Citadel.One
Published in

Citadel.One

DeFi Recap

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

We are excited to release our first DeFi Weekly Report. Here you can stay updated on the most important events, incentives and metrics of DeFi. A general market overview, DeFi newsfeed, main proposals, top tweets and new launches all in one place. Let’s get started!

Market overview

Source: defipulse.com

Earn interest for USDC (1 month)

Source: loanscan.io

Supply / Collateral Added

Source: loanscan.io

Top 10 DeFi Projects

Source: defipulse.com

24 Hour Ethereum DEX Volumes by DEXWars:

DeFi Newsfeed

The Shifting Sands of DeFi

Kain Warwick (@kaiynne), Synthetix founder, has written a follow up to his recent “State of Synthetix” blog post about what has changed since then which has required a review of Synthetix’s project priorities.

“I believe this is because we are in the middle of a huge transition, not of finance, but of human organisation. The fact we picked finance makes sense since it is easily amenable to the current tools we have available. But this transition is purring because we are truly seeing an exponentiating technology spread across the world. Every single component built in DeFi provides another tool for someone else to build upon.”

Announcing TerraUSD (UST) — the Interchain Stablecoin

TerraUSD is an algorithmic stablecoin, where the cost of minting is equal to the face value of the stablecoins minted — in order to mint 1 TerraUSD, only $1 worth of the reserve asset ($LUNA) must be burned. TerraUSD monetary policy is infinitely scalable — helping DeFi apps and protocols achieve their full potential without restrictions.

Introducing Yield Farming Strategies on TokenSets

On September 22nd Set Labs Team announced the launch of their new line of products, yield farming strategies! Like the recently launched DeFi Pulse Index, these strategies are built on Set Protocol’s new v2 infrastructure and they are part of the second phase of the Set v2 rollout plan.

The first Yield Strategy going live today is the ETH USD Yield Farm which automatically farms the $UNI token by providing liquidity to the ETH/DAI pair on Uniswap. In the future, the strategy may expand to all ETH/Stablecoin and ETH/Bitcoin pairs.

Tap In Tuesday: NFTs Explained

Source: app.rarible.com

DeFi Slate Team explanation and vision on NFT — non-fungible tokens. NFT — a token on the blockchain which represents a specific asset. Unlike the USD for example, one unit of this token cannot be exchanged for another unit because the two units are different — they represent different things.

Pretty insane numbers for a market that is so brand new. NFTs come in the form of ERC-721 the most common form of non-fungible tokens on Ethereum. They can be thought of digital collectibles that are assigned value because people give them value (similar to fiat currencies or precious metals, almost).

MakerDAO Users Hosed by March Flash Crash Won’t Get MKR Payouts, Say MKR Whales

MakerDAO will not compensate victims of March 12’s “Black Thursday” flash crash that left some of the decentralized finance (DeFi) platform’s investors out $8.33 million, according to a vote that closed Tuesday. The Maker community had initially voted in early April to refund sunken investors.

Nearly six months later and the community — represented by current holders of Maker’s MKR governance tokens — concluded a final vote to give zero compensation for lost funds. Some 65% of votes opted for zero compensation, with the next two options for partial compensation receiving 18% and 15%, respectively.

RiveX WRC-20 to ERC-20 Token Swap Details — Ethereum, here we come!

RiveX will be moving the entire RVX supply from WRC-20 to ERC-20. RiveX Team have prepared a detailed description of what will need to be done in order to get your RVX swapped.

RiveX & Aave — Bringing Aave Protocol to RX Wallet, the DeFi Powerhouse!

RiveX announced integration of Aave in the RX wallet — this allows users to access the Aave money markets from directly within RX Desktop wallet.

Akash Network to Integrate Kava’s USDX Stablecoin on the World’s First Decentralized Cloud Marketplace and DeCloud for DeFi

Akash Network, the world’s first decentralized cloud computing marketplace and the first DeCloud for DeFi, announced an integration with Kava, the first cross-blockchain DeFi platform, to enable Kava’s stablecoin USDX as the first coin for fee settlement on Akash’s DeCloud platform. The integration with Kava will also enable Akash Token (AKT) to be used as collateral for USDX loans.

$2B Locked: Uniswap Now Bigger Than Entire DeFi Industry Just Two Months Ago

Uniswap is now bigger than the entire decentralized finance (DeFi) space was just two months ago, as the trading protocol becomes the first to pass the $2 billion milestone in total value locked (TVL).

Glassnode: Uniswap team may have misled community over team token vesting

Binance may currently be the only one capable of making Uniswap governance proposals, which does not bode well for its decentralized competitor.

A recent post from Glassnode has called Uniswap’s decentralization into question, while insinuating that the platform’s developers might have intentionally misled the community about how the team’s allocation of UNI tokens will vest over time.

Understanding Uniswap: how to become a successful Liquidity provider and earn trading fees

Source: cryptotesters.com

Uniswap is completely free of orderbooks. It is built on a beautifully simple concept whereby liquidity for exchange transactions is provided in the form of on-chain liquidity pools. These liquidity pools always each contain two tokens: ETH and an Ethereum (ERC-20) token.

Users who wish to buy an asset (e.g buy USDC with ETH) submit their order and Uniswap instantly spits out a quote.

Introducing Harvest.io, the world’s first cross-chain money market

Harvest is the world’s first cross-chain money market that enables you to earn more with your digital assets. With Harvest you will now be able to lend, borrow, and earn with assets like BTC, XRP, BNB, BUSD, KAVA, and USDX.

Aave Governance on mainnet

The journey towards decentralization continues with the release of the Aave Governance on mainnet! Decentralization is the Aave ethos, and the goal was always to give the decisional power to the community. For a more detailed view of the governance process, check out the Aavenomics Flash Paper.

DeFi Pulse Farmer #7

Source: yieldfarmer.substack.com

In this newsletter, DeFi Pulse breaks down top stories, developments, and trends from the past week in tandem with two key farming opportunities to keep an eye on.

DeFi projects rush towards Layer 2 as Ethereum clogs up

Decentralized finance protocols are racing to implement Layer 2 scaling solutions as Ethereum gas fees skyrocket and the network struggles under the demand.

Popular DeFi platforms including Uniswap, Aave, and Synthetix are gettin closer to rolling out the scaling solutions.

Synthetix, an on-chain synthetic assets protocol that tracks the value of real-world assets, is upgrading September 24 to a primitive version of L2 scaling.

The One-Way ETH ‘Burn’ That Will Kick-Start Ethereum 2.0

With final preparations for the launch of Ethereum 2.0 soon to be underway, CoinDesk’s Christine Kim spoke with developers Raul Jordan and Eduardo Antuña Díez about what’s left to do and what comes next.

Ethereum still not ready for DeFi, say some critics

As DeFi projects flock to Ethereum, experts warn the network is not yet ready to support the frenzy.

Martin Froehler, a mathematician, former hedge fund manager, and founder of Austrian crypto trading platform Morpher, told Cointelegraph that although Ethereum is the “best thing [the blockchain industry] has” for DeFi, the current capabilities of the network are not enough.

Permissionless Bitcoin Is Back on Ethereum After Early Disaster

A few of the largest DeFi protocols have already promised to integrate tBTC as their ETH-BTC bridge of choice.

Permissionless Bitcoin product, tBTC, is re-launching on Ethereum mainnet, but this time with adequate safety measures. The smart contracts have been audited extensively, and the protocol will limit the supply of tBTC, gradually lifting the cap with time.

Shield mining is here — Staking with Nexus Mutual

Stakers (risk assessors) are liable for their staked NXM to be burned if there is a successful claim on that smart contract system. But as a reward for staking 50% of every cover purchase price is distributed proportionally among the stakers.

Source: medium.com

MANTRA DAO’S Staking Platform Is LIVE

Foundation announced the first iteration of the MANTRA DAO platform is now live at app.mantradao.com! The initial launch marks another milestone for the community and the next step in their journey to hand financial control back to the people. The platform will provide the Sherpa community with an avenue to participate and earn daily passive rewards in the broader DeFi and PoS cross-chain space!

Flamingo Swap Launch and FLM Rewards

Flamingo Swap has been launched on 5th Oct, 2020. Timeline, supported trading pairs and details about swap and staking rewards are inside.

Eminence Finance Exploit Leads to ‘Degen’ Soul Searching

Degen traders are questioning their YOLO ethos following a flash loan attack of Eminence Finance contracts that hadn’t been officially released to the public yesterday.

Introducing $RAC — Zora

$RAC is a token built on Ethereum that enables communities to capture the value they create instead of being monetized by pre-existing platforms and $RAC is an active experiment pushing the envelope on these primitives.

Users won’t be able to buy $RAC, only earn it.

CFTC Charges BitMEX Owners with Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations

Washington, D.C. — The Commodity Futures Trading Commission today announced the filing of a civil enforcement action in the U.S. District Court for the Southern District of New York charging five entities and three individuals that own and operate the BitMEX trading platform with operating an unregistered trading platform and violating multiple CFTC regulations, including failing to implement required anti-money laundering procedures. This case is brought in connection with the Division of Enforcement’s Digital Asset and Bank Secrecy Act Task Forces.

Yearn.Finance: Vaults v2 are coming. Stay tuned.

Top Twitter pick-ups with #DeFi hashtag:

About Citadel.one

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. 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. Among PoS platforms Citadel.one supports 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, Secret and Ontology, are scheduled for the upcoming updates.

Learn More about Citadel.one

🌐 Website

📍Telegram

📍Twitter

📍Facebook

📍Reddit

📍Instagram

📍LinkedIn

📍Youtube

Wallet Guide

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Citadel.One

Citadel is a multi-asset non-custodial platform for the management and storage of crypto assets