Biweekly update on Ethereum DeFi ecosystem vol.8, 24th June — 8th July
Katalyst and KyberDAO are live, 0x launches Matcha, Aave is starting native Credit Delegation, Omen prediction markets are here, Synthetix introduces binary options, Nexus Mutual's pooled staking ...
TL;DR
-Katalyst and KyberDAO are now live. This milestone marks the beginning of an exciting era for Kyber, with a new decentralized governance system and technical improvements that will enhance liquidity for DeFi. Updates on the Katalyst launch, Kyber metrics, insights into KyberSwap, new integrations and more in this month's ecosystem report from Kyber.
-The 0x team finally released Matcha into the world, a simple decentralized crypto exchange designed for everyone.
-Aave is starting native Credit Delegation (CD), With this new feature, any two parties can enter into a trusted agreement in which the depositor’s capital can be borrowed by the counterparty. Interest rates, loan terms, and covenants are baked into an OpenLaw agreement and hashed onchain, providing an immutable point of reference for all parties involved. June was an incredible month for the Aave team as they celebrated the $100M market size milestone. Check out Aave monthly update on this milestone, Bug Bounty boost, and epic events. Furthermore, the team has launched a Gnosis Safe app. Safe users can now deposit, earn, and borrow in the Aave Market, directly from their Safe.
-Omen, a decentralization maximalist prediction market platform launched, maintained, and governed by the DXdao. The DXdao built Omen on an open framework developed by Gnosis for prediction markets.
-Augur v2 will be launched on the Ethereum mainnet on July 28th, 2020 and current REP holders will need to manually migrate their v1 REP tokens to v2.
-Nexus Mutual launches pooled staking. This new system of pooled staking allows a deposit of NXM to be staked on multiple contracts simultaneously to amplify potential rewards and to improve the capital efficiency of staking materially.
-The Synthetix team published a summary of the Aldebaran release as they deployed an upgrade to the Synthetix system that resolved an issue that was caused by a change made in the Acrux release earlier. sUSD is now available for deposit on Idle, a yield optimization tool that automatically rebalances funds to guarantee exposure to the highest yield available while taking risk into account.
-MakerDAO is exploring Peg Stabilization Modules, i.e. stablecoin to stablecoin trading. As a result of an Executive Vote that ended last week, MKR holders have accepted KNC (Kyber Network) and ZRX (0x) as new collateral assets in the Maker Protocol. Both tokens can now be used to open Maker Vaults in order to generate Dai. Check out Maker Governance Review: June 2020, a monthly recap of all Governance activity, from Governance Cycle progress and polling and voting history to blog posts focused on community decision-making, and Making Maker, a recap of all things Maker for June 2020. Silk Road’s Ross Ulbricht has some things he wishes Maker did differently.
-New proposals have passed through Compound’s governance system since the public COMP distribution went live. Most of them are a reaction to the user behavior surrounding the initial mechanics of the COMP distribution, and seek to both ensure the safety of the protocol and its users and ensure fair distribution of governance rights. About 20 exchanges so far have listed COMP. Alongside listing COMP on Pro and Consumer, Coinbase has created an educational series on COMP for their Earn product. And more.
-A month ago, the Dharma team gave users the ability to buy ETH using their unlocked Dharma balance. Starting July, users can buy ETH instantly, directly from a debit card. The team also proposes Prop 12 to the Compound Protocol, improving the cDAI interest rate model. And they launched StackingStreakSweepstakes.
-The dYdX team shared the second edition of dYdX Trader Insights. In this post, they take a look at the recent yield farming trend and what it means for building liquidity and network effects in DeFi protocols. Tune on episode #02 Trader Spotlight with Andrew Kang.
-An incident occurred on Balancer last week which allowed an attacker to drain funds from 2 pools that contained tokens with transfer fees (sometimes referred to as deflationary tokens). STA and STONK were the tokens in each pool. More info here. Check out a transcript of a recent AMA that was held between the Co-Founder and CEO of Balancer, Fernando, and the Set community in its Discord channel.
-The 1inch.exchange team published an investigation of hack from Balancer multi-token pools with deflationary tokens. 1inch.exchange added support for custom tokens, so you can now add any token that is not listed on 1inch with just a few clicks. 67% better price on SNX to sUSD swap with 1inch.exchange brand new Pathfinder algorithm based on a deep multi path discovery. The team also released UniLogin support for 1inch, and listed JRT.
-BancorV2 introduces a new type of liquidity pool with Dynamic Weights. The weights adapt to market conditions and incentivize arbitrageurs to rebalance the pool, bringing it in alignment with external market prices. The math behind the magic here.
-According to Loopring Monthly Update, the next release of Loopring Protocol takes shape, Relayer takes a 10x step in updating Merkle tree, exchange heats up, Pay launches, Loopring Wallet internal alpha and more. Exploring Loopring with Matt Finestone on POV Crypto.
-The Uniswap team announced a number of changes aimed to promote further decentralization of the Uniswap interface. To learn more read Uniswap Interface + IPFS.
-Along with the release of Alderaan the Raiden team also wanted to give the WebUI a visual overhaul. This overhaul has now been finished and they announced the all-new Raiden WebUI. Moreover, the team is giving a grant to Hub20 worth $45,000 in RDN. Check out the blog post announcing the grant here, and check out the project here. And don’t hesitate to read the latest Raiden Weekly.
-The Melon Council acknowledges MIP#7 and outlines some next steps.The Melon terminal has just been born. Furthermore, the team announced that the RFQ system is now providing better liquidity in BAT/ETH, KNC/ETH, LINK/ETH, OMG/ETH, REP/ETH, MKR/ETH and ZRX/ETH. Check out Token Terminal Interview with Mona El Isa.
-The UMA token is now available on both Uniswap V2 and Balancer.
-Ren protocol June Development Update is out. Binance enables isolated margin trading for REN.
-mStable details its protocol token Meta (MTA), along with its role in bootstrapping a community of Governors through their ecosystem reward program. You can now earn MTA tokens by contributing to both the mUSD/USDC and mUSD/WETH pools on Balancer. mStable’s June development update was published this week.
-Intsadapp introduced Debt Swap. Switch your Compound stablecoin debt from USDT to DAI in a single click. The team also added support for Curve sUSD and sBTC pools on the portal.
-MCDEX, a decentralized exchange offering perpetual contracts with up to 10x leverage, is live. It uses an on-chain AMM & off-chain order book hybrid to process transactions. ETH-PERP is now live — you can get started here.
-DerivaDEX, a decentralized exchange for derivative contracts built on top of Ethereum, introduced. It’s a community-owned exchange with a liquidity-mining token model that puts control directly in the hands of users.
-xMOON Exchange now live. You can now visit xmoon.exchange to bridge ETH to DAI to xDAI to xMOONs to reddit MOONs and back.
-xDai weekly recap is here.
-How Techemy Capital Has Been Bridging CeFi With DeFi — Set Social Trader Spotlight.
-Forbes provides a quick overview of DeFi yield-farming and community member’s thoughts.
-Phishing campaigns aimed at DeFi apps.
-Dan Elitzer: Aquaponic yield farming.
-DeFiSaver: experimenting with different settings for profits.
-DeFi “yield farming” — a new trend in Crypto by Citadel team.
-DappRadar 2020 Q2 Dapp Industry Review.
-These weeks’ DeFi podcasts and videos.
-And much more!
Read the full report here.
⬙Check out our latest biweekly report on Ethereum vol.47: 23rd Junу - 7th July.
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