Daily Edition: Crypto mounted a recovery from the lows of last week, with $BTC & $ETH both posting 5% rallies since Friday as DeFi Protocol Raises $200M. Andre Cronje and Michael Egorov are both back building in the DeFi world, but is the DeFi world ready for that? We dive in 👇 Worries over headlines of insider trading investigations into 200 DAT companies last week haven’t slowed Tom Lee’s $BMNR ( ▲ 5.39% ) from accumulating more $ETH. Company disclosures earlier today show their holdings have reached $11.6B in $ETH. This amount represents over 2% of the total ETH supply. Last 24 hours saw two major protocol raises announced, both headed up by storied names in the DeFi community: @flyingtulip_ and @yieldbasis. Flying Tulip is an “all-encompassing” onchain exchange built by Andre Cronje, known predominantly for his participation in the Fantom (now Sonic) ecosystem. They raised $200M at a $1B valuation. All investors in both this private round as well as the future $800M public round receive an onchain redemption right to redeem up to their initial principal at any time, effectively acting as a “perpetual put.” The team will then deploy the raised capital into low-risk onchain DeFi strategies, earning about 4% in annual yield to fund company operations. We’ve seen similar raise strategies recently yet none so far at this scale, and we're interested to see how well it ends up working. Yield Basis has chosen to complete their raise on @legiondotcc in partnership with @krakenfx, with the presale having gone live yesterday. Within an hour the presale had already become oversubscribed, which isn’t a surprise given its founder Michael Egorov previously founded DeFi giant @CurveFinance DAO. Wdyt? Share your thoughts below and tag a fren who would enjoy reading this...