DeFi in Ether: $47B in DeFi, Aave has rebranded to Avara, Sushi is expanding to ZetaChain, Lido goes to Base, dYdX’s chain trading went live, 0x is opening beta spots for Tx Relay API, Synthetix Perps V3 is on the horizon, and much more!

Paradigm

Published in

Paradigm

9 min readNov 21, 2023

Biweekly update on the Ethereum DeFi ecosystem vol.79, 7th November — 21st November

TL;DR

$47B in DeFi this week, at the time of writing.
Vitalik: return of Plasma, extending to the EVM using validity proofs.
Latest all core devs — consensus (ACDC) call video. Notes from Christine Kim.
BlackRock filed for a spot Ethereum ETF with the SEC. Soon afterward, Fidelity also filed for an Ethereum ETF.
Aave has rebranded to Avara, according to its founder, Stani Kulechov. The company also acquired the wallet named Family. Aave lending markets were paused and later resumed after a security vulnerability was discovered. Aave V3 Loan Volume spiked to an all-time high in daily assets borrowed.
Sushi is expanding to ZetaChain to support Bitcoin natively.
dYdX’s chain trading went live, entering the beta stage after a governance vote. dYdX’s insurance lost $9M after a “targeted attack.” Stay up to date with the latest governance conversations and participate in forum discussions.
Get early access to gasless swaps: 0x is opening beta spots for Tx Relay API. Request access from the 0x Dashboard. 0x Dev Digest: A round-up of the latest 0x news, product updates, and more. Last month — how to monetize your app with Swap API, Coinbase launches gasless swaps powered by 0x, and highlights from Messari’s 0x Q3 Brief. The Cables DEX integration with 0x Project has now been completed.
Lido at 31.41% is still far too close to 33.3% threshold. Lido goes to Base: Lido’s staked ETH is now available on Base. LidoConnect 2023 Recap: LidoConnect was an amazing day of staking-focused talks, panels, workshops and fun in Istanbul.
Uniswap’s front-end fees have exceeded $1M in monthly profit.
The Balancer Report: Protocols, UIs and why the difference between the two matters: This week the team is taking a closer look at how the relationship between protocols and UIs shapes the concept of decentralization. Balancer is significantly augmenting the ongoing Liquidity Growth Program (LGP) in collaboration with Arbitrum, by injecting a substantial amount of 1.2 million ARB.
Bancor’s technology licensed to power DeFi protocols across multiple Layer 2s: By licensing the code for its smart contract technology, Bancor accelerates the presence of its technology on Layer 2 solutions across the industry, giving access to- and benefits of automated recurring limit orders to an entirely untapped market. Get involved in Bancor DAO at gov.bancor.network.
Enzyme Powers Launch of Swell’s Super swETH Vault: The team announced Enzyme’s support for Swell’s Super swETH Vault, which aims to reward Swell staking participants and help decentralise the Ethereum liquid staking ecosystem. Check out MFP: Enzyme Funding Proposals here.
An Arbitrum KyberSwap Tribute: As a token of the team’s appreciation to those who voted ‘For’ for KyberSwap in the Arbitrum STIP Proposal, they present an exclusive Arbitrum KyberSwap Tribute — “Thank You” NFTs. KyberSwap October 2023 Product Updates. Find out all Kyber proposals here. Check them out on GitHub.
The latest issue of Nexus Mutual’s The Hedge is out: In the November 2023 edition the team is looking into how the Mutual’s sales have evolved over the last quarter, shares news about NMPIP-209: Launch Tokenomics Upgrade. Community proposals of these weeks.
SNXweave Weekly Recap 115: Perps V3 is on the horizon, set to build upon the remarkable success of V2. Synthetix V3: Collateralized Debt Positions (CDPs). Synthetix V3 Vaults: An Explainer.
Opyn co-founders are to step down due to CFTC action.
Australia updated its capital gains tax to include wrapped tokens and DeFi.
EF’s Next Billion fellowship cohort 4, applications close January 15
Etherscan net transfers of a token for each address
Gitcoin Grants matching updated, Passport score of 15 gives 50% match, 25+ gives full match.
Devconnect live stream for selected events.
ETH Lisbon hackathon projects.
And more!

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Statistics 📈

Total Value Locked in DeFi

$47B 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.

Get early access to gasless swaps: 0x is opening beta spots for Tx Relay API. Request access from the 0x Dashboard.
0x Dev Digest: A round-up of the latest 0x news, product updates, and more. Last month — how to monetize your app with Swap API, Coinbase launches gasless swaps powered by 0x, and highlights from Messari’s 0x Q3 Brief.
The Cables DEX integration with 0x Project has now been completed.

Aave

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

Aave has rebranded to Avara, according to its founder, Stani Kulechov. The company also acquired the wallet named Family.
Aave lending markets were paused and later resumed after a security vulnerability was discovered.
Aave V3 Loan Volume spiked to an all-time high in daily assets borrowed.
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: Protocols, UIs and why the difference between the two matters: This week the team is taking a closer look at how the relationship between protocols and UIs shapes the concept of decentralization.
Balancer is significantly augmenting the ongoing Liquidity Growth Program (LGP) in collaboration with Arbitrum, by injecting a substantial amount of 1.2 million ARB.

Bancor

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

Bancor’s technology licensed to power DeFi protocols across multiple Layer 2s: By licensing the code for its smart contract technology, Bancor accelerates the presence of its technology on Layer 2 solutions across the industry, giving access to- and benefits of automated recurring limit orders to an entirely untapped market.
Get involved in Bancor DAO at gov.bancor.network.

Compound

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

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’s chain trading went live, entering the beta stage after a governance vote.
dYdX’s insurance lost $9M after a “targeted attack.”
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 Powers Launch of Swell’s Super swETH Vault: The team announced Enzyme’s support for Swell’s Super swETH Vault, which aims to reward Swell staking participants and help decentralise the Ethereum liquid staking ecosystem.
Check out MFP: Enzyme Funding Proposals here.

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.

An Arbitrum KyberSwap Tribute: As a token of the team’s appreciation to those who voted ‘For’ for KyberSwap in the Arbitrum STIP Proposal, they present an exclusive Arbitrum KyberSwap Tribute — “Thank You” NFTs.
KyberSwap October 2023 Product Updates.
Elastic Zap: A New Age Of DeFi Wizardry.
Find out all Kyber proposals here. Check them out on GitHub.

Lido

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

Lido at 31.41% is still far too close to 33.3% threshold.
Lido Goes to Base: Lido’s staked ETH is now available on Base. Bridge your wstETH to Base to unlock the benefits of staked ETH across the Base ecosystem.
LidoConnect 2023 Recap: LidoConnect was an amazing day of staking-focused talks, panels, workshops and fun in Istanbul 🇹🇷 Check out the highlights here.
Leveraging Distributed Validator Technology (DVT) with Simple DVT.

Nexus Mutual

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

The latest issue of Nexus Mutual’s The Hedge is out: In the November 2023 edition the team is looking into how the Mutual’s sales have evolved over the last quarter, sharing news about NMPIP-209: Launch Tokenomics Upgrade.
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.