Biweekly update on Ethereum DeFi ecosystem vol.11, 5th August — 19th August
6B TVL milestone, YAM rises and falls, 1inch launches Mooniswap, CRV token is here, Aave and Set v2 introduced, yEarn showcases yInsurance, and much more!
TL;DR
-YAM launched with unaudited code, got to 600m in value, subsequently a bug froze 750K. It went down and is back to 400M. The YAM token went to $160, and is now under a dollar. Migration to v2.
-Curve officially launched its governance token last week in a rather weird way (they didn’t actually launch it themselves). Check out this post for a full recap. Forby, Curve becomes third DeFi protocol to hit $1 billion in total value locked. It had an audit of all the code by Trail of bits and Quantstamp audited the code with fixes after that. Also, Binance, Huobi, OKEx listed Curve.
-The 1inch team released their cutting-edge automated market maker (AMM), Mooniswap, which redistributes earnings to liquidity pools, capitalizes on user slippages and protects traders from front-running attacks. Also, the team closed the first investment round, in which they raised $2.8 mln from top institutional investors, including Binance Labs, which led the funding round, as well as Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, Divergence Ventures, Loi Luu, the Founder of Kyber Network, and Illia Polosukhin, the Co-Founder of NEAR Protocol. Moreover, 1inch partnered with DEXTools. The team integrated Curve yCurve pool token staking to earn CRV. MKR holders can vote now to add CHI gas token by 1inch as collateral.
-The Aave team introduced the Aave Protocol v2, the new Money Market Protocol ready to push DeFi even further. Recently, they showcased Credit Delegation with $500k loan to DeversiFi.Moreover, the governance module of Aave is live on the Ropsten Testnet. Feel free to participate in the first mock AIP and become a governance expert in a safe and free environment. Watch Stani Kulechov’s talk at the DeFi Conference 2020 here.
-Set V2 introduced, a new protocol built to give users and portfolio managers access to all of the exciting opportunities available to them in DeFi. The building block features of Set V2 are: yield farming — generate yield by depositing assets into yield generating positions. multi asset support — hold 2+ assets in your Set, allowing for broader crypto exposure and enabling index products. flexible trade execution — portfolios can easily trade tokens using DEXs and dutch auctions. Tokens in the portfolio can also be completely removed or added in unlike V1 Sets where the trading pair is immutable.
-Compound Labs has officially launched the Open Price Feed, an open-source project where a set of reporters signs price data which is posted on-chain for use by DeFi protocols. Proposal 19 Open Price Feed successfully passed. Upon implementing the Open Price Feed, the Compound protocol will be using the price data provided by Coinbase as well as a time-weighted average price from Uniswap’s on-chain markets to ensure price integrity. This upgrade represents the last critical step in fully removing Compound Labs as an administrator over any part of the protocol. Proposal 20 Upgrade cUSDT Interest Rate Model is still in the active voting phase in Compound’s governance system.
-Check out Maker Governance Review: July 2020, a monthly recap of all Governance activity. The latest Executive Vote has been added to Chart with upwards trendIncrease the ETH Debt Ceiling from 340 million to 420 million.
-yEarn.finance reaches >$722,102,363 TVL. Over the next few weeks the yEarn.finance team will systematically be releasing yinsure.finance, a prototype for a new kind of tokenized insurance. Check out the draft post in detailing the architecture and how a decentralized insurance mechanism can be created. It is also a request for comment with feedback on gov.yearn.finance. yEarn yDAO summoned. yBorrow launched.Find latest yearn.finance stats here.
-Total mUSD reached $70m in 10 weeks. The mStable team released a public dataset that outlines weekly Meta token distributions over the next c. 4 years for the mStable team and investors. In it, anyone can see a full breakdown of MTA allocations that are scheduled to be sent out by mStable. An update on how BAL rewards will be distributed to those who contribute to our EARN pools has just been released. The team announced a bug bounty submission and consequent resolution and payout. Official report available here.
-The ETH-USD Perpetual Contract is live for trading on dYdX. Furthermore, dYdX partnered with StarkWareLtd on a Layer 2 scaling solution for Perpetual Contracts, based on the StarkEx scalability engine and dYdX trusted smart contracts. Perpetual Contracts on dYdX will be powered by StarkEx by the end of this year. In ‘Comparing DeFi Token Models’ post, the team describes the different types of DeFi Token Models that exist today: Fee, Governance, Collateral of Last Resort, and Staking/Inflation.
-Omen has surpassed $1M in volume. Gnosis yield farming incentive program on Gnosis Protocol now includes DIA (Decentralised Information Asset). Learn more about how to setup the custom market maker and enter the ring here. Furthermore, a new Gnosis Safe App is live.
-100k ETH locked in Nexus Mutual. Read a short story on Yam and coverage on Nexus.
-New technical developments from 0x Labs and the 0x ecosystem in their ‘Developer Update — August 2020’. ZRX Portal metrics and 0x governance updates are now out. CRV (Curve) is now available to trade on Matcha. Forby, last week, Matcha surpassed $100 million in trade volume since the recent launch.
-Balancer announced the third major audit, after Trail of Bits and ConsenSys Diligence. OpenZeppelin didn’t find any critical, high or medium severity issues. The proposal to update the token whitelist process for BAL liquidity mining was approved with 97.03% of votes and is active since August 17th. Binance listed BAL. BAL is now launched on Huobi.
-The REN pool is now live on BancorV2.BNT is now listed on the Crypto.com App. Feel free to read Interview with Bancor’s head of growth Nate Hindman. He talks about AMMs, Bancor Protocol backstory, and what is new in Bancor v2.
-A healthy monthly update from Kyber including updates on the KyberDAO, network stats, token metrics and much more, published this week. REPV2 and STMX are now available on Kyber. The team will conduct the first ever AMA in Status on August 20th.
-The Gold product release is now live.There’s a range of updates to Synthetix dApps this week, including clearer indicators on Synthetix.Exchange for fee reclamation/rebates, frozen iSynths, iSynth limits, bug fixes, and more. SNX deposits are now live on Huobi. SNX is added to Atomic Wallet. A potential attack vector has been found in xSNX, a project supported by the Synthetix grantsDAO which the team helped publicise yesterday, so although all funds are safe if you have already begun using xSNX then please follow the instructions in this tweet.
-You can find the slides and video presentation about v3.6 from Daniel, Loopring CEO, at EDCON, here. Furthermore, LRC is now available for over 3M users on Crypto.com.
-Ren sure had a good weekend. It jumped from ~$59M to >$172M TVL. Forby, REN is now listed on the Crypto.com App. The REN pool is now live on Bancor.
-Between August 9th and August 10th, Uniswap powered $250 million worth of 24-hour trade volume. Uniswap also beat its July 2020 volume record of $1.76 billion within the first two weeks of August.
-Fresh Raiden Weekly is out.
-xDai weekly recap is here.
-Chicago DeFi Alliance launches Accelerator Program. This new accelerator program will be devoted entirely to DeFi startups. The program will invest $120,000 in each participating team for future token purchases.
-Huobi DeFi Labs, Huobi Group’s new research and incubation platform focused on decentralized finance, has launched a new consortium effort. Described as an “international consortium of centralized and decentralized financial service providers and platforms,” the initiative was spearheaded in collaboration with MakerDAO, Compound, Nest and dYdX.
-MyEtherWallet adds support for DeFi protocols Ren and Aave. According to a site that tracks DeFi apps, Aave is the protocol with the fourth-highest amount of value locked into it. MEW supports other dapps, including MakerDAO, the Ethereum Name Service and Unstoppable Domains.
-Announcing bloXroute for ETH DeFi. Traders can now take advantage of bloXroute’s high speed BDN to trade faster and trade smarter.
-APY.Finance announced. It automates yield farming to get users the best, risk-adjusted returns in DeFi.
-Ethereum brought in $34.5 million in fees last week compared to Bitcoin’s $9 million. Thanks DeFi.
-Andre Cronje on Bankless and on The Defiant podcast.
-Coindesk reports on how DeFi has shaped the purpose and public image of Ethereum.
-32% of Blockfolio Users Say Know Nothing of DeFi.
-The Delphi Digital team just released a new Thematic Insights report on Yield Farming.
-CoinGecko July 2020 monthly crypto report.
-Yield farming can save the world. Seriously (part 1).
-And much more!
Read the full report here.
⬙Check out our latest biweekly report on Ethereum vol.50 (4th August — 18th August)🎉 Two years have come and gone by in a flash! Thank you, Ethereans, for reading us!
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