DeFi in Ether: $39B in DeFi, Circle launches Euro Coin stablecoin, RenBridge 3 is now live, UMA is live on Bancor, 1inch integrates with Opium, Vitalik on non-financial use cases of blockchains, The dYdX values, and much more!

Paradigm

Published in

Paradigm

10 min readJun 21, 2022

Biweekly update on Ethereum DeFi ecosystem vol.55, 7th June — 21st June

TL;DR

$39.1B in DeFi this week, currently at ~ $39.16B, with Maker dominance 20.12%.
Introducing RenBridge 3.0: RenBridge 3.0 is live. It comes with support for wrapping stablecoins and generic tokens to other chains, as well as support for bridging renASSETS from one chain to another in one step. Ren Development Update | June 2022.
mStable x Rook : Rook — formerly KeeperDAO — has deposited the first tranche of $500K worth of DAI of its treasury into mStable Save, with further deposits scheduled. mStable Governance Updates — 16 June 2022. Check out mStable’s latest proposals here.
Latest Aave News: HAL Notifications, CVX on V2, Atlendis Launch, Safety Module Stakers Can Mint a .lens, & more. Follow the Aave governance forum.
MetaMask adds Dark Mode to their browser extension.
Maker DAO voted to disable Aave DAI direct deposit module (D3M) due to market conditions.
Circle launching Euro Coin (asset-backed stablecoin) on June 30.
Compound Proposal Proposal 108 ‘Risk Parameter Updates for 5 Collateral Assets’ has passed successfully. Proposal 109 ‘Reserve Factor Decreases for 10 Assets’ has failed. Find the latest Compound proposals here.
Yearn introduced a new simple vault UI. Check out Yearn's latest proposals on their governance forum here.
Gnosis Chain Weekly · 17 June 2022: RPC URL Update. The poster competition concludes on the 24th of June. 1st prize wins a DappNode Xtreme Gnosis Chain validator. Utopia Labs Integrates Gnosis Chain. Dark Forest Grand Prix Round 3 starts June 18th. Book hotels on Gnosis Chain with Winding Tree. New GnosisDAO GIPs and Snapshot Votes this week.
The dYdX Company Values have been published. Message to the dYdX Community — 6/17/22: As a result of inbound requests regarding the Three Arrows Capital situation, the team has decided to address it publicly. Their liquidity and exchange operations have not been and will not be affected. Please see the blog post for a formal announcement. Depth and Spread Episode One: Trading Through the Terra Crash: The dYdX team announced the launch of their new podcast series: Depth and Spread. Depth and Spread is a podcast focused on trading, market microstructure and exchanges. For the first episode, they introduced Josu San Martin and Matt Downey, the co-founders of Sixtant, a trading firm and market-maker. Tune in to learn more!
UMA is now live on Bancor 3. Show CryptoNews Podcast, Ep #134: Clayton Roche on DAOs, Web3 and UMA — Jun 13, 2022.
The Treasury Dilemma: When managed well, a DAO treasury can serve as a strategic asset to ensure a protocol’s development in perpetuity. When managed poorly, it can lead to disastrous consequences. In this report, the Enzyme Finance team explores a new alternative to help DAOs maximize opportunities and turn idle treasuries into strategic assets. A secondary market for your Enzyme vault shares: the best of both worlds. Check out MFP: Enzyme Funding Proposals here.
1inch integrates with Opium: Thanks to the integration, Opium derivatives pools are now available in the 1inch dApp, creating extra earning opportunities for users.
The latest Balancer Report is here. With multiple protocols being built on veBAL, Aura has accumulated 21.9% of voting power and is now ranked second. @SalmonCrypto shares his thoughts on how veBAL could be supercharged. Forta and Nethermind will work on real-time monitoring of Balancer smart contracts via a grant. Mark your calendars for the Balancer DAO June Update on June 29th 7 pm CET.
Kyber Network Celebrates 5 Successful Years in DeFi. KyberSwap’s 5 Year Anniversary Community AMA Winners Announcement. Find out all Kyber proposals here. Check them out on GitHub. Surviving Bear Market 101.
Guide: How to use the GameStop Wallet: The new GameStop Wallet is here, and it’s seamlessly integrated with Loopring L2 for fast + gas-less transactions on Ethereum. Check out this step-by-step guide on how to create and set it up. Introducing: Loopring Community Creator Grants. As Loopring L2 continues to get a big influx of new users each week, please be sure to check out their knowledge base for all things Loopring L2. Move funds off exchanges + onto Loopring L2 seamlessly with a few clicks on your Loopring android app. LayerSwap native integration coming soon to mobile iOS and Loopring.io web app. Apple Pay is now available to US users with Loopring + Ramp Network integrations to directly go from fiat-crypto + deposit to Loopring L2.
Uniswap supports Euler Finance The latest Uniswap proposals are here.
How to set up a Raiden full node on Arbitrum Rinkeby: The Raiden team put together a step-by-step tutorial on how to set up a Raiden node on Arbitrum.
The Saiph Release: On June 9th, the Saiph release took place. Here’s what’s included in this release: SIP-235: Update Issuer Modifier: Increases security for future Synthetix deployments for the onlyTrustedMinters modifier in Issuer. SIP-238: Only allow token transfers via proxies: Allow users to interact with SNX, as well as synths, via their proxies, and stop allowing transfers via their implementations. SIP-240: Update Liquidate Amount: Liquidates the correct amount of debt for accounts with mostly escrowed SNX. Synthetix V3GM: governance on Optimism using combined mainnet & L2 voting power. dHEDGE Debt Mirror Index Token — Live on Optimism. Futures Funding Rate Arbitrage Guide.
Vitalik: non-financial use cases of blockchains.
Researchers found cases where recovery phrases could be recovered unencrypted for web-based browsers like MetaMask.
And more!

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Total Value Locked in DeFi

$39.1B in DeFi this week, currently at ~ $39.16B, with Maker dominance 20.12%.

Top DeFi Tokens by Market Capitalization

Total Market Cap: $92,930,729,087

DeFi Aggregators

mStable:

mStable x Rook : Rook — formerly KeeperDAO — has deposited a first tranche of $500K worth of DAI of its treasury into mStable Save, with further deposits scheduled.
mStable Governance Updates — 16 June 2022.
Check out mStable’s latest proposals here.

Yearn Finance:

Read the latest Yearn Finance Newsletter #62.
Yearn introduced a new simple vault UI
Check out Yearn's latest proposals on their governance forum here.

Lending

Aave:

Latest Aave News: HAL Notifications, CVX on V2, Atlendis Launch, Safety Module Stakers Can Mint a .lens, & more.
Follow the Aave governance forum.

Compound:

Compound Proposal Proposal 108 ‘Risk Parameter Updates for 5 Collateral Assets’ has passed successfully. Proposal 109 ‘Reserve Factor Decreases for 10 Assets’ has failed.

Find the latest Compound proposals here.

Gnosis Chain (formerly xDai Chain):

Gnosis Chain Weekly · 17 June 2022:

RPC URL Update.
The poster competition concludes on the 24th of June. 1st prize wins a DappNode Xtreme Gnosis Chain validator.
Utopia Labs Integrates Gnosis Chain.
Dark Forest Grand Prix Round 3 starts June 18th.
Book hotels on Gnosis Chain with Winding Tree.
New GnosisDAO GIPs and Snapshot Votes this week.

Derivatives, Swaps, and Prediction Markets

dYdX:

The dYdX Company Values have been published.
Message to the dYdX Community — 6/17/22: As a result of inbound requests regarding the Three Arrows Capital situation, the team has decided to address it publicly. Their liquidity and exchange operations have not been and will not be affected. Please see the blog post for a formal announcement.
Depth and Spread Episode One: Trading Through the Terra Crash: The dYdX team announced the launch of their new podcast series: Depth and Spread. Depth and Spread is a podcast focused on trading, market microstructure and exchanges. For the first episode, they introduced Josu San Martin and Matt Downey, the co-founders of Sixtant, a trading firm and market-maker. Tune in to learn more!

UMA:

Fund Management

Enzyme Finance:

The Treasury Dilemma: When managed well, a DAO treasury can serve as a strategic asset to ensure a protocol’s development in perpetuity. When managed poorly, it can lead to disastrous consequences. In this report, the Enzyme Finance team explores a new alternative to help DAOs maximize opportunities and turn idle treasuries into strategic assets.
A secondary market for your Enzyme vault shares: the best of both worlds.
Check out MFP: Enzyme Funding Proposals here.

Liquidity Relays

0x project:

1inch:

1inch integrates with Opium: Thanks to the integration, Opium derivatives pools are now available in the 1inch dApp, creating extra earning opportunities for users.

Balancer:

The latest Balancer Report is here.
With multiple protocols being built on veBAL, Aura has accumulated 21.9% of voting power and is now ranked second.
@SalmonCrypto shares his thoughts on how veBAL could be supercharged.
Forta and Nethermind will work on real-time monitoring of Balancer smart contracts via a grant.
Mark your calendars for the Balancer DAO June Update on June 29th 7pm CET.

Bancor:

Bancor Dev Update — week of 13 June 2022: 100+ pools went live last week following the 4-pool Bancor 3 launch. To date, there are over 140+ pools live on Bancor 3.
100+ Tokens Go Live on Bancor 3
Market Conditions Update — June 19, 2022: Due to hostile market conditions, Bancor’s Impermanent Loss Protection is temporarily paused. IL protection will be reactivated on the protocol as the market stabilizes. This is a temporary measure to protect the protocol and its users.

Kyber:

Kyber Network Celebrates 5 Successful Years in DeFi
KyberSwap’s 5 Year Anniversary Community AMA Winners Announcement
Find out all Kyber proposals here. Check them out on GitHub.
Surviving Bear Market 101

Loopring:

Guide: How to use the GameStop Wallet: The new GameStop Wallet is here, and it’s seamlessly integrated with Loopring L2 for fast + gas-less transactions on Ethereum. Check out this step-by-step guide on how to create and set it up.
Introducing: Loopring Community Creator Grants
As Loopring L2 continues to get a big influx of new users each week, please be sure to check out their knowledge base for all things Loopring L2.
Move funds off exchanges + onto Loopring L2 seamlessly with a few clicks on your Loopring android app. LayerSwap native integration coming soon to mobile iOS and Loopring.io web app.
Apple Pay is now available to US users with Loopring + Ramp Network integrations to directly go from fiat crypto + deposit to Loopring L2.

Uniswap:

Uniswap supports Euler Finance.
The latest Uniswap proposals are here.

Payments Networks

Raiden Network:

How to set up a Raiden full node on Arbitrum Rinkeby: The Raiden team put together a step-by-step tutorial on how to set up a Raiden node on Arbitrum.

Synthetix:

The Saiph Release: On June 9th, the Saiph release took place. Here’s what’s included in this release: SIP-235: Update Issuer Modifier: Increases security for future Synthetix deployments for the onlyTrustedMinters modifier in Issuer. SIP-238: Only allow token transfers via proxies: Allow users to interact with SNX, as well as synths, via their proxies, and stop allowing transfers via their implementations. SIP-240: Update Liquidate Amount: Liquidates the correct amount of debt for accounts with mostly escrowed SNX.
Synthetix V3GM: governance on Optimism using combined mainnet & L2 voting power.
dHEDGE Debt Mirror Index Token — Live on Optimism.
Futures Funding Rate Arbitrage Guide.

Privacy protocols for DeFi

Ren protocol:

Introducing RenBridge 3.0: RenBridge 3.0 is live. It comes with support for wrapping stablecoins and generic tokens to other chains, as well as support for bridging renASSETS from one chain to another in one step.
Ren Development Update | June 2022

More updates

MetaMask adds Dark Mode to their browser extension.
Maker DAO voted to disable Aave DAI direct deposit module (D3M) due to market conditions.
Circle launching Euro Coin (asset backed stablecoin) on June 30.