DeFi Recap: Derivatives

Citadel.One
Dec 18, 2020 · 6 min read

Biweekly update, 4th December — 18th December

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Welcome to the DeFi report curated by Citadel.one team! We picked up 4 leading DeFi projects from among Derivatives for you to keep track of the most important governance votes, discussions, and incentives. The general market overview, selected metrics, articles, and hot tweets — it’s time for our DeFi Recap. Let’s get started!

We are happy to announce that this DeFi Recap is brought to you in collaboration with Nexus Mutual team. More news, updates & Nexus Mutual metrics inside!

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Market Overview

Top-10 Derivatives

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Source: DeFi Pulse

Total Value Locked in Derivatives

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Source: DeFi Pulse

Median Gas Price (Gwei), by week

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Source: Dune Analytics
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Derivatives

Nexus Mutual

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Platform: nexusmutual.io
Value Locked: $108.1M

Governance Proposals: app.govblocks.io
Twitter:
twitter.com/NexusMutual
Docs:
nexusmutual.gitbook.io
Forum:
forum.nexusmutual.io

Metrics

Nexus Mutual Capital Pool

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Source: Dune Analytics

DPI Uniswap Liquidity Chart

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Source: Dune Analytics

Discussion

Scaling Nexus — December 2020 by Hugh Karp
Over the past 5 months Nexus Mutual TVL has grown from $4m to $100m. Cover outstanding has grown from $5m peaking at $245m and is now roughly $60m.

The project has completely switched from being supply side capital constrained, to having meaningful capital that we (NXM stakeholders) now need to put to work.

This post is all about how the demand for cover purchases be stimulated and start scaling the mutual.

Custody cover is now live!
Users of centralised exchanges and custodians — who are responsible for the safekeeping of their users’ private keys to cryptocurrency assets — will now be able to purchase custody cover from Nexus Mutual.
Users will be covered in the event that either:

  • the custodian gets hacked and the user loses more than 10% of their funds, or
  • withdrawals from the custodian are halted for more than 90 days.

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Synthetix

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Platform: synthetix.io
Value Locked: $895.1M

Open Votes: 1
1.Reduce the target Collateralisation Ratio for SNX stakers to 500%

Discussion:

Pragmatic Steps for the Spartan Council
The first implementation of the Spartan Council provided for by SIP-93, “Supersede SIP-90 to Delegated Council Governance,” has resulted in a successful first round of voting with some outstanding issues to be addressed.

Article

The Adhara release
December 1, an upgrade was deployed with a major protocol improvement. Here’s what is included in this release:

Testnet L2 now available for withdrawal
The reward claiming phase for SNX stakers on L2 testnet is now complete, and here marks the start of the final testnet phase, in which participants can withdraw their L2 SNX back to the Goerli L1 testnet.

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Video

A recording from December 2, 2020, from the Synthetix core contributors discussing the migration of Synthetix to L2 Optimistic Ethereum

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Hegic

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Platform: hegic.co
Value Locked: $90.7M

Research
Hegic — Time to Change the DeFi Options Game
Over the last two years, the volume for crypto options has increased from nearly zero to almost $6B. However, DeFi platforms for options trading have lagged behind due to problems with liquidity.

Read the research conducted by the Crypto Briefing Research Department to find out how Hegic addresses these issues.

Article

Hegic x ToxicPoeth: Limited NFTs Collection
The World’s First Collaboration Between DeFi Protocol & Digital Artist: The Hegic Citadel Collection Has Been Released On Rarible.com.

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Erasure

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Website: erasure.world
Total Value Locked: $4.3M
Discussion Forum:
forum.numer.ai

Analysis

Performing Exploratory Data Analysis on Numerai Tournament Data with R
Numerai is a crowdsourced hedge fund that hosts tournaments, which attract thousands of data scientists around the world to compete for Numeraire cryptocurrency. The company provides clean, regularized, and obfuscated data, where anyone with expertise in machine learning can freely participate. Other than that, they also include various guides and coding samples to help novice data scientists get started. One way to get the data is simply visit https://numer.ai/ 1.

In this article, we will perform exploratory data analysis on the numerai_training_data.csv using R to find out more about each feature and the target.

Article

Let’s talk about Signals
If you think Numerai’s main tournament is hard, then you might want to take a look at Signals! It’s more ambitious, and of course, harder! Signals provide a platform to evaluate your financial models and earn some NMR cryptocurrency too!

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Secret Derivatives Bonus:

The Secret Ethereum Bridge is LIVE on Mainnet!

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Users can now get programmable privacy for their ETH and selected ERC-20 tokens. Plus: up to 2 million SCRT are expected to be available to support bridge mining and the launch of Secret DeFi!

Secret Ethereum Bridge: bridge.scrt.network
Secret Stats: secretanalytics.xyz

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About Citadel.one

Get more from your staking!

Citadel.one 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.one, 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.one 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.one 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.one users can track rewards, withdrawals, transfers and deposits across all supported networks and add comments to these transactions.

Among PoS platforms Citadel.one 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.one a decentralized autonomous organization and a truly community owned platform in the nearest future.

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