DeFi in Ether: $40B in DeFi, GameStop NFT is live on Loopring L2, Nexus Mutual ETH staking cover, Synthetix shares the SNX release milestones, 0x introduces Slippage Protection, Maker DAO voting to onboard Societe Generale, Enzyme EURs are now live, KyberSwap launches integration with Optimism, and more!
Biweekly update on Ethereum DeFi ecosystem vol.57, 19th July — 2nd August
TL;DR
- $40.2B in DeFi this week, currently at ~ $40.68B, with Maker dominance 19.63%.
- Latest Aave News: July community call, extend safety module protection, 1INCH AIP & more. Follow the Aave governance forum. “GHO is the Next Big Stablecoin” — Stani Kulechov on EthCC 2022. Aave and the stable wars.
- One of the most relevant Executive Proposals in the history of MakerDAO is ready to be voted in: Maker DAO voting to onboard Societe Generale.
- Gnosis Chain Weekly · 22 July 2022. Devs shadow-forked Gnosis chain (former xDAI) successfully. Validators protect the Gnosis Chain by staking on the Gnosis Beacon Chain.
- dYdX v4 AMA with Antonio: Antonio touches on v4 product features, company plans, Android app, governance, and much more. Temporary Downtime on August 3rd: On Wednesday, August 3rd at 10AM EST, dYdX will be migrating servers. Users should expect downtime lasting approximately two hours from 10AM EST to 12PM EST. During this time, users will not be able to access the exchange and orders will not be filled.
- 0x introduces Slippage Protection, a new feature in 0x API that enables MEV-aware smart order routing for DEX trades. 0x API powers all Phuture index funds for improved trade execution. 0x Ecosystem Update #19.
- Nexus Mutual ETH staking cover to hedge against penalties, slashing & missed rewards. The ETH2 Staking Cover entry in the Nexus Mutual documentation. The full ETH2 Staking Cover wording. Hugh Karp was on this week’s episode of the EY FinTech Beyond Borders Podcast, joining Hesus Inoma, Sharon Chen, and Pete Townsend. You can listen to this episode on Apple Podcast or Spotify. Community proposals of these weeks. Nexus Mutual Newsletter | 27 July 2022.
- Enzyme User Representatives Elections are now live: Starting on July 27th, 2022, eligible users are able to nominate themselves to become Enzyme User Representatives (EUR) for the Enzyme Council. Users are considered eligible if they meet the eligibility criteria. EURs are designed to collect, prioritise and deliver user feedback to the Enzyme Council on behalf of users. There are 2 EUR seats available currently; voting will end on September 12th at 23:59 BST. Enzyme monthly roundup: The team has been busy building, shipping new features and speaking at industry conferences over the past month. Check out MFP: Enzyme Funding Proposals here. ‘Mona El Isa: Enzyme — The Future of Asset Management #452’ on Epicenter.
- Curve is to launch an over-collateralized stablecoin, according to its founder.
- Circle, the issuer of USDC, layed out their wishes for the stablecoin policy.
- mStable Governance Updates are out. Check out mStable’s latest proposals here. [Temperature check] Emissions controller.
- How Justin Trudeau helped create the latest Yearn Campaign. Happy 2nd birthday YFI!
- Compound Proposal 113 ‘End Getty’s Contributor Grant’ has passed successfully. Proposal 115 ‘Enable Sending ETH from Timelock (Revised)’ is in the voting period.
- 1inch Weekly Recap #24 is out. 1INCH was added as collateral to an open source and non-custodial liquidity protocol Aave. Two major proposals have already been implemented in the 1inch DAO Treasury. 1inch Network DAO Community Call #5 Fantom Network is now supported in D’CENT Wallet’s built-in SWAP service. DeFi Visions: Yoann Turpin A new hot episode of the 1inch DeFi Visions series with the co-founder of a leading global crypto market maker is out now. DeFi Visions: Kain Warwick.
- Balancer disclosed DoS vulnerability via flash loans on both entry points of a double entry-point ERC20, $50k bounty paid. The latest Balancer Report is here. Warden — a Paladin product — currently has 2 active Balancer Gauge quests. Forta published a blog post about how Balancer can use its monitoring tool. The Balancer Maxis shared what they achieved in July in their update. Inside Balancer Contracts — BasePool.
- Bancor Update — Week of July 25, 2022: In the past week, two key initiatives emerged in the Bancor DAO: Enable deposits on-chain: a handful of DAOs have requested deposits to be re-enabled on Bancor V3 in order to build liquidity for their tokens using the protocol’s single-sided staking and external liquidity protection mechanisms. Liquidity optimizations: Bancor DAO is deciding how to direct liquidity in the network to optimize fees, starting with strategic pools like USDT. Bancor Monthly Recap July 2022
- Synthetix shares the SNX 2022 Release Milestones. Many key features have been released this year, such as Synthetix Futures, and Atomic Swaps, and many more are coming such as: Future of Atomic Swaps, Perps V2, Synthetix V3. The sUSD Bridge has been enabled. Synthetix & The Future of Synthetic Asset Creation. Synthetix DAO and Jump Crypto announced a renewed partnership. Synthetix atomic swaps have been integrated with another DEX aggregator Open Ocean.
- KyberSwap launches integration with Optimism: low-cost and lightning-fast Ethereum L2 blockchain. KyberSwap’s 5 Year Anniversary Community AMA Summarized Recap. Coinbase to support new KNC. KyberSwap x Cronos Chain Trading Contest. Find out all Kyber proposals here. Check them out on GitHub.
- Watch Uniswap COO Mary-Catherine Lader discuss the difference between CeFi and DeFi. Will Ruben joins Uniswap Labs as VP of Product. The latest Uniswap proposals are here.
- UMA’s powerful and flexible Optimistic Governor contract has passed an audit by Open Zeppelin and is ready for use in production. ‘UMA’s Hart Lambur Says The Current Market Crisis Is A Sales Pitch For DeFi’: Camila Russo is joined by Hart Lambur, co-founder of UMA protocol, an optimistic oracle on Ethereum. Earn $UMA by referring talented candidates to the team. Day in the life at UMA | Ryan Wolhuter, frontend engineer.
- Dark Forest Nightmarket introduced: Nightmarket is a Dark Forest plugin that allows players to buy and sell planet coordinates. Players can now use this zero knowledge & trustless feature to gain an upper hand or simply to turn a profit.
- Moloch DAO use cases: In part 1, the team asked What the Devil Are Moloch DAOs? We learned about the many attributes that make Moloch DAOs special, from their strong security to their ability to facilitate high quality coordination. In part 2, they’ll further explore another of Moloch DAOs’ special properties: their flexibility and adaptability to a wide variety of community needs. They’ll cover ten governance patterns enabled by Moloch DAOs.
- stETH, by Lido, is expanding to L2, revealing their plans in a post.
- 3 people from Coinbase were arrested in the first insider trading case of crypto. Coinbase is still facing issues from the SEC, as they continue their investigation into Coinbase’ listings.
- Sushiswap is going through the process of electing a new Head Chef, with Jonathan Howard being nominated as a candidate.
- a16z Danny Ryan Q&A on the Merge and beyond.
- And more!
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Total Value Locked in DeFi
$40.2B in DeFi this week, currently at ~ $40.24B, with Maker dominance 19.63%.
Top DeFi Tokens by Market Capitalization
Total Market Cap: $92,930,729,087
DeFi Aggregators
mStable:
- mStable Governance Updates are out.
- Check out mStable’s latest proposals here.
- [Temperature check] Emissions controller
Yearn Finance:
Lending
Aave:
- Latest Aave News: July community call, extend safety module protection, 1INCH AIP & more.
- Follow the Aave governance forum.
- “GHO is the Next Big Stablecoin” — Stani Kulechov on EthCC 2022
Compound:
- Compound Proposal 113 ‘End Getty’s Contributor Grant’ has passed successfully. Proposal 115 ‘Enable Sending ETH from Timelock (Revised)’ is in the voting period.
- Find the latest Compound proposals here.
Gnosis Chain (formerly xDai Chain):
- Gnosis Chain Weekly · 22 July 2022
- Devs shadow-forked Gnosis chain (former xDAI) successfully
- Validators protect the Gnosis Chain by staking on the Gnosis Beacon Chain
Derivatives, Swaps and Prediction Markets
dYdX:
- dYdX v4 AMA with Antonio: Antonio touches on v4 product features, company plans, Android app, governance, and much more.
- Temporary Downtime on August 3rd: On Wednesday, August 3rd at 10AM EST, dYdX will be migrating servers. Users should expect downtime lasting approximately two hours from 10AM EST to 12PM EST. During this time, users will not be able to access the exchange and orders will not be filled.
UMA:
- UMA’s powerful and flexible Optimistic Governor contract has passed an audit by Open Zeppelin and is ready for use in production.
- UMA’s Hart Lambur Says The Current Market Crisis Is A Sales Pitch For DeFi: Camila Russo joined by Hart Lambur, co-founder of UMA protocol, an optimistic oracle on Ethereum.
- Earn $UMA by referring talented candidates to the team
- Day in the life at UMA | Ryan Wolhuter, frontend engineer
Fund Management
Enzyme Finance:
-Starting on July 27th, 2022, eligible users will be able to nominate themselves to become Enzyme User Representatives (EUR) for the Enzyme Council
-Users are considered eligible if they meet the eligibility criteria
-EURs are designed to collect, prioritise and deliver user feedback to the Enzyme Council on behalf of users
-There are 2 EUR seats available currently; voting will end on September 12th at 23:59 BST
- Enzyme monthly roundup: The team has been busy building, shipping new features and speaking at industry conferences over the past month.
- Check out MFP: Enzyme Funding Proposals here.
- ‘Mona El Isa: Enzyme — The Future of Asset Management #452’ on Epicenter.
Securities, Insurance
Nexus Mutual:
- Nexus Mutual ETH staking cover to hedge against penalties, slashing & missed rewards.
- The ETH2 Staking Cover entry in the Nexus Mutual documentation
- The full ETH2 Staking Cover wording
- Hugh Karp was on this week’s episode of the EY FinTech Beyond Borders Podcast, joining Hesus Inoma, Sharon Chen, and Pete Townsend. You can listen to this episode on Apple Podcast or Spotify.
- Community proposals of these weeks.
- Nexus Mutual Newsletter | 27 July 2022.
Liquidity Relays
0x project:
- Introducing Slippage Protection for 0x API: Say goodbye to MEV attacks and say hello to the best executed price with Slippage Protection.
- 0x API powers all Phuture index funds for improved trade execution
- 0x Ecosystem Update #19
1inch:
- 1INCH was added as collateral to an open source and non-custodial liquidity protocol Aave.
- Two major proposals have already been implemented in the 1inch DAO Treasury.
- 1inch Weekly Recap #24 is out.
- 1inch Network DAO Community Call #5
- Fantom Network is now supported in D’CENT Wallet’s built-in SWAP service.
- DeFi Visions: Yoann Turpin: A new hot episode of the 1inch DeFi Visions series with the co-founder of a leading global crypto market maker is out now.
- DeFi Visions: Kain Warwick
Balancer:
- Balancer disclosed DoS vulnerability via flash loans on both entry points of a double entry-point ERC20, $50k bounty paid.
- The latest Balancer Report is here.
- Warden — a Paladin product — currently has 2 active Balancer Gauge quests.
- Forta published a blog post about how Balancer can use its monitoring tool.
- The Balancer Maxis shared what they achieved in July in their update.
- Inside Balancer Contracts — BasePool
Bancor:
- Bancor Update — Week of July 25, 2022: In the past week, two key initiatives emerged in the Bancor DAO:
-Enable deposits on-chain: a handful of DAOs have requested deposits to be re-enabled on Bancor V3 in order to build liquidity for their tokens using the protocol’s single-sided staking and external liquidity protection mechanisms.
-Liquidity optimizations: Bancor DAO is deciding how to direct liquidity in the network to optimize fees, starting with strategic pools like USDT.
Other updates discussed in this post include:
-Aggregator integrations: supporting more tokens in the bancor.network trading interface.
-vBNT burning: V3 Vortex burner increased to 90%; burning hits all-time-high in July.
-Protocol analytics dashboard pushed live as well as the new Bancor V3 Simulator.
- Get involved in Bancor DAO at gov.bancor.network
Loopring:
- ICYMI GameStop NFT is live on Loopring L2: GameStop NFT comes straight out of the box on top of Ethereum’s second layer, enabling minting and trading at approximately 100x lower cost relative to Layer 1. The GameStop marketplace scales NFTs without compromising on UX or security. This is because zkRollups are well suited to support NFTs. On Loopring, users don’t need to wait for a challenge period to withdraw their NFTs, or have to rely on any new validator sets as zkRollups inherit Ethereum security guarantees.
- Loopring HQ 2 in Decentraland is finally almost here.
- 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.
Uniswap:
- Watch Uniswap COO Mary-Catherine Lader discuss the difference between CeFi and DeFi .
- Will Ruben joins Uniswap Labs as VP of Product.
- The latest Uniswap proposals are here.
Payments Networks
Synthetix:
- Synthetix shares the SNX 2022 Release Milestones. Many key features have been released this year, such as Synthetix Futures, and Atomic Swaps, and many more are coming such as: Future of Atomic Swaps, Perps V2, Synthetix V3.
- The sUSD Bridge has been enabled.
- Synthetix & The Future of Synthetic Asset Creation.
- Synthetix DAO and Jump Crypto announced a renewed partnership.
- Synthetix atomic swaps have been integrated with another DEX aggregator Open Ocean.
More updates
- One of the most relevant Executive Proposals in the history of MakerDAO is ready to be voted in: Maker DAO voting to onboard Societe Generale.
- Curve is to launch an over-collateralized stablecoin, according to its founder.
- Circle, the issuer of USDC, layed out their wishes for the stablecoin policy.
- Dark Forest Nightmarket introduced: Nightmarket is a Dark Forest plugin that allows players to buy and sell planet coordinates. Players can now use this zero knowledge & trustless feature to gain an upper-hand or simply to turn a profit.
- Moloch DAO use cases: In part 1, the team asked What the Devil Are Moloch DAOs? We learned about the many attributes that make Moloch DAOs special, from their strong security to their ability to facilitate high quality coordination. In part 2, they’ll further explore another of Moloch DAOs’ special properties: their flexibility and adaptability to a wide variety of community needs. They’ll cover ten governance patterns enabled by Moloch DAOs.
- stETH, by Lido, is expanding to L2, revealing their plans in a post.
- 3 people from Coinbase were arrested in the first insider trading case of crypto. Coinbase fought back against the charges, claiming that none of the assets were securities and so the charges were not valid.
- a16z Danny Ryan Q&A on the Merge and beyond
This is not financial advice.
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