DeFi in Ether: $48B in DeFi, Curve v2 now live, Raiden’s Ashvini released, RenVM Integrates Solana, Kyber and Polygon team up, Yearn TVL has surpassed $5B, dYdX raises $65M, Futureswap v3 detailed, and more!
Biweekly update on Ethereum DeFi ecosystem vol.32, 8th June — 22nd June
TL;DR
- $48B in DeFi this week, currently at ~ $48.2B, with Aave dominance 15.42%.
- News in the latest Compound digest: HackMoney Hackathon, Pendle launches, Chainlink price feed proposal, cToken standardization. Find the latest Compound proposals here.
- Maker to Implement Flash Mint Module: This new module allows anyone to get guaranteed access to 500 million in DAI liquidity. Previously borrowers would be constrained by the amount of liquidity available in lending pools, but Maker has no such restriction as it can mint DAI into existence. Latest Maker Governance Polls: ‘Signal Requests, Greenlight Polls’ & ‘Onboarding Polls, Parameter Polls, and more’. Executive Votes: ‘Flash Mint Implementation, Debt Floor Changes’ & ‘Parameter Changes, Oracle Whitelisting, Other Changes’. Beyond Digital Collectibles: Five Promising Use Cases for NFTs: As unique, transferable blockchain assets, NFTs serve a range of use cases. Here are six ways they’re making a difference in the ways we live, work, and play.
- xDai Weekly Recap — 18/06/2021 focuses on network updates, project highlights & more. Ethereum Swarm has chosen xDai to scale Swarm Network transactions.
- 0x and Polygon team up: The Polygon ‘DeFi for All’ Fund has allocated $7M in MATIC to the 0x Community DAO and 0x Labs has contributed $3.5 million in ZRX to the DAO for a total of $10.5 million in funding. 0x Ecosystem Spotlight: DexGuru.
- Curve V2 now live: This new version of Curve brings with it the ‘TriCrypto’ pool which introduces the ‘transformed peg invariant’ that allows for high liquidity among differently priced assets.
- dYdX closes $65 million series C: The round was led by Paradigm with participation from other investors including QCP Capital, HashKey, Delphi Digital, StarkWare and more. MATIC-USD Perpetual Markets are live for trading on Layer 2. dYdX now supports 16 Perpetuals markets on Layer 2, with more coming soon.
- uLABS: Range Tokens in Detail: UMA introduces the Range Token — a new treasury primitive that enables DAOs to access funds and diversify their treasury without directly selling their native tokens. Introducing UMA’s Long Short Pair (LSP) Financial Primitive: UMA has built a new contract template called the Long Short Pair (LSP) contract. This is a simple but powerful contract that enables a suite of new products. UMA is scaling to every EVM compatible chain: UMA is scaling to Polygon and laying the groundwork to support multiple Ethereum Virtual Machine (EVM) compatible scaling solutions. Treasury Diversification With Range Tokens: UMA Helps DAOs Utilize and Leverage Their Assets. Developer Mining Retrospective and the KPI Options Grant Program. ICYMI #18: Week ending 11th June.
- Augur Turbo Beta Update covers: cryptocurrency technicals; a look at the NBA playoff bracket; dodgers by far the leader of the pack in MLB; Red Sox and Braves at the same odds (+2000), and more.
- RenVM Integrates with Solana for Interoperability: A direct bridge for BTC and more is now live on Solana. BTC Pool on Polygon with Curve Finance: The first BTC stable pool on Polygon with Curve Finance is here. BTC Pool on Fantom with Curve Finance: $renBTC <> $WBTC Pool.
- Kyber and Polygon team up: The Kyber DMM will be deployed to the Polygon network on June 30th along with a liquidity mining program. Find out all Kyber proposals here. Check them out on GitHub. Latest Kyber Weekly Blitz.
- Read in the latest Yearn Finance Newsletter #37: Yearn TVL has surpassed $5B; New LINK vault released; Advanced Curve gauge voting strategy; May protocol revenue reaches $10M; Reflexer vault released; Vaults at Yearn; Ecosystem news. New and improved ETH yVault has launched. This vault improves on the existing v2 yvETH vault by adding additional features. It incorporates the latest version of Vyper, more robust security, MEV protection, and is more sophisticated overall. Yearn has purchased and locked 1.414 million CRV, bringing our total veCRV to over 20 million.
- mStable <> InsurAce insurance partnership: mStable announced the insurance partnership with InsurAce Protocol, a leading decentralized insurance protocol providing reliable, robust and secure DeFi insurance services to the DeFi users. InsurAce has protected more than 40 protocols in total with its cross-chain portfolio-based covers, unbeatable premiums and participation rewards. Users will now be able to insure their mAssets through the InsurAce dApp against smart contract risks, hacks and bugs. mStable is live on The Graph Network. Check out mStable’s latest proposals here.
- Bespin Mainnet Release Announcement: A new mainnet release of the Raiden Python client is out. This release introduces numerous improvements to the backend which improves the overall user experience and reliability of using the Raiden Network. Announcing the Raiden Light Client “Ashvini” Release: The Ashvini release is the first version of the Raiden Light Client released on the Ethereum mainnet. It is a full implementation of Raiden written in Typescript and it runs in any Ethereum enabled browser. Continue to read this blog post to get an overview of what the Ashvini release is. To get started, go to lightclient.raiden.network.
- AdEx Network and Enzyme Finance Form a Strategic Partnership Bridging Advertising and DeFi: AdEx Network and Enzyme Finance have entered into a strategic partnership aiming to bridge the advertising and DeFi industries. The two companies will collaborate in a number of ways to achieve shared goals and make DeFi more accessible while promoting the AdEx ad network. Check out MFP: Enzyme Funding Proposals here. If you missed last week’s Hack Money workshop with Giel Detienne and Felix Hartmann, check this link.
- IndexCoop DAO Internship Program Introduced: Interested people can now apply to the Index Coop DAO internship program and work within one of the existing working groups. How Volatility Drift Affects FLI Products. How to Minimize Slippage on Your Six-Figure DeFi Pulse Index Trades. Latest View from the Nest #32. Find latest Index Coop proposals here.
- The 1inch Limit Order Protocol is released: The innovative protocol will replace a legacy solution from 0x in the 1inch dApp, offering users much more efficient and flexible limit order swap opportunities. How the 1inch Network provides full security regardless of protocol used: Here is another post in a series explaining the 1inch Network’s advantages that is focused on the security of the 1inch Aggregation Protocol. Banking services for the 1INCH token are now available at Sygnum Bank: 1INCH will be among leading DeFi tokens, for which Sygnum offers institutional-grade custody and regulated trading.
- The latest Balancer Report is here. Liquidity After Bootstrapping: The 80/20 standard for incentivizing continuous token liquidity.
- Bancor Community Call Summary, June 13 2021. Gitcoin pool is now whitelisted on Bancor. Check out latest proposals. What the Banxa and Bancor crypto-to-fiat gateway integration means for you.
- Goldman Sachs plans to offer Ether futures, options to its clients: Goldman Sachs plans to expand its client-facing crypto offerings with ether options and futures, according to a report by Bloomberg.
- alETH now live: alETH from Alchemix allows users to use their ETH as collateral in order to borrow alETH (while earning a yield).
- Opeth Finance now live: Opeth is a synthetic instrument fusing options with the underlying asset. Opeth harnesses the power of on-chain options and enables users to leverage ETH upside + yield farming and reduce downside protection cost.
- The Graph and Arbitrum team up: The Graph’s hosted indexing and querying services are live on Arbitrum One joining other protocols and infrastructure providers including Gnosis Safe and Etherscan.
- Lyra Finance announced: Lyra is DeFi’s first complete options AMM with features such as unified liquidity across all strikes and expiries, automated delta hedging for LPs, instant transactions and much more.
- Introducing Alpha launchpad: Alpha Launchpad aims to incubate new DeFi projects and in doing so grow the Alpha Universe of products.
- OKEx integrates with Polygon: You can now withdraw 23 different assets from the OKEx exchange directly into the Polygon network.
- Futureswap v3 detailed: The main features of Futureswap v3 include native Arbitrum layer 2 support, a protocol redesign, more leverage, more assets and no impermanent loss.
- Ribbon Finance launches liquidity mining: Ribbon users are now able to stake their vault deposit tokens and receive RBN over the next 1 month.
- InstaDApp raises $10 million: The $10 million round, which involved the sale of tokens, was led by Standard Crypto. The pool of investors included the DeFi Alliance, Longhash Ventures, along with developer and Yearn founder Andre Cronje.
- Goldfinch raises $11 million: Goldfinch, a decentralized credit protocol, has raised $11 million in a round that was led by a16z crypto.
- a16z recently published an article on DeFi and why it matters.
- Dude, Where’s My ETH? on The Daily Gwei.
- The Brilliance of Yield Farming, Liquidity Providing and Valuing Crypto Projects — Mark Cuban.
- State of the Market with Su Zhu and Hasu on Uncommon Core.
- The Current State of DeFi | Vance Spencer, Santiago Santos, Spencer Noon on Bankless.
- DeFi Uncovered: Does DeFi Outperform ETH? on Glassnode.
- And more!
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Total Value Locked in DeFi
$48B in DeFi this week, currently at ~ $48.2B, with Aave dominance 15.42%.
DeFi Aggregators
mStable:
- mStable <> InsurAce Insurance Partnership: mStable announced the insurance partnership with InsurAce Protocol, a leading decentralized insurance protocol providing reliable, robust and secure DeFi insurance services to the DeFi users. InsurAce has protected more than 40 protocols in total with its cross-chain portfolio-based covers, unbeatable premiums and participation rewards. Users will now be able to insure their mAssets through the InsurAce dApp against smart contract risks, hacks and bugs.
- Check out mStable’s latest proposals here.
- mStable is live on The Graph Network:
Yearn Finance:
- Yearn TVL has surpassed $5B
- New LINK vault released
- Advanced Curve gauge voting strategy
- May protocol revenue reaches $10M
- Reflexer vault released
- Vaults at Yearn
- Ecosystem news
- New and improved ETH yVault has launched. This vault improves on the existing v2 yvETH vault by adding additional features. It incorporates the latest version of Vyper, more robust security, MEV protection, and is more sophisticated overall.
- Yearn has purchased and locked 1.414 million CRV, bringing our total veCRV to over 20 million.
- What if Yearn = the web’s “yield function”?
Lending
Aave:
- Follow the Aave governance forum.
- Latest Aave weekly:
Compound:
- News in the latest Compound digest: HackMoney Hackathon, Pendle launches, Chainlink price feed proposal, cToken standardization
- Find the latest proposals here.
- The Compound Grants Program unveiled its new branding, with help from Paperclip Labs.
- A new Compound bug bounty is live on Immunefi, focused on the patches with the Comptroller and the cToken implementation.
Maker:
- Governance Polls:
Signal Requests, Greenlight Polls
Onboarding Polls, Parameter Polls, and more
- Executive Votes
Flash Mint Implementation, Debt Floor Changes
Parameter Changes, Oracle Whitelisting, Other Changes
- Maker to Implement Flash Mint Module: This new module allows anyone to get guaranteed access to 500 million in DAI liquidity. Previously borrowers would be constrained by the amount of liquidity available in lending pools, but Maker has no such restriction as it can mint DAI into existence.
- Beyond Digital Collectibles: Five Promising Use Cases for NFTs: As unique, transferable blockchain assets, NFTs serve a range of use cases. Here are six ways they’re making a difference in the ways we live, work, and play.
xDai:
- xDai Weekly Recap — 18/06/2021 focuses on network updates, project highlights & more:
Derivatives, Swaps and Prediction Markets
Augur:
-Cryptocurrency Technicals
-A Look at the NBA Playoff Bracket
-Dodgers By Far the Leader of the Pack in MLB
-Red Sox and Braves at the Same Odds (+2000)
dYdX:
- dYdX closes $65 million series C: The round was led by Paradigm with participation from other investors including QCP Capital, HashKey, Delphi Digital, StarkWare and more.
- MATIC-USD Perpetual Markets are live for trading on Layer 2. dYdX now supports 16 Perpetuals markets on Layer 2, with more coming soon.
UMA:
- uLABS: Range Tokens in Detail: UMA introduces the Range Token — a new treasury primitive that enables DAOs to access funds and diversify their treasury without directly selling their native tokens.
- Introducing UMA’s Long Short Pair (LSP) Financial Primitive: UMA has built a new contract template called the Long Short Pair (LSP) contract. This is a simple but powerful contract that enables a suite of new products.
- UMA is scaling to every EVM compatible chain: UMA is scaling to Polygon and laying the groundwork to support multiple Ethereum Virtual Machine (EVM) compatible scaling solutions.
- Treasury Diversification With Range Tokens: UMA Helps DAOs Utilize and Leverage Their Assets.
- Developer Mining Retrospective and the KPI Options Grant Program
- ICYMI #18: Week ending 11th June.
Fund Management
Enzyme Finance (formerly Melon):
- AdEx Network and Enzyme Finance Form a Strategic Partnership Bridging Advertising and DeFi: AdEx Network and Enzyme Finance have entered into a strategic partnership aiming to bridge the advertising and DeFi industries. The two companies will collaborate in a number of ways to achieve shared goals and make DeFi more accessible while promoting the AdEx ad network. AdEx Network will be implementing the Enzyme protocol in the upcoming AdEx Wallet — a tool that will allow users to easily access and utilize DeFi instruments. The wallet will be linked to a few selected DeFi protocols, Enzyme being one of them.
- Check out MFP: Enzyme Funding Proposals here.
- If you missed last week’s Hack Money workshop with Giel Detienne and Felix Hartmann, check this link:
Set Protocol & Index Coop:
- IndexCoop DAO Internship Program Introduced: Interested people can now apply to the Index Coop DAO internship program and work within one of the existing working groups.
- How Volatility Drift Affects FLI Products
- How to Minimize Slippage on Your Six-Figure DeFi Pulse Index Trades
- View from the Nest #32:
- Find latest Index Coop proposals here.
Securities, Insurance and NFTs
Nexus Mutual:
- iTrust.finance partners with Nexus Mutual to offer a host of staking benefits to NXM and wNXM holders.
- Three new protocols are available on Nexus Mutual. You can stake on them and if cover is available, purchase it to protect your investment.
- Alchemix V1
- Convex Finance V1
- Barnbridge Smart Yield V1
- Community proposals of these weeks.
Liquidity Relays
0x project:
- 0x and Polygon team up: The Polygon ‘DeFi for All’ Fund has allocated $7M in MATIC to the 0x Community DAO and 0x Labs has contributed $3.5 million in ZRX to the DAO for a total of $10.5 million in funding.
- 0x Ecosystem Spotlight: DexGuru
1inch:
- The 1inch Limit Order Protocol is released: The innovative protocol will replace a legacy solution from 0x in the 1inch dApp, offering users much more efficient and flexible limit order swap opportunities.
- How the 1inch Network provides full security regardless of protocol used: Here is another post in a series explaining the 1inch Network’s advantages that is focused on the security of the 1inch Aggregation Protocol.
- Banking services for the 1INCH token are now available at Sygnum Bank: 1INCH will be among leading DeFi tokens, for which Sygnum offers institutional-grade custody and regulated trading.
Balancer:
- Liquidity After Bootstrapping: The 80/20 standard for incentivizing continuous token liquidity.
- The latest Balancer Report is here.
Bancor:
- Bancor Community Call Summary, June 13 2021
- Gitcoin pool is now whitelisted on Bancor.
- Active voter participation in the BancorDAO has exploded in recent weeks. The DAO is becoming a hotbed for on-chain coordination and new ideas that push the Bancor ecosystem forward. Get involved at gov.bancor.network
- Latest proposals.
- What the Banxa and Bancor crypto-to-fiat gateway integration means for you
Kyber:
- Kyber and Polygon team up: The Kyber DMM will be deployed to the Polygon network on June 30th along with a liquidity mining program.
- Find out all Kyber proposals here. Check them out on GitHub.
- Latest Kyber Weekly Blitz:
Uniswap:
- Latest Uniswap proposals are here.
- Uniswap v3: The Universal AMM.
Payments Networks
Raiden Network:
- Bespin Mainnet Release Announcement: A new mainnet release of the Raiden Python client is out. This release introduces numerous improvements to the backend which improves the overall user experience and reliability of using the Raiden Network.
- Announcing the Raiden Light Client “Ashvini” Release: The Ashvini release is the first version of the Raiden Light Client released on the Ethereum mainnet. It is a full implementation of Raiden written in Typescript and it runs in any Ethereum enabled browser. Continue to read this blog post to get an overview of what the Ashvini release is. To get started, go to lightclient.raiden.network.
Synthetix:
Privacy protocols for DeFi
Ren protocol:
- RenVM Integrates with Solana for Interoperability: A direct bridge for BTC and more is now live on Solana.
- BTC Pool on Polygon with Curve Finance: The first BTC stable pool on Polygon with Curve Finance is here.
- BTC Pool on Fantom with Curve Finance: $renBTC <> $WBTC Pool.
More updates
- Goldman Sachs plans to offer Ether futures, options to its clients: Goldman Sachs plans to expand its client-facing crypto offerings with ether options and futures, according to a report by Bloomberg.
- Curve V2 now live: This new version of Curve brings with it the ‘TriCrypto’ pool which introduces the ‘transformed peg invariant’ that allows for high liquidity among differently priced assets.
- alETH now live: alETH from Alchemix allows users to use their ETH as collateral in order to borrow alETH (while earning a yield).
- Opeth Finance now live: Opeth is a synthetic instrument fusing options with the underlying asset. Opeth harnesses the power of on-chain options and enables users to leverage ETH upside + yield farming and reduce downside protection cost.
- The Graph and Arbitrum team up: The Graph’s hosted indexing and querying services are live on Arbitrum One joining other protocols and infrastructure providers including Gnosis Safe and Etherscan.
- Lyra Finance announced: Lyra is DeFi’s first complete options AMM with features such as unified liquidity across all strikes and expiries, automated delta hedging for LPs, instant transactions and much more.
- Introducing Alpha launchpad: Alpha Launchpad aims to incubate new DeFi projects and in doing so grow the Alpha Universe of products.
- OKEx integrates with Polygon: You can now withdraw 23 different assets from the OKEx exchange directly into the Polygon network.
- Futureswap v3 detailed: The main features of Futureswap v3 include native Arbitrum layer 2 support, a protocol redesign, more leverage, more assets and no impermanent loss.
- Ribbon Finance launches liquidity mining: Ribbon users are now able to stake their vault deposit tokens and receive RBN over the next 1 month.
- InstaDApp raises $10 million: The $10 million round, which involved the sale of tokens, was led by Standard Crypto. The pool of investors included the DeFi Alliance, Longhash Ventures, along with developer and Yearn founder Andre Cronje.
- Goldfinch raises $11 million: Goldfinch, a decentralized credit protocol, has raised $11 million in a round that was led by a16z crypto.
MISC
- a16z recently published an article on DeFi and why it matters.
- Dude, Where’s My ETH? on The Daily Gwei.
- The Brilliance of Yield Farming, Liquidity Providing and Valuing Crypto Projects — Mark Cuban.
- State of the Market with Su Zhu and Hasu on Uncommon Core.
- The Current State of DeFi | Vance Spencer, Santiago Santos, Spencer Noon on Bankless.
- DeFi Uncovered: Does DeFi Outperform ETH? — Luke Posey via Glassnode.
This is not financial advice.
Subscribe to ‘Defi in Ether’ newsletter ⬙
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