Biweekly update on Ethereum DeFi ecosystem vol.9, 8th July — 22nd July
3B TVL milestone, Total DAI is now >200M, yEarn has been making big waves over the weekend, mStable launches MTA on Gnosis-based Mesa DEX, Aave introduces new features, Synthetix’s dHedge is live...
TL;DR
-yEarn— an automated liquidity aggregator created by Andre Cronje and his team — has been making big waves over the weekend through the release of its native governance token — YFI. Andre describes YFI as “0 financial value” token. It is an ecosystem that relies on other DeFi services such as Aave, Balancer, Curve, Compound, Uniswap, Synthetix, and many more. One of the main usage of yearn is that you can stake your stablecoins such as DAI, USDC, TUSD, USDT, etc to earn passive income — a way to participate in crypto without exposure to volatile assets.
-mStable launched their protocol token (MTA) over the weekend on the Mesa platform (built by Gnosis). This token will be used for governance, staking and more. The team also announced that they have received investment from Alameda Research/FTX and partnered with them for integration. Check out A recap of MTA rewards here: mStable now incentivises 3 liquidity pools on Balancer. For the remainder of July, they have allocated a full 325,000 MTA to be emitted through this program. Also, an update on MTA emission appeared yesterday, as the community observed an unexpected unlock of MTA tokens. Take a look at it!
-The Aave team has been hard at work to provide new features and assets in the protocol for the Aave Fam! As always, synergies within the ecosystem and brand new functionalities are on the menu this week. They introduced new risk parameters giving more freedom to users, new assets listed, the listing of LEND on Loopring, and a brand new fiat onramp for a seamless Fiat to Yield experience. Moreover, the team has raised $3 million in a sale of the protocol’s LEND token. Framework Ventures and Three Arrows Capital participated in the token purchase. The team plans to roll out a series of new initiatives, including a governance system, a new liquidity provider reward mechanism, and migrating LEND to AAVE. Investigate Aavegotchis, NFTs staked with interest-generating aTokens.
-Total DAI is now over 200 million, a new all-time high. MakerDAO approves 4 new light feeds for oracles: Kyber Network, Infura, Etherscan and Gitcoin have all been added as Light Feed’s to the MakerDAO protocol.
-Five new proposals have passed through Compound’s governance system in July, with two passing, two failings, and one being canceled.
-Dharma has voted in favor of Compound Prop 15, and has voted against Compound Prop 16. Prop 15 brings the collateral factor on SAI to zero. This is the natural next step in retiring SAI from Compound, and the team finds this proposal unproblematic. Prop 16 follows on Prop 14 in attempting to add a collateral factor for wBTC. This week, Dharma has voted in support of Compound governance Prop 17. The team believes these are the right steps to take to retire REPv1, and that now is the right time to start this process.
-0x Developer Update — July 2020 with the new technical developments from 0x Labs and the 0x ecosystem. The 0x community has voted to pass ZEIP-79, which implements a protocol fee multiplier of 70k (a fee reduction of 50%). Matchasurpassed $10 million in cumulative volume with over $11.8m traded since launch. Also, the team released a Chainlink landing page on Matcha where you can buy, sell, and swap LINK.
-Augur v2 will launch next week, on July 28, 2020. Check out The Augur Master Plan (Part 2) published yesterday.
-Update for all of dYdX programmatic traders and developers is out. Check out Trader Spotlight: Andrew Kang, the episode #02 of Trader Spotlight series on trading insights and strategies used by well-known cryptocurrency investors.
-Gnosis Safe Apps Recap — #1: Two and half months ago the team introduced Gnosis Safe Apps and the reception from the community has blown away their expectations. Since launch, 7 apps have been added to the interface, giving multisig users an easy way to interact with great applications built on Ethereum. They believe this is becoming the Safe-st way to DeFi. This article is is a summary of the applications launched to date.
-All three Balancer proposals have been approved by the vast majority of voters. A more detailed outcome of the voting will be published later this week.
-On July 20th 1inch.exchange passed $777,777,777M of total volume. These weeks, the team added 1inch to Gnosis Safe Multisig App. MTA is already listed on 1inch for limit orders. BZRX is integrated in their pathfinder. 1inch uses from now YFI as a connector token in the pathfinder. You can swap from any token into YFI and Curve iearn pool token. Furthermore, the team launched a Discord server.
-Bancor V2 is getting ready for release as it publishes both the code of its smart contracts and a bug bounty for researchers to report vulnerabilities. Once live, the new Bancor V2 pool will allow Chainlink and ENJ holders to provide liquidity and earn a share of the pool’s trading fees while maintaining their long position on the token. As the launch approaches, they announced the open-sourcing of Bancor V2 contracts with a public bug bounty. Breaking Down Bancor V2 Dynamic Automated Market Makers: in this post, the team explores the dynamic weighting and staking features of a new type of liquidity pool in Bancor v2 called a Dynamic Automated Market Maker (DAMM).
-Only two days left to vote on the first KyberDAO Proposal: BRR-1. If you had staked KNC earlier in Epoch 0, make sure you vote now. Only voters get ETH rewards in Epoch 2. renBTC and bZx Protocol (BZRX) are now available on Kyber Network. Join Live Video AMA with Loi Luu, Co-Founder & CEO of Kyber Network, on @cryptocom Twitter on July 23rd, 10pm HKT (2pm UTC).
-dHedge, a new decentralised asset management protocol powered by Synthetix, is now live on the Ropsten testnet. dHedge offers non-custodial mimetic trading for synthetic assets, using the zero-slippage and infinite liquidity trading model of Synthetix. COMP, LEND, KNC, and REN are now available as binary options markets on the Synthetix platform. Check out the details about the new listing of SNX on Binance.
-The Loopring and bZx teams announced that the BZRX token is listed on Loopring.io, Ethereum’s zkRollup exchange, trading against ETH. Further, this BZRX-ETH pair is launched with a month-long liquidity mining incentive campaign. Loopring first month’s liquidity mining campaigns are complete. The $6,000 has been paid out to ETH-USDT and LRC-USDT liquidity providers. Check your Loopring layer 2 accounts: anyone with >$1 accrued will see their rewards. renBTC asset is now listed on Loopring. Loopring founder and CEO, Daniel Wang, did an AMA last week with Asia Blockchain Community. Here is the summary. Learn about him, zkRollups, and bringing Ethereum to the masses in a scalable and secure way.
-Ren just crossed $50m total volume. The renBTC asset is now listed on Loopring.io, Ethereum’s zkRollup Exchange, trading against USDT. REN is now supported in the Aave Market. And it is now available on Kyber Network. Recently, Ren partnered with Bancor in launching REN and renBTC liquidity pools in the upcoming BancorV2.
-TokenSets News Feed now live, it allows you to keep up to date with Social Traders and Sets that you’re following as well as discover new ones. Read Set Community Update #12 — June 2020. And check out the Arb & Yield Stablecoin and The BTC Momentum Trigger Set releases.A handful of UMA Improvement Proposals (UMIPs) are in the works.
-DeversiFi launches Celebrity Trader, a competition where if you pick the winning trader, you’ll win their entire portfolio (that was initially funded by the DeversiFi team). The trades are made based on the sentiment of each Twitter celebrities tweets.
-An update from the Chicago DeFi Alliance where they recap some of their work and announced new cohort members including Gauntlet, Three Arrows Capital and Aave, was published.
-KeeperDAO v1 is live on mainnet. The protocol’s capital pool is focused on executing liquidations, rebalances, and arbitrage in DeFi with flash loan-like transactions.
-MCDEX liquidity mining guide is out: users can earn MCB tokens by providing liquidity on the platform to the AMM. This guide will walk you through how to participate in this program. Get started here.
-Switcheo Exchange has now integrated liquidity from Uniswap V2.
-Latest Raiden Weekly is out.
-Read Q2 update on the Melon ecosystem.
-xDai weekly recap is here.
-The Q2 2020 Ethereum DeFi report by ConsenSys Codefi has been published: A data-driven analysis of the performance of DeFi throughout Q2, including reviews of major & emerging protocols as well as significant events and milestones of the DeFi ecosystem.
-Bankless Q2 Token Report: The analysis on the state of crypto capital assets in Q2 2020.
-Mashable: DeFi could become the next big thing in finance.
-Deribit provides an overview of the growth, opportunities, and risks in DeFi.
-A list of yield farming opportunities.
-These weeks DeFi podcasts.
-And more!
Read the full report here.
⬙Check out our latest biweekly report on Ethereum vol.48: 7th July - 21st July.
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