DeFi Recap: DEXes
Weekly update, 14th January — 28th January.
Welcome to the DeFi Report curated by Citadel.one team! We picked up 4 leading DeFi projects among decentralized exchanges 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!
Market Overview
Top-10 DEXs by Trading Value
DEXs Trading Volume (1month)
Total Transactions
Monthly DEX volume grouped by year ($USD)
Gas Cost for Typical Actions at Recent Gas Prices
DEXs
Uniswap V2
Platform: uniswap.org
Value Locked:$3.5B
Open votes: none
Featured Article
3 reasons why Uniswap (UNI) token hit a new all-time high above $15
Data from Uniswap shows the DEX’s daily volume is consistently above $400 million since the beginning of 2021 and the metric surged to a new high at $1.3 billion on Jan. 11. This level of volume now places Uniswap in competition with some of the top centralized exchanges in cryptocurrency.
Featured Discussion
Temperature check — Swapmining : Should we incentivize swapping?New model of UNI governance token distribution proposing to incentivize users to utilize Uniswap by distributing a small amount of UNI token depending on the swap value. This incentive however, can bring a number of complications, as one of the forum users suggested.
Featured Tweet
1inch
Platform: 1inch.exchange
Value Locked: $1.1B
Open Votes: 5
Featured Articles
1inch supports EtherPunk 2021 hackathon by ETHIndia
ETHIndia is bringing together thousands of developers, industry experts, advisors, mentors, and companies to innovate and build decentralized applications with the potential of mass adoption.
1inch is offering 4 challenges with a prize pool of $8000 worth of 1inch tokens!
Featured discussion
The author proposes to end all current farming rewards due to a number of reasons such as:
- 1inch earns most fees through trade volume and not AMM. If the liquidity on 1inch AMM drops after the farming ends, it will just move to other AMMs and 1inch will route trades through there and STILL EARN THE SAME FEES. Hence, the farming inflation does not bring in any value to the protocol and doesn’t earn any extra fees for 1inch holders.
- Continuing farming rewards is not sustainable in the long term.
- We are primarily an aggregator, not an AMM. People use 1inch as an aggregator. We get fees for that, not for our liquidity pools.
…and others.
Featured tweet
Curve Finance
Platform: curve.fi
Value Locked: $2.8B
Open Votes: none.
Featured article
Ahead of the Curve#006
The main event of the week was no doubt the launch of cross-asset swaps on Curve. Those new swaps allow anyone to trade across different Curve pools via Synthetix.
Featured Discussion
Add StakeDAO to Smart Wallet Whitelist
Proposal to whitelist StakeDAO CurveYCrvVoter in Curve’s SmartWalletWhitelist contract, which would allow StakeDAO to lock CRV, participate in Curve governance, and build more sophisticated strategies leveraging Curve.
Featured Tweet
Sushi Swap
Platform: sushiswap.fi
Value Locked: $2.1B
Open Vote: Vesting
Featured Article
2021
SushiSwap TL;DR Roadmap of 2021:
- Franchised Pools
- Double Yield
- K3PR dynamic Yield Rebalancing
- Integrated 1-Click Zap
- New LP Curve Options crowdsourced (not being locked to x * y = k)
- wzdfchsqhwcbgwbuzsgwrsrsldcgifs by Andre, commonly known as #4
Featured Discussion
Collaboration Proposal Badger + UMA + SUSHI
Badger DAO and UMA protocol are collaborating to enable users that have their WBTC/ETH Sushi LP or Badger (Currently about $325M worth) positions staked in the Badger Sett Vaults, to mint synthetic stablecoins (we call them sCLAWS and bCLAWS). We like to partner with Sushiswap for this new product initiative with the purpose of giving Sushi LP’s the ability to borrow against their positions while earning interest. The intention is for this to be the first test of this with subsequent similar launches to follow.
Featured tweet
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