Biweekly update on Ethereum DeFi ecosystem vol.18, 10th November — 25th November
DAI hits 1 billion, Aave v2 on testnet, Yam introduced Umbrella Protocol, BNT liquidity mining program announced, Mooniswap to bring its AMM protocol by 1inch to NEAR, DEX.AG rebranded, and more
TL;DR
-DAI hits 1 billion. The Governance Facilitators and the Maker Foundation Smart Contracts Team have placed an Executive Votes — Increase YFI-A Debt Ceiling, Increase Dust Parameter for all Vault-Types, Onboard GUSD and Approve November 2020 Governance Cycle Bundle into the voting system which will enable the community to approve the following alterations to the protocol. Happy Birthday, Multi-Collateral Dai! It’s been one year since the release of MCD, a more robust system to power the Dai stablecoin and help shape the future of commerce on the blockchain.
-Find news about Ledger Live integration, Developer Community Call recap, and governance updates in the latest Compound newsletter: Ledger users can now use the Ledger Live application to securely supply stablecoins like USDC, DAI, and USDT to Compound and instantly begin earning interest from the protocol. You can view a longer recap on the Compound Community Forum or listen to a recording of the call. Since the last newsletter, Proposal 29 Delegate UNI 2 passed through governance with unanimous support from the community.
-Aave V2 Now available on public testnet: You can now test Aave V2 without spending real assets on the testnet client here — read the full post for instructions on how to get started. After valuable discussions on the governance forum, 2 new Aave Improvement Proposals (AIPs) have been submitted for a governance vote. AAVE and stkAAVE holders can now vote on AIP2 and AIP3. Overview of the AIPs in this thread. The governance forum discussion about AIP3 can be found here. Conflux Network hackathon: Stani Kulechov and David Truong are on the judging panel. Read Why CrescoFin is creating a money market on Aave by CrescoFin.
-Check out fresh Yearn Finance Newsletter #12 covering following topics: an introduction to Yearn 2.0 yVaults, YIP-55: formalize the YIP introduction & voting process, YFI debt ceiling increase vote on MakerDAO, sneak peaks at Yearn 2.0 website UI, Yearn state of the vaults, Governance updates (YIPs), ecosystem news. Yearn.finance x Hegic: Options: In this post, Andre Cronje details how Hegic options products can be integrated into Yearn.finance’s products. A new fund from the founders of Hegic and Yearn.finance was also created called ‘Molly & Andre’ — details here. yAcademy Formally Proposed: Academy is a security wing tasked with auditing Yearn’s contracts, attracting and retaining top talent, and eventually generating revenue by expanding its auditing services to the ecosystem at large. Pickle & Yearn ferment co-operation dill: Yearn has formed a symbiotic relationship with Pickle finance. Find Latest YFI Pulse here.
-Bancor has crossed $60M in TVL. BNT Liquidity Mining APY is LIVE: The team proposes a BNT Liquidity Mining (LM) program aimed at achieving two primary goals: attract new liquidity into Bancor pools, create stickiness to incentivize long-term liquidity provision. With more liquidity, Bancor stands to win more conversions in the market, which generates more fees for liquidity providers (LPs) and results in increasing APY and protocol revenue.
-dYdX joins Open DeFi to help create new asset classes and markets for traders: The team announced that dYdX is the latest member to join the Open DeFi initiative. dYdX will be providing deep insight into the liquidity landscape of decentralized finance and help curate innovation in the space with other partners. AMA: dYdX on layer 2 and future of DeFi: MathWallet hosted AMA in the official Telegram group, and introduced dYdX Exchange which is a decentralized cryptocurrency exchange, built on the Ethereum network. CEO&Founder of dYdX Antonio Juliano shared his insights about the evolution of DEX and why dYdX could be the go-to DEX for the market.
-The DPI has hit a new milestone of $30M TVL, demonstrating the increasing popularity of DeFi indices and meta-governance, and diversification. INDEX holders have signaled for the AAVE in the DeFi Pulse Index DPI to vote YES in Aave AIP2 and AIP3. The UNI farming incentives on Uniswap ended recently which means the current yield farming Sets — the ETH USD Yield Farm and ETH WBTC Yield Farm — are no longer collecting UNI rewards.
-TVL on Nexus has reached $100M. Also, Cover purchases are now live on Keeper DAO.
-0x Developer and Governance Update — November 2020: New technical developments from 0x Labs and the 0x ecosystem. The road to 0x protocol v4. 0x Ecosystem Update — October 2020: This is a re-post of the October 2020 ecosystem update originally published at 0xtracker.com. Community Spotlight: João Campos — Head Developer of DexKit: An interview with a phenomenal 0x ecosystem builder. To celebrate over $1 Billion in volume since launch, Matcha is enabling access to 1,000 tokens plus the ability to add custom tokens.
-1inch just reached $6B of total trading volume. The 1inch exchange protocol and its AMM, Mooniswap, will be ported to NEAR Protocol in 2021 to benefit from its sharding architecture. Good news is, the team announces stage 2 of liquidity mining program, in which an extra 1% of the 1INCH token supply will be distributed among liquidity providers. 1inch integrates with MyEtherWallet. 0x protocol is now integrated in 1inch V2. You can now trade APY on 1inch.exchange, allowing for the most efficient swapping routes across DEXes & the best buying/selling rates for APY Governance Tokens.
-Batch #2 of Balancer Ecosystem Fund Grants is Now Available: 50K BAL in grants available to teams/individuals building on the Balancer protocol or providing services to the community. Forby, Balancer Labs announced that Pantera Capital and Alameda Research have made an investment in Balancer, through the direct purchase of BAL tokens from the Balancer Labs treasury.
-KyberDAO: Increasing Ecosystem Participation: KyberDAO has completed 9 successful: Epochs so far, with over 50M KNC staked, 10,000 on-chain votes, and $1M ETH rewards distributed to voters. Our Kyber community has also grown from strength to strength, with over 13,000 members between Telegram and our new Discord server, and more participants joining our monthly community calls. KNC (Kyber Network Crystal) voting delegation is an important next step towards further decentralization and increasing active governance participation by key KyberDAO and DeFi ecosystem participants. Moreover, Kyber Network Partners with Velo Labs to Support Smart Contract Functionality for Velo Protocol.
-Loopring’s zkRollup has settled over 2 million transactions. Loopring Wallet — Ethereum Unleashed: The team has released a beta version of Loopring Wallet, the first Ethereum smart wallet with zkRollup scaling baked in. Android users can download the wallet app right now from loopring.io
-Uniswap’s 3-month UNI liquidity mining program has ended. The incentivization effort was a success, considering the trading protocol has significantly more liquidity and volume than it did before the program started. Moreover, Uniswap analytics is now integrated into Rotkiapp and marketplace data integrated into Cryptowatch.
-The Raiden team have released a new demo showcasing instant M2M payments with Raiden. Read Raiden Pulse #14: News from September & October. Fresh Raiden Weekly update #144 covers: overview of the Raiden client 1.2.0 — “Alderaan — Tristan da Cunha”, details on participation in Encode Hack Club hackathon, development progress.
-Synthetix Updates: sOIL and iOIL now live on the Synthetix platform, the Bornite product release went live, the Regulus release went live, the Mimosa release went live and the Spartan Council was announced. Also, Synthetix to invest 100,000 sUSD in Synthetix-based dHEDGE portfolio manager: Synthetix is putting out a call for a community member to manage a dHedge portfolio as a Synthetix community representative. Kain Warwick published an excellent overview of Virtual Synths. Synth trading is live on Pillar: You can now execute Synth-to-Synth trades on mobile with Pillar.
-The Multichain comes to RenVM: With this release, a new range of new assets and chains enter the world of interoperability including BTC, DOGE and FIL. Ren Ecosystem Update: RenVM has had a successful sixth month in production, with over 1.25 billion USD in total volume to date. MyEtherWallet integrates RenVM: RenVM’s first wallet integration is now live, allowing users to convert $BTC to renBTC within MyEtherWallet’s mobile app. Furthermore, REN and Open DAO are joining forces.
-Augur v2.13.1-beta.2 released.
-Binance begins to block U.S. users: Crypto exchange Binance has begun blocking U.S. users from accessing its exchange platform, The Block has learned.
-PayPal crypto now available for U.S. residents: PayPal said last Thursday that it is opening up its nascent cryptocurrency services to all eligible U.S. users.
-Introducing the Umbrella Protocol by Yam: The Umbrella Protocol features perpetual ERC20 streaming coverage, immutable coverage pools, and permissionless factory-based pool creation that allows for customization and iteration over time.
-LiquidStake launched: LiquidStake will allow ETH stakers to take out USDC stablecoin loan against their staked assets while earning staking rewards from the eth2 network.
-Cryptowatch adds Uniswap markets: You can now use the Cryptowatch desktop app to monitor Uniswap markets on the dashboard.
-Metric DEX update: Metric DEX shipped a new version which allows you to trade any 2 tokens wallet-to-wallet using a 0x relayer network.
-Slingshot announced: Slingshot is the new brand for Dex.ag and aims to help users find the best price for any given token trade on Ethereum. They announced that they raised $3.1 million from Framework Ventures, with additional participation from many others, including Electric Capital, IDEO CoLab, Coinbase Ventures, Winklevoss Capital, Digital Currency Group, Robot Ventures and more.
-Idle Finance raises $1.2 Million: The round was led by gumi Cryptos Capital, with participation from Quantstamp, BlockRock Capital and Long Hash, among others. With fresh capital at hand, Idle plans to scale its yield optimization protocol with new features.
-Blocknative raises $5 Million: The latest round of financing was led by Blockchain Capital and includes participation from new investors IDEO CoLab Ventures, Coinbase Ventures, and Industry Ventures as well as existing investor Foundry Group.
-UNION raises $3.9 Million: UNION, a decentralized finance (DeFi) protocol building risk management tools, has raised $3.9 million in fresh funding. The round was backed by Alameda Research, Solidity Ventures, 3Commas, and Black Edge Capital, among others. With fresh capital in hand, UNION looks to launch its protocol in the coming months.
-SmartDeFi announced: SmartDeFi is an easy to use, non-custodial robo-investment app which fulfills the needs of traditional investors who want to make their first DeFi investments, but don’t understand the risks involved or how to take the first steps.
-DeFi Saver releases Ethereum Gas price extension: The extension shows you current gas prices at all times and provides a 7-day averages chart to figure out a good time for management of your positions
-88mph launched: 88mph lets you send your crypto assets at a fixed interest rate with infinite liquidity.
-Nascent introduced: Nascent is a multi-strategy investment firm that pursues compelling opportunities in crypto, DeFi, and the open economies they enable.
-Yield aggregator project Pickle Finance was exploited for ~$20 million worth of Dai. Check out the post-mortem report here.
-Meet ibDUSD, a new interest-bearing form of DefiDollar’s DUSD stablecoin.
-DeFi Database launched: DeFi Database is a community resource for tracking the DeFi projects ecosystem.
-Is the YFI token a security in the U.S.? That’s a big no according to a new recreational legal memo from Gabriel Shapiro.
-Deribit’s latest case study on SushiSwap.
-Feedback Control as a New Primitive for DeFi.
-So You Want to Use a Price Oracle.
-The Best DeFi Indices for Your Crypto Portfolio.
-New DeFi podcasts.
-And much more!
Read the full report here.
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