DeFi in Ether: $45B in DeFi, GHO is now live on the Ethereum mainnet, UniswapX launches, Gnosis Chain Shapella hard-fork on Aug 1, Compound introduces Encumber, dYdX launches testnet on Cosmos, Meet Infinex — the newest perps integrator to the Synthetix ecosystem, and much more!
Biweekly update on the Ethereum DeFi ecosystem vol.76, 4th July — 18th July
TL;DR
- $44.6B in DeFi at the time of writing.
- The Ethereum community has proposed a new ERC standard ERC 7265 to mitigate hacks.
- EF Research team AMA, discussions on EIP7002 (EL triggerable exits), RANDAO manipulation, DVT, EIP7251 (increase max effective balance), SSLE, re-staking, technical roadmap, MEV as a solved research problem, easier staking, upgrades, one-shot signatures, zk, EF, EIP4844, execution sharding and rollups.
- Etherscan adds ENS to the search bar auto-lookup.
- The Aave DAO has successfully launched GHO on the Ethereum mainnet. Aave holders voted on a proposal to convert 1,600 $ETH into $wstETH and $rETH via a protocol. Latest Aave News: The AIP to launch GHO on mainnet. Follow the Aave governance forum.
- Meet UniswapX — a new permissionless, open source (GPL), auction-based protocol for trading across AMMs & other liquidity sources. Uniswap V4 is to go live after the Cancun upgrade and a security audit. Uniswap is now live on the Avalanche chain. Uniswap Wallet v1.9 is here. Discussing Hooks with Arrakis Finance.
- The Balancer Report: Cross Chain Boosts: Boosts are now going cross-chain. What does this mean for Balancer and veBAL? How is Layer Zero involved? The latest Balancer Report covers this and more. The 8020 Initiative. Balancer Community Hall Q2 Retrospective. All $OP users can now harness a supercharged Balancer technology liquidity layer. Some DeFi firms have signed up for Balancer’s plan for tackling a lack of liquidity.
- Compound introduced Encumber: Encumber is a new mechanism that improves on the concept of token allowances. Encumber allows users to retain custody of their tokens while granting another address the exclusive right to transfer those tokens. For lending protocols, this approach removes the need for pooled collateral entirely. Compound Proposal 168 ‘Gauntlet Recommendations: Ethereum Compound v3 USDC — Interest Rate Curve & Incentive Changes’ and Proposal 167 ‘Compound V2->V3 Migration Proposal Phase 4’ have passed successfully.
- dYdX has launched a public testnet on Cosmos. Quantstamp x Elixir x dYdX present: Paris After Dark. The latest dYdX ‘Weekly recap’. Stay up to date with the latest governance conversations and participate in forum discussions.
- Shapella Client Updates are out. Gnosis Chain announced that all client updates are ready for the upcoming Shapella hard fork. Epoch: 648704; Slot: 10379264; Time: August 1, 2023 at 11:34:20 UTC. Please schedule time between now and July 30th to update your nodes. Gnosis Core Devs Call Notes July 12, 2023: The weekly Gnosis Core Devs Call took place, where members of the Gnosis team and contributors gather to discuss the latest developments and updates related to the Gnosis ecosystem. Safe contracts v1.4.1 are deployed in Gnosis Chain.
- Lido Monthly Report: June 2023: The inaugural edition of the Lido Monthly Report, your go-to roundup for the latest updates on Lido DAO’s activities and advancements. Lido on Ethereum: Obol Network Testing V2: LidoFinance and Obol Network successfully completed the 2nd round of testing Obol-based distributed validators (DVs) on Goerli. Post Mortem: Delayed Oracle Report (April 8, 2023). Lido Governance Recap: While the past 2 weeks saw no Snapshot or Aragon votes, Lido DAO members have been exploring many potential advancements on the Lido forum.
- Nexus Mutual and Figment have partnered to offer an ETH Slashing Cover product. The latest issue of Nexus Mutual’s The Hedge is out. In this edition, the team shares an announcement about a new ETH Slashing Cover partnership and delves into the two Capital Pool investment NMPIPs, the NMPIP about updating Protocol Cover, and NMDP #1. Community proposals of these weeks.
- Synthetix Quarterly Report — Q2 2023 has been published. Welcome Infinex, the newest perps integrator, to the Synthetix Ecosystem. Lido stETH Synthetix Perps trading incentives: Synthetix and Lido announced the launch of a trading rewards program. New blog post: Polynomial Finance: Leading the Charge in DeFi Trading. SNXweave Weekly Recap 97.
- Yearn Finance recently discussed a proposal to activate $veYFI rewards with $oYFI gauges. Yearn Finance yNewsletter #67.yETH deposits are now live. Attention lp-yCRV users: All CRV emissions are migrating to a new yCRV pool.
- KyberSwap June 2023 Product updates are out. Choosing The Best Range To Maximize LP Returns (1/2): Unleash your DeFi potential with Kyber Academy’s latest. Find out all Kyber proposals here. Check them out on GitHub.
- The Enzyme Grant Programme: A Foundation for Advancing DeFi Asset Management: Enzyme has introduced a revised Grant Programme, aimed at fostering innovation and talent in on-chain asset management by funding innovative projects on its platform. Enriching DeFi on Enzyme with AI assistants. Check out MFP: Enzyme Funding Proposals here.
- Decreasing Frictions in DeFi — 0x hackathon recap: The online hackathon brought together 117 hackers, who launched 58 projects and took home $30,000 in prizes.
- SushiSwap V3 and Velodrome V2 were integrated with 1inch, as well as WOOFi V2 on zkSyncEra. 1inch’s devs joined Ledger Developer Experience event on July 11. 1inch all set for crypto events in Paris: This week, the 1inch Network’s team is landing in Paris to attend a series of crypto-related events.
- SUBMINT (ENS subname minting) live on mainnet, set pricing & token gate minting.
- Flashbots MEVM: EVM with MEV precompiles to enable rewriting offchain MEV infrastructure as contracts on upcoming SUAVE.
- Safe (multisig) adds ERC4337 support for account abstraction.
- CoW Hooks: pre & post swap intents can be executed with swaps in a single transaction.
- EF Robust Incentives Group posts, papers & talks.
- Ethstakers.club beacon explorer, beta, open source using PostgreSQL & Charts.js, MIT license.
- Ethereum.org Q3 website roadmap.
- ETHBarcelona hackathon winners.
- 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.
- Decreasing Frictions in DeFi — 0x hackathon recap: The online hackathon brought together 117 hackers, who launched 58 projects and took home $30,000 in prizes.
- 0x’s pricing principles: Starting in August, paid plans for Swap API will be available to deliver an even more powerful experience to customers. A free plan will continue to be available for everyone.
1inch
1inch is a decentralized exchange aggregator that aims to provide traders with the best price and lowest fees on their transactions.
- SushiSwap V3 and Velodrome V2 were integrated with 1inch, as well as WOOFi V2 on zkSyncEra.
- 1inch’s devs joined Ledger Developer Experience event on July 11.
- 1inch all set for crypto events in Paris: This week, the 1inch Network’s team is landing in Paris to attend a series of crypto-related events.
- CBDCs and DeFi: opportunities for co-existing: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space. Read a new article in their blog.
- AI-powered DeFi: unlocking the synergy
Aave
Aave is a lending system that allows users to lend, borrow, and earn interest on crypto assets.
- The Aave DAO has successfully launched GHO on the Ethereum Mainnet.
- Aave holders voted on a proposal to convert 1,600 $ETH into $wstETH and $rETH via a protocol.
- Latest Aave News: The AIP to launch GHO on mainnet.
- 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: Cross Chain Boosts: Boosts are now going cross-chain. What does this mean for Balancer and veBAL? How is Layer Zero involved? The latest Balancer Report covers this and more.
- The 8020 Initiative.
- Balancer Community Hall Q2 Retrospective.
- All $OP users can now harness a supercharged Balancer technology liquidity layer.
- Some DeFi firms have signed up for Balancer’s plan for tackling a lack of liquidity.
Compound
Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.
- Compound introduced Encumber: Encumber is a new mechanism that improves on the concept of token allowances. Encumber allows users to retain custody of their tokens, while granting another address the exclusive right to transfer those tokens. For lending protocols, this approach removes the need for pooled collateral entirely.
- Compound Proposal 168 ‘Gauntlet Recommendations: Ethereum Compound v3 USDC — Interest Rate Curve & Incentive Changes’ and Proposal 167 ‘Compound V2->V3 Migration Proposal Phase 4’ have passed successfully.
- 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.
- dYdX has launched a public testnet on Cosmos.
- Quantstamp x Elixir x dYdX present: Paris After Dark.
- The latest dYdX ‘Weekly recap’.
- 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.
- The Enzyme Grant Programme: A Foundation for Advancing DeFi Asset Management: Enzyme has introduced a revised Grant Programme, aimed at fostering innovation and talent in on-chain asset management by funding innovative projects on its platform.
- Enriching DeFi on Enzyme with AI assistants.
- 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 Client Updates are out. Gnosis Chain announced that all client updates are ready for the upcoming Shapella hard-fork. Epoch: 648704; Slot: 10379264; Time: August 1, 2023 at 11:34:20 UTC. Please schedule time between now and July 30th to update your nodes.
- Gnosis Core Devs Call Notes July 12, 2023: The weekly Gnosis Core Devs Call took place, where members of the Gnosis team and contributors gather to discuss the latest developments and updates related to the Gnosis ecosystem.
- Safe contracts v1.4.1 are deployed in Gnosis Chain.
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 June 2023 Product updates are out.
- Choosing The Best Range To Maximize LP Returns (1/2): Unleash your DeFi potential with Kyber Academy’s latest.
- 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: June 2023: The inaugural edition of the Lido Monthly Report, your go-to roundup for the latest updates on Lido DAO’s activities and advancements.
- Lido on Ethereum: Obol Network Testing V2: Over the past four months, Lido DAO contributors have worked together with the Obol Network team on the second round of testing Obol-based distributed validators (DVs) operated through the Lido Node Operator (NO) registry on Goerli. 42 new Node Operators participated in this round of testing, including solo stakers, community stakers, and other professional node operators, in addition to 12 Node Operators from within the current Curated Node Operator set. This round of testing follows the first Obol testnet pilot program, which included 11 existing Node Operators that participated in the Lido on Ethereum protocol. The goal of this second testing round was to trial operating DVs through the Lido registry with community stakers and simulate what a practical small-scale initial implementation of DVs utilizing Obol’s technology may look like. Each cluster successfully proposed blocks, showed strong attestation performance, and experienced limited, if any, downtime. Additionally, upon completion of the 59-day trial, all of the clusters successfully exited their validators.
- Post Mortem: Delayed Oracle Report (April 8, 2023).
- Lido Governance Recap: While the past 2 weeks saw no Snapshot or Aragon votes, Lido DAO members have been exploring many potential advancements on the Lido forum.
Nexus Mutual
Nexus Mutual is an Ethereum-based platform that creates insurance products with community-driven management and financials.
- Figment and Nexus Mutual have partnered to offer an ETH Slashing Cover product.
- The latest issue of Nexus Mutual’s The Hedge is out. In this edition, the team shares an announcement about a new ETH Slashing Cover partnership and delves into the two Capital Pool investment NMPIPs, the NMPIP about updating Protocol Cover, and NMDP #1.
- 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 Quarterly Report — Q2 2023.
- Welcome Infinex, the newest perps integrator, to the Synthetix Ecosystem.
- Lido stETH Synthetix Perps trading incentives: Synthetix and Lido announced the launch of a trading rewards program.
- New blog post: Polynomial Finance: Leading the Charge in DeFi Trading.
- SNXweave Weekly Recap 97.
Uniswap
Uniswap is an automated Ethereum-based decentralized exchange.
- Uniswap V4 is to go live after the Cancun upgrade and a security audit.
- Uniswap is now live on the Avalanche chain.
- Uniswap Wallet v1.9 is here.
- Discussing Hooks with Arrakis Finance.
Yearn Finance
Yearn Finance is an open-source DeFi lending protocol based on the Ethereum blockchain.
- Yearn Finance recently discussed a proposal to activate $veYFI rewards with $oYFI gauges.
- Yearn Finance yNewsletter #67.
- yETH deposits are now live.
- Attention lp-yCRV users: All CRV emissions are migrating to a new yCRV pool.
More updates
- Etherscan adds ENS to search bar auto-lookup.
- SUBMINT (ENS subname minting) live on mainnet, set pricing & token gate minting.
- Flashbots MEVM: EVM with MEV precompiles to enable rewriting offchain MEV infrastructure as contracts on upcoming SUAVE.
- Safe (multisig) adds ERC4337 support for account abstraction.
- CoW Hooks: pre & post swap intents can be executed with swaps in single transaction.
MISC
- The Ethereum community has proposed a new ERC standard to mitigate hacks.
- EF Research team AMA, discussions on EIP7002 (EL triggerable exits), RANDAO manipulation, DVT, EIP7251 (increase max effective balance), SSLE, re-staking, technical roadmap, MEV as a solved research problem, easier staking, upgrades, one-shot signatures, zk, EF, EIP4844, execution sharding and rollups.
- RANDAO manipulation analysis: no large-scale manipulation detected, manipulators could face social-slashing.
- Parallel EVM via claim verification: ensure no inconsistencies when transactions are run in parallel.
- EF Robust Incentives Group posts, papers & talks.
- Ethstakers.club beacon explorer, beta, open source using PostgreSQL & Charts.js, MIT license.
- Ethereum.org Q3 website roadmap.
- Etherscan similar contract search updated.
- ETHBarcelona hackathon winners.
This is not financial advice.
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