DeFi in Ether: $67B in DeFi, 0x Labs raises $70M, Bancor 3 launches on May 11, Raiden Network is live on Arbitrum, The dominance of Uniswap v3 liquidity, Enzyme integration with Uniswap v3, and much more!
Biweekly update on Ethereum DeFi ecosystem vol.52, 26th April — 10th May
TL;DR
- $67.4B in DeFi this week, currently at ~ $67.401B, with Maker dominance 21.54%.
- 0x Labs raises $70M Series B led by Greylock to continue expanding Web3’s core exchange infrastructure: To onboard the next 100x wave of users, businesses, and institutions, 0x Labs is expanding its team and products. 0x API hit $100B in total multi-chain aggregated liquidity, fueling the ever-expanding 0x ecosystem.
- Bancor 3 Launch Party: It’s official. After one year of development, audits, and testing, Bancor 3 is expected to go live this week. Join the team as they unveil B3 this Wednesday, May 11th, 2022 at 8pm EST — featuring token and swag giveaways and fireside chats with Bancor contributors, DeFi analysts and industry leaders from Chainlink, Flexa (AMP), WOO Network, Nexus Mutual & more. The Bancorian Brief | May 4th, 2022.
- ERC-4626 Meta Vaults are coming to mStable: Save, despite its popularity, could not be easily scaled to achieve mStable’s growth ambitions. Open and composable architecture is required to scale. mStable will leverage the new ERC-4626 standard for fully composable vaults. The Meta Vault architecture leverages the composable ERC-4626 standard to power the next product line of mStable. mStable Governance Updates — 9 May 2022: Here’s the latest edition of governance updates from the engine room. Check out mStable’s latest proposals here.
- Latest Aave News: Open roles at Aave Grants, HackMoney, & Stani is back. Watch a replay of a panel from Metis Fest featuring @lemiscate discussing Aave V3 and cross-chain interoperability. Certora hosted their ‘Understanding the Certora Prover’ workshop on how to formally verify Aave V3 — check out a replay or more resources to help you get started. Follow the Aave governance forum.
- Risk Labs Vision for the UMA DAO: Earlier this year, Risk Labs, the foundation which launched UMA, transferred 35m $UMA to the UMA DAO. This article recommends direction and principles to help guide UMA DAO towards a successful non-technical proposal process to foster decentralization, increase participation and proceed optimistically & sustainably. UMA Planted 1,316 Trees to Show Off UMA’s Optimistic Oracle: Last month UMA debuted what the team believes to be the first derivative token based on a Twitter metric. This program was designed to plant a tree by donating $1 for each time a specific tweet was retweeted. This article will explain how this was possible, and why this functionality is critical to Web3. Help to build the DeFi products of tomorrow at HackMoney. How to let anyone and everyone run your DAO. Day in the life at UMA | Melissa Quinn, Chief Operating Officer.
- Enzyme V3 vs V4: Why should you upgrade your vault? Enzyme V4 comes with powerful extra features that make the asset management experience much easier and more affordable. Not only do V4 features make the manager’s life easier, but it also makes the depositor’s experience more convenient and enjoyable ( → higher conversion and more capital). For new managers, V4 includes the option of launching on Polygon (1,000x cheaper to create a vault on Polygon than on Ethereum). For V3 managers, some important security, accounting & tokenomics aspects must be understood before the upgrade. A Call to Managers Building Uniswap v3 Strategies: Enzyme now enables you to build and actively manage Uniswap v3 strategies. For active liquidity managers, this offers an easy platform to monitor and manage your liquidity strategies whilst allowing third parties to tag along in exchange for a fee. For passive LP’s, this provides a way to improve returns without having to dedicate the time or energy to understanding or actively managing positions. Inside the Vault: Episode 3 | Actively Managed Uniswap v3 Strategies. How to build, scale and enhance index performance using DeFi composability on Enzyme. Check out MFP: Enzyme Funding Proposals here.
- Transak fiat on ramp provider is integrated into the 1inch Wallet: Thanks to the integration, users are getting more options for buying tokens for fiat. 1IP-07 aims to grow the kinds of liquidity sources compatible with the 1inch Aggregation Protocol by integrating Balancer Boosted Pools. 1inch Network DAO Community Call #3.
- Compound Proposals 101 ‘Update Mid-TVL cToken Implementations’, 102 ‘OpenZeppelin Security Partnership — 2022 Q2 Adjustment V4’, 103 ‘Risk Parameter Updates for MKR and AAVE’, 104 ‘Update High-TVL cToken Implementations’ have passed successfully.
- Introducing Iron Fleet: The Starkswap team announced Iron Fleet in partnership with Yearn Finance. Yearn Vaults v3. Hacking with Yearn. Yearn at ETHAmsterdam: A Look Back. People of Yearn : Marco Worms.
- Balancer Goes on Tour: The Balancer team attended Paris Blockchain Week Summit and DevConnect in Amsterdam. Defiance Capital shares Balancer as part of their portfolio highlights. LidoDAO and PrimeDAO have joined the veBAL LM voting incentives last week. Gerg shares how to significantly reduce gas cost while swapping on Balancer by utilizing the batchSwap functionality. Messari published their report about Balancer in Q1–2022 which governance approved on March 11th, 2022. The latest Balancer Report is here.
- The Dominance of Uniswap v3 Liquidity: New research shows that Uniswap Protocol v3 has deeper liquidity in ETH/USD, ETH/BTC and other ETH pairs than leading centralized exchanges. This research demonstrates that AMM market structure — which is largely crypto-native today — can surpass order-book exchanges and transform traditional financial market structure to be more liquid, stable, and secure. V3 will be deployed on Celo. Check out the Enzyme finance integration with Uniswap v3. The latest Uniswap proposals are here.
- Gnosis Chain Weekly · 6 May 2022: Optimism on Gnosis Chain is redefining blockchain scalability. DarkForest DAO optimistic explorations. Milestone #s: 100M+ total transactions on Gnosis Chain, 93K+ validators on Gnosis Beacon Chain. Gnosis TV is live with a DeFi Ecosystem Overview and Mai Finance AMA highlights. GnosisDAO Happenings: Live & recently passed snapshots are shaping the future. Project updates from Nethermind, Jarvis Network, Hedgey, and Winding Tree.
- Loopring iOS update: Pro orderbook trading is now available on the iOS smart wallet as well as Android apps. New video tutorial added to Loopring University: Learn how to provide AMM liquidity on Loopring L2 to earn fees every time someone swaps assets in that pool.
- KyberSwap Product Update: Pro Live Chart: Integrated with TradingView, Kyber new Pro Live Chart lets traders plan their trades anytime, anywhere. USDD is now available on Kyber Network. Find out all Kyber proposals here. Check them out on GitHub.
- The Raiden Network is now live on Arbitrum.
- ICP-USD is now live. Start trading Internet Computer (ICP) today on dYdX, with up to 10x leverage. CELO now live: CELO-USD is now live. Start trading Celo (CELO) today on dYdX, with up to 10x leverage.
- icETH is now live on zkSync & Argent.
- Futures Funding Rate Arbitrage Guide: Futures funding rate arbitrage is when you go long on one futures market and short on another and collect the difference in funding rates. The funding rates on Kwenta are currently long skew and present an arbitrage opportunity for traders.
- And more!
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Total Value Locked in DeFi
$67.4B in DeFi this week, currently at ~ $67.401B, with Maker dominance 21.54%.
Top DeFi Tokens by Market Capitalization
Total Market Cap: $92,930,729,087
DeFi Aggregators
mStable:
- ERC-4626 Meta Vaults are coming to mStable: Save, despite its popularity, could not be easily scaled to achieve mStable’s growth ambitions. An open and composable architecture is required to scale. mStable will leverage the new ERC-4626 standard for fully composable vaults. The Meta Vault architecture leverages the composable ERC-4626 standard to power the next product line of mStable.
- mStable Governance Updates — 9 May 2022: Here’s the latest edition of governance updates from the engine room.
- Check out mStable’s latest proposals here.
Yearn Finance:
- Yearn Vaults v3
- Hacking with Yearn
- Yearn at ETHAmsterdam: A Look Back
- People of Yearn : Marco Worms
- Introducing Iron Fleet: The Starkswap team announced Iron Fleet in partnership with Yearn Finance.
Lending
Aave:
- Latest Aave News: Open roles at Aave Grants, HackMoney, & Stani is back.
- Follow the Aave governance forum.
- Watch a replay of a panel from Metis Fest featuring @lemiscate discussing Aave V3 and cross-chain interoperability.
- Certora hosted their ‘Understanding the Certora Prover’ workshop on how to formally verify Aave V3 — check out a replay or more resources to help you get started.
Compound:
- Compound Proposals 101 ‘Update Mid-TVL cToken Implementations’, 102 ‘OpenZeppelin Security Partnership — 2022 Q2 Adjustment V4’, 103 ‘Risk Parameter Updates for MKR and AAVE’, 104 ‘Update High-TVL cToken Implementations’ have passed successfully.
- Find the latest Compound proposals here.
Gnosis Chain (formerly xDai Chain):
Gnosis Chain Weekly · 6 May 2022:
- Optimism on Gnosis Chain is redefining blockchain scalability. DarkForest DAO optimistic explorations.
- Milestone #s: 100M+ total transactions on Gnosis Chain, 93K+ validators on Gnosis Beacon Chain.
- Gnosis TV is live with a DeFi Ecosystem Overview and Mai Finance AMA highlights.
- GnosisDAO Happenings: Live & recently passed snapshots are shaping the future.
- Project updates from Nethermind, Jarvis Network, Hedgey and Winding Tree.
-DAO of the Week: Quiver DAO web3 software library developers
-NFT of the Week: NFBeez project-artist-rendered NFTs
Derivatives, Swaps, and Prediction Markets
dYdX:
- ICP-USD is now live. Start trading Internet Computer (ICP) today on dYdX, with up to 10x leverage.
- CELO now live: CELO-USD is now live. Start trading Celo (CELO) today on dYdX, with up to 10x leverage.
UMA:
- Risk Labs Vision for the UMA DAO: Earlier this year, Risk Labs, the foundation which launched UMA, transferred 35m $UMA to the UMA DAO. This article recommends direction and principles to help guide UMA DAO towards a successful non-technical proposal process to foster decentralisation, increase participation and proceed optimistically & sustainably.
- UMA Planted 1,316 Trees to Show Off UMA’s Optimistic Oracle: Last month UMA debuted what we believe to be the first derivative token based on a Twitter metric. This program was designed to plant a tree by donating $1 for each time a specific tweet was retweeted. This article will explain how this was possible, and why this functionality is critical to Web3.
- Help to build the DeFi products of tomorrow at HackMoney
- How to let anyone and everyone run your DAO
- Day in the life at UMA | Melissa Quinn, Chief Operating Officer
Fund Management
Enzyme Finance:
- Enzyme V3 vs V4: Why should you upgrade your vault? Enzyme V4 comes with powerful extra features that make the asset management experience much easier and more affordable. Not only do V4 features make the manager’s life easier, but it also makes the depositor’s experience is more convenient and enjoyable ( → higher conversion and more capital). For new managers, V4 includes the option of launching on Polygon (1,000x cheaper to create a vault on Polygon than on Ethereum). For V3 managers, some important security, accounting & tokenomics aspects must be understood before the upgrade
- A Call to Managers Building Uniswap v3 Strategies: Enzyme now enables you to build and actively manage Uniswap v3 strategies. For active liquidity managers, this offers an easy platform to monitor and manage your liquidity strategies whilst allowing third parties to tag along in exchange for a fee. For passive LP’s, this provides a way to improve returns without having to dedicate the time or energy into understanding or actively managing positions.
- Inside the Vault: Episode 3 | Actively Managed Uniswap v3 Strategies:
- How to build, scale and enhance index performance using DeFi composability on Enzyme
- Check out MFP: Enzyme Funding Proposals here.
Set Protocol & Index Coop:
- icETH is now live on zkSync & Argent.
- Find the latest Index Coop proposals here.
Liquidity Relays
0x project:
- 0x Labs raises $70M Series B led by Greylock to continue expanding Web3’s core exchange infrastructure: To onboard the next 100x wave of users, businesses, and institutions, 0x Labs is expanding its team and products.
- 0x API hit $100B in total multi-chain aggregated liquidity, fueling the ever-expanding 0x ecosystem.
1inch:
- Transak fiat on ramp provider is integrated into the 1inch Wallet: Thanks to the integration, users are getting more options for buying tokens for fiat.
- 1IP-07 aims to grow the kinds of liquidity sources compatible with the 1inch Aggregation Protocol by integrating Balancer Boosted Pools.
- 1inch Network DAO Community Call #3
- The 1inch Network expands to Fantom
Balancer:
- Balancer Goes on Tour: The Balancer team attended Paris Blockchain Week Summit and DevConnect in Amsterdam.
- Defiance Capital shares Balancer as part of their portfolio highlights.
- LidoDAO and PrimeDAO have joined the veBAL LM voting incentives last week.
- Gerg shares how to significantly reduce gas cost while swapping on Balancer by utilizing the batchSwap functionality.
- Messari published their report about Balancer in Q1–2022 which governance approved on March 11th, 2022.
- The latest Balancer Report is here.
Bancor:
- Bancor 3 Launch Party: It’s official. After one year of development, audits and testing, Bancor 3 is expected to go live this week. Join the team as they unveil B3 this Wednesday May 11th 2022 at 8pm EST — featuring token and swag giveaways and fireside chats with Bancor contributors, DeFi analysts and industry leaders from Chainlink, Flexa (AMP), WOO Network, Nexus Mutual & more.
- The Bancorian Brief | May 4th, 2022
Kyber:
- KyberSwap Product Update: Pro Live Chart: Integrated with TradingView, Kyber new Pro Live Chart lets traders plan their trades anytime, anywhere.
- USDD is now available on Kyber Network.
- Find out all Kyber proposals here. Check them out on GitHub.
Loopring:
- Loopring iOS update: Pro orderbook trading is now available on the iOS smart wallet as well as Android apps.
- New video tutorial added to Loopring University: Learn how to provide AMM liquidity on Loopring L2 to earn fees every time someone swaps assets in that pool.
Uniswap:
- The Dominance of Uniswap v3 Liquidity: New research shows that Uniswap Protocol v3 has deeper liquidity in ETH/USD, ETH/BTC and other ETH pairs than leading centralized exchanges. This research demonstrates that AMM market structure — which is largely crypto-native today — can surpass order-book exchanges and transform traditional financial market structure to be more liquid, stable, and secure.
- V3 will be deployed on Celo.
- Check out the Enzyme finance integration with Uniswap v3.
- The latest Uniswap proposals are here.
Payments Networks
Raiden Network:
Synthetix:
- Futures Funding Rate Arbitrage Guide: Futures funding rate arbitrage is when you go long on one futures market and short on another and collect the difference in funding rates. The funding rates on Kwenta are currently long skew and present an arbitrage opportunity for traders.
This is not financial advice.
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