DeFi in Ether: $52B in DeFi, Lido V2 update, Uniswap volume beats Coinbase, LRC staking is and multi-wallet support is live, The Bancor Arb Fast Lane Protocol is live, dYdX to launch private testnet of its Cosmos-based blockchain, Enzyme adds fiat-to-crypto onramp, Gnosis Chain introduces MEV Blocker, and much more!

Paradigm

Published in

Paradigm

15 min readApr 11, 2023

Biweekly update on the Ethereum DeFi ecosystem vol.70, 28th March — 11th April

TL;DR

$51.85B in DeFi this week with Lido dominance 22.27%.
Lido address change messages signed ready to broadcast after Shapella. Update on Lido V2 on Goerli: a sliding submit limit of 30,000 goeth/day is now in place; staking transactions above this number will revert. The latest commit of the V2 branch was added to Lido’s Immunefi bounty scope. Twitter Space: V2 Update: Ethereum Withdrawals.
The Unix Philosophy at Uniswap Labs. Uniswap volume beats Coinbase and registers its best month. From Uniswap's main swap interface, you can now easily buy crypto with MoonPay using your credit/debit card or bank. In March alone, Uniswap LPs earned $77M in fees. Twitter Space: Introducing the Mini Portfolio. The latest Uniswap proposals are here. Liquidity Provider Strategies for Uniswap v3: An Introduction.
Latest Aave News: Explore Aave on Tally, vote in the Butter Delegate Election, participate in Double LM on Polygon, and more. The Aave v3 Ethereum market hit $1B last week. A temp check for launching Aave v3 on Starknet is live for Snapshot voting. Read the full details on the second stage of Aave x Starknet. Aave Grants DAO recent work update: February. Follow the Aave governance forum. Balancer’s new Boosted Aave Pools are live.
The Bancor Arb Fast Lane Protocol is live in beta: Any user can now close arb opportunities between Bancor protocols and other on-chain exchanges and redirect profits back to the Bancor ecosystem. A permissionless way for Bancor to effectively arb itself. Get involved in Bancor DAO at gov.bancor.network. Join the team on the Community call.
BAL underwent its first-ever emissions drop. Originally introduced through a governance proposal in February last year, BAL’s updated and final emissions schedule includes annual emissions drops of 15,9%. This equals a traditional halving every 4 years, although in BAL’s case the process is gradual.
The total final supply will be slightly over 94M tokens. You can learn more about the emissions drop and the process behind it through this thread and this article. Gleb joined Spool’s Twitter space to dive deep into Balancer’s pool stack, use case examples and the future of Balancer’s L2 deployments. The latest Balancer Report is here. Balancer: TVL and Stats — DefiLlama.
dYdX is set to launch the private testnet of its Cosmos-based blockchain. Notional V3 and dYdX V4 were recently announced, with dYdX introducing support against harmful MEV extraction. Canada Wind Down: dYdX is winding down user access from Canada. Weekly Recap, highlighting the key achievements from the dYdX Foundation and wider dYdX ecosystem.
Following the acquisition of mStable by dHedge, the team will be launching mStable on Optimism. mStable is exploring potential cross-chain USD Meta-Vaults as part of the next phase of its Meta Vaults expansion, working alongside the ERC-4626 alliance. This opens up even greater possibilities for aggregating yields and cross-chain yield farming in DeFi. Check out mStable’s latest proposals here.
0x at ETHDenver 2023: Highlights and Bounty Winners: It was an amazing and busy week for the 0x team at ETHDenver. Here’s a look back at what happened. [RFC] Short-Term Delegation Experiment. Twitter Space: Dex Aggregators: 0x <> Ultimate.
1inch Monthly Digest: March 2023: The 1inch Network is happy to present you the March digest of major news and updates. Fusion swap resolving: the offchain component: The second article in 1inch series explaining Fusion mode is focused on the offchain component of swap resolving. Fusion mode swap resolving. The most common types of MEV and protection from toxic strategies. Hashflow: “1inch [is] a core destination in DeFi”: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space. Deblock announced a collaboration with 1inch. (April Fools’ joke) Introducing 1IS, the 1inch Stablecoin Fusion of Aggregation: Sergej Kunz of 1inch on Paris Blockchain Week.
Enzyme adds fiat-to-crypto onramp: Enzyme now offers a robust and highly efficient fiat-to-crypto onramp, powered by Onramper. This new feature allows Enzyme users to buy crypto natively in-app, with support for more than 180 countries and over 95 fiat currencies. Enzyme integrates with Aura Finance to boost yield and governance power of Balancer users. Enzyme Gas Station Network implementation vulnerability disclosed, $400k bounty to be paid. Check out MFP: Enzyme Funding Proposals here.
LRC staking is live: LRC Staking is now available on Loopring. Loopring Multi-Wallet support is live. You can now connect your Loopring wallet with web apps like GameStop NFT much more seamlessly from your mobile. 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.
Compound Proposals 157 ‘OpenZeppelin Security Partnership — 2023 Q2 Compensation’ and 156 ‘Compound V2 -> V3 Migration (Phase 2)’ have passed successfully. Find the latest Compound proposals here. Compound III product updates, grows to ~$650M in total assets: Highlighting the best of the Compound ecosystem.
Gnosis Chain introduces MEV Blocker: Your personal protection from frontrunning and sandwich attacks for a broad spectrum of Ethereum transactions. Add the RPC endpoint directly to your wallet and auto-protect all transactions while trading with DeFi, minting NFTs, or using any dApp. At the end of a 30-day sprint, and over 100 submissions, the Safe March for Account Abstraction Hackathon concludes. New DeFi site from the Gnosis builders. Gnosis Guild Q1 2023 Report. StakeWise V3 is coming to Gnosis Chain. Join the team for the GnosisDAO Community Call on April 13th. Gnosis Ecosystem Wednesday with Stereum. Gnosis Chain Weekly: 7 April 2023. gm AMA: Friederike Ernst Answers Your Gnosis Questions.
KyberSwap enhances liquidity for PET token on Arbitrum. Also, KyberSwap launches Arbitrum NFT trading campaign. KyberSwap Ambassador program: you can be part of an exclusive community of like-minded individuals who share your passion for DeFi. You’ll have the opportunity to connect with other ambassadors and Kyberswap team, access exclusive resources and training, participate in exclusive events, receive merchandise, KNC incentives and more. Find out all Kyber proposals here. Check them out on GitHub.
The Synthetix Caph Release — SIP 2004/2005: The release includes two SIPs aimed at improving the integration experience for Synthetix Perps frontends and trading experience for end users and incorporating slippage guards on liquidation transactions. Calculating Profit and Loss as a Synthetix Staker: A beginner’s (and a degen’s) guide to navigating tax season It’s no secret that tax reporting is a challenging problem for crypto investors. SNXweave Weekly Recap 83.
The Hedge: 6 April 2023. With the Euler Finance claim event, Nexus Mutual’s total claims paid have reached $17,892,780.45. On 13 March, Euler Finance was exploited for a loss of $197M. At the time of the attack, there was ~$5.2m in a cover that was active at the time the loss occurred. Anyone can see an overview of the Euler Finance filed claims in the Euler Finance Claims Tracker. You can also review the Claims section in the Nexus Mutual Dune Dashboard, created by Richard Chen. The Euler Foundation announced that the attacker returned the vast majority of the exploited funds and the Euler community will work on a reimbursement plan. The R&D and Marketing teams have published the first community-created Dune Dashboard on the Nexus Mutual Dune Dashboard account. Community proposals of these weeks.
Ethereum developers have confirmed April 12th as the date for the Shapella upgrade.
MetaMask adds warnings for known scams from OpenSea’s blocklist & Blockaid’s analysis.
Etherscan adds an option to use local time zone for time stamps.
Maker voted for its constitution.
DeFi Saver adds limit orders & DCA strategies.
SushiSwap has suffered an exploit, with the head chef advising chains to revoke the RouterProcessor2 contract.
MEV bots on Ethereum lost $25M in a sophisticated attack.
And more!

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Statistics 📈

Total Value Locked in DeFi

$51.85B in DeFi this week with Lido dominance 22.27%.
Change (24h) 2.05%

Total Value Locked in Ethereum DeFi

Total Value Locked (USD) $30.66b
Change (24h) 1.69%
Lido Dominance 37.43%

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 at ETHDenver 2023: Highlights and Bounty Winners: It was an amazing and busy week for the 0x team at ETHDenver. Here’s a look back at what happened.
[RFC] Short-Term Delegation Experiment.
Twitter Space: Dex Aggregators: 0x <> Ultimate.

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: March 2023: The 1inch Network is happy to present you with the March digest of major news and updates.
Fusion swap resolving: the offchain component: The second article in 1inch series explaining Fusion mode is focused on the offchain component of swap resolving.
Fusion mode swap resolving
The most common types of MEV and protection from toxic strategies: MEV can be an effective mechanism for making profits in DeFi, but often, profits come at the expense of other users.
Hashflow: “1inch [is] a core destination in DeFi”: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
Deblock announced a collaboration with 1inch.
(April Fools’ joke) Introducing 1IS, the 1inch Stablecoin
Fusion of Aggregation | Sergej Kunz, 1inch | Paris Blockchain Week.

Aave

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

Latest Aave News: Explore Aave on Tally, vote in the Butter Delegate Election, participate in Double LM on Polygon, and more.
The Aave v3 Ethereum market hit $1B last week.
A temp check for launching Aave v3 on Starknet is live for Snapshot voting. Read the full details on the second stage of Aave x Starknet.
Aave Grants DAO recent work update: February.
Follow the Aave governance forum.
Balancer’s new Boosted Aave Pools are live.

Balancer

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

BAL underwent its first-ever emissions drop. Originally introduced through a governance proposal in February last year, BAL’s updated and final emissions schedule includes annual emissions drops of 15,9%. This equals a traditional halving every 4 years, although in BAL’s case the process is gradual.
The total final supply will be slightly over 94M tokens. You can learn more about the emissions drop and the process behind it through this thread and this article.
Philand created 4 Balancer-themed quests: two include swapping (one and five swaps respectively), one covers LPing and the final one walks people through gauge voting.
Gleb joined Spool’s Twitter space to dive deep into Balancer’s pool stack, use case examples and the future of Balancer’s L2 deployments.
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.

The Bancor Arb Fast Lane Protocol is live in beta: Any user can close arb opportunities between Bancor protocols and other on-chain exchanges and redirect profits back to the Bancor ecosystem. A permissionless way for Bancor to effectively arb itself.
Get involved in Bancor DAO at gov.bancor.network.
Join the team on the Community call.

Compound

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

Compound Proposals 157 ‘OpenZeppelin Security Partnership — 2023 Q2 Compensation’ and 156 ‘Compound V2 -> V3 Migration (Phase 2)’ have passed successfully.
Find the latest Compound proposals here.
Compound III product updates, grows to ~$650M in total assets: Highlighting the best of the Compound ecosystem.

dYdX

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

dYdX is set to launch the private testnet of its Cosmos-based blockchain.
Notional V3 and dYdX V4 were recently announced, with dYdX introducing support against harmful MEV extraction.
Canada Wind Down: dYdX is winding down user access from Canada.
Weekly Recap, highlighting the key achievements from the dYdX Foundation and wider dYdX ecosystem.

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 adds fiat-to-crypto onramp: Enzyme now offers a robust and highly efficient fiat-to-crypto onramp, powered by Onramper. This new feature allows Enzyme users to buy crypto natively in-app, with support for more than 180 countries and over 95 fiat currencies.
Enzyme integrates with Aura Finance to boost yield and governance power of Balancer users.
Enzyme Gas Station Network implementation vulnerability disclosed, $400k bounty to be paid.
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.

Gnosis Chain introduces MEV Blocker: Your personal protection from frontrunning and sandwich attacks for a broad spectrum of Ethereum transactions. Add the RPC endpoint directly to your wallet and auto-protect all transactions while trading with DeFi, minting NFTs, or using any dApp.
At the end of a 30-day sprint, and over 100 submissions, the Safe March for Account Abstraction Hackathon concludes.
New DeFi site from the Gnosis builders.
Gnosis Guild Q1 2023 Report.
StakeWise V3 is coming to Gnosis Chain.
Join the team for the GnosisDAO Community Call on April 13th.
Gnosis Ecosystem Wednesday with Stereum.
Gnosis Chain Weekly: 7 April 2023.
gm AMA: Friederike Ernst Answers Your Gnosis Questions.

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 enhances liquidity for PET token on Arbitrum.
Also, KyberSwap launches Arbitrum NFT trading campaign.
KyberSwap Ambassador program: you can be part of an exclusive community of like-minded individuals who share your passion for DeFi. You’ll have the opportunity to connect with other ambassadors and Kyberswap team, access exclusive resources and training, participate in exclusive events, receive merchandise, KNC incentives and more.
Find out all Kyber proposals here. Check them out on GitHub.

Lido

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

Lido address change messages signed ready to broadcast after Shapella.
Update on Lido V2 on Goerli: a sliding submit limit of 30,000 goeth/day is now in place; staking transactions above this number will revert.
The latest commit of the V2 branch was added to Lido’s Immunefi bounty scope.
V2 Update: Ethereum Withdrawals.

Loopring

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

LRC staking is live: LRC Staking is now available on Loopring.
Loopring Multi-Wallet support is live.
You can now connect your Loopring wallet with web apps like GameStop NFT much more seamlessly from your mobile.
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.

Following the acquisition of mStable by dHedge, the team will be launching mStable on Optimism.
mStable is exploring potential cross-chain USD Meta-Vaults as part of the next phase of its Meta Vaults expansion, working alongside the ERC-4626 alliance. This opens up even greater possibilities for aggregating yields and cross-chain yield farming in DeFi.
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.

The Hedge: 6 April 2023. With the Euler Finance claim event, Nexus Mutual’s total claims paid have reached $17,892,780.45.
On 13 March, Euler Finance was exploited for a loss of $197M. At the time of the attack, there was ~$5.2m in cover that was active at the time the loss occurred. Anyone can see an overview of the Euler Finance filed claims in the Euler Finance Claims Tracker. You can also review the Claims section in the Nexus Mutual Dune Dashboard, created by Richard Chen.
The Euler Foundation announced that the attacker returned the vast majority of the exploited funds and the Euler community will work on a reimbursement plan.
The R&D and Marketing teams have published the first community-created Dune Dashboard on the Nexus Mutual Dune Dashboard account.
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.

The Caph Release — SIP 2004/2005: The release includes two SIPs aimed at improving the integration experience for Synthetix Perps frontends and trading experience for end users and incorporating slippage guards on liquidation transactions.
Calculating Profit and Loss as a Synthetix Staker: A beginner’s (and a degen’s) guide to navigating tax season It’s no secret that tax reporting is a challenging problem for crypto investors.
SNXweave Weekly Recap 83.

Uniswap

Uniswap is an automated Ethereum-based decentralized exchange.

The Unix Philosophy at Uniswap Labs.
Uniswap volume beats Coinbase and registers its best month.
From Uniswap main swap interface, you can now easily buy crypto with MoonPay using your credit/debit card or bank.
In March alone, Uniswap LPs earned $77M in fees.
Twitter Space: Introducing the Mini Portfolio.
The latest Uniswap proposals are here.
Liquidity Provider Strategies for Uniswap v3: An Introduction.

Yearn Finance

Yearn Finance is an open-source DeFi lending protocol based on the Ethereum blockchain.

With Zaps (powered by Wido) you can deposit any token directly into a Yearn vault.
In 2023 yAudit will expand its core auditing services with code deep-dives lasting anywhere from 2 weeks to 2 months (or more).

More updates

Ethereum developers have confirmed April 12th as the date for the Shapella upgrade.
MetaMask adds warnings for known scams from OpenSea’s blocklist & Blockaid’s analysis.
Etherscan adds an option to use local time zone for time stamps.
Maker voted for its constitution.
DeFi Saver adds limit orders & DCA strategies.
SushiSwap has suffered an exploit, with the head chef advising chains to revoke the RouterProcessor2 contract.
MEV bots on Ethereum lost $25M in a sophisticated attack.