Sphere Weekly Report — CW 80
This Week in Sphere Ecosystem News & Updates
Hey Sphereans, and welcome to the latest installment of the Sphere Weekly Report, your one-stop source for all the exciting updates in the Sphere Ecosystem. This week, we delve into a range of topics, from the unlocking of a new Preon-related category in our community Discord server to the debut of Preon on Polygon and the unveiling of Dyson 2.0. Let’s get started!
Preon Unlocked in Sphere Community Discord
Our community Discord server now boasts a new category dedicated to Preon, an essential part of the Sphere Ecosystem. Sphereans can now access all channels relating to Preon, enabling them to engage in discussions, access documents and resources, and receive all the latest Preon news. Join the conversation and interact with fellow Preonauts in the Preon chat today!
Debut of Preon on Polygon
In a significant ecosystem expansion, Preon also took Polygon by storm. This breakout moment features a powerful liquidity pool on Retro, facilitated by voting power and bribing.
Users can mint $STAR with $wETH & $wstETH (Arbitrum) or $wMATIC, and bridge freely across both chains. Alternatively, they can deposit into Retro and earn a powerful APR in $oRETRO or into Chronos to earn some exciting APR on there as well. Bridging is simple and cost-effective via the Preon dApp, which has a built-in Bridge that operates using LayerZero technology. Furthermore, $wMATIC has been introduced as collateral, demonstrating Preon’s progressive approach to collateral additions and use cases across multiple ecosystems.
Speaking of Retro…
Preon: Pools and Partnerships
Preon is the Sphere Ecosystem’s latest and most ambitious project to date, and is revolutionizing the world of CDP protocols with its innovations in making collateral yield-bearing. It accomplishes this via a number of clever integrations and synergies with other protocols both within and outside of the Ecosystem. One of these mechanisms includes yield farming using deposited collateral.
This mechanism is working brilliantly, and Preon’s latest farms are seeing tremendous success. Preon, along with our friends at TangibleDAO, have bribe-matched and put up $10K in bribes with our partners, Pearl Exchange, for the $STAR/$USDR stablecoin pool. Depositors into this pool benefit from a powerful APR leveraging a pair of the most reliable stablecoins in all of DeFi.
As a side note, $USDR is the first stablecoin backed by tokenized, yield-generating real estate, from TangibleDAO.
Another Preon pool that is seeing great success is the $STAR/$ERN pool offered on Retro. $ERN is another powerful over-collateralized stablecoin by ByteMasons. This commemorates our new partnership with Ethos Reserve, a protocol powered by $OATH that is building a next-generation stablecoin on Optimism. Depositors into this pool benefit from a great vAPR, making this a lucrative deposit for yield farmers looking to put their stablecoins to work. Once again, Preon has bribe-matched Ethos Reserve with $1600 on $ERN/$STAR 30 bps and 100 bps. Although this is the same pool, different fee tiers are incentivized.
There are even more stories concerning $ERN, Oath and Ethos Reserve in this week’s installment, so read on, Sphereans!
Sphere’s Proactive Response to Balancer’s v2 Pools Vulnerability
News emerged this week of a critical vulnerability on Balancer’s v2 Pools, affecting numerous liquidity pools across multiple chains. The Sphere multisig promptly withdrew from any affected pools, ensuring the safety of our assets. Notably, the $SPHERE/$wMATIC pool hasn’t been reported to be affected by this vulnerability.
To read about this story in greater depth, you can read the Balancer forum thread linked below:
Unveiling of Dyson 2.0
In development news, we’re excited to announce the unveiling of Dyson 2.0. Significant UI/UX updates have been made, including the addition of a Navigation tab and changes to the Search mechanisms, enabling users to search for vaults at lightning speed.
A Metrics tab has also been created for Dyson’s ALM pools, offering users an in-depth analysis of the pools.
An Eventful Week for Preon
Preon had an extremely exciting week, surpassing $1,250,000 in total collateral deposited and over $1,000,000 in $STAR minted, just two weeks after launch.
We did encounter a minor hiccup related to the peg deviation between Polygon and Arbitrum, but swiftly balanced the pools to restore parity. We’ve also injected a significant amount of liquidity on Arbitrum, offering users the opportunity to earn around 60% on Chronos by staking $STAR.
Preon Gauge: A Major Proposal
In even more Preon news, as both Preon and $STAR expand and reach all new heights, Simsala tabled a proposal on the Balancer forum to enable a STAR/USDC.e gauge.
This stablecoin pool will serve to deepen $STAR liquidity across all chains. The proposal seeks to add a $veBAL gauge to the new STAR/USDC.e pool, and is only the beginning of what is possible with Preon’s powerful stablecoin.
Preon Twitter Spaces
Preon has been alight with the Twitter Spaces recently, with a series of past and future events that have been setting the DeFi world on fire.
Preon hosted a Twitter Space with Liquity earlier this week, discussing the integration of the highly decentralized and immutable stablecoin, $LUSD, into the Preon ecosystem. Missed the Space? Not to worry! You can listen to the Space here.
Additionally, Preon is hosting another Space with OATH Foundation on the 31st of August, discussing various topics including $ERN, $STAR, CDP economy, and our work on Polygon and with Ethos Reserve. Be sure to set a reminder, and clear your calendar, as you will not want to miss this masterclass in stablecoin economics!
That concludes this week’s Sphere Weekly Report. We continue to be inspired by our community’s support and engagement, leading us to innovate and expand. Stay tuned for more updates as we continue to build, grow, and strengthen the Sphere Ecosystem.
Yours in innovation,
Sphere Finance.
