Biweekly update on Ethereum DeFi ecosystem vol.51, 12th April - 26th April
$77B in DeFi, Coinbase partners with 0x to power their new social marketplace for NFTs, Bancor 3's beta went live, Gnosis Chain upgraded successfully, 1inch expands to Fantom, Connext discussed NEXT
TL;DR
-$76,6B in DeFi this week, currently at ~ $76.58B, with Maker dominance 18.96%.
-Bancor 3’s beta went live on April 18th with new features. Interaction with the Beta is possible on the contract level only and can be accessed using Etherscan (guide). Deposits are capped until the Full Mainnet Launch. The goal of the initial Beta is to observe a limited deployment of the Bancor 3 contracts prior to the Full Mainnet Launch, proposed to go live in May. Bancor 3 Beta Status Update: Cycle 1. The Bancorian Brief | April 19th, 2022. Binance.US will list Bancor BNT.
-mStable Governance Updates — 25 April 2022: he latest edition of governance updates from the engine room. 8 votes and 3 RFCs to browse through. mStable Community Summary Q1 2022: Road to V2, FridaySpaceTalk, mStable Sessions, and more. The team had a blast in Amsterdam attending EFDevconnect and validating its V2 ideas. In case you missed the team’s take on this beautiful event, please tap here to watch the recording of this amazing open-ended conversation. Check out mStable’s latest proposals here.
-Read in the latest Yearn Finance Newsletter #61 about the new Yearn site, a new salvo in the Curve wars, Yearn governance explained, people of Yearn, Yearn Finance is sponsoring the ETHAmsterdam 2022 hackathon, vaults at Yearn, ecosystem news.
-Latest Aave News: AGD Renewal Proposal, Community Call 8, Amsterdam rAAVE, and more. Follow the Aave governance forum.
-Compound Proposal 101 ‘Update Mid-TVL cToken Implementations’ passed successfully. Proposal 100 ‘COMP Rewards Adjustments — Kickstart Rewards: Step Two’ failed. Compound Proposal 102 ‘OpenZeppelin Security Partnership — 2022 Q2 Adjustment V4’ is in the voting period. Find the latest Compound proposals here. Stakeholders in Compound closely rejected a proposal ending large token rewards.
-Coinbase partners with 0x to power their new social marketplace for NFTs: By using 0x Protocol, Coinbase provides better ways to discover, buy, sell, and connect around NFTs at the lowest transaction costs for their users. Measuring the impact of hidden DEX costs: How RFQ protects users from MEV-induced slippage.
-Gnosis Chain Weekly: GC Hardfork successfully launched on April 20th. Following the HF Agave lending protocol is back with additional security measures in place and a reimbursement plan in motion. DevConnect & EthAmsterdam are. GnosisDAO forum has several active proposals, check them out. New integrations & updates from Ankr, Mai Finance, dxDAO, XP Network, Ambire Wallet, Augmented Finance and more.
-The 1inch Network expands to Fantom: Thanks to the expansion to another promising blockchain, 1inch users will get access to yet deeper liquidity and yet more options for efficient and cheap swaps.
-dYdX announced their fourth version, where they plan to completely decentralize this year. DYDX saw $1,100,000,000 in 24 hour trade volume and 161,000 trades yesterday. RUNE-USD is now live. Start trading THORChain (RUNE) today on dYdX, with up to 10x leverage.
-The UMA team planted 1,316 trees to show off UMA’s Optimistic Oracle: Last month UMA debuted what they believe to be the first derivative token based on a Twitter metric. This program was designed to plant a tree by donating $1 for each time a specific tweet was retweeted. This article explains how this was possible, and why this functionality is critical to Web3. Uncover the unlimited potential of UMA’s optimistic oracle at ETHAmsterdam. CryptoNews Podcast: #120: Hart Lambur.
-Enzyme User-Representative (EUR) elections coming up: The team will be re-electing user representatives for the Enzyme Council in the coming weeks. All users who meet the eligibility criteria can apply to be nominated for this role by other registered users. In this blog post, they describe how this process will work, the roles and responsibilities of User-Representatives, and provide guidance around the timing of the elections. Inside the Vault: Episode 2 | Exploring the Enzyme App. Check out MFP: Enzyme Funding Proposals here.
-Announcing the launch of JPG: The Index Coop announces the launch of its NFT Index: JPG! The JPG NFT Index provides broad exposure to premier NFT collections. Axie Infinity: An In-Game Currency in the Metaverse Index. MVI Token Guide: Axie Infinity (AXS) — what it is, who created it, AXS governance & tokenomics and reason for inclusion in the Metaverse Index (MVI). 2022 guide to the methodology behind the Bankless DeFi Innovation Index. Find the latest Index Coop proposals here.
-Nexus Mutual & Etherisc were hosting this year’s D1Conf. D1Conf brought together those focused on redefining the possibilities within the insurance industry through blockchain technology. The recordings are here.
-The latest Balancer Report is here. Qi DAO is joining the veBAL wars with voting incentives. Protofire is researching the Balancer protocol’s user needs with a community survey.
-KyberSwap leads DEX integration with BitTorrent Chain, providing liquidity and accessibility across all chains: KyberSwap launches on BitTorrent with $1.5M in liquidity mining and incentive rewards. Find out all Kyber proposals here. Check them out on GitHub. KyberSwap’s sure-win Avalanche trading contest: how to claim KNC rewards.
-Uniswap Labs is now blocking certain wallets from its front end deemed to be engaged in illegal activity. UNI Letters Edition #17: Consensus checks to deploy v3 to Gnosis and Moonbeam chains have passed, with 14 and 9.6 million UNI respectively voted in favor, meaning that next would be an onchain voted and if those passes too, v3 would be deployed to 6 different networks Uniswap’s first cross chain governance vote has also passed, just barely passing the 40 million UNI quorum, that enabled 1 bps on Polygon and since has been already added to the interface. (pssst stables tvl/vol is still at huge premium vs mainnet). Labs have proposed template for future cross-chain deployments. The latest Uniswap proposals are here. State of Uniswap Q1 2022 by Messari.
-Synthetix & Lyra Incentivize sUSD liquidity on Optimism: Synthetix and Lyra have begun incentivizing liquidity for sUSD on Optimism. Synthetix has begun incentivizing veCRV voters to vote for the sUSD gauge on Optimism. It makes more economic sense than direct incentives because, for every $1 spent on obtaining votes, the sUSD pool will receive more than $1 in CRV emissions to our curve pool. Put simply: Synthetix spends $1 to receive more than $1 in CRV emissions to the sUSD pool on Optimism. These pool rewards can be earned by users once the rewards are active next week. SNXweave Weekly Recap.
-Ren Development Report | Q1 2022: The first quarter of 2022 has been a busy one, with the advent of Catalog on Ren, the multichain world gaining more attention, and bridge safety taking center stage.
-Connext discussed their NEXT token. Cronos support is now live on Connext. EthAmsterdam — Connext Hackathon Winners: Announcing the best teams that built on Connext during the hackathon.
-And more!
Read the full report here.
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