NEWOsletter: July 4, 2022 Edition
Welcome to the New Order Newsletter, where we provide updates on the development of New Order and its incubated projects on a bi-weekly basis.
New Order is a community-driven venture DAO facilitating the edge-of-the-edge of DeFi through Incubation and Acceleration. Read on to gain further insight on where New Order and incubated projects currently stand.
Contributors: Choonzy, Molecul, Ultimatepro, AMBERZ.S, Contentooo, Zee
New Order
June has been a productive month at New Order, characterized by the successful launch of veNEWO, the Olympus Pro bonding initiative, and the recent tease of the next incubated project called Y2K Finance.
Want to see highlights of what New Order has done this quarter? Check out this thread.
As Q2 comes to a close, we reflect on an excellent quarter and look forward to achieving even more in Q3. For those that want to keep up with the New Order ecosystem, join our bi-weekly Community Calls in our Discord (On Fridays, 11am EST).
DeFi Base Camp
We’re approaching the end of the DeFi Base Camp Cohort 1 program, having just wrapped up week 11 with 2 more weeks to go. The main event that took place this month was the second Investor Day of the program. The following Investor Day will take place in the second week of July.
On June 28th, Outlier Ventures’s Diffusion conference featured all of the startups from their Accelerator programs, including the teams from our DeFi Base Camp program. During this event, each startup showcased their pitch and demo video. Full announcement here.
With only 2 weeks remaining, the DeFi Base Camp teams are gearing up to expand G2M (go-to-market) partnerships and have started fundraising. Last week, Sumeria Labs announced a partnership with DIA for their first product called Zumer Protocol. Through this partnership, DIA will provide decentralized NFT price oracles. Full announcement here.
Project Updates and Insights
Redacted
Pirex, an incentives platform for vlCVX holders, was launched by Redacted a few weeks ago and the first voting round will be concluding soon. In its soft launch, the Easy Mode of Pirex was the first methodology introduced which provides pxCVX auto-compounding. Now live is Standard Mode, which allows users to deposit CVX into Pirex for pxCVX. This CVX is then continually re-locked for vlCVX. Every epoch (two weeks), those holding pxCVX are able to claim bribe revenue that Pirex earns from Votium. With upwards of 52 million CVX tokens unlocking over the next couple of weeks, there’s a big opportunity for Pirex to educate and onboard CVX lockers on the benefits of the platform, and bolster TVL.
Besides Pirex, Redacted has kept busy building and introduced a few key governance proposals to Snapshot:
- A proposal to whitelist Balancer on the Hidden Hand platform (allowing veBAL bribes at a reduced fee rate in exchange for Hidden Hand being the exclusive bribe marketplace for Balancer)
- A new V2 BTRFLY token model proposal, “Metamorphosis”
- A V2 budget proposal for the remainder of the year
H2O
On June 8th, 2022, Ocean Protocol successfully released their latest version of the Ocean Marketplace — #OndaV4. In addition to this launch, H2O is one of the two base tokens qualified for the Data Farming Program launched on Ocean V4.
H2O has also partnered with EPNS to enable communication between the users and the platform by bringing decentralized push notifications to the H2O platform. Now, users can enable notifications through EPNS to automatically receive notifications in the event that their SAFE approaches liquidation. Announcement here.
In the journey towards enabling cross-chain H2O liquidity, H2O announced a bridging partnership with one of the most widely used cross-chain liquidity networks — Synapse Protocol. H2O holders will now be able to access the Ocean Marketplace on both Ethereum Mainnet and Polygon.
Furthermore, another PSDN airdrop was released in late June to OCEAN and veNEWO holders as mentioned earlier. This is the second of four $PSDN airdrop tranches. You can check your eligibility here and earn up to 91.59% APR by staking your PSDN. Don’t miss out!
Finally, the H2O team has launched their Medium channel in which you can find more information on announcements, updates and everything else regarding the H2O platform!
OptyFi
Despite the macroeconomic conditions, the OptyFi team is working at full speed to create the reference ecosystem for DeFi’s Yield Hunters, with attention currently focused on developing brand new Farming Vaults. Thanks to their optimization system, the vaults will be able to change strategy from single-sided staking to LP-staking and vice versa for all supported tokens! As of now, the new Farming Vaults are in a testing phase. The testing phases are vital for ruling out future vulnerabilities and, if found, fixing them.
On Monday, OptyFi was attacked by an MEV bot that, after depositing a large sum of liquidity, “bribed” the block’s miner to confirm his transaction before ordering their Vault. As a result, the MEV bot could remove liquidity and take home a small profit. However, OptyFi was been able to act quickly and swiftly remedied the vulnerability. Due to this however, the launch of their Farming Vaults have been delayed by a few weeks to improve their contracts by using more robust pricing oracles to ensure that OptyFi is 100% safe.
What’s Next?
If you enjoyed this newsletter, we encourage you to browse our resources and to join the New Order community through the links below:
