DeFi Recap #4

Citadel.One
Nov 18 · 10 min read

Stay tuned with the growing DeFi world!

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Welcome to the 4th DeFi Report curated by Citadel.one team! We picked up 3 leading DeFi projects from each category: DEXs, Lending Platforms, Assets and Derivatives for you to keep track of the most important governance votes, events and incentives. A general market overview, selected metrics and hot tweets — it’s time for our DeFi Recap. Let’s get started!

Bonus article in the end!

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Market Overview

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Source: debank.com
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Source: duneanalytics.com
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DEXes

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Source: duneanalytics.com
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Uniswap Protocol

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Platform: uniswap.org
Value Locked:$1.5B

  1. Should Uniswap Distribute UNI to Liquidity Providers?
  2. Grant Uniswap Team ability to override and close a proposal (regardless of vote count)

Uniswap’s liquidity plunges 40% in a day as incentives dry up

The total value of assets locked in leading decentralized exchange Uniswap has plummeted by 38% in 24 hours amid the conclusion of its UNI liquidity rewards program on Nov. 17.

Uniswap May Re-up Rewards as SushiSwap Angles to Catch Itinerant Yield Farmers

Uniswap community members are scrambling to update yield farming rewards for the automated market maker’s (AMM) native token UNI as the initial liquidity mining program sunsets on Nov. 17.

It appears the General Counsel of Protocol Labs Marvin Ammori has joined Uniswap as its chief legal officer. One of the most high-profile lawyers in the space, he advised President Obama on net neutrality and advised the TV show Silicon Valley too.

The world’s largest decentralized exchange, Uniswap, has just conducted its first community call that ended with no clear direction from Uniswap.

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Sushi Swap

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Platform: sushiswapclassic.org
Value Locked: $1.0B
Open Votes: none.

Alpha Homora Adds Four 2.5x Leveraged Yield Farming Sushiswap Pools

Welcome Sushiswap community to Alpha Homora, as we now support 2.5x leveraged yield farming on 4 Sushiswap pools:

  • ETH/WBTC
  • ETH/USDT
  • ETH/USDC
  • ETH/DAI
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Curve Finance

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Platform: curve.fi
Value Locked: $1.4B
Open Votes: none.

Interview With Curve Team

Interview with Curve Team by Crypto Rand Group. Curve team talking about main pillars of the product, their partners, competitors and plans for the future.

Introducing security grants and more about ecosystem grants

Curve team keeps receiving applications for ecosystem grants. Find out more about the team’s ideas of applications they would like to see. All applications related to the Curve ecosystem are welcome if they match the list of criteria that can be found in the article.

Paul Puey (Edge CEO) and Naomi Brockwell explain how exactly Curve Finance works.

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Lending

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Source: loanscan.io
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Source: loanscan.io
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Source: loanscan.io
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Maker DAO

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Platform: makerdao.com
Value Locked: $2.3B
Open Votes: 7

1. Onboard GUSD
2. Community Greenlight Poll — NEXO (NEXO)
3. Community Greenlight Poll — YFII (DFI.money)
4. Monthly MIPs Governance Poll
5. Lower Stablecoin Stability Fees
6. Adjust the Dust Parameter
7. Adjust the YFI-A Debt Ceiling

Busting MakerDAO Myths: Seven Misconceptions About Dai

Despite the benefits of Dai and the vast amount of educational information published by the Maker Foundation and members of the community about the project, misconceptions still exist. While some are simple misunderstandings, others are mistaken beliefs.

In the article, seven of the most common Dai myths are addressed in detail.

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Compound Finance

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Platform: compound.finance
Value Locked: $1.5B
Open Votes: none.

Lend directly through Ledger Live and our partner, Compound

Ledger Live is now the easiest way to interact with the Compound protocol using a hardware wallet — no website needed. Check the overview of Ledger features for Compound users.

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Aave

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Platform: aave.com
Value Locked: $1.6B
Open Votes: none.

Aave x Axie Infinity — Aave Blog

Aave and Axie Infinity are teaming up to bring you a hot new collab! DeFi, NFTs, and gaming meet in this ambitious crossover.

Aave V2 is Available on Public Testnet

A while ago, the Genesis Team released this plan outlining some features to expect with Aave V2, making finance a more seamless experience. Today, Aave V2 is live on the Kovan testnet, and you can check it out here. Read the article for more details.

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Assets

Wrapped Bitcoin (WBTC)

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Website: wbtc.network
Value Locked: $2.22B

Nearly $360M in Bitcoin Moved to Ethereum in October Despite DeFi Cool-Off

Ethereum is still the most popular off-chain destination for bitcoins (BTC) as the total supply of tokenized BTC reached 150,000 BTC ($2.05 billion) at the end of October, up 21% since September.

Badger DAO is meant to be a community where all the best builders in the space can come together and build products to help accelerate BTC in DeFi. To do that we need community members that share in our values:
- Support public goods
- BTC as collateral for financial services
- Decentralized governance

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Harvest Finance

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Platform: harvest.finance
Value Locked: $303.1M
Open Votes: none.

Week 12 — Seasonal Crop Rotation, Same Farming Destination

The goal is to not only automatically farm the highest yields in DeFi, but to also help farmers discover the best farming options across the farmland. Check the weekly recap of events and updates that occurred around Harvest Finance previously.

Calling all Devs! Harvest Finance kicks off Phase 1 of its Developer Contest

In this thread on Reddit, users will submit their best ideas for development and the top 10 best dev ideas, chosen by upvotes and mods based on creativity and likelihood of implementation, will receive FARM prizes.

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Yearn Finance

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Website: yearn.finance
Value Locked: $593.4M
Governance:
gov.yearn.finance/c/proposals/5

1. Formalize the YIP Introduction & Voting Process

Not everyone finds it easy to have full insight in a constantly evolving project like Yearn. Actions are a help to contributors to identify and prioritise what to focus on. The actions are designed to help identify what contributions are most likely to create value (short and long term).

Also, actions can help to identify important decisions that are likely needed to raise as formal YIPs (Yearn Improvement Proposals).

This ‘recreational legal memo ‘sets forth an analysis of whether YFI tokens (the governance tokens of the yearn.finance ecosystem) are, or represent, investment contract securities under U.S. federal securities laws. Certain defined terms are set forth on Exhibit A.

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Derivatives

Synthetix

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Platform: synthetix.io
Value Locked: $901.4M
Open Votes: none.

sOIL and iOIL now live on Synthetix, Powered by Chainlink

Through the partnership with Chainlink, sOIL is now live on Synthetix! sOIL is a Synthetic asset that mirrors the price movement of oil using a Chainlink decentralised oracle network. As usual, there will be two versions of this token available: sOIL will enable users to capture a long position while iOIL will enable users to capture a short position.

Virtual Synths and where to find them

The issue is that all of the Curve pools are siloed. This means you can trade 20m through USDT:USDC on-chain today, or between WBTC:sBTC but you cannot go from USDT:WBTC without significant slippage.
SIP-89 specifies a change to the Synthetix protocol where the output of a trade is represented by a virtual Synth, so when an exchange is made between sUSD and sBTC the output of the exchange is represented by vsBTC, and once the anti-frontrunning waiting period (currently 3mins) elapses, this vsBTC can be settled directly into WBTC.

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Nexus Mutual

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Platform: nexusmutual.io
Value Locked: $87.3M
Governance Proposals:
app.govblocks.io

Previous discussions have focused on the surge pricing factor which increases rates if global capacity is nearly used up. I believe we should also have a supply/demand factor which keeps rates stable within a range but then either loads or discounts rates based on the ratio of staking to active cover, this should help cope with market conditions more dynamically and reduce reliance on governance.

Nexus Mutual brings insurance to the frantic Wild West world of DeFi and allows users to protect themselves against hacks and smart contracts bugs in their favourite DeFi projects, while continuing to enjoy their high interest rates.

What’s interesting is that Nexus Mutual itself is also a protocol consisting of smart contracts. Nexus Mutual members pool capital together, users can then take insurance against that backdrop of capital and Nexus Mutual Members earn premiums for capitalising the Mutual. Insurance claims are equally processed by the Mutual Members as everything happens on-chain.

It is a fascinating system which Roxanna explains in very simple terms.

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HEGIC

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Platform: hegic.co
Value Locked: $50M

One of yearn.finance’s core tenets is downside mitigated savings accounts. Thus far we have focused on lossless strategies, while the upside is potentially less, the downside is mitigated. This however leaves a lot of desirable opportunities unavailable to vaults.

APE TAX System Design 🦍

For any system to sustain and grow, it needs to have a positive feedback loop. Why do you think VCs do all this well-being stuff with founders? Well, obviously, to gain an edge and get into the best rounds. But next to that, they also realize that you have to make your surroundings flourish — that contributes back to the environment you live in, your own safety, and so on.

Being Ethical Is Long-term Greedy © random dude

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