DeFi in Ether: $42B in DeFi, Uniswap v4 vision is here, Balancer is fuelling growth on Polygon zkEVM, Synthetix lists stETH Perps, Sushi introduces its DEX aggregator, Curve now lets you use wstETH to borrow its stablecoin, and much more!

Paradigm

Published in

Paradigm

12 min readJun 20, 2023

Biweekly update on the Ethereum DeFi ecosystem vol.75, 6th June — 20th June

TL;DR

$42.2B in DeFi this week.
Uniswap v4 vision: more generalized v3 allowing different tradeoffs via hooks for customized pools. Missed the call with Uniswap’s giga-brain Protocols team about Uniswap v4? Catch it here. Uniswap Foundation bridge assessment.
Balancer is fuelling growth on Polygon zkEVM: Polygon Labs has recently launched its zkEVM Mainnet Beta in its first step to exponentially improve the scalability and finality of Ethereum with an EVM equivalent Layer 2 ZK scaling solution. Balancer is deploying its technology onto the network to bootstrap liquidity growth and accelerate development across the ecosystem. The Balancer Report: The Power of ve80/20. Due to the recent $veBAL gauge vote, two Liquid Staked $ETH Boosted Aave Pools now have an additional boost. Twitter Space: Balancer | Raft.
Aave Companies posted an exciting AFRC to the forum proposing the introduction of GHO to Ethereum Mainnet. The post is the culmination of three previous TEMP CHECKS and includes the two initial facilitators, launch parameters for both facilitators and what actions the proposal initiates. Llama unveiled an addition to their Aave dashboard which tracks AGD treasury and grant metrics. Silent Protocol announced their plans to bring private DeFi to users of Aave. Latest Aave News: ETHPrague hackathon, GHO mainnet launch, Llama’s AGD Dashboard, Recent updates from grantees. Follow the Aave governance forum.
Synthetix lists stETH Perps: Synthetix announced the addition of Lido Finances’ stETH as the latest asset for leverage trading on Synthetix Perps. Spot Market V3 Alpha Release: Per SIP-317 and SCCP-304, a synthetic ETH spot market and the snxETH token have been deployed to Optimism. SNXweave Weekly Recap 93.
Announcement: Onboarding for Ethereum (Wave 5): Following the launch of Lido V2, the Lido Node Operator Sub-Governance Group (LNOSG) has suggested a new onboarding round for the Lido on Ethereum protocol. Lido updated to ‘Trustless’ by Ethereum. The Tiered Rewards Share Program (TRSP) proposal by Lido just dropped. Synthetix now supports Lido’s stETH for leverage trading on Synthetix Perps. Twitter Space: Lido x Vertex: Leverage Trade with wstETH.
Holešky testnet (Goerli successor) genesis is planned for September 15 (Merge day) with 1.5 million validators, the majority run by client teams.
EF Q1 grantees share $13 million in funding.
EF run a node grants to encourage diversification, receive a Dappnode or a grant for hardware.
Vitalik wrote on transitions to rollups, contract wallets and privacy.
Maker Dai Savings Rate (DSR) increases to 3.49% on June 19.
Curve Finance is now allowing people to use wrapped, staked ether to borrow $crvUSD. Curve Finance’s CEO Egorov was sued by 3 different DeFi-focused VC firms.
Sushi recently introduced its DEX aggregator.
1inch to participate in UK events: 1inch is taking part in the Oxford Blockchain Conference and the Banking Transformation Summit in London. The 1inch DAO discontinues swap surplus collection. Unveiling the memecoin phenomenon. Origin DeFi was integrated with 1inch.
Staking on the Gnosis chain is easy: Check out this post on the Gnosis Chain blog. The team has made some changes to the Gnosis VIP programme, learn how you can get involved and earn 14 GNO. Due to upcoming security upgrades, bridge transactions on the Omnibridge will take at least 20 minutes starting in July of 2023. Stay tuned for more detailed information soon. Last week’s episode of GetToGnosis was with CoinSender: Tap in to tune in. Generative Art NFTs are coming to Gnosis chain with tryhologram.
The Nexus Mutual DAO teams have posted their Q3 & Q4 2023 priorities, budget requests and Q1 & Q2 performance reviews. You can review the proposal here. The Hedge | 15 June 2023: In this edition, they have curated a comprehensive summary of the recent developments unfolding within the mutual’s governance. They kick off by providing a recap of the mutual’s key priorities, as well as an outline of the roadmap for the upcoming months. Additionally, the team dives into the product decisions and funding requests that are essential for translating the roadmap into reality. Community proposals of these weeks.
0x 101: Intro to Tx Relay API: Discover how you can simplify crypto and scale user adoption by building frictionless crypto experiences with end-to-end gasless infrastructure. Inspiration for building with Swap API: Explore the wide range of use-cases and integrations possible with Swap API, including the vast ecosystem of projects and companies already building with Swap API, from large enterprises to growth-stage startups. 0x, AWS, Family, Polygon — Decreasing Frictions in DeFi Hackathon. In the final workshop for 0x “Decreasing Frictions in DeFi” virtual hackathon, jessicalin.eth covers how to build a token swap dapp with 0x Swap API, ConnectKit, and Next.js.
Loopring + Taiko: Ready Layer 3: The team will be rolling out the first implementation of Loopring Layer 3 on top of Taiko, an Ethereum Type-1 zkEVM, as well as integrating their new A3 testnet into the Loopring Smart Wallet — users can now complete tasks + get rewarded with participation NFTs. Check out the knowledge base for all things Loopring L2.
KyberSwap’s latest product updates. Journey through Kyberium: Collect the KyberSwap Signature NFTs. Find out all Kyber proposals here. Check them out on GitHub.
Get involved in Bancor DAO at gov.bancor.network. Twitter Space: The latest in Options & Order Books w/ Aori, Foxify, and Carbon. Carbon — ROI Trading Competition: From June 13 until July 11, flex your strategy and earn USDC rewards.
Compound Grants will be at ETHGlobal Waterloo next week June 23–25. Twitter Space: Arbitrum x Compound. Find the latest Compound proposals here.
The latest dYdX ‘Weekly recap’. LTP onboards to dYdX to support institutional DeFi access. The latest ‘Governance Weekly Recap’ highlighting 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 now supports supplying to Aave V3 liquidity pools. Check out MFP: Enzyme Funding Proposals here.
Yearn Finance yNewsletter #66 has been published.
The SEC accused Binance of lying to regulators and mishandling funds. The Agency also tightened its regulatory crackdown by starting lawsuits against Binance and Coinbase.
Gensler has recently stated, “we don’t need more digital currency”.
A judge dismissed a lawsuit against PoolTogether that claimed it operated an illegal lottery.
The CFTC won the Ooki DAO case, which sets a precedent that DAOs can be held liable.
ETH Seoul hackathon winners.
ETH Belgrade hackathon winners & list of projects.
ETHPrague hackathon winners & videos.
And more!

Subscribe to the ‘Defi in Ether’ newsletter 📩

Read us on Paradigm Platform, Twitter, Telegram, Telegram Chat, LinkedIn, and Reddit.

Statistics 📈

Total Value Locked in DeFi

$42.2B in DeFi this week.

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 101: Intro to Tx Relay API: Discover how you can simplify crypto and scale user adoption by building frictionless crypto experiences with end-to-end gasless infrastructure.
Inspiration for building with Swap API: Explore the wide range of use-cases and integrations possible with Swap API, including the vast ecosystem of projects and companies already building with Swap API, from large enterprises to growth-stage startups.
0x, AWS, Family, Polygon — Decreasing Frictions in DeFi Hackathon.
In the final workshop for 0x “Decreasing Frictions in DeFi” virtual hackathon, jessicalin.eth covers how to build a token swap dapp with 0x Swap API, ConnectKit, and Next.js.

1inch

1inch is a decentralized exchange aggregator that aims to provide traders with the best price and lowest fees on their transactions.

1inch to participate in UK events: 1inch is taking part in the Oxford Blockchain Conference and the Banking Transformation Summit in London.
The 1inch DAO discontinues swap surplus collection.
Unveiling the memecoin phenomenon.
Origin DeFi was integrated with 1inch.

Aave

Aave is a lending system that allows users to lend, borrow, and earn interest on crypto assets.

Aave Companies posted an exciting AFRC to the forum proposing the introduction of GHO to Ethereum Mainnet. The post is the culmination of three previous TEMP CHECKS and includes the two initial facilitators, launch parameters for both facilitators and what actions the proposal initiates.
Llama unveiled an addition to their Aave dashboard which tracks AGD treasury and grant metrics.
Silent Protocol announced their plans to bring private DeFi to users of Aave.
Latest Aave News: ETHPrague hackathon, GHO mainnet launch, Llama’s AGD Dashboard, Recent updates from grantees: Silent Protocol, Anthias & Butter.
Follow the Aave governance forum.

Balancer

Balancer is a decentralized exchange protocol, automated portfolio manager, liquidity provider, and price sensor that is community-driven.

Balancer is fuelling growth on Polygon zkEVM: Polygon Labs has recently launched its zkEVM Mainnet Beta in its first step to exponentially improve the scalability and finality of Ethereum with an EVM equivalent Layer 2 ZK scaling solution. Balancer is deploying its technology onto the network to bootstrap liquidity growth and accelerate development across the ecosystem.
The Balancer Report: The Power of ve80/20.
Due to the recent $veBAL gauge vote, two Liquid Staked $ETH Boosted Aave Pools now have an additional boost.
Twitter Space: Balancer | Raft.

Bancor

Bancor is a blockchain-based platform that acts as software that incentivizes network participants to add crypto funds to liquidity pools.

Twitter Space: The latest in Options & Order Books w/ Aori, Foxify, and Carbon.
Get involved in Bancor DAO at gov.bancor.network.
Carbon — ROI Trading Competition: From June 13 until July 11, flex your strategy and earn USDC rewards.

Compound

Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.

Compound Grants will be at ETHGlobal Waterloo next week June 23–25.
Twitter Space: Arbitrum x Compound.
Find the latest Compound proposals here.

dYdX

dYdX is a decentralized exchange hosted on Ethereum that offers perpetual trading options for 36+ cryptocurrencies without KYC identity verification.

LTP onboards to dYdX to support institutional DeFi access.
The latest dYdX ‘Weekly recap’.
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 now supports supplying to Aave V3 liquidity pools.
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.

Staking on the Gnosis chain is easy: Check out this post on the Gnosis Chain blog.
The team has made some changes to the Gnosis VIP programme, learn how you can get involved and earn 14 GNO.
Due to upcoming security upgrades, bridge transactions on the Omnibridge will take at least 20 minutes starting in July of 2023. Stay tuned for more detailed information soon.
Last week’s episode of GetToGnosis was with CoinSender: Tap in to tune in.
Generative Art NFTs are coming to Gnosis chain with tryhologram.

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’s latest product updates.
Journey through Kyberium: Collect the KyberSwap Signature NFTs.
Find out all Kyber proposals here. Check them out on GitHub.

Lido

Lido is a liquid staking solution for proof-of-stake cryptocurrencies.

Synthetix now supports Lido’s stETH for leverage trading on Synthetix Perps.
Announcement: Onboarding for Ethereum (Wave 5): Following the launch of Lido V2, the Lido Node Operator Sub-Governance Group (LNOSG) has suggested a new onboarding round for the Lido on Ethereum protocol.
Lido updated to ‘Trustless’ by Ethereum.
The Tiered Rewards Share Program (TRSP) proposal by Lido just dropped.
Twitter Space: Lido x Vertex: Leverage Trade with wstETH.

Loopring

Loopring is a zkRollup layer2. It allows for high-throughput, low-cost trading and payment on Ethereum.

Loopring + Taiko: Ready Layer 3: The team will be rolling out the first implementation of Loopring Layer 3 on top of Taiko, an Ethereum Type-1 zkEVM, as well as integrating their new A3 testnet into our Loopring Smart Wallet — users can now complete tasks + get rewarded with participation NFTs.
Check out the knowledge base for all things Loopring L2.

Nexus Mutual

Nexus Mutual is an Ethereum-based platform that creates insurance products with community-driven management and financials.

The Nexus Mutual DAO teams have posted their Q3 & Q4 2023 priorities, budget requests and Q1 & Q2 performance reviews. You can review the proposal here.
The Hedge | 15 June 2023: Brought to you by the Nexus Mutual DAO. In this edition, they have curated a comprehensive summary of the recent developments unfolding within the mutual’s governance. They kick off by providing a recap of the mutual’s key priorities, as well as an outline of the roadmap for the upcoming months. Additionally, the team dives into the product decisions and funding requests that are essential for translating the roadmap into reality.
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.

Synthetix lists stETH Perps: Synthetix announced the addition of Lido Finances’ stETH as the latest asset for leverage trading on Synthetix Perps.
Spot Market V3 Alpha Release: Per SIP-317 and SCCP-304, a synthetic ETH spot market and the snxETH token have been deployed to Optimism.
SNXweave Weekly Recap 93.

Uniswap

Uniswap is an automated Ethereum-based decentralized exchange.

Uniswap v4 vision: more generalized v3 allowing different tradeoffs via hooks for customized pools
Uniswap Foundation bridge assessment.
Missed the call with Uniswap’s giga-brain Protocols team about Uniswap v4? Catch it here.