DeFi in Ether: $54B in DeFi, Uniswap v3 on Optimism, Synthetix x Optimism update, TokenSets launches on Polygon, Gnosis Safe is live on Layer 2, Hop Bridge is here, 0x + Brave partner up, KyberDMM liquidity mining now live, Balancer launches Stable Pools, SushiSwap NFT platform sneak peek, and much more!

Paradigm

Published in

Paradigm

16 min readJul 20, 2021

Biweekly update on Ethereum DeFi ecosystem vol.34, 6th July — 20th July

TL;DR

$54,6B in DeFi this week, currently at ~ $54.65B, with Aave dominance 16.49%.
Uniswap v3 launches on Optimism: Users can now trade 6 different tokens (including ETH and stablecoins) on Optimism via Uniswap v3 which marks the first layer 2 deployment of Uniswap. Product Update #1 is out. A Guide to Uniswap on Optimism on Bankless. Dune Analytics dashboard for Uniswap v3 activity on layer 1 and layer 2. ELI5 on understanding Uniswap v3 LPs. Latest Uniswap proposals are here.
Hop Bridge launched: By using Hop Bridge, users can now instantly transfer USDC between Ethereum, Polygon and xDAI.
SushiSwap NFT platform sneak peek: LevX has proposed the idea of an NFT platform for the SushiSwap ecosystem that would include features such as a social token, bidding strategies, royalties distribution and more.
Gnosis Safe is live on Layer 2: Polygon and Binance Smart Chain (BSC) have joined xDai as Gnosis’ Layer 2 offerings, with Arbitrum coming soon. Find out the latest GnosisDAO proposals here. Introducing Radicle Orgs: Radicle Orgs are a decentralized code management tool for DAOs built on Gnosis Safe.
Synthetix Optimism launch announcement: The Synthetix exchange will be enabled on Optimism during the week of July 26th with a final deployment date pending Spartan Council approval. There was also an update provided regarding the gas situation on Optimism and the Synthetix June monthly update was also published. June UX/UI Designer Challenge results are out. Thales Raises $2.5 Million: Thales, a Synthetix ecosystem project building support for trading binary options, raised $2.5 million in a strategic investment round led by Framework Ventures and Apollo Capital.
News in Yearn Finance Newsletter #40: Cumulative protocol revenue reaches $30M; Synthetix adds the SNX yVault to their interface; SEBA bank mentions Yearn in the report; Claim your rewards from YFI staking; Vaults at Yearn.
alUSD/mUSD Feeder Pool Now Live: Users can deposit alUSD and mUSD at launch into the Vault to earn MTA and a share of trading fees. June Community Call Summary | mStable. The proposal Creation and funding of the mStableDAO Funding subDAO is up for voting. Check out mStable’s latest proposals here.
Aave has now been integrated into the Boardroom platform and is live on the portal, along with projects using a fork of Aave V2 governance. Conversations with the Coop: Stani Kulechov of Aave — Index Coop. Follow the Aave governance forum. Latest Aave weekly.
Read in the latest Compound newsletter on Compound Treasury launch, Circle DeFi API, Grants batch 4, Governance updates. Proposals 51 & 51 passed successfully. Find the latest Compound proposals here.
Latest MakerDAO Governance Polls: Community Greenlights & Collateral Onboarding, Signal Requests, Ratification. Executive Vote: FLAP Auction Adjustment, RWA-02 (NS-DROP) Debt Ceiling Increase, and July Core Unit Budgets. Daistats updated.
xDai Weekly Recap July 16, 2021 is out.
Sign up for the L2 waitlist to be the first to get access to L2 on Dharma in the coming weeks.
The Cosmos (ATOM-USD) Perpetual Contract is live for trading on Layer 2. Go long or short on ATOM with up to 10× leverage. There are now 20 markets available to traders on dYdX, with more coming soon. The team plans to add new markets every week, from sectors such as DeFi, emerging Layer 1 blockchains, and more. ZK vs. Optimistic Rollups: On June 17, dYdX hosted a debate with Antonio Juliano (dYdX) and Kain Warwick (Synthetix) that was moderated by Dan Robinson (Paradigm) on Twitter Spaces, here is a recap.
UMA raises $2.6 million: Risk Labs (the foundation supporting UMA) has minted the first ever Range Token backed by UMA collateral. $2.6mm worth of this token has been sold to a small group of DeFi enthusiasts, including Amber Group, BitDAO, Blockchain Capital, Robert Leshner and Wintermute Trading. Success tokens introduced. They allow VC investors to buy tokens from a DAO with aligned community incentives. UMA Success Tokens Provide a “Series B” Option for Crypto Investors. ICYMI #22: Week ending 9th July.
Enzyme Finance Interview — On-chain Asset Management | Mona El Isa — Alexandre Raffin. Enzyme on Binance Research. Check out MFP: Enzyme Funding Proposals here.
TokenSets launches on Polygon: Set Protocol has been launched on Polygon, lowering the barrier of entry significantly and bringing Set one step closer to enabling asset management and strategy creation for the masses. How To Create A Set On TokenSets | DeFi Asset Management — Crypto Kai.
Index Coop raises $7.7 million: The raise was done via a treasury diversification and was led by 1kx and Galaxy Digital. Joining 1kx and Galaxy are 1confirmation, Defiance Capital, Assembly Capital, LD Capital, Wintermute, Laconia Ventures, and former wealth management executive Phil DiIorio. An Introduction to Metagovernance. Index Coop products are now supported on BitGo starting with DPI. Coming soon: Index Coop Internship Program. Everything You Need to Know About FLI Product Parameters. Find latest Index Coop proposals here. Latest View from the Nest #34 is out.
0x + Brave partner to make crypto and DeFi more accessible to everyone: Brave chooses 0x API to power Brave Swap, enabling token trades at the best prices directly from your Brave crypto wallet. ZRX has been whitelisted by the Bancor DAO.
1inch Foundation launches a $3 million grant program: The program aims to foster growth and expansion of the 1inch Network and incentivize developers to build on 1inch protocols. How the 1inch Network offers an unmatched degree of versatility: Another post in a series focused on the 1inch Network’s advantages highlights the versatility and flexibility of 1inch protocols. Meet the brand new release of the 1inch DeFi Wallet.
Balancer launches Stable Pools: Stable pools make Balancer Protocol the first Automated Market Maker with at least three different types of pools: weighted, Element, and now stable pools. Dark Mode is here. The latest Balancer Report is here.
BancorDAO Update: 7 active proposals are live in Bancor governance. Latest proposals. Community Call Summary — July 18, 2021.
Alpha Homora and EPNS team up: Alpha Homora V2 integration with Ethereum Push Notifications Service (EPNS) is now live and users can receive notifications on their mobile devices when their positions are at liquidation risk. Alpha also announced the first Alpha Launchpad incubated project — Beta Finance — learn more here.
KyberDMM liquidity mining now live: Kyber Dynamic Market Maker (DMM) is a next-gen AMM protocol that maximises the use of capital for liquidity providers with its amplified pools that provide high capital efficiency and dynamic fees that optimise returns. With the Rainmaker liquidity mining program, KyberDMM will help boost liquidity even further, provide important benefits to liquidity providers, as well as bring more DeFi participants and value into the Kyber and Polygon ecosystems. Kyber Ecosystem Report #27 Jun-Jul ’21. Coin98 Wallet Integrates KyberDMM. Find out all Kyber proposals here. Check them out on GitHub.
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 A new Raiden Weekly has been posted. Version 178 covers: Raiden Pulse for April, May and June, development towards the next milestone continues, EthCC.
Loopring L2 Liquidity Mining: Round 11: Get ready for round 11 of incentives on Loopring’s L2 AMM & Orderbook exchange. Lasting for 5 more days. Guide: How to Create the Loopring Wallet.
Raydium BTC and DOGE Pools on Solana: renBTC and renDOGE trading is now live. Ren’s News Feed Integrated with Crypto.com. Ren (REN) is now available to UK residents on Coinbase Pro. The Ren Report #15.
Zapper launches wallet profiles: The introduction of wallet profiles is the first in a series of updates that will make using the Zapper dashboard and progressing through quests and levels a more interactive and collaborative experience. Previously, Zapper added support for Aave: You can now deposit assets and earn interest on Zapper through their new Aave integration.
ShapeShift is decentralizing: ShapeShift has open-sourced their entire platform, airdropped tokens to over a million customers and DeFi community members, and creating a DAO.
DAppNode to decentralize: DAppNode has announced the launch of the NODE token, a new DAO architecture for governance and updates on DeFi.
yvUSDC ETH put selling vault announced: This new product from Ribbon Finance lets users stack Yearn Finance and Ribbon yield by using Yearn Vault tokens as collateral for option writing.
Token Terminal introduces price to earnings ratio: There is now a price to earnings (P/E) ratio included on Token Terminal, alongside the price to sales (P/S) ratio. The ‘E’ in the P/E ratio will initially be based on protocol revenue, i.e. money that is generated from the protocol’s business and subsequently allocated to its treasury or distributed to its token holders.
Harvest V2 teased: The Harvest Finance team have teased v2 of the protocol which will come with a host of improvements.
alETH returns: Alchemix’s alETH product is now live again with a 2000 alETH mint capped.
Connext raises $12 million: The round had participation from 82 distinct entities including funds & exchanges, staking providers, L2 founders and angels.
Zerion raises $8.2 million: The round was led by Mosaic Ventures, with participation from Placeholder, Digital Currency Group, Lightspeed Venture Partners, Blockchain.com Ventures, and several others.
Q2'21 DeFi Review by Massari.
Ultra Sound Money on The Daily Gwei.
RAI is a Stablecoin by Stefan Ionescu.
ETH: The World’s Most Capital Efficient Asset by David Hoffman.
ETH Staking Panel | Coinbase, Lido, Rocket Pool on Bankless.
Building a $500M DeFi Fund | Arthur0x on Bankless.
CowSwap: Tackling the Shortcomings of AMMs on Epicenter.
New open-source Ethereum economic model.
EthCC is live! Come join the conference and hot events around it.
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

$54,6B in DeFi this week, currently at ~ $54.65B, with Aave dominance 16.49%.

Top DeFi Tokens by Market Capitalization

Total Market Cap: $55,992,801,624

DeFi Aggregators

mStable:

alUSD/mUSD Feeder Pool Now Live: Users can deposit alUSD and mUSD at launch into the Vault to earn MTA and a share of trading fees.
June Community Call Summary | mStable.
The proposal Creation and funding of the mStableDAO Funding subDAO is up for voting.
Check out mStable’s latest proposals here.

Yearn Finance:

Yearn Finance Newsletter #40:

Cumulative protocol revenue reaches $30M
Synthetix adds the SNX yVault to their interface
SEBA bank mentions Yearn in the report
Claim your rewards from YFI staking
Vaults at Yearn

Lending

Aave:

Aave has now been integrated into the Boardroom platform and is live on the portal, along with projects using a fork of Aave V2 governance.
Conversations with the Coop: Stani Kulechov of Aave — Index Coop.
Follow the Aave governance forum.

Latest Aave weekly:

Compound:

Read in the latest Compound newsletter on Compound Treasury launch, Circle DeFi API, Grants batch 4, Governance updates:

Compound Treasury Launch, Circle DeFi API, Grants Batch 4, Governance Updates

Highlighting the best of the Compound ecosystem. For more updates, join the Compound community on Discord, Twitter, and…

compound.substack.com

Proposals 51 & 51 passed successfully.
Find the latest Compound proposals here.

Dharma:

Maker:

Governance Polls:

Community Greenlights: The Governance Facilitators have placed a governance poll into the voting system as part of their responsibilities as defined in MIP9: Community Greenlight.

Collateral Onboarding, Signal Requests, Ratification: The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the MakerDAO Open Market Committee.

Executive Votes

FLAP Auction Adjustment, RWA-02 (NS-DROP) Debt Ceiling Increase, and July Core Unit Budgets

Daistats updated:

xDai:

xDai Weekly Recap July 16, 2021

NFT OmniBridge beta testing is ongoing.
Hop.exchange released their multichain bridge connecting xDai, Ethereum and Polygon.
Ethereum SANA is a point-to-point storage area node network forked from Swarm and integrated with xDai.
Pocket launched their Pocket Portal with xDai support.
And more!

Derivatives, Swaps and Prediction Markets

dYdX:

The Cosmos (ATOM-USD) Perpetual Contract is live for trading on Layer 2. Go long or short on ATOM with up to 10× leverage. There are now 20 markets available to traders on dYdX, with more coming soon. The team plans to add new markets every week, from sectors such as DeFi, emerging Layer 1 blockchains, and more.
ZK vs. Optimistic Rollups: On June 17, dYdX hosted a debate with Antonio Juliano (dYdX) and Kain Warwick (Synthetix) that was moderated by Dan Robinson (Paradigm) on Twitter Spaces.

Gnosis:

Gnosis Safe is live on Layer 2: Polygon and Binance Smart Chain (BSC) have joined xDai as Gnosis’ Layer 2 offerings, with Arbitrum coming soon.
Find out the latest GnosisDAO proposals here.
Introducing Radicle Orgs: Radicle Orgs are a decentralized code management tool for DAOs built on Gnosis Safe.

UMA:

UMA Raises $2.6 Million: Risk Labs (the foundation supporting UMA) has minted the first ever Range Token backed by UMA collateral. $2.6mm worth of this token has been sold to a small group of DeFi enthusiasts, including Amber Group, BitDAO, Blockchain Capital, Robert Leshner and Wintermute Trading.
Success Tokens: An Incentive Aligned Way for VC Funds to Invest in DAOs.
UMA Success Tokens Provide a “Series B” Option for Crypto Investors.
ICYMI #22: Week ending 9th July.

Fund Management

Enzyme Finance (formerly Melon):

Check out MFP: Enzyme Funding Proposals here.

Set Protocol & Index Coop:

TokenSets launches on Polygon: Set Protocol has been launched on Polygon, lowering the barrier of entry significantly and bringing Set one step closer to enabling asset management and strategy creation for the masses.
How To Create A Set On TokenSets | DeFi Asset Management — Crypto Kai.

Index Coop raises $7.7 million: The raise was done via a treasury diversification and was led by 1kx and Galaxy Digital. Joining 1kx and Galaxy are 1confirmation, Defiance Capital, Assembly Capital, LD Capital, Wintermute, Laconia Ventures, and former wealth management executive Phil DiIorio.
An Introduction to Metagovernance
Index Coop products are now supported on BitGo starting with DPI
Structured DeFi Products: More than Just a Crypto ETF
Coming Soon: Index Coop Internship Program
Everything You Need to Know About FLI Product Parameters
Find the latest Index Coop proposals here.
Latest View from the Nest #34 is out.

Liquidity Relays

0x project:

0x + Brave partner to make crypto and DeFi more accessible to everyone: Brave chooses 0x API to power Brave Swap, enabling token trades at the best prices directly from your Brave crypto wallet.
ZRX has been whitelisted by the Bancor DAO.

1inch:

1inch Foundation launches a $3 million grant program: The program aims to foster growth and expansion of the 1inch Network and incentivize developers to build on 1inch protocols.
How the 1inch Network offers an unmatched degree of versatility: Another post in a series focused on the 1inch Network’s advantages highlights the versatility and flexibility of 1inch protocols.
Meet the brand new release of the 1inch DeFi Wallet:

Balancer:

Balancer launches Stable Pools: Stable pools make Balancer Protocol the first Automated Market Maker with at least three different types of pools: weighted, Element, and now stable pools.
Dark Mode is here:

The latest Balancer Report is here.

The Balancer Report

Despite a tough week for markets, v2 TVL climbed from $562M last week to $696M, thanks to the introduction of stable…

balancer.substack.com

Bancor:

Community Call Summary — July 18, 2021:

BancorDAO Update: 7 active proposals are live in Bancor governance.

Latest proposals.

Kyber:

KyberDMM liquidity mining now live: Kyber Dynamic Market Maker (DMM) is a next-gen AMM protocol that maximises the use of capital for liquidity providers with its amplified pools that provide high capital efficiency and dynamic fees that optimise returns. With the Rainmaker liquidity mining program, KyberDMM will help boost liquidity even further, provide important benefits to liquidity providers, as well as bring more DeFi participants and value into the Kyber and Polygon ecosystems.

Kyber Ecosystem Report #27 Jun-Jul ‘21.
Coin98 Wallet Integrates KyberDMM.
Find out all Kyber proposals here. Check them out on GitHub.

Loopring:

Loopring L2 Liquidity Mining: Round 11: Get ready for round 11 of incentives on Loopring’s L2 AMM & Orderbook exchange. Lasting for 5 more days.
Guide: How to Create the Loopring Wallet

Uniswap:

Uniswap v3 launches on Optimism: Users can now trade 6 different tokens (including ETH and stablecoins) on Optimism via Uniswap v3 which marks the first layer 2 deployment of Uniswap.
Product Update #1 is out.
A Guide to Uniswap on Optimism on Bankless.
Dune Analytics dashboard for Uniswap v3 activity on layer 1 and layer 2.
ELI5 on understanding Uniswap v3 LPs.
The latest Uniswap proposals are here.

Payments Networks

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
A new Raiden Weekly has been posted. Version 178 covers: Raiden Pulse for April, May and June, development towards the next milestone continues, EthCC.

Synthetix:

Synthetix Optimism launch announcement: The Synthetix exchange will be enabled on Optimism during the week of July 26th with a final deployment date pending Spartan Council approval. There was also an update provided regarding the gas situation on Optimism and the Synthetix June monthly update was also published.
June UX/UI Designer Challenge results are out.
Thales Raises $2.5 Million: Thales, a Synthetix ecosystem project building support for trading binary options, raised $2.5 million in a strategic investment round led by Framework Ventures and Apollo Capital.

Privacy protocols for DeFi

Ren protocol:

Raydium BTC and DOGE Pools on Solana: renBTC and renDOGE trading is now live.
Ren’s News Feed Integrated with Crypto.com
Ren (REN) is now available to UK residents on Coinbase Pro.
The Ren Report #15.

More updates

Hop Bridge launched: By using Hop Bridge, users can now instantly transfer USDC between Ethereum, Polygon and xDAI.
SushiSwap NFT platform sneak peek: LevX has proposed the idea of an NFT platform for the SushiSwap ecosystem that would include features such as a social token, bidding strategies, royalties distribution and more.
Alpha Homora and EPNS team up: Alpha Homora V2 integration with Ethereum Push Notifications Service (EPNS) is now live and users can receive notifications on their mobile devices when their positions are at liquidation risk.
Alpha also announced the first Alpha Launchpad incubated project — Beta Finance — learn more here.
Zapper launches wallet profiles: The introduction of wallet profiles is the first in a series of updates that will make using the Zapper dashboard and progressing through quests and levels a more interactive and collaborative experience. Previously, Zapper added support for Aave: You can now deposit assets and earn interest on Zapper through their new Aave integration.
ShapeShift is decentralizing: ShapeShift has open-sourced their entire platform, airdropped tokens to over a million customers and DeFi community members, and creating a DAO.
DAppNode to decentralize: DAppNode has announced the launch of the NODE token, a new DAO architecture for governance and updates on DeFi.
yvUSDC ETH put selling vault announced: This new product from Ribbon Finance lets users stack Yearn Finance and Ribbon yield by using Yearn Vault tokens as collateral for option writing.
Token Terminal introduces price to earnings ratio: There is now a price to earnings (P/E) ratio included on Token Terminal, alongside the price to sales (P/S) ratio. The ‘E’ in the P/E ratio will initially be based on protocol revenue, i.e. money that is generated from the protocol’s business and subsequently allocated to its treasury or distributed to its token holders.
Harvest V2 teased: The Harvest Finance team have teased v2 of the protocol which will come with a host of improvements.
alETH returns: Alchemix’s alETH product is now live again with a 2000 alETH mint capped.
Connext raises $12 million: The round had participation from 82 distinct entities including funds & exchanges, staking providers, L2 founders and angels.
Zerion raises $8.2 million: The round was led by Mosaic Ventures, with participation from Placeholder, Digital Currency Group, Lightspeed Venture Partners, Blockchain.com Ventures, and several others.