Biweekly update on Ethereum DeFi ecosystem vol.7, 10th June — 24th June
Compound launches liquidity mining program and passes Maker for #1, Synthetix collabs with Curve and Ren for BTC yield farming, WBTC Cafe launched, BAL tokens are live, Aave crossed $100M ...
TL;DR
-Compound launches liquidity mining (“yield farming”) program: users can now “mine” COMP tokens by lending and borrowing from the Compound protocol. These tokens are able to be used in governance to manage the platform as it now belongs to the community. Also, Compound passed Maker for #1 on DeFiPulse.
-Synthetix, Curve, and Ren have collaborated to launch a new incentivized pool to provide liquidity for tokenized BTC on Ethereum. The goal is to create the most liquid Ethereum-based BTC pool available to offer traders access to the lowest slippage for trades between sBTC, renBTC, and WBTC. This incentive will run for 10 weeks.
-WBTC.Cafe, a basic dApp that provides one of the easiest ways for average users to acquire WBTC with real BTC, is now on Mainnet. The Cafe facilitates a native BTC user experience, so all you have to do is send in real BTC and you receive WBTC.
-Next Tuesday the Synthetix team will have the Acrux release, which chiefly launches binary options.
-Balancer has begun to distribute its coveted BAL governance tokens. The 435k BAL for liquidity providers of the first three weeks of liquidity mining (145k per week) have just been sent out to the wallets used to provide liquidity on Balancer.
-Aave has passed $100M in market size! Check out Aave’s latest blog post for more Bug Bounty info and details on its partnership with Consensys Diligence, one of the top security auditors in the Ethereum ecosystem. Moreover, the team was hosting the first DeFi Debate on synthetic assets.
-New Maker auction system proposal would use Dutch auctions that supports flash loans and instant arbitrage to tap into DEX and broader DeFi liquidity. The Maker Foundation’s latest video, How to Open a Maker Vault, demonstrates how easy it is to generate the Dai stablecoin by locking accepted collateral into it.
-The Dharma team introduced Automatic Recurring Deposits. With automatic Recurring Deposits, you can “set it and forget it”, automatically making a deposit via debit card on a weekly, biweekly, or monthly cadence. They have eliminated lifetime limits on debit card deposits in Dharma. Also, the team has kicked off two discussions regarding the interest rate models for cryptodollars on Compound.
-Chainlink has launched the BNT/USD price feed. This is an important step towards releasing the next major version of Bancor Protocol, Bancor V2. A critical bug in three recently deployed versions of the Bancor Network smart contract has led to a loss of user funds.
-The Augur team published an updated v2 launch checklist. Also, Augur (REP) trading is now live on Binance US.
-Gnosis distributed 2K GNO to liquidity providers on Gnosis Protocol who participated in the challenge. Gnosis Safe partnered with Balancer Labs to offer $3,000 to build a Balancer liquidity Safe App.
-USDT deposits and withdrawals are now live on the dYdX BTC Perpetual. The team shared their first installment of dYdX Trader Insights.
-The Loopring team has decided to open-source Loopring Exchange’s frontend. You can now access the repository here. They have also decided to create a bounty of 25,000 LRC (~$2,500) for creating a frontend for Loopring Pay. Loopring Pay has listed eight DeFi tokens. And Loopring Exchange will hold a one-month liquidity provision (market making) competition, supporting two trading pairs: LRC-USDT and ETH-USDT; there will be a reward pool of 6000 USDT, split between both trading pairs. Also, Matt Finestone of Loopring joined the Into the Ether podcast to discuss how they are bringing scale to trading and payments on Ethereum. Loopring.io now has the Ren protocol RenBridge directly in the UI.
-The 0x team introduced 0x Labs and Periscope Trading: 0x Labs will focus on creating value in surfacing better prices within existing markets, establishing new markets where none currently exist and creating novel trading experiences that extend market access to a broader segment of users. Periscope is a crypto-native trading desk that will help surface competitive prices and bring liquidity to DeFi and other nascent p2p markets. Moreover, over 3,000 traders have registered for the Matcha beta!
-Uniswap v2 passes v1 in liquidity! Also, the team withdrew $10,000 from the Unisocks liquidity pool and will be donating it to Black Girls Code and NAACP to support economic and legal equality.
-The UMA community is in the process of creating a COMP synth. This would allow people to short the COMP token. This option already exists on a centralized custodial trading platform.
-Raiden v1.1.0 “The Sun Prince” released, which introduces a brand new version of the WebUI. Raiden team is participating in the Protect Privacy Gitcoin hackathon (Jun 15, 2020 — Jul 6, 2020).
-To celebrate mStable’s beta launch, the team are offering low fee stablecoin trading on their zero slippage swap product. Fees have been temporarily reduced from 30 basis points to 2.5 basis points.
-The 1inch.exchange team created a tutorial on how to create an automated liquidity pool with 1inch.exchange and Balancer in one transaction. They also wrote on Bancor Network Hack 2020. The team added mStable as liquidity source for stable token swaps. They updated WalletConnect to the latest version. And BAL is now listed on 1inch.
-ConsenSys Codefi is launching an Ethereum 2.0 staking-as-a-service platform with institutional functionality for exchanges, custodians, funds, wallets and other potential customers. Binance, Crypto.com, DARMA Capital, Huobi Wallet, Matrixport, and Trustology are the first companies to join the Codefi Staking Pilot Program.
-5M KNC burned milestone. Pre-DAO Poll ends in 2+ days, so join the team in Discord to vote on the initial set of network fee parameters for Katalyst! And learn more on Kyber’s Fed Price Reserve (FPR), a uniquely designed to allow professional market makers and advanced developers to effectively market make and generate profits on-chain. Furthermore, Binance Futures launched KNC/USDT perpetual contract.
-The BTCRSIAPY is now live on TokenSets. This is the first new RoboSet launch since we enabled chunked rebalances via the TWAP mechanism.
-Nexus Mutual has four governance proposals in progress ready for members to cast their votes in exchange for rewards of NXM (Nexus Mutual native) tokens. The proposals include the upgrade for the long-awaited shift to pooled staking.
-Opyn Closes $2.16M Seed Round for DeFi Options Protocol and Opyn V2.
-DeFi Pulse Registry launched. DeFi Pulse Registry wants to keep DeFi safe and to do this they are rolling out 3 categories of new metrics: economic risks, centralization risks, and security risks associated with different DeFi protocols.
-A Polkadot decentralized finance (DeFi) community conference hosted by Acala and Polkadot was held virtually on June 18th. Furthermore, on June 11th DeFi Toronto June meetup took place.
-Curve sBTC pool yield farming calculator. Yield farming calculator for Synthetix.
-DeFi Prime’s Top Podcasts of 2020.
-Vitalik tweets on DeFi.
-And much more!
Read the full report here.
⬙ Check out our latest biweekly report on Ethereum vol.46: 9th June — 23rd June.
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