DeFi Recap #3

Citadel.One
Nov 3 · 8 min read

Quick takes from within the DeFi space by Citadel.one team.

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Welcome to our third updated DeFi Report! Keep track of the most important events, incentives, and metrics of the hot DeFi field. A general market overview, selected newsfeed, main proposals, top tweets, and new launches — it’s all about our DeFi Recap. Let’s get started!

Market Overview

Source: defipulse.com

Earn interest for USDC (1 month)

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Source: loanscan.io

Supply / Collateral Added

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Source: loanscan.io

Top 10 DeFi Projects

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Source: defipulse.com

DEXes

24 Hour Ethereum DEX Volumes by DEXWars:

Uniswap Protocol

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Platform: uniswap.org

Value Locked:$2.74B

Open votes: none

News:

Community Governance Process — Governance-Meta by Ashleigh Schap

This document is a suggested process for developing and advancing Uniswap Governance Proposals. It is a living document intended to be owned, modified and enforced by the Uniswap community.

Uniswap Protocol Integrated to TradingView

Users can now chart the Uniswap Protocol. Type UNISWAP: into the search box to see the top 100 symbols by liquidity.

Hot tweets:

1st November Uniswap Protocol was 2 years old!

Happy Birthday Uniswap!

Curve Finance

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Platform: www.curve.fi

Value Locked: $746.6M

Open Votes: 3

  1. Add a gauge for [DUSD, 3pool] metapool.
  2. Add gauge for the [RSV, 3pool] metapool as proposed in CIP#24.
  3. Prepare PoolProxy to be able to start distributing admin fee to veCRV holders.

News:

Huobi x CRV AMA Recap

Read about Curve’s founder — Michael Egorov, and about the project’s governance model and development.

Hot tweets:

Curve Ecosystem and Community Grants

Sushi Swap

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Platform: sushiswapclassic.org

Value Locked: $255.4M

Open Votes:1

  1. Add WBTC/WETH Sushi incentives

News:

SushiSwap Limit Order

Typically AMMs only settle orders with market price, which represents a significant limitation compared to orderbook driven exchanges. SushiSwap addresses this critical AMM pain point with the release of the limit order feature.

Lending

Maker DAO

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Platform: makerdao.com

Value Locked: $2B

Open Votes: 9

  1. Mitigating Flash Loan Risk
  2. Stablecoin Action Plan
  3. Adjust the ETH-B Debt Ceiling
  4. Stability Fee Adjustment Proposal
  5. Adjust the WBTC-A Debt Ceiling
  6. Adjust the LINK-A Debt Ceiling
  7. Adjust the USDT-A Debt Ceiling
  8. Adjust the ETH-A Debt Ceiling
  9. Adjust the MANA-A Debt Ceiling

News:

Klaytn Governance Council: MakerDAO

MakerDAO is joining the Klaytn Governance Council. Klaytn Governance Council is an alliance of multinational businesses and organizations, responsible for operating consensus node network and driving ecosystem growth.

Web3 and Blockchain Tech Edu Is the Focus of Maker’s FriDAI Brunch Series

Web3 and DeFi are just two of the latest buzz words in the world of internet technology. And like many new tech movements, pinning down what they’re all about isn’t easy for some.

The Maker Foundation’s Community Leads know first hand how daunting learning new technologies can be, especially for beginners. They’ve all been there. And it’s the main reason why Maria Magenes, Maker’s Community Lead for Europe and Africa, started her FriDAI Brunch monthly meetup series.

Hot tweets:

New Maker Voting Portal

Compound Finance

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Platform: compound.finance

Value Locked: $1.07B

Open Votes: 1

  1. Delegate UNI

News:

cCOMP Launches, Compound Developer Community Calls, New Coinbase Earn Tasks, and Governance Updates

Highlighting the best of the Compound ecosystem:
- $COMP is added to the protocol as a supported market
- Developer Community Calls begin
- Coinbase adds new Earn educational content
- Governance updates
- …and more!

Compound Finance: Asset Risk

The goal of the collateral factor is to make sure accounts supply more assets than they borrow from the protocol. Setting a low collateral factor of 0% makes it impossible for the asset to be borrowed against. Setting a collateral factor of 75% allows the protocol a safety net to perform liquidations. With the 25% remaining, 8% is paid to the liquidator. The remaining 17% exists to absorb slippage and declining values.

Aave

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Platform: https://aave.com/

Value Locked: $964M

Open Votes: none.

News:

Aave Admin Key Handover

Not too long ago now the Aave governance went live on the Ethereum mainnet, putting the governance in the hands of the LEND token holders. Shortly after, the vote for the first Aave Improvement Proposal (AIP) took place, and LEND holders voted for the LEND token to migrate to the AAVE token at a rate of 100:1, effectively jumpstarting the Aavenomics. The migration is in effect, and the AAVE token is the new governance token of the protocol.

Hot tweets:

Videos:

Aave Community Call

Assets

Wrapped Bitcoin

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Website: https://wbtc.network/

Value Locked: $1.6B

News:

Wrapped Bitcoin is now Ethereum’s 6th Largest Token

Wrapped Bitcoin (WBTC) reached all-time highs today in terms of market capitalization and number of tokens.

WBTC is the most popular version of Bitcoin tokenized for use on the Ethereum network. According to the official website, there currently is a record total of 116,885 WBTC, backed by an equal number of BTC held by custodians. The market cap of WBTC now tops $1.58 billion.

Wrapped Bitcoin (WBTC) is now available on Coinbase

Starting today, Coinbase supports Wrapped Bitcoin (WBTC) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store WBTC. WBTC is available in all Coinbase-supported regions, with the exception of New York State.

Hot tweets:

New merchants joined Wrapped Bitcoin project

Yearn Finance

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Website: yearn.finance

Value Locked: $387.3M

Governance: gov.yearn.finance/c/proposals/5

News:

Proposal: Rethinking Capital Allocation — Discussion

Since August 1st Yearn has generated over $2 million in fees. Currently those fees accrue to Yearn’s treasury with YFI stakers having the ability to claim those rewards on a periodic basis. However, while Yearn has proven its ability to provide real value to YFI holders, distributing protocol revenue as dividends is a suboptimal capital allocation strategy given Yearn’s stage of maturity.

If the community were to enact this proposed YIP, we would use system income to buy back YFI to then use to reward different stakeholders for providing value to the Yearn ecosystem, instead of just distributing income to YFI stakers. The idea here is two fold:

  1. Stop distributing yCrv/yUSD to stakers immediately
  2. Use Yearn’s system income to reinvest in growth

Hot tweets:

RenVM

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Website: https://renproject.io/

Value Locked: $332.9M

News:

October Development Update

Read about monthly development update of Ren Project, some insight into the upcoming release of the next version of RenVM, and some of the work the team has planned for the future.

  • Multichain — cross-chain interoperability with the Acala Testnet.
  • Multiwallet — this month, Ren team began developing a new front-end library.
  • Airwave — improve the reliability, stability, and performance of the network.
  • Lotan — internal testing framework that helps to perform continuous random testing against RenVM.
  • RenJS — support for multiple deposits, transaction replacements, and easy to debug transaction state machines.
  • RenVM — next version of RenVM to mainnet as a private release candidate.
  • Upcoming

Ren Ecosystem Update. October 2020 | by Michael Burgess | Ren Project | Oct, 2020

Welcome to the sixth Ren Ecosystem Update. The format of the update varies month-to-month covering topics from RenVM network stats, integrations, new Ren Alliance Members, community updates, milestones, new blockchain additions, and more!

Hot tweets:

Derivatives

Synthetix

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Platform: synthetix.io

Value Locked: $424.8M

Open Votes: 1

  1. SCCP-55: 12 hour debt snapshot stale time

News:

Synth Asset Management with dHEDGE is Live

dHEDGE is now live! With dHEDGE, investors can earn rewards by managing a portfolio of Synths or invest in the performance of other dHEDGE portfolios.

Portfolio managers on dHEDGE hold a pool of Synths and work their way to the top of the leaderboard by achieving growth. The more successful a portfolio is, the more likely other traders are to invest in it. The more traders invested in your portfolio, the more you can earn.

Calcite product release

Read about all the front-end updates the Synthetix team made across the dApps and website recently.

Hot tweets:

Nexus Mutual

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Platform: nexusmutual.io

Value Locked: $68.2M

Open Votes: none.

News:

Safe mining

During September Nexus Mutual saw a surge in covers being purchased due to SAFE mining. During this time 1137 covers were purchased through the yInsure distributor contract totalling $1,623,094 (USD) in cover costs.

Harvest flashloans: would they have been covered? | by Kayleigh Petrie | Nexus Mutual | Oct, 2020

Harvest was not listed on Nexus Mutual but the team wes in the process of listing Harvest for its members to stake on in order to enable cover purchases. This was not complete before the event so no Nexus members have cover on Harvest and this is purely a speculative report. Ultimately all claims are decided by the members.

Hot tweets:

About Citadel

Get more from your staking!

Citadel is a non-custodial Proof-of-Stake platform for the management and storage of crypto assets. Users can create public addresses for all supported networks with one seed phrase, connect their Ledger or Trezor device, or import an address generated by another wallet.

The analytical dashboard provides relevant information on wallets’ balances and networks’ main metrics. In Citadel, we are standardizing the semantics, making interactions with the platform as easy as possible. The same goes for network metrics. By using universal terms, we are making it easier for users to understand and compare networks.

One of the main functions of the Citadel platform is participation in the PoS consensus — users can stake and delegate their assets, claim rewards, and follow the latest network proposals in the voting tab.

Citadel offers its users instant cryptocurrency exchange services that allow fast and secure crypto assets swap, and it is also possible to buy and sell crypto with a credit or debit card. Citadel users can track rewards, withdrawals, transfers and deposits across all supported networks and add comments to these transactions.

Among PoS platforms Citadel supports Secret Network ($SCRT), Cosmos ($ATOM), ICON ($ICX), IOST, Orbs, and Tezos ($XTZ). For our user’s convenience we also support Ethereum, Bitcoin, and Tether ($USDT). Mobile and desktop versions, new networks, including Polkadot and Ontology, are scheduled for the upcoming updates. Furthermore, delving into the idea of true decentralization we envision Citadel a decentralized autonomous organization and a truly community owned platform in the nearest future.

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