DeFi in Ether: $49.6B in DeFi, mStable Save gets ERC-4626 upgrade, Maker now connected to StarkNet, Balancer now live on Optimism, STAKE ←→ GNO token merge is complete, The 0xpo Summit 2022 announced, Bancor 3 roll-out update, and much more!
Biweekly update on Ethereum DeFi ecosystem vol.54, 24th May — 7th June
TL;DR
- $49.6B in DeFi this week, currently at ~ $49.56B, with Maker dominance 19.45%.
- mStable Save gets ERC-4626 upgrade: mStable Save on Polygon and Ethereum mainnet are now both fully compliant with ERC-4626 with the upgraded Save Contract. The upgrade retains full backward compatibility and has no breaking changes. mStable Governance Updates — 30 May 2022. Check out mStable’s latest proposals here.
- Latest Aave News: AIP-78, liquidity mining evolution, governance house,& more ecosystem updates. Follow the Aave governance forum.
- Compound Proposal 107 ‘Risk Parameter Updates for 5 Collateral Assets’ have successfully passed. Proposal 108 ‘Risk Parameter Updates for 5 Collateral Assets’ is in the voting period.
- When Uniswap v3 returns more fees for passive (non-rebalancing) LPs. New research shows that fee returns on Uniswap v3 positions that do not require rebalancing outperform comparable v2 positions by an average of ~54%. Uniswap x SyndicateDAO Twitter Space. The latest Uniswap proposals are here.
- Maker now connected to StarkNet: This is the official Maker implementation that enables Dai transfers between StarkNet and Ethereum.
- The Endgame Plan Parts 1 & 2 for MakerDAO: The Endgame Plan is an ambitious initiative that aims to create a finite roadmap for MakerDAO that step by step leads to a predetermined, immutable end state many years out in the future, while significantly improving governance dynamics and tapping into the raw power of modern DeFi innovation.
- Gnosis Chain Weekly · 03 June 2022: STAKE ←→ GNO token merge is complete as a new GNO era begins. Optimism on Gnosis Chain racks up heavy usage thanks to dfdao + 277dao darkforest round. GnosisDAO GIPs and Snapshot Votes this week. Stefan George talks Quintessential DAO tooling on the I Pledge Allegiance podcast. Dappconn Berlin tix early bird sale starts next Tuesday. Trustlines Network entering the final proposal stages for GC migration. Pickle Finance announces GC support.
- dYdX Self-Serve Affiliate Program is now live: The self-service affiliate program will enable all dYdX users to spread the word about dYdX and earn in the process.
- UMA wants to see your web3 hack skills shine at Graph Hack. Three ideas to spark UMA builders ahead of Graph Hack. Day in the life at UMA | Clayton Roche, Community and Communications lead.
- A secondary market for your Enzyme vault shares: the best of both worlds: Enzyme’s V3 only allowed for minting and redemption of vault shares, and those ERC-20 tokens were not transferable to third parties. On V4 Sulu, vault managers can enable an alternative option for depositors who want to exit by transferring their shares instead of going through the classic redemption process. By default, shares are now transferable, but you can disable the feature if you prefer to prevent all transfers. Or you can opt for a middle ground and reserve the right to whitelist all secondary buyers before any transfer takes place. This new feature allows for the best of both worlds: the possibility of opening up a flexible secondary market without losing control over who owns what. Especially useful if you need to implement KYC checks and stay 100% compliant. Check out MFP: Enzyme Funding Proposals here.
- Tokensets integration on Avalanche has been announced. Asset managers can now create/manage Sets and investors can buy their favorite Sets on Avalanche C-Chain.
- Announcing the 0xpo Summit 2022: The event will be on November 2–3, 2022, in San Francisco at the beautiful Yerba Buena Center for the Arts. As with the inaugural 0xpo ’20, participation is by invitation/registration only.
- The 1inch Foundation extends the gas refund program: The 1inch Foundation has decided to continue to compensate gas costs to the 1inch DEX aggregator’s users. 1inch partners with Travala.com: Thanks to the integration, 1INCH holders will be able to book millions of products on the leading crypto-friendly travel website.
- Balancer now live on Optimism: Selected pools also receive liquidity mining incentives such as WETH/BTC/USDC and ETH/OP/USDC. Find them here. The latest Balancer Report is here. Listen to last week’s Balancer <> Stader AMA here. Balancer <> Picke Finance AMA is here.
- Bancor 3 Roll-Out Update: 150+ more tokens, Auto-Compounding Rewards, Dual Rewards, UI enhancements, and more integrations with wallets, aggregators and token projects.
- Loopring Community Creator Grants have been introduced. This time they aimed at Community Creators building tools, apps, and educational content that have contributed to the growth of the Loopring L2 ecosystem.
- Raiden Pulse #20: Updates from Q1 2022: Quarterly updates covering all sorts of news and progress across strategy, product, community and team.
- The Kochab Release: SIP-246 included in this release: Upgrade Collateral Shorts: Reenables shorting utilized by Synthetix partners. Fixes recently discovered accounting bugs in the contract, adds an owner function, and removes unused code. Atomic Swaps — Synthetix’s Mainnet Usecase.
- Voltz Protocol is now live on mainnet in alpha allowing trade rates with leverage for the first time in DeFi, earning market-neutral yield, and building the future of finance.
- DeFi Saver is now live on Arbitrum and Optimism both optimistic rollups and both EVM equivalent, meaning that any protocol or dapp live on Ethereum mainnet should have no difficulty deploying to these, too.
- Interest Protocol announced: IP will launch on the Ethereum blockchain on June 13th, 2022.
- Introducing ZigZag Labs: The end-game solution for scaling Ethereum and making it accessible to the mainstream public is through revolutionary ZK-Rollups technology. ZigZag’s mission is to build an infrastructure of protocols that support this upcoming trend.
- Ethereum announced their TTD for the Ropsten test network.
- Two Thought Experiments to Evaluate Automated Stablecoins by Vitalik Buterin.
- MetaMask: The ETH Based Wallet for Swaps and dApps on Unchained.
- And more!
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Total Value Locked in DeFi
$49.6B in DeFi this week, currently at ~ $49.56B, with Maker dominance 19.45%.
Top DeFi Tokens by Market Capitalization
Total Market Cap: $92,930,729,087
DeFi Aggregators
mStable:
- mStable Save gets ERC-4626 upgrade: mStable Save on Polygon and Ethereum mainnet are now both fully compliant with ERC-4626 with the upgraded Save Contract. The upgrade retains full backwards compatibility and has no breaking changes.
- mStable Governance Updates — 30 May 2022.
- Check out mStable’s latest proposals here.
Yearn Finance:
- Read the latest Yearn Finance Newsletter #62.
- Building during bera: Haven’t you heard, anon? DeFi is dead. Long live DeFi. Long live Yearn.
Lending
Aave:
- Latest Aave News: AIP-78, liquidity mining evolution, governance house,& more ecosystem updates.
- Follow the Aave governance forum.
Compound:
- Compound Proposal 107 ‘Risk Parameter Updates for 5 Collateral Assets’ have successfully passed. Proposal 108 ‘Risk Parameter Updates for 5 Collateral Assets’ is in the voting period.
- Find the latest Compound proposals here.
Gnosis Chain (formerly xDai Chain):
Gnosis Chain Weekly · 03 June 2022:
- STAKE ←→ GNO token merge is complete as a new GNO era begins.
- Optimism on Gnosis Chain racks up heavy usage thanks to dfdao + 277dao darkforest round.
- GnosisDAO GIPs and Snapshot Votes this week.
- Stefan George talks Quintessential DAO tooling on the I Pledge Allegiance podcast.
- Dappconn Berlin tix early bird sale starts next Tuesday.
- Trustlines Network entering the final proposal stages for GC migration.
- Pickle Finance announces GC support.
Derivatives, Swaps and Prediction Markets
dYdX:
- dYdX Self-Serve Affiliate Program is now live: The self-service affiliate program will enable all dYdX users to spread the word about dYdX and earn in the process.
UMA:
- UMA wants to see your web3 hack skills shine at Graph Hack
- Three ideas to spark UMA builders ahead of Graph Hack
- Day in the life at UMA | Clayton Roche, Community and Communications lead
Fund Management
Enzyme Finance:
- A secondary market for your Enzyme vault shares: the best of both worlds: Enzyme’s V3 only allowed for minting and redemption of vault shares, and those ERC-20 tokens were not transferable to third parties. On V4 Sulu, vault managers can enable an alternative option for depositors who want to exit by transferring their shares instead of going through the classic redemption process. By default, shares are now transferable, but you can disable the feature if you prefer to prevent all transfers. Or you can opt for a middle ground and reserve the right to whitelist all secondary buyers before any transfer takes place. This new feature allows for the best of both worlds: the possibility of opening up a flexible secondary market without losing control over who owns what. Especially useful if you need to implement KYC checks and stay 100% compliant.
- Check out MFP: Enzyme Funding Proposals here.
Set Protocol:
- Tokensets integration on Avalanche has been announced. Asset managers can now create/manage Sets and investors can buy their favorite Sets on Avalanche C-Chain.
Liquidity Relays
0x project:
- Announcing the 0xpo Summit 2022: The event will be on November 2–3, 2022, in San Francisco at the beautiful Yerba Buena Center for the Arts. As with the inaugural 0xpo ’20, participation is by invitation/registration only.
1inch:
- The 1inch Foundation extends the gas refund program: The 1inch Foundation has decided to continue to compensate gas costs to the 1inch DEX aggregator’s users.
- 1inch partners with Travala.com: Thanks to the integration, 1INCH holders will be able to book millions of products on the leading crypto-friendly travel website.
Bancor:
- Bancor 3 Roll-Out Update: 150+ more tokens, Auto-Compounding Rewards, Dual Rewards, UI enhancements, more integrations with wallets, aggregators and token projects.
Kyber:
- What is Decentralized Finance [DeFi]?
- Find out all Kyber proposals here. Check them out on GitHub.
Loopring:
- Loopring Community Creator Grants have been introduced. This time they aimed at Community Creators building tools, apps, and educational content that have contributed to the growth of the Loopring L2 ecosystem.
Uniswap:
- When Uniswap v3 returns more fees for passive (non-rebalancing) LPs. New research shows that fee returns on Uniswap v3 positions that do not require rebalancing outperform comparable v2 positions by an average of ~54%.
- Uniswap x SyndicateDAO Twitter Space.
- The latest Uniswap proposals are here.
Payments Networks
Raiden Network:
- Raiden Pulse #20: Updates from Q1 2022: Quarterly updates covering all sorts of news and progress across strategy, product, community and team.
Synthetix:
- The Kochab Release: SIP-246 included in this release: Upgrade Collateral Shorts: Reenables shorting utilized by Synthetix partners. Fixes recently discovered accounting bugs in the contract, adds an owner function, and removes unused code.
- Atomic Swaps — Synthetix’s Mainnet Usecase.
Privacy protocols for DeFi
Ren protocol:
- REN DIGEST #1 — May 2022: A newsletter from the Ren community about all things Ren.
More updates
- Maker now connected to StarkNet: This is the official Maker implementation that enables Dai transfers between StarkNet and Ethereum.
- The Endgame Plan Parts 1 & 2 for MakerDAO: The Endgame Plan is an ambitious initiative that aims to create a finite roadmap for MakerDAO that step by step leads to a predetermined, immutable end state many years out in the future, while significantly improving governance dynamics and tapping into the raw power of modern DeFi innovation.
- Voltz Protocol is now live on mainnet in alpha allowing trade rates with leverage for the first time in DeFi, earning market-neutral yield, and building the future of finance.
- DeFi Saver is now live on Arbitrum and Optimism both optimistic rollups and both EVM equivalent, meaning that any protocol or dapp live on Ethereum mainnet should have no difficulty deploying to these, too.
- Interest Protocol announced: IP will launch on the Ethereum blockchain on June 13th, 2022.
- Introducing ZigZag Labs: The end-game solution for scaling Ethereum and making it accessible to the mainstream public is through revolutionary ZK-Rollups technology. ZigZag’s mission is to build an infrastructure of protocols that support this upcoming trend.
MISC
- Two Thought Experiments to Evaluate Automated Stablecoins by Vitalik Buterin.
- MetaMask: The ETH Based Wallet for Swaps and dApps on Unchained.
- The Merge (Part 2) with Stephane Gosselin, Danny Ryan, Tim Beiko, and Hasu on Uncommon Core.
- Devcon applications are now open
- Ropsten Merge Announcement
- What’s New in Eth2–3 June 2022
- EF Grantee Roundup: May 2022
This is not financial advice.
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