DeFi in Ether: $48B in DeFi, The Uniswap wallet is now live, The 0x team introduced the all-new 0x, Bancor’s Carbon launched on the Ethereum mainnet, The 1inch Network expands to zkSync Era, Ren Protocol transfers all assets to FTX debtors, and much more!
Biweekly update on the Ethereum DeFi ecosystem vol.71, 11th April — 25th April
TL;DR
- $47.8B in DeFi this week with Lido dominance 23.66%.
- Ethereum Mainnet upgraded to Shapella.
- MakerDAO approved a $500M max transfer in $USDC to Coinbase for a 2.6% yield.
- Consensys reports a data leak of Metamask support tickets.
- SushiSwap ~$3.3 million exploit, didn’t check for a genuine Uniswap v3 pool, attempted whitehat copied by MEV bots.
- The Uniswap mobile wallet is out and now live in most countries. Uniswap mobile app is available. The team added an extra layer of encryption when you back up your seed phrase to iCloud. Use an onchain NFT as your Uniswap frontend. The Uniswap Protocol has officially passed $1.5T in trading volume.
- Say hi to the new 0x: The 0x team introduced the all-new 0x, an integrated suite of APIs for developers and teams building financial products on crypto rails. A new home for 0x Protocol: Discover the new 0xProtocol.org, your centralized hub for all things 0x Protocol. Fundamentals: What is a decentralized exchange (DEX)?: A quick guide to understanding decentralized exchanges. Fundamentals: What is liquidity?: A quick rundown of why liquidity is so important in crypto trading.
- Bancor has announced the launch of its new on-chain crypto trading protocol, called Carbon. Twitter Space: Bancor/Carbon Community Call. Get involved in Bancor DAO at gov.bancor.network.
- The 1inch Network expands to zkSync Era: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space. Wintermute: “Excited to be an active user of 1inch”: In this series of posts, 1inch looks at partnerships it has struck with various projects and at how both sides have benefited from the collaboration. Fusion swap resolving: onchain component: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space. 1inch supports ETHGlobal Tokyo. 1inch supports BNB Chain’s Zero2Hero Hackathon’s DeFi track.
- Latest Aave News. Gauntlet has aligned with the Aave community on next steps to balance risk and capital efficiency in stablecoin eModes. The Aave v3 bbaUSD and wstETH/bb-a-weth Pools are live. Aave is a partner powering the launch of the Spruce Testnet. AAVE hackathon judges at ETHGlobal Tokyo. Follow the Aave governance forum.
- Balancer highlights Generalized Boosted Pools: They offer lower slippage and allow LPs to improve capital efficiency thanks to “storing the majority of their liquidity on external protocols as yield-bearing versions of common tokens.” Check out this article by Orb for a complete overview. Aave deploys v3 bbaUSD and wstETH/bb-a-weth Pools. Cron Takes TWAMM to Mainnet: Balancer Grants recipient Cron Finance launches on Mainnet, adding to the thriving ecosystem of diverse teams building on Balancer Protocol. The latest Balancer Report is here. Balancer: TVL and Stats — DefiLlama.
- Compound Proposal 158 ‘Refresh Polygon COMP’ failed. Proposals 157 ‘OpenZeppelin Security Partnership — 2023 Q2 Compensation’ and 156 ‘Compound V2 -> V3 Migration (Phase 2)’ have passed successfully. In the latest episode of Empire, Robert Leshner — founder of Compound Labs — discusses how DeFi will evolve in the wake of Operation Choke Point 2.0 and the coordinated effort to debank crypto. Find the latest Compound proposals here.
- Gnosis Chain Weekly · 21 April 2023: GnosisVIP — Validator Incentive Program: Over five million worth of GNO have been allocated to help increase node diversity on Gnosis chain, take a look and see if you are eligible here. Crypto Integrates Gnosis Chain. Linen wallet Layer3 Campaign. Living on Chain with Safe: The Safe team recently hosted an AMA to demonstrate gasless transactions. Forward Protocol: Experience Gnosis Chain on Forward, a no-code, customizable dApp builder that’s as user-friendly as WordPress. TaskON: Boost the completion of various Web3 tasks in a decentralized way with this new Gnosis Chain integration. Gnosis Chain #CoreDevsCall April 19, 2023.
- KyberSwap March Product Update. KyberSwap LPs who withdrew liquidity via Emergency Withdrawal are able to claim their rewards from 21 April. There is currently no deadline to claim but the team does urge you to do so as soon as possible. KyberSwap Trading Contest Exclusively with ChainGPT (CGPT) Token. Find out all Kyber proposals here. Check them out on GitHub.
- Post Mortem: Lido on Ethereum RockLogic GmbH Slashing Incident: At 13:02 UTC on April 13, Lido DAO contributors alerted the RockLogic GmbH (“RockLogic”) Node Operator participating in the Lido on Ethereum protocol of a slashing event taking place affecting 11 of the validators that they operate. A full list of the validators impacted is provided in APPENDIX B. Over the course of the next two hours, the affected cluster was brought offline to mitigate potential further risk, and the RockLogic team successfully identified the root cause. The cause of the slashing boiled down to the duplication of validator keys in two different active clusters; this caused a double vote, which led to attester slashings of 11 validators. A full post-mortem from their perspective is available in APPENDIX A. Just How Fast Are Ethereum Withdrawals Using The Lido Protocol? Node Operator Community Call #6.
- Loopring Quarterly Update (Q1/2023). Red Packets 2.0: Taking NFTs Mainstream: You can now send over 1 million NFTs for under $.50 — unlocking possibilities for gaming, ticketing, airdrops + more. 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.
- Synthetix Quarterly Report — Q1 2023. Synthetix Community Governance Call April 2023: The next Synthetix community governance call is scheduled for April 26th at 9PM UTC. SNXweave Weekly Recap 85: A recap of news, projects, and important updates from the Spartan Council and Core Contributors, as well as the Grants Council and Ambassador Council from last week. Synthetix Perps Optimism Trading Incentives: Up to 300,000 weekly OP will be awarded to traders of Synthetix Perps across any integration partners starting April 19th. Tokenomics Discussion Review. Synthetix Council Elections April 2023.
- Kwenta launches SmartMargin and currently has 3 different rewards programs for traders.
- Nexus Mutual Claims Dashboard is Live on Dune: You can now review the mutual’s claims history in detail and enjoy greater insights into the mutual’s his. Check out the newly launched Claims dashboard here. Roadmap for New Tokenomics: Over the last week, members have asked for an update on the tokenomics project. The tokenomics discussion has taken place across the forum and on Discord, so the Community team has updated the documentation to provide a broad overview of the background, timeline of the progress made to date, and breakdown of the remaining phases that need to be completed. In last week’s issue of The Hedge, the team shared an update on the Euler Finance claims reimbursement process. Since this update, two more claimants have responded and indicated they would return their claim payment to the Nexus Mutual DAO treasury since they will experience no material loss after claiming their reimbursement from Euler Finance. Community proposals of these weeks. The Delphi Podcast: The Future of Crypto Insurance With Hugh.
- MTA is now live on the Optimism bridge, marking the start of an exciting new chapter for mStable. Bridge your MTA now and get ready to explore the upcoming opportunities on Velodrome. Check out mStable’s latest proposals here.
- YIP-72: Launch yETH. YFI-A users, please check YFI-A vault positions as per Maker’s announcement, and be sure to repay. Tomorrow, those with a collateralization ratio below 10,000% will be liquidated.
- Ren Protocol transfers all assets to FTX debtors’ wallet in case of shutdown: Ren Protocol was acquired by Alameda Research in February 2022 to expedite the decentralization of its tech.
- Etherscan: Zero-value token transfers hidden by default; EthValidate: verify explorer data using data from other nodes.
- Euler Finance shared another update on the redemption process.
- Tayvano on a mysterious wallet drainer, where there is no common thread between compromised keys.
- US Representative Davidson may introduce legislation that could fire Gensler for overreach.
- Gensler was also grilled in the House of Representatives over the SEC’s take on crypto, specifically Ethereum.
- Coinbase’s CEO, Brian Armstrong, has stated that Coinbase could move away from the United States if there is no clarity on crypto regulation.
- And more!
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Statistics 📈
Total Value Locked in DeFi
- $47.8B in DeFi this week with Lido dominance 23.66%.
- Change (24h) -1.85%
Total Value Locked in Ethereum DeFi
- Total Value Locked (USD) $28.23b
- Change (24h) -2.13%
- Lido Dominance 39.90%
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.
- Say hi to the new 0x: The 0x team introduced the all-new 0x, an integrated suite of APIs for developers and teams building financial products on crypto rails.
What’s new?
-0x Dashboard: The 0x Dashboard is the new home base for all things 0x. Through the dashboard developers and teams can generate API keys for new projects, monitor and manage integrations, get access to new APIs and tap into more developer resources like the latest tutorials and guides.
-New building blocks: In addition to Swap and Tx Relay, the team is launching three new APIs in Q3 — Tx History, Token Registry and a new version of Orderbook. Some of these APIs are currently in closed beta so please reach out if you’re interested in early access.
-A new brand identity and website: 0x provides an overarching name that encompasses everything the team plans to offer. They also redesigned 0x website, check it out at 0x.org.
-0x API is now Swap API: 0x flagship product, the liquidity and smart order routing API that connects developers to 100+ exchanges, has a new name too.
-Intercom support: The team is rolling out support via Intercom to users this quarter. The goal is to provide the best-in-class developer support in the market.
-AI-enhanced developer docs: 0x documentation now incorporates AI technology to give you an improved experience when looking for specific information or when you have a specific question in mind.
- A new home for 0x Protocol: Discover the new 0xProtocol.org, your centralized hub for all things 0x Protocol.
- Fundamentals: What is a decentralized exchange (DEX)?: A quick guide to understanding decentralized exchanges.
- Fundamentals: What is liquidity?: A quick rundown of why liquidity is so important in crypto trading.
1inch
1inch is a decentralized exchange aggregator that aims to provide traders with the best price and lowest fees on their transactions.
- The 1inch Network expands to zkSync Era: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
- Wintermute: “Excited to be an active user of 1inch”: In this series of posts, 1inch looks at partnerships it has struck with various projects and at how both sides have benefited from the collaboration.
- Fusion swap resolving: onchain component: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
- 1inch supports ETHGlobal Tokyo.
- 1inch supports BNB Chain’s Zero2Hero Hackathon’s DeFi track.
Aave
Aave is a lending system that allows users to lend, borrow, and earn interest on crypto assets.
- Latest Aave News.
- Gauntlet has aligned with the Aave community on next steps to balance risk and capital efficiency in stablecoin eModes.
- The Aave v3 bbaUSD and wstETH/bb-a-weth Pools are live.
- Aave is a partner powering the launch of the Spruce Testnet.
- AAVE hackathon judges at ETHGlobal Tokyo.
- 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 highlights Generalized Boosted Pools: They offer lower slippage and allow LPs to improve capital efficiency thanks to “storing the majority of their liquidity on external protocols as yield-bearing versions of common tokens.” Check out this article by Orb for a complete overview.
- Aave deploys v3 bbaUSD and wstETH/bb-a-weth Pools.
- Cron Takes TWAMM to Mainnet: Balancer Grants recipient Cron Finance launches on Mainnet, adding to the thriving ecosystem of diverse teams building on Balancer Protocol.
- The latest Balancer Report is here.
- Balancer: TVL and Stats — DefiLlama.
Bancor
Bancor is a blockchain-based platform that acts as software that incentivizes network participants to add crypto funds to liquidity pools.
- Bancor has announced the launch of its new on-chain crypto trading protocol, called Carbon.
- Twitter Space: Bancor/Carbon Community Call.
- 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.
- Compound Proposal 158 ‘Refresh Polygon COMP’ failed. Proposals 157 ‘OpenZeppelin Security Partnership — 2023 Q2 Compensation’ and 156 ‘Compound V2 -> V3 Migration (Phase 2)’ have passed successfully.
- In the latest episode of Empire, Robert Leshner — founder of Compound Labs — discusses how DeFi will evolve in the wake of Operation Choke Point 2.0 and the coordinated effort to debank crypto.
- 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.
- Why Decentralization Matters: Understanding the benefits and trade-offs of decentralized systems is essential to crafting policies that will adequately protect consumers while allowing innovation to progress in a positive manner. Read more about why decentralization matters here.
Gnosis Chain
Gnosis Chain, formerly xDai Chain, is the associated execution-layer EVM (Ethereum Virtual Machine) chain for stable transactions.
- Gnosis Chain Weekly · 21 April 2023
- GnosisVIP — Validator Incentive Program: Over five million worth of GNO have been allocated to help increase node diversity on Gnosis chain, take a look and see if you are eligible here.
- Crypto Integrates Gnosis Chain.
- Linen wallet Layer3 Campaign.
- Living on Chain with Safe: The Safe team recently hosted an AMA to demonstrate gasless transactions.
- Forward Protocol: Experience Gnosis Chain on Forward, a no-code, customizable dApp builder that’s as user-friendly as WordPress.
- TaskON: Boost the completion of various Web3 tasks in a decentralized way with this new Gnosis Chain integration.
- Gnosis Chain #CoreDevsCall April 19, 2023.
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 March Product Update.
- KyberSwap LPs who withdrew liquidity via Emergency Withdrawal are able to claim their rewards from 21 Apr, 8AM UTC. There is currently no deadline to claim but the team does urge you to do so as soon as possible.
- KyberSwap Trading Contest Exclusively with ChainGPT (CGPT) Token.
- Find out all Kyber proposals here. Check them out on GitHub.
Lido
Lido is a liquid staking solution for proof-of-stake cryptocurrencies.
- Post Mortem: Lido on Ethereum RockLogic GmbH Slashing Incident: At 13:02 UTC on April 13, Lido DAO contributors alerted the RockLogic GmbH (“RockLogic”) Node Operator participating in the Lido on Ethereum protocol of a slashing event taking place affecting 11 of the validators that they operate. A full list of the validators impacted is provided in APPENDIX B. Over the course of the next two hours, the affected cluster was brought offline to mitigate potential further risk, and the RockLogic team successfully identified the root cause. The cause of the slashing boiled down to the duplication of validator keys in two different active clusters; this caused a double vote, which led to attester slashings of 11 validators. A full post-mortem from their perspective is available in APPENDIX A
- Just How Fast Are Ethereum Withdrawals Using The Lido Protocol?
- Node Operator Community Call #6.
Loopring
Loopring is a zkRollup layer2. It allows for high-throughput, low-cost trading and payment on Ethereum.
- Loopring Quarterly Update (Q1/2023).
- Red Packets 2.0: Taking NFTs Mainstream: You can now send over 1 million NFTs for under $.50 — unlocking possibilities for gaming, ticketing, airdrops + more.
- 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.
mStable
mStable is a protocol that enables stablecoin swaps, yield generation, and over-collateralized lending.
- MTA is now live on the Optimism bridge, marking the start of an exciting new chapter for mStable. Bridge your MTA now and get ready to explore the upcoming opportunities on Velodrome.
- Check out mStable’s latest proposals here.
Nexus Mutual
Nexus Mutual is an Ethereum-based platform that creates insurance products with community-driven management and financials.
- Nexus Mutual Claims Dashboard is Live on Dune: You can now review the mutual’s claims history in detail and enjoy greater insights into the mutual’s his. Check out the newly launched Claims dashboard here.
- Roadmap for New Tokenomics: Over the last week, members have asked for an update on the tokenomics project. The tokenomics discussion has taken place across the forum and on Discord, so the Community team has updated the documentation to provide a broad overview of the background, timeline of the progress made to date, and breakdown of the remaining phases that need to be completed.
- In last week’s issue of The Hedge, the team shared an update on the Euler Finance claims reimbursement process. Since this update, two more claimants have responded and indicated they would return their claim payment to the Nexus Mutual DAO treasury since they will experience no material loss after claiming their reimbursement from Euler Finance.
- Community proposals of these weeks.
- The Delphi Podcast: The Future of Crypto Insurance With Hugh.
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 — Q1 2023.
- Synthetix Community Governance Call April 2023: The next Synthetix community governance call is scheduled for April 26th at 9PM UTC.
- SNXweave Weekly Recap 85: A recap of news, projects, and important updates from the Spartan Council and Core Contributors, as well as the Grants Council and Ambassador Council from last week.
- Synthetix Perps Optimism Trading Incentives: Up to 300,000 weekly OP will be awarded to traders of Synthetix Perps across any integration partners starting April 19th at 0:00 UTC.
- Tokenomics Discussion Review.
- Synthetix Council Elections April 2023.
- Kwenta launches SmartMargin and currently has 3 different rewards programs for traders.
Uniswap
Uniswap is an automated Ethereum-based decentralized exchange.
- The Uniswap mobile wallet is out and now live in most countries.
- Uniswap mobile app is now available.
- The team added an extra layer of encryption when you back up your seed phrase to iCloud.
- Use an onchain NFT as your Uniswap frontend.
- The Uniswap Protocol has officially passed $1.5T in trading volume.
Yearn Finance
Yearn Finance is an open-source DeFi lending protocol based on the Ethereum blockchain.
- YIP-72: Launch yETH.
- YFI-A users, please check YFI-A vault positions as per Maker’s announcement, and be sure to repay. Tomorrow, those with a collateralization ratio below 10,000% will be liquidated.
More updates
- Ethereum Mainnet upgraded to Shapella.
- MakerDAO approved a $500M max transfer in $USDC to Coinbase for a 2.6% yield.
- Consensys reports data leak of Metamask support tickets.
- SushiSwap ~$3.3 million exploit, didn’t check for a genuine Uniswap v3 pool, attempted whitehat copied by MEV bots.
- Etherscan: Zero-value token transfers hidden by default; EthValidate: verify explorer data on using data from other nodes.
- Euler Finance shared another update on the redemption process.
- Tayvano on a mysterious wallet drainer, where there is no common thread between compromised keys.
- US Representative Davidson may introduce legislation that could fire Gensler for overreach.
- Gensler was also grilled in the House of Representatives over the SEC’s take on crypto, specifically Ethereum.
- Coinbase’s CEO, Brian Armstrong, has stated that Coinbase could move away from the United States if there is no clarity on crypto regulation.
- Ren Protocol transfers all assets to FTX debtors’ wallet in case of shutdown: Ren Protocol was acquired by Alameda Research in February 2022 to expedite the decentralization of its tech.
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