investors lost over $3 billion to hackers across 125 hacks in 2022, so far!

We recently did a story on how hacky halloween aka the month of October became the biggest scam-savvy month for 2022.?

Following this, in October, the blockchain analytics company Chainalysis also published a report with some scary stats. It highlighted that this year will likely surpass last year (which was bad btw), as the biggest year for hacking on record.?

All we can say is, enjoy the show while it lasts.?

Creators Spotlight ??

What’s hot? ??

?Messi to endorse and invest in blockchain-based fantasy gaming platform

Footballer Lionel Messi is all set to become the ambassador for blockchain-based fantasy gaming company Sorare. He will also be investing in the company. The partnership is meant to help create new content and fan experiences.

??MetaMask launches bridge aggregator tool for wallet users

In an attempt to enable cross-chain transactions, crypto wallet service provider MetaMask has launched a new tool for its wallet: a bridge aggregator called “MetaMask Bridges.” The beta version of the aggregator is live to all MetaMask users via the Portfolio dApp, which was launched in September this year.

??Blockchain intelligence company scores $70 million

TRM Labs, a leading blockchain intelligence company, has managed to raise $70 million in a Series B funding round. The investment round was led by Thoma Bravo, a leading software investment firm. Other participants included Goldman Sachs and previous TRM investors such as PayPal Ventures, Amex Ventures, and Citi Ventures.

Meme of the day

And; that’s a wrap for today!