Biweekly update on Ethereum DeFi ecosystem vol.36, 3rd August - 17th August
$83B in DeFi, Over $600M was stolen in a massive DeFi hack, mStable announces GrantsDAO, dYdX introduces Foundation, Balancer launches MetaStable pools, Bancor V3 to use Chainlink Keepers...
TL;DR
-$83.2B in DeFi this week, currently at ~ $82.223B, with Aave dominance 15.97%.
-The largest DeFi exploit to date has recently unfolded, with more than $600M stolen from Poly Network. The hacker then returned $256M of the stolen crypto.
-mStable GrantsDAO introduced: This community-led grants program will fund ideas submitted by the mStable protocol’s community, with a focus on building a wider community of developers, creators, and innovators. Read about mStableDAO SafeSnap integration.July Community Call Summary.
-Read in the latest Yearn Finance Newsletter #43: YIP-63: fund builder-first legal activism DAO; Alchemix migrates to Yearn v2; YFI added to Compound Finance; swap between Yearn vaults in one transaction; vaults at Yearn; ecosystem news. Liquidity Mining Rewards v2 by Andre Cronje.
-The Aave DAO recently approved Gauntlet dynamic parameter proposal for calibrating the risk parameters with the evolving risks. Cono Finance is here to protect your Aave debt positions. Follow the Aave governance forum. Latest Aave weekly.
-The fifth round of Compound grants has been approved. MKR, AAVE, SUSHI, and YFI have been added to the Compound protocol. Find the latest Compound proposals here.
-Maker DAO: The Governance Facilitators have placed ratification poll Ratifications into the voting system as part of the responsibilities defined in MIP51. The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an executive proposal MOMC Proposal, August Core Unit Budgets, Housekeeping into the voting system.
-xDai Weekly Recap August 06, 2021 is out. There are now more than 4 million wallet addresses on xDai. CRV arrived to xdai chain. DIA’s decentralized, crowd-sourced data feeds are now available on xDai. Celer cBridge incorporated the xDai network.
-dYdX token introduced: The dYdX protocol token is now live with the initial distribution occurring until September 8th, 2021 when DYDX tokens will become transferrable. Introducing the dYdX Foundation: The dYdX Foundation is focused on fostering decentralized governance & empowering traders with powerful, transparent, and open products. dYdX Market Maker Debate: On August 2nd, the team hosted a debate with Daniel Matuszewski (Partner, CMS Holdings), Bryn Solomon (CEO, MGNR), and Evgeny Gaevoy (Founder and CEO, Wintermute).
-Cowswap upgrades to the final version by fully integrating with Balancer v2: The project upgrades its smart contracts and launches with a tight Balancer v2 integration that enables better gas prices and UX. Mitigating Miner Extractable Value (MEV) with Gnosis Safe: MEV poses unique challenges to smart contract wallet users, but awareness and preparation can protect against them.
-Some recent Enzyme Council updates: quorum reached to migrate treasury to aGnosis Safe address; new MLN tokens minted will be re-directed to this new Council address; the team will be conducting off-chain votes on Snapshot going forward to increase transparency. Check out MFP: Enzyme Funding Proposals here. The latest Enzyme community call is now available online.
-A change in trend? — DPI rebounds in July: DeFi Pulse Index Monthly Update — July 2021. Index Coop July 2021 Financial report. DPI Liquidity Mining Update was published. Find the latest Index Coop proposals here.
-Bancor V3 to use Chainlink Keepers to simplify DeFi usage and add advanced AMM features: The team is planning to integrate Chainlink Keepers as part of Bancor’s upcoming V3 update to further simplify the staking experience for liquidity providers and automate advanced trading features for Bancor users. Community Call Summary — August 8, 2021. BNT is now integrated with Opensea & can be used to buy & sell NFTs. Latest proposals.
-KyberDMM has crossed $500M TVL in its beta phase, with $40B+ in Amplified Liquidity. Kyber Community Call #5 July ’21 recap. Find out all Kyber proposals here. Check them out on GitHub.
-0x API usage on Polygon keeps growing and hitting new milestones. 0x Ecosystem Spotlight: DODO. Market Making in DeFi: Profits and perils: An in-depth exploration of market making in DeFi.
-Balancer launches MetaStable pools and announces partnership with Lido: While Stable Pools are important for tokens with a 1:1 value, MetaStable Pools are great for tokens with highly correlated, but not hard-pegged, prices. The latest Balancer Report is here.
-The 182nd edition of Raiden weeklies covers: Smart Contract releases for the Coruscant milestone; further WebRTC optimizations; Metamask integration in the WebUI.
-Synthetix July 2021 Monthly Update is out. SynthetixDAO contributes $1 Million to Lyra: The LyraDAO has raised $1 million from the SynthetixDAO which is one of the first instances of “DAO to DAO” business development.
-Ren x ICHI bring interoperable stablecoins to DeFi: ICHI and Ren communities have formed a strategic partnership to launch community governed stablecoins for each asset supported by RenVM.Railgun brings private interoperability to DeFi: Railgun now supports renBTC and renZEC.
-DeversiFi governance mechanism is now live: DVF token holders can now participate in the governance of the DeversiFi protocol.
-B.Protocol and Liquity team up: With this integration, B.Protocol now automatically converts ETH back to LUSD for Liquity’s Stability Pool providers and deposits it back to the Stability Pool. This locks the liquidation profits for the users, allows passive APY on LUSD (currently 15%), saves gas costs, and strengthens Liquity’s stability.
-Hop Protocol enables Polygon withdrawals: You can now withdraw MATIC instantly from Polygon to Ethereum or the xDAI network instead of having to wait 7 days by using the Hop Exchange.
-dHEDGE V2 announced: dHEDGE V2 introduces the Guarded Open Access Transactions — GOAT framework. A flexible framework that supports a UX resembling the way applications are used via Gnosis Safe. DeFi protocols that get added through the GOAT framework will be made accessible through dHEDGE V2 interface.
-Mean Finance launched: Mean Finance allows users to Dollar Cost Average (DCA) any ERC20 into any ERC20 with their preferred period frequency.
-Introducing NXTP: NXTP is a simple, generalized protocol for crosschain transactions built by Connext — the testnet is now live.
-Introducing the Votium Protocol: The Votium Protocol is an auction platform where CVX holders can delegate their voting power and receive compensation from buyers interested in amassing voting power.
-Introducing Hyphen: Hyphen is a new cross-chain transfer protocol from Biconomy and it currently allows transfers between Ethereum and Polygon for USDC and USDT.
-Cono Finance introduced: Cono Finance is a UI for Gelato’s liquidation protection solution for Aave users on Polygon.
-Dune Analytics raises $8 million: The $8 million Series A was led by Union Square Ventures. Redpoint Ventures also participated in the round, together with existing investors Dragonfly Capital and Multicoin Capital.
-DeFi Q2 2021 Report by ConsenSys.
-Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss on Unchained.
-The State of Optimism | Ben Jones & Karl Floersch on Bankless.
-Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake on Unchained.
-Why Did the Poly Network Attacker Return Half the Money They Stole? on Unconfirmed.
-The Art and Science of Native Token Liquidity Mechanism Capital.
-DeFi and regulators have incredible alignment but the regulator’s don’t realize this yet.
-And more!
Read the full report here.
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