DeFi DeBrief #12: Peak interest rates 🏔

Welcome to issue #12 of the DeFi DeBrief, your weekly digest of the biggest news in DeFi.


  • The Fed shows no signs of a pivot
  • Visa sets sights on a new crypto wallet
  • Twitter edges ever closer to web3


Onwards 👇



The only way is up for interest rates 📈

The Fed has once more raised interest rates by 0.75%, sticking to a tune it now knows so well. It’s the fourth consecutive rise of this magnitude, signalling a hard-fought battle to bring persistently high inflation back down.

These supersized rises reinforce the suggestion that the most severe inflation in decades is showing little signs of abating; all this despite a cooling housing market (with mortgage rates topping 7%!) and waning consumer demand.

In fact, data suggests price growth could be accelerating once more, highlighting entrenched inflationary pressures.

Why should you care?

The latest rate hike will only tighten economic activity, and the pressure will continue to weigh on markets in the near term. That said, some top officials are finally asking, ‘Is it time to slow down?’

After all, shifts in monetary policy take time to show in the economy. And there’s a risk the Fed could take things too far. Still, we first heard murmurs of ‘slowing down’ back in July, with little hint of officials easing off just yet.

But there’s hope that December’s rise might be a modest 0.5%, which would be the first sign of a pivot.

If that rings true, we might enjoy a more upbeat 2023.



Visa wants to launch its own crypto wallet 👀

For anyone doubting crypto’s role in payments networks, check this. Visa has filed two trademark applications relating to a potential metaverse project and an upcoming cryptocurrency wallet.

The payments giant has been a long-time advocate of blockchain technology. It has also launched several crypto debit and credit cards in partnership with crypto firms, including working with FTX to roll out a debit card in 40 countries.

But the trademarks are its first significant play under its own steam — all eyes on what the new wallet might entail.



Elon gets Twitter to tighten its web3 embrace 🫂

Elon Musk is no stranger to web3. Tesla has held bitcoin on its balance sheet since early 2021, while Elon never shies away from a dogecoin meme. Now, he’s looking at how Twitter can add more crypto payment services.

And he’s interested if the blockchain can help Twitter with its much-talked-about bot problem. Binance, which contributed $500 million to the acquisition, has created an internal team to explore what crypto and the blockchain can do for the social network.

Given that Binance CEO CZ is a big tweeter, it’ll be interesting to see how he and Musk combine social media and web3.



Five short reads catching our eye this week:

  1. On how to effectively ‘end’ crypto
  2. On how crypto could improve Twitter
  3. Vitalik gives 3 reasons crypto is better than gold
  4. Bullish? Largest short squeeze in the history of BTC
  5. Hodlnaut left holding a TerraUSD bag worth $190m



  • BTC: $20,408.37 (0.59%, 7 days)
  • ETH: $1,561.55 (3.56%, 7 days)
  • TVL in DeFi: $54.53bn (0%, 7 days)
  • Fear & Greed: 30 (fear)


*Data last updated at 08:00 on 2nd November.




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