NEWOsletter: June 1, 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: 0xAkina, Molecul, Ultimatepro, AMBERZ.S, Contentooo
New Order
With the successful launch of our first DeFi Base Camp Cohort and other ventures like Frogs Anonymous, May has been an exciting month for New Order.
An Incubation budget proposal went live on Commonwealth and subsequently passed on Snapshot. This proposal has enabled the DAO to provide a $250K line of credit from the treasury in the form of USDC. The purpose of this is to give incubated projects interest-free loans to cover operations until they secure seed funding. Upon closing a seed round, projects would fully reimburse the loan to replenish the line of credit which would then be available for future projects. More details here.
Additionally, veNEWO is currently under audit by Halborn security with a new UI being tested to ensure a great user experience is tied with the veNEWO launch.
As Q2 comes to a close and we continue to build and ship, expect an action-packed closeout to Q2 of this year. 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 are excited to announce that the first DeFi Base Camp Cohort has officially launched! For those unaware, DeFi Base Camp is a bi-annual Accelerator Program created in collaboration with Outlier Ventures, the leading Web3 accelerator. This partnership aims to amplify DeFi innovation by leveraging both ours and Outlier Venture’s existing network of builders, investors, and smart contract developers to help launch a new breed of next-generation DeFi applications. After reviewing over 290 applicants, we’ve ultimately selected 6 projects to be apart of Cohort 1:
- Obey: a marketplace where fans of hip-hop culture can monetize their passion by betting on the success of a track.
- Sumeria Labs: a decentralized debt market for the Open Metaverse, starting with a permissionless NFT lending and borrowing protocol with a pool-to-peer approach.
- Diversifi: a cross-chain liquidity Layer 0 that enables fast, secure, and cost-effective liquidity transfers between all blockchains.
- Lazy Trade: a one-stop-shop platform for crypto portfolio management across DeFi and CeFi.
- Bright Union: a multichain-compatible aggregator for buying and providing DeFi insurance policies. In other words, the 1Inch of DeFi Insurance.
- IdentDeFi: a decentralized and open standard for on-chain compliance using zK proofs.
Read the full announcement here.
Project Updates and Insights
Redacted
Big news this week for Redacted with the mainnet launch of Pirex, a new incentives platform for vlCVX holders. This is the second major product to be released by Redacted this year, following the recent soft launch of the Hidden Hand bribes marketplace. Official announcement here.
For some insight into how Pirex works, let’s go over how bribes are distributed to CVX holders. CVX holders lock their position to benefit from bribes and earn protocol emissions. Currently however, one of the biggest drawbacks to locking CVX positions is the mandatory 16 week lock period. Up until this point, there has been little opportunity to utilize vlCVX in any further flywheel. With the arrival of Pirex, the game has changed — introducing the flywheel. Pirex will enable the creation of liquid, collateralizable vote-locked(vl) CVX positions; users’ vlCVX position remains locked perpetually but can also be redeemed at any point, and additionally can be collateralized against the value of your CVX for borrowing.
In addition to the Pirex launch, Redacted released announcements on a number of upcoming partnerships including:
- Velodrome Finance: Launching on Optimism, Velodrome is an AMM utilizing a ve(3,3) model adapted from Solidly and founded by the team behind veDAO. The protocol is designed to have addressed and corrected many of the shortcomings of the original Solidly deployment. Velodrome is going live on March 31st with upwards of 10 launch partners, one of which is Redacted. That means the cartel will receive a veNFT representing ~1% of initial voting power to steer initial emissions to pairs of their choice. The partnership may lead to the creation of the first Hidden Hand integration for an L2 market. Additionally, BTRFLY holders who participated in the initial token launch (dutch auction LBE) are reportedly eligible to receive a VELO airdrop. BTRFLY holders can check their eligibility on the Velodrome website once it goes live.
- Aura Finance: Building on top of Balancer’s veBAL, Aura coordinates incentives around vote-escrowed tokens to boost yield potential and governance power of DeFi liquidity providers, governance token stakers, and voters. Redacted is integrating Aura into Hidden Hand by building a market to allow proxy bribing of Balancer gauges. vlAURA holders will also be able to collateralize their positions through Pirex.
H2O
The anticipated OceanONDA V4 launch date is confirmed for June 8, 2022. This is a fundamental milestone for H2O to become the de-facto data backed stable asset in the Web3 data economy.
H2O has also announced a partnership with Gamma to support the management of Uniswap V3 positions. H2O users can deposit their LP tokens directly to Gamma, avoiding the hassle of managing active liquidity positions. 4 pools are available with generous APRs (at time of writing):
- PSDN<>ETH: 540% APR
- OCEAN<>PSDN: 357% APR
- H2O<>ETH: 452% APR
- H2O<>OCEAN: 331% APR
For those borrowing H2O, they have published a guide to Safe management here.
OptyFi
The UST fiasco impacted the entire DeFi ecosystem. Immediately after the UST depeg, rumors of a possible USDT depeg became more insistent. To avoid risks for investors, OptyFi has decided to accept a minimal loss and momentarily transfer user funds from Curve to Aave for peace of mind. As the market stabilizes, they will shift the funds into a more aggressive strategy. OptyFi did the same for their WETH Vault, which used a stETH strategy.
OptyFi’s NFT vault is online and is in the Capital Raising Phase. Once TVL has reached 80 ETH, they will move to the Investing Phase.
As always, OptyFi keeps building tirelessly to make the best passive investing tool in crypto.
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:
