DeFi in Ether: $54B in DeFi, Compound Treasury announced, Aave Pro detailed, Balancer joins Polygon, 1inch launches dollar-pegged stablecoin with ICHI, Element Finance live on mainnet, Kyber brings DMM to Polygon, UMA’s in-house KPI Options have expired, Andre Cronje releases prototype projects, and more!
Biweekly update on Ethereum DeFi ecosystem vol.33, 22nd June — 6th July
TL;DR
- $54B in DeFi this week, currently at ~ $54.07B, with Aave dominance 15.64%.
- Compound Treasury announced: Compound Treasury is designed for businesses and financial institutions to access the benefits of the Compound protocol. The idea is simple: a fixed 4% APR on US dollars, with daily liquidity and none of the complexity of crypto. The fourth batch of grants has been approved. Find the latest Compound proposals here.
- Aave Pro launching in July: Aave Pro will be the first permissioned decentralized liquidity protocol being co-launched by Aave and Fireblocks. Latest Aave weekly. Follow the Aave governance forum.
- The latest Making Maker is out: Get caught up with governance, blogs, and everything else that happened in June. Maker Growth Core Unit announced: The Maker Growth Core Unit is a company born out of the MakerDAO community, dedicated to the continued growth of the Dai stablecoin and the Maker protocol through strategic partnerships and business development. Governance Polls: Community Greenlight Poll — 0xBTC (0xBitcoin Neutral Mineable Token) & Parameter Changes Proposal — MakerDAO Open Market Committee. Executive Vote: Rates Changes, July Core Unit Budgets: The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.
- Read in the latest Yearn Finance Newsletter #39: New crvTricrypto yVault released; WOOFY receives a makeover; Yearn’s revenue per employee vs. TradFi; PowerPool’s YLA gets an upgrade; Yearn x Immunefi; Blockchain.com wallet releases support for YFI; Vaults at Yearn. Also, Yearn Vaults are available on Enzyme Finance.
- Furthermore, Andre Cronje has released the code for a number of new projects: levX (leveraged on-chain spot perps); ProtectionMarkets (on-chain pay as you go insurance with dynamic pricing), AaveDelegate (integrate users’ debt); CurveGaugeMetaPool (new metapool that natively earns CRV rewards); FixedForex (a governance-minimized forex protocol).
- xDai Weekly Recap — 02/07/2021: POSDAO & protocol updates; POSDAO audit completed; Curve comes to xDai; HOPR trading on xDai directly with Ascendex; Dark Forest round 2 begins; Hedgey financial derivatives protocol launch; Pillar wallet support; and more!
- Element Finance live on mainnet: The Element Protocol has officially been deployed to Ethereum Mainnet and will initially support a 3-month crvLUSD term.
- 1inch Network and ICHI partner to create a new stablecoin: ICHI’s Decentralized Monetary Authority (DMA) protocol enables the creation of one1INCH, an in-house stablecoin for easier payments and more lucrative rewards. The 1inch Foundation revamps governance: The move will facilitate active community participation in improving 1inch protocols by establishing a straightforward and transparent process for considering and adopting proposals.
- Rainmaker: Kyber DMM Liquidity Mining is live: Rainmaker, Kyber DMM’s very first liquidity mining program, has officially begun. Kyber DMM is also being deployed on the Polygon Network for the first time. Using The Graph to Provide Data Analytics for Kyber DMM Protocol. Find out all Kyber proposals here. Check them out on GitHub. Latest Kyber Weekly Blitz.
- MKR-USD Perpetual Markets are live for trading on Layer 2 as well as FIL-USD Perpetual Markets. dYdX now supports 18 Perpetuals markets on Layer 2, with more coming soon. AMA with Kronos / Wootrade — Market Making on dYdX.
- Gnosis Protocol v1 solvers going down: August 1st, 2021, the solvers operated by Gnosis running on Gnosis Protocol v1 (Mesa) will be deprecated in favor of those running on Gnosis Protocol v2. Find out the latest GnosisDAO proposals here. Watch GnosisDAO Community Call — Safe Apps Demo.
- UMA’s uTVL KPI Options — A Retrospective and the Next Launch: The uTVL campaign was successful in creating an incredibly tight knit community working for UMA adoption. However, the KPI itself, TVL, ended the period around the same amount as it started. The community success has prompted UMA to launch a new KPI Options program for Q3, 2021: the uDAO campaign with DAO integrations as the KPI. ICYMI #20: Week ending 25th June.
- Uniswap v3 liquidity mining contracts have been deployed to Ethereum mainnet and all testnets. Latest Uniswap proposals are here. UNI Grants Program — Wave 4: After almost six months, the fourth and final wave of UGP v0.1 has arrived. Impermanent Loss in Uniswap V3 by Peteris Erins
- CoinMarketCap has recently launched Token Swaps, allowing you to swap your tokens on one more website and with the help of Uniswap.
- Yearn Vaults Now On Enzyme Finance: This gives Portfolio Managers within the Enzyme App new opportunities to open up yield farming strategies specifically designed to their needs. Check out MFP: Enzyme Funding Proposals here. Sommelier Liquidity AMA with Mona from Enzyme Finance. Enzyme (MLN) is on Binance now.
- Find latest Index Coop proposals here. Understanding the Risks of Owning FLI Tokens: FLI tokens offer a safer and more convenient way to obtain 2x exposure to your favorite assets. Learn how to manage your risk while using these products. Index Coop Ambassador Program launched: The Protocol Ambassador Program is designed to give the coop a better pulse on the DeFi ecosystem by having individuals dedicated to monitoring each of the protocols within DPI. Fresh View from the Nest #33 is out.
- 0x Ecosystem Update #13: Highlights, network insights, and news from across the 0x ecosystem — May / June 2021. 0x API now supports Balancer liquidity & Kyber Network DMM liquidity on the Polygon network.
- Bancor Community Call Summary — July 1, 2021. A recording of the call can be found here. COMP, SUSHI, PERP, ANKR, NEXO, RUNE have been whitelisted by the BancorDAO. Latest proposals. Video: Let’s Talk Liquidity: Episode Two with Mark & Nate from Bancor.
- Loopring Quarterly Update: 2021/Q2: Updates on Loopring Wallet and the launchpad, exchange v2 improvements + collaborations, liquidity mining and much more. Loopring and Blockchain UGC vertical community Midu reached a strategic cooperation: Midu will integrate the Loopring layer2 to distribute rewards to users, and allow users to complete transfer and withdrawal through layer2.
- June 2021 Monthly Update: June was certainly another exciting month for the Synthetix community. This month, further progress was made on the L2 deployment, the team is closer than ever to trading on the OE L2 with futures not far behind, governance continued to evolve in interesting and exciting directions, and other major upgrades to the protocol began to take shape. The Alnitak Release: Several new updates were added to the protocol. DAO First Capital Formation. Synthetix Weekly — June 30th 2021.
- Ren June Development Update is out. Check out Ren Ecosystem Update of June 2021. Saber BTC Stable Pool launches on Solana. Aztec x Ren Bring Privacy to BTC: Ren continues its long-standing partnership with Aztec in order to bring renBTC into Aztec’s Private Rollup.
- Raiden Weekly 177 is out. This update covers: Pull request opened for enabling WebRTC; Gracefully handle loss of internet connection; Preparations for EthCC.
- Slingshot goes mobile: You can now trade 2,000+ tokens on Polygon with real-time DeFi charts in the new Slingshot mobile-web app.
- Arbitrum and Anyswap team up: Anyswap is now live on Arbitrum enabling cross-chain swaps between other layer 1 and layer 2 chains.
- Opyn launches partially collateralized DeFi options: The upgrade allows options to be collateralized with less than their max loss (<1 asset for call, <strike for puts), increasing capital efficiency and providing leverage for DeFi options.
- Circle announces DeFi API: The new DeFi API provides companies with a seamless, safe, secure and regulated infrastructure for accessing and building on DeFi lending markets.
- DVF DLM overview: In this guide, Lexi Short from DeversiFi explains how users can participate in the upcoming DVF sale.
- Nansen raises $12 million: Nansen, a DeFi-native crypto tracer, has raised $12 million in a Series A funding round led by Andreessen Horowitz (a16z). Also participating in the round was Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital and QCP Capital.
- Risk Harbor raises $3.2 million and hits mainnet: Risk Harbor emerged from stealth, armed with a $3.25 million seed round co-led by Framework Ventures and Pantera Capital. Risk Harbor operates as a two-sided marketplace in which DeFi depositors are able to purchase protection for their capital in DeFi projects, while others are able to underwrite that protection in return for premiums. The project is now live on the Ethereum mainnet.
- DeFi Banks on The Daily Gwei.
- How New Blockchain Apps Make It Easier To Use DeFi — on Maker Blog.
- And more!
Subscribe to ‘Defi in Ether’ newsletter ⬙
Feel free to join Paradigm on Medium. Twitter. Telegram. Telegram Chat. Reddit. LinkedIn.
Total Value Locked in DeFi
$54B in DeFi this week, currently at ~ $54.07B, with Aave dominance 15.64%.
Top DeFi Tokens by Market Capitalization
Total Market Cap: $59,984,085,508
DeFi Aggregators
mStable:
- Check out mStable’s latest proposals here.
- mStable Community Call 008–30 June 2021:
- mStats — progress update:
Yearn Finance:
- New crvTricrypto yVault released
- WOOFY receives a makeover
- Yearn’s revenue per employee Vs. TradFi
- PowerPool’s YLA gets an upgrade
- Yearn x Immunefi
- Blockchain.com wallet releases support for YFI
- Vaults at Yearn
- Yearn Vaults are available on Enzyme Finance
Andre Cronje releases prototype projects: Andre has released the code for a number of new projects:
- levX (leveraged on-chain spot perps)
- ProtectionMarkets (on-chain pay as you go insurance with dynamic pricing), AaveDelegate (integrate users’ debt)
- CurveGaugeMetaPool (new metapool that natively earns CRV rewards)
- FixedForex (a governance-minimized forex protocol).
Lending
Aave:
- Aave Pro launching in July: Aave Pro will be the first permissioned decentralized liquidity protocol being co-launched by Aave and Fireblocks.
- Aave, Fireblocks, and Galaxy Explore have attempted to take the next step towards permissioned DeFi, but at a potential cost.
- Follow the Aave governance forum.
- Latest Aave weekly:
Compound:
- Compound Treasury announced: Compound Treasury is designed for businesses and financial institutions to access the benefits of the Compound protocol. The idea is simple: a fixed 4% APR on US dollars, with daily liquidity and none of the complexity of crypto.
- Find the latest Compound proposals here.
Maker:
- Making Maker: June 2021: June saw a number of Maker Governance polls and votes, and several community updates in the Maker Forum, including those regarding MakerDAO Core Units and their budgets.
- Maker Growth Core Unit announced: The Maker Growth Core Unit is a company born out of the MakerDAO community, dedicated to the continued growth of the Dai stablecoin and the Maker protocol through strategic partnerships and business development.
- Governance Polls:
Community Greenlight Poll — 0xBTC (0xBitcoin Neutral Mineable Token): The Governance Facilitators have placed a governance poll into the voting system as part of their responsibilities as defined in MIP9: Community Greenlight. This Governance Poll will be active for fourteen days beginning on Monday, July 5 at 16:00 UTC.
Parameter Changes Proposal — MakerDAO Open Market Committee: The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the MakerDAO Open Market Committee.
- Executive Votes
Rates Changes, July Core Unit Budgets: The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.
xDai:
xDai Weekly Recap — 02/07/2021:
- POSDAO & Protocol Updates
- POSDAO Audit Completed
- Curve comes to xDai
- HOPR trading on xDai directly with Ascendex
- Dark Forest Round 2 Begins
- Hedgey Financial Derivatives Protocol Launch
- Pillar Wallet Support
- And more!
Derivatives, Swaps and Prediction Markets
dYdX:
- MKR-USD Perpetual Markets are live for trading on Layer 2.
- FIL-USD Perpetual Markets are live for trading on Layer 2. dYdX now supports 18 Perpetuals markets on Layer 2, with more coming soon.
- AMA with Kronos / Wootrade — Market Making on dYdX.
Gnosis:
- Gnosis Protocol v1 solvers going down: August 1st, 2021, the solvers operated by Gnosis running on Gnosis Protocol v1 (Mesa) will be deprecated in favor of those running on Gnosis Protocol v2.
- Find out the latest GnosisDAO proposals here.
- GnosisDAO Community Call 23062021 — Safe Apps Demo:
UMA:
- UMA’s uTVL KPI Options — A Retrospective and the Next Launch: The uTVL campaign was successful in creating an incredibly tight knit community working for UMA adoption. However, the KPI itself, TVL, ended the period around the same amount as it started. The community success has prompted UMA to launch a new KPI Options program for Q3, 2021: the uDAO campaign with DAO integrations as the KPI.
- ICYMI #20: Week ending 25th June.
Fund Management
Enzyme Finance (formerly Melon):
- Yearn Vaults Now On Enzyme Finance: This gives Portfolio Managers within the Enzyme App new opportunities to open up yield farming strategies specifically designed to their needs.
- Check out MFP: Enzyme Funding Proposals here.
- Sommelier Liquidity AMA with Mona from Enzyme Finance.
- Enzyme (MLN) is on Binance now:
Set Protocol & Index Coop:
- Understanding the Risks of Owning FLI Tokens: FLI tokens offer a safer and more convenient way to obtain 2x exposure to your favorite assets. Learn how to manage your risk while using these products.
- Index Coop Ambassador Program launched: The Protocol Ambassador Program is designed to give the coop a better pulse on the DeFi ecosystem by having individuals dedicated to monitoring each of the protocols within DPI.
- Find latest Index Coop proposals here.
- Fresh View from the Nest #33 is out.
Liquidity Relays
0x project:
- 0x Ecosystem Update #13: Highlights, network insights, and news from across the 0x ecosystem — May / June 2021.
1inch:
- Introducing one1INCH: The ICHI Community has launched one1INCH, a stablecoin for the 1inch community. one1INCH will provide a stablecoin for the community that can be used to create USD exposure during 1inch operations, help diversify the 1INCH at 1inch Foundation treasury that is the part of 1inch Network DAO, more easily pay operating costs, provide liquidity, and earn rewards.
- 1inch Network and ICHI partner to create a new stablecoin: ICHI’s Decentralized Monetary Authority (DMA) protocol enables the creation of one1INCH, an in-house stablecoin for easier payments and more lucrative rewards.
- The 1inch Foundation revamps governance: The move will facilitate active community participation in improving 1inch protocols by establishing a straightforward and transparent process for considering and adopting proposals.
Balancer:
- Balancer joins Polygon: Balancer Protocol has been deployed to Polygon’s PoS chain accompanied by a new liquidity mining campaign. Balancer earmarks $10M for near-zero fees on Ethereum-compatible trades.
Bancor:
- Community Call Summary — July 1, 2021. A recording of the call can be found here.
- COMP, SUSHI, PERP, ANKR, NEXO, RUNE have been whitelisted by the BancorDAO.
- Latest proposals.
- Let’s Talk Liquidity: Episode Two with Mark & Nate from Bancor:
Kyber:
- Rainmaker: Kyber DMM Liquidity Mining is live: Rainmaker, Kyber DMM’s very first liquidity mining program, has officially begun. Kyber DMM is also being deployed on the Polygon Network for the first time.
- Using The Graph to Provide Data Analytics for Kyber DMM Protocol
- Find out all Kyber proposals here. Check them out on GitHub.
- Latest Kyber Weekly Blitz:
- AMA with Shane Hong on July 7th:
Loopring:
- Loopring Quarterly Update: 2021/Q2: Updates on Loopring Wallet and the launchpad, exchange v2 improvements + collaborations, liquidity mining and much more.
- Loopring and Blockchain UGC vertical community Midu reached a strategic cooperation: Midu will integrate the Loopring layer2 to distribute rewards to users, and allow users to complete transfer and withdrawal through layer2.
Uniswap:
- Uniswap v3 liquidity mining contracts have been deployed to Ethereum mainnet and all testnets.
- Impermanent Loss in Uniswap V3 by Peteris Erins.
- Latest Uniswap proposals are here.
- UNI Grants Program — Wave 4: After almost six months, the fourth and final wave of UGP v0.1 has arrived.
Payments Networks
Raiden Network:
Raiden Weekly 177 is out. This update covers:
- Pull request opened for enabling WebRTC
- Gracefully handle loss of internet connection
- Preparations for EthCC are ongoing.
Synthetix:
- June 2021 Monthly Update: June was certainly another exciting month for the Synthetix community. This month, further progress was made on the L2 deployment, the team is closer than ever to trading on the OE L2 with futures not far behind, governance continued to evolve in interesting and exciting directions, and other major upgrades to the protocol began to take shape.
- The Alnitak Release: Several new updates were added to the protocol.
- https://blog.synthetix.io/the-alnitak-release/
- DAO First Capital Formation
- An Old Dictator Appears
- Synthetix Weekly — June 30th 2021
Privacy protocols for DeFi
Ren protocol:
- June Development Update
- Ren Ecosystem Update: June 2021
- Aztec x Ren Bring Privacy to BTC: Ren continues its long-standing partnership with Aztec in order to bring renBTC into Aztec’s Private Rollup.
- Saber BTC Stable Pool launches on Solana; $renBTC <> $wBTC Pool.
More updates
- Element Finance live on mainnet: The Element Protocol has officially been deployed to Ethereum Mainnet and will initially support a 3-month crvLUSD term.
- Slingshot goes mobile: You can now trade 2,000+ tokens on Polygon with real-time DeFi charts in the new Slingshot mobile-web app.
- Arbitrum and Anyswap team up: Anyswap is now live on Arbitrum enabling cross-chain swaps between other layer 1 and layer 2 chains.
- Opyn launches partially collateralized DeFi options: The upgrade allows options to be collateralized with less than their max loss (<1 asset for call, <strike for puts), increasing capital efficiency and providing leverage for DeFi options.
- Circle announces DeFi API: The new DeFi API provides companies with a seamless, safe, secure and regulated infrastructure for accessing and building on DeFi lending markets.
- DVF DLM overview: In this guide, Lexi Short from DeversiFi explains how users can participate in the upcoming DVF sale.
- Nansen raises $12 million: Nansen, a DeFi-native crypto tracer, has raised $12 million in a Series A funding round led by Andreessen Horowitz (a16z). Also participating in the round was Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital and QCP Capital.
- Risk Harbor raises $3.2 million and hits mainnet: Risk Harbor emerged from stealth, armed with a $3.25 million seed round co-led by Framework Ventures and Pantera Capital. Risk Harbor operates as a two-sided marketplace in which DeFi depositors are able to purchase protection for their capital in DeFi projects, while others are able to underwrite that protection in return for premiums. The project is now live on the Ethereum mainnet.
- CoinMarketCap has recently launched Token Swaps, allowing you to swap your tokens on one more website and with the help of Uniswap.
MISC
- DeFi Banks on The Daily Gwei.
- How New Blockchain Apps Make It Easier To Use DeFi — on Maker Blog.
This is not financial advice.
Subscribe to ‘Defi in Ether’ newsletter ⬙
For more updates, join Paradigm on Medium, Twitter, Telegram, Telegram Chat, LinkedIn, and Reddit.
