DeFi in Ether: $42B in DeFi, PayPal launched PYUSD, Base mainnet is open, Uniswap deployed on Base, Gnosis Chain Shapella activated, Synthetix lists USDT, Binance Labs invested into CRV, Yearn is collaborating with Giza, Enzyme integrates with Morpho, 1 year anniversary of Alex Pertsev’s unjust arrest, and much more!
Biweekly update on the Ethereum DeFi ecosystem vol.77, 1st August — 15th August
TL;DR
- $41.76B in DeFi at the time of writing.
- Lido Monthly Report: July 2023: A round-up of the most exciting Lido DAO activities, integrations and developments for the month of July. Additions to Ethereum node operator set — Wave 5 (Stage 1). Danny responds to those trying to normalize centralization conversations: Lido over 33% of ETH staked is a threat to Ethereum.
- GHO Stability Module Update: A number of recent developments around the GSM in this Development Update along with the GSM codebase 35, which is now public on GitHub. 20M GHO minted. Aave DAO approved a $2M CRV token purchase in an OTC deal. Latest Aave News: June grantees, Request for grants, AMA with Xenophon Labs & more grantee updates. Follow the Aave governance forum.
- Uniswap was deployed to the Coinbase L2 network Base. What Scaling Ethereum Means For you: It’s Scaling Summer at Uniswap. Join the team as Uniswap goes onchain with Polygon, Arbitrumn, Optimism, and Base. UniswapX order vulnerability disclosed, fixed with $200k bounty paid. Uniswap Founder Hayden Adams: Product vs Protocol.
- MakerDAO unveiled a token airdrop proposal for the Spark lending protocol. Maker Enhanced DSR (Dai Savings Rate) started at 8% and reduced to 5.8%. Rune’s Maker endgame and SubDAO farming overview.
- 0x Swap API is now live on Base: By launching Swap API on Base mainnet, 0x will enable Web3 teams to quickly tap into deep liquidity and unlock access to token swaps on Base. In a brand new episode of #PoweredBy0x, the team sits down with the core devs from 0x’s very own the Matcha team to talk about everything from Matcha’s freshly brewed update.
- 1inch Monthly Digest: July 2023 is out. Public Swap API discontinued: access 1inch APIs via the 1inch Developer Portal: The public Swap API shut down on August 11. 1inch partners with Ground X: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest, and protected operations in the DeFi space. Dissecting diverse ERC token standards.
- The Balancer Report: Base or Avalanche? How about both: Balancer’s multichain expansion has just reached two major milestones: the protocol is now live on both Base and Avalanche. Balancer has been integrated into OpenOcean. Last week’s governance recap covers not one but two voting rounds, with an all-new Base deployment, continued funding for the BeethovenX DAO, permission updates, and more.
- dYdX v4 Deep Dive: Rewards and Parameters: This post discusses the characteristics of open-source software and the related governance token. An update on MEV — Catching a Bad Validator: In order to discourage MEV extraction, Skip Protocol developed a dashboard that highlights the amount of MEV each validator potentially has extracted. The team is dedicated to building open-source mechanisms and protocol-level designs to deter MEV extraction. Public Testnet Update: dYdX was sunsetting the current version of their testnet on August 7th and reset and relaunching the public testnet on August 10th. UK User Requirement Update: Due to certain regulations in the United Kingdom, dYdX Trading Inc. is updating its United Kingdom user requirements. The latest ‘Governance Weekly Recap’ highlights some of the important conversations and topics on the forum. Stay up to date with the latest governance conversations and participate in forum discussions.
- Enzyme integrates with Morpho to unlock enhanced yield opportunities in DeFi. The latest integration provides asset managers access to Morpho’s improved rates along with all the features available on the Enzyme platform. Withdrawals have been successfully enabled on Kiln integration. Check out MFP: Enzyme Funding Proposals here.
- Shapella Upgrade Activated: At 11:34 UTC on August 1, 2023 / Epoch 648704 / Slot: 10379264 the Shapella upgrade was successfully activated on Gnosis Chain. Gnosis Chain Weekly: DappCon, Safe AA on Gnosis Chain, Aura Finance x Gnosis Chain, Stackly DCA x Gnosis Chain, Gnosis Chain Node Runner Survey, and more.
- KyberSwap July 2023 Product Updates are out. Introducing the KyberDAO Community Delegate Program — Apply now. Choosing The Best Range To Maximize LP Returns (Flow Chart). KyberSwap Trading Challenge: Quest for Crystals: Embark on a transcendent trading journey with the KyberSwap trading challenge at the galactic trading nexus. Find out all Kyber proposals here. Check them out on GitHub.
- SNXweave Weekly Recap 101 is out: Spartan Council & CC updates, SIP presentation summary — SIPs 325, 332, 333, 334, & 335, SIP/SCCP status tracker. Synthetix lists Tether USDT Perps. WLD is live on Synthetix Perps. Partner Volume Rewards for Synthetix Perps Integrators. Case Study: Polynomial.
- Nexus Mutual provides small UK retailers coverage via Retail Mutual. The R&D + Community team recently shared the RAMM Education Guide on the Nexus Mutual governance forum. The latest issue of Nexus Mutual’s The Hedge is out. Community proposals of these weeks.
- PancakeSwap and bloXroute have announced a user front-running protection partnership, hoping to protect users from sandwich attacks. PancakeSwap also deployed on Arbitrum in a drive for expansion.
- Giza is collaborating with Yearn Finance on developing a proof of concept to explore automated risk assessment for Yearn Vaults V3. Yearn Finance yNewsletter #68.
- Safe social login: sign up with Google or Apple ID on iOS, experimental.
- MultiSafe: clone or deploy a Safe to multiple chains with the same address.
- Coinbase Ventures invested in Rocket Pool through its RPL token purchase.
- Binance Labs invested $5M into the $CRV token in addition to supporting Curve’s deployment to the BNB chain.
- PayPal USD stablecoin, issued by Paxos. PYUSD contract is upgradeable, balances can be frozen & wiped.
- Visa experiments with paying gas fees with card on Goerli testnet.
- Circle stated that $1B in cash is a buffer during a market share decline.
- US Federal Reserve info on supervision program for banks crypto activities.
- Bittrex $24M settlement with US SEC for operating as an unregistered broker.
- SBF jailed: bail revoked for intimidating witnesses.
- 1 year anniversary of Alex Pertsev’s unjust arrest.
- And more!
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Statistics 📈
Total Value Locked in DeFi
Total Value Locked in Ethereum DeFi
Top DeFi Tokens by Market Capitalization
Total Market Cap: $92,930,729,087
Latest News
0x project
0x is an open protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain.
- 0x Swap API is now live on Base: By launching Swap API on Base mainnet, 0x will enable Web3 teams to quickly tap into deep liquidity and unlock access to token swaps on Base.
- In a brand new episode of #PoweredBy0x, the team sits down with the core devs from 0x’s very own the Matcha team to talk about everything from Matcha’s freshly brewed update.
1inch
1inch is a decentralized exchange aggregator that aims to provide traders with the best price and lowest fees on their transactions.
- 1inch Monthly Digest: July 2023 is out.
- Public Swap API to be discontinued: access 1inch APIs via the 1inch Developer Portal: The public Swap API shut down on August 11.
- Dissecting diverse ERC token standards
- 1inch partners with Ground X: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
Aave
Aave is a lending system that allows users to lend, borrow, and earn interest on crypto assets.
- GHO Stability Module Update: A number of recent developments around the GSM in this Development Update along with the GSM codebase 35, which is now public on GitHub.
- 20M GHO minted.
- Aave DAO approved a $2M CRV token purchase in an OTC deal.
- Latest Aave News: June grantees, Request for grants, AMA with Xenophon Labs & more grantee updates.
- Follow the Aave governance forum.
Balancer
Balancer is a decentralized exchange protocol, automated portfolio manager, liquidity provider, and price sensor that is community-driven.
- The Balancer Report: Base or Avalanche? How about both: Balancer’s multichain expansion has just reached two major milestones: the protocol is now live on both Base and Avalanche.
- Balancer has been integrated into OpenOcean.
- Last week’s governance recap covers not one but two voting rounds, with an all-new Base deployment, continued funding for the BeethovenX DAO, permission updates and more.
- Balancer Is Setting The Base-Line
- Balance in the Midst of an Avalanche
Bancor
Bancor is a blockchain-based platform that acts as software that incentivizes network participants to add crypto funds to liquidity pools.
- A Primer on Bancor’s New Trading Protocol, Carbon.
- The new Carbon DeFi Developments Dashboard has launched as a community resource to stay up to date on everything being shipped.
- Get involved in Bancor DAO at gov.bancor.network.
dYdX
dYdX is a decentralized exchange hosted on Ethereum that offers perpetual trading options for 36+ cryptocurrencies without KYC identity verification.
- v4 Deep Dive: Rewards and Parameters: This post discusses the characteristics of open-source software and the related governance token. Please note that each of the topics discussed below is subject to change by the applicable governance community (the “Governance Community”).
- An update on MEV — Catching a Bad Validator: In order to discourage MEV extraction, Skip Protocol developed a dashboard that highlights the amount of MEV each validator potentially has extracted. The team is dedicated to building open-source mechanisms and protocol-level designs to deter MEV extraction.
- Public Testnet Update: dYdX was sunsetting the current version of their testnet on August 7th and reset and relaunched the public testnet on August 10th.
- UK User Requirement Update: Due to certain regulations in the United Kingdom, dYdX Trading Inc. is updating its United Kingdom user requirements.
- The latest ‘Governance Weekly Recap’ highlights some of the important conversations and topics on the forum.
- Stay up to date with the latest governance conversations and participate in forum discussions.
Enzyme Finance
Enzyme Finance, previously named Melon Protocol, is a protocol built on Ethereum that allows users to create, manage and invest in custom crypto asset management vehicles.
- Enzyme integrates with Morpho to unlock enhanced yield opportunities in DeFi. The latest integration provides asset managers access to Morpho’s improved rates along with all the features available on the Enzyme platform.
- Withdrawals have been successfully enabled on Kiln integration.
- Check out MFP: Enzyme Funding Proposals here.
Gnosis Chain
Gnosis Chain, formerly xDai Chain, is the associated execution-layer EVM (Ethereum Virtual Machine) chain for stable transactions.
- Shapella Upgrade Activated: At 11:34 UTC on August 1, 2023 / Epoch 648704 / Slot: 10379264 the Shapella upgrade was successfully activated on Gnosis Chain.
- Gnosis Chain Weekly: DappCon, Safe AA on Gnosis Chain, Aura Finance x Gnosis Chain, Stackly DCA x Gnosis Chain, Gnosis Chain Node Runner Survey.
Kyber
Kyber Network is a multi-chain crypto trading and liquidity hub that connects liquidity from different sources to enable trades at the best rates.
- KyberSwap July 2023 Product Updates are out.
- Introducing the KyberDAO Community Delegate Program — Apply now.
- Choosing The Best Range To Maximize LP Returns (Flow Chart).
- KyberSwap Trading Challenge: Quest for Crystals: Embark on a transcendent trading journey with the KyberSwap trading challenge at the galactic trading nexus.
- Find out all Kyber proposals here. Check them out on GitHub.
Lido
Lido is a liquid staking solution for proof-of-stake cryptocurrencies.
- Lido Monthly Report: July 2023: A round-up of the most exciting Lido DAO activities, integrations and developments for the month of July.
- Additions to Ethereum node operator set — Wave 5 (Stage 1).
- Danny responds to those trying to normalize centralization conversations: Lido over 33% of ETH staked is a threat to Ethereum.
Nexus Mutual
Nexus Mutual is an Ethereum-based platform that creates insurance products with community-driven management and financials.
- Nexus Mutual provides small UK retailers coverage via Retail Mutual.
- The R&D + Community team recently shared the RAMM Education Guide on the Nexus Mutual governance forum.
- The latest issue of Nexus Mutual’s The Hedge is out.
- Community proposals of these weeks.
Synthetix
Synthetix is a new financial primitive enabling the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain.
- SNXweave Weekly Recap 101 is out: Spartan Council & CC updates, SIP presentation summary — SIPs 325, 332, 333, 334, & 335, SIP/SCCP status tracker.
- Synthetix lists Tether USDT Perps.
- WLD is live on Synthetix Perps.
- Partner Volume Rewards for Synthetix Perps Integrators.
- Case Study: Polynomial.
Uniswap
Uniswap is an automated Ethereum-based decentralized exchange.
- Uniswap was deployed to the Coinbase L2 network Base.
- What Scaling Ethereum Means For You: It’s Scaling Summer at Uniswap. Join the team as Uniswap goes onchain with Polygon, Arbitrumn, Optimism, and Base.
- UniswapX order vulnerability disclosed, fixed with $200k bounty paid.
- Uniswap Founder Hayden Adams: Product vs Protocol.
Yearn Finance
Yearn Finance is an open-source DeFi lending protocol based on the Ethereum blockchain.
- Giza is collaborating with Yearn Finance on developing a proof of concept to explore automated risk assessment for Yearn Vaults V3.
- Yearn Finance yNewsletter #68.
More updates
- PayPal USD stablecoin, issued by Paxos. PYUSD contract is upgradeable, balances can be frozen & wiped.
- Visa experiments with paying gas fees with card on Goerli testnet.
- Circle stated that $1B in cash is a buffer during a market share decline.
- MakerDAO unveiled a token airdrop proposal for the Spark lending protocol. Maker Enhanced DSR (Dai Savings Rate) started at 8% and reduced to 5.8%. Rune’s Maker endgame and SubDAO farming overview.
- Coinbase Ventures invested in Rocket Pool through its RPL token purchase.
- Binance Labs invested $5M into the $CRV token in addition to supporting Curve’s deployment to the BNB chain.
- PancakeSwap and bloXroute have announced a user front-running protection partnership, hoping to protect users from sandwich attacks. PancakeSwap also deployed on Arbitrum in a drive for expansion.
- Safe social login: sign up with Google or Apple ID on iOS, experimental.
- MultiSafe: clone or deploy a Safe to multiple chains with the same address.
MISC
- US Federal Reserve info on supervision program for banks crypto activities.
- Bittrex $24M settlement with US SEC for operating as an unregistered broker.
- SBF jailed: bail revoked for intimidating witnesses.
- 1 year anniversary of Alex Pertsev’s unjust arrest.
This is not financial advice.
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