Biweekly update on Ethereum DeFi ecosystem vol.25, 16th February - 2nd March
Balancer partners with Aave, dYdX layer 2 enters alpha, Compound announces Gateway, 1inch Network expands to Binance Smart Chain, Meet Alchemix Finance, RAI now live, and more
TL;DR
-About $40B in DeFi this week, with Maker dominance 15.81%.
-Yearn Finance Newsletter #23 covers the following news: temporarily extending multi-sig empowerment, Yearn contributor vesting packages sent, APY updates to Yearn UI, yDAI reimbursement airdrop, State of the Vaults, partnership roundup, governance roundup, ecosystem news.
-A new milestone for mStable: just passed 1/2 billion in volume for mUSD collateral, with all fees sent to savers. mUSD listed as collateral for CDPs on Unit Protocol.
-Aave’s February newsletter is out: new ways to stake, governance topics, and MarketMake. Aave & Balancer partner up: The teams have partnered up to build the first Balancer V2 Asset Manager — allowing idle assets in V2 pools to earn yield on Aave. Matrixport has integrated the Aave Protocol, enabling users to earn on ETH and stablecoins. Dungeons & Data competition is here.
-Bankless has a fireside chat with Fernando & Stani from Aave about Balancer’s partnership with Aave and V2.. GyroStable announces their grant from Balancer Labs. The latest Balancer Report is here.
-Compound announced a prototype based on the Compound Chain whitepaper: Gateway, a cross-chain interest rate market that allows you to borrow assets native to one chain (e.g. ETH), with collateral from another chain (e.g. CELO). Compound’s regular newsletter is out covering the following topics: Verager wins Compound’s ETHDenver Bounty, Developer Community Call recap, Governance updates. Compound Labs CEO, Robert Leshner, joins the 11:FS Fintech Insider podcast to discuss stablecoins as the next generation of B2B payments. Coinbase mentions Compound as a DeFi case study in their S-1 filing to go public via a direct listing.
-The Governance Facilitators have placed a Governance Poll Collateral Onboarding, Risk Parameters into the voting system on behalf of the MakerDAO Risk Domain Team. The community can vote in this poll to express support or opposition to these polls on the voting portal. Also, the Governance Facilitators have placed Rates Updates, UNI-V2-DAI-USDT Onboarding and Onboarding Uniswap V2 LPTs, Parameter Updates Executive Votes into the voting system on behalf of the Maker Governance. Little-Known Facts About MakerDAO: Much of MakerDAO’s history is a matter of record. How familiar are you with it? Discover how many of these facts about Dai and the Maker Protocol you know. ‘Four Ways DeFi Users Can Pay Less in Ethereum Gas Fees’ described in the Maker blog.
-xDai Weekly Recap — 26/02/2021 focuses on new projects and project updates on xDai with news, stats and more. xDai Chain — cheap, fast, scalable, and secure peer-to-peer payments: Igor Barinov, the founder of POA Network, told DeFi Prime backstory of xDAI and shared his thoughts on blockchain interoperability, regulation, and the future of DeFi.
-dYdX layer 2 enters Alpha: dYdX’s layer 2 implementation with StarkWare has entered its alpha phase and you can now sign up for early access. It offers zero gas costs for traders, instant trading, up to 25x leverage and more.
-Gnosis bug bounty is live with up to $50,000 at stake. Find bugs in Gnosis Auction contracts, and the team will reward you for your work. Find out more about scope, timeline, and compensation here. Gnosis has joined Open DeFi. Find out the latest GIPs & discussions on the Gnosis forum.
-uLABS Ideas: Building Decentralized Structured Products on UMA: In this article the team shows how popular structured products on centralized platforms can be built in DeFi using UMA’s infrastructure. In Case You Missed It #3: Week ending 26th February. UMA Developer Mining Update.
-Sulu, Enzyme’s next release & roadmap announced. Alpha Homora + Enzyme: lending ETH on Alpha Homora (v1) is now available on Enzyme. Furthermore, Enzyme now supports stETH, with other staked tokens to follow. And Enzyme is subsidising gas for the month of March. Check out Enzyme Vault Manager Performance Art — powered by Hashmasks.
-Index Coop launches the CoinShares Gold Index: Using volatility harvesting, CGI yields a superior risk-adjusted return over holding cryptoassets or gold alone. Also, DPI now holds SUSHI.
-Nexus Mutual raises $2.7M in NXM token sale: The firm aims to sell over $1 billion worth of cover in 2021 spread across at least 30 protocols. Also, Nexus Mutual was paying claims for the Yearn hack: 2,410,499.26 USD was paid out to members. Origin Protocol shield mining is live. Opyn v2 is now listed on the app. Community Fund: welcome Kendrea.
-0x API /swap now supports 0x Protocol v4. Check out 0x Community and Governance meeting recap — February 2021. Exploring the 0x DeFi ecosystem: The 0x universe is expanding (a thread).
-The total number of swaps on 1inch has reached 1M. 1inch Network expands to Binance Smart Chain: 1inch users will get access to the same functionalities on Binance Smart Chain (BSC) as the ones that they already have within the Ethereum network. 1inch launches liquidity mining program with Vesper. 1inch ETHDenver2021 winners are here. Good news is, ApeSwap is now integrated into 1inch.
-Using Bancor Vortex: You can now borrow against your staked BNT using vBNT. Introducing BNTEEs: The Bancor team announced the grand opening of the BNTEE.SHOP — a Bancor community initiative that lets you redeem real-world, limited Bancor swag by buying and burning each item’s corresponding token.
-Kyber publishes a paper on the Dynamic Market Maker (DMM): The DMM allows for the creation of highly optimised pools with high capital efficiency & improved profits for LPs. Recap: KyberDAO Community Call #3.
-Guide: How to use the L2 Loopring Exchange is out. Check out Loopring Red Packets.
-Check out the latest Raiden Weekly. Update 158 covers: changes to the Matrix transport layer, documentation update, progress of the Light Client team.
-Synthetix Anhydrite Product Release: This post represents some of the key additions made since November 2020’s Bornite product release. Nominations are now open for the next epoch’s Spartan Council. Vote for the new Synthetix Ambassadors. The Synthetix community governance call replay is here.
-RenBridge 2 Release: A new and improved RenBridge is now live. Bitcoin, Bitcoin Cash, Zcash, and Dogecoin are now supported on Ethereum and Binance Smart Chain. February Development Report is out as well as Ren Ecosystem Update.
-Radix, Chainlink, Aave, Messari and others launch GoodFi crypto alliance: Piers Ridyard, CEO at Radix, told Cointelegraph that GoodFi “enables companies operating in the DeFi space to collectively work to solve the issues facing a wider base, starting with the generally “crypto-engaged” but building to a mainstream audience.” As members of GoodFi, companies can share strategies and communal knowledge for attracting new DeFi users.
-Alchemix Protocol now live, a DeFi protocol that allows for the creation of synthetic tokens that represent the future yield of a deposit. It enables users to retrieve near instant tokenized value against temporary deposits of stablecoins. Along with the protocol comes the governance token, ALCX, that you can stake as part of a pool 2 — you can also yield farm using stablecoins to earn ALCX.
-RAI now live, an ETH backed, non pegged stable asset whose monetary policy is managed by an on-chain, autonomous controller. You can read more about it here.
-InstaDApp introduces the DeFi Smart Layer: DeFi Smart Layer (DSL) is a financial infrastructure layer for the decentralized internet, to make accessing and maximizing DeFi easy for all users and developers. InstaDApp also introduced their native governance token.
-Zapper adds NFT support: You can now track your NFTs and their value by using the Zapper dashboard.
-The Alpha Homora and C.R.E.A.M. teams have jointly announced a funds repayment plan in light of the recent attack on Alpha Homora that left the protocol indebted to C.R.E.A.M.
-Etherscan launches ‘Pending Transaction Queue’ feature: This feature allows users to see a transaction’s queued position relative to others in the transaction pool. The team also released a new ‘Smart Contract Search’ feature.
-The Block launches DeFi Revenue Dashboard: These dashboards display DeFi protocol revenue and update with daily data — they also split revenue by protocol.
-DeFi Pulse launches Cryptodollars page: This new page is dedicated to measuring the amount of tokenized dollars/stablecoins in DeFi.
-Introducing POOL: The native token of the PoolTogether protocol, POOL, went live and control of the PoolTogether Protocol now rests solely with the community.
-Ribbon Finance announced, a new company focused on creating crypto structured products on DeFi. They are focused on building new financial products that can be created through cross-protocol composition, to help users achieve a superior risk-return profile than they would be able to on their own.
-Introducing Continuous ESD: The next iteration of the ESD experiment will be a two-token, protocol-owned collateral algorithmic stablecoin.
-Introducing Babylon.finance, is a new DeFi protocol aiming to be a community-led asset management platform.
-Introducing MPL, the Maple Finance ERC-20 native token. It serves three roles: governance, staking, and a share in network fees.
-DFX Finance raises $5M: The round was led by Polychain and True Ventures with participation from various other investors and angels.
-Bitwise launches DeFi Index Fund: The fund gives investors exposure to UNI, AAVE, SNX, MKR, COMP, UMA, YFI, ZRX and LRC.
-Grayscale is looking at launching new investment products around DeFi blue-chips like AAVE, COMP, MKR, SNX, UNI, and more.
-Building DeFi on Layer 2 | Synthetix, Loopring, Immutable on Bankless.
-Stani Kulechov on Why Aave Is So Successful on Unchained.
-Scaling DeFi With Layer 2 Rollups.
-And more!
Read the full report here.
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