DeFi in Ether: $79B in DeFi, Aave V3 is live on testnets, OpenSea acquires Dharma, Balancer shared a 2022 roadmap, 1inch expands to Avalanche and Gnosis Chain, Multi-chain NFT swaps powered by 0x Protocol V4 introduced, Yearn TVL on Fantom reaches $1B, and much more!

Paradigm

Published in

Paradigm

12 min readFeb 3, 2022

Biweekly update on Ethereum DeFi ecosystem vol.46, 20th January — 3rd February

TL;DR

$79B in DeFi this week, currently at ~ $79.7B, with Maker dominance 19.78%.
Latest Aave News: Aave V3 is live on seven testnets, MiniMice spotlight, and more community updates. Follow the Aave governance forum. The first cross-chain governance proposal has successfully updated the Aave Polygon Market.
Total value locked (TVL) across all Yearn products on Fantom have exceeded $1B. Read in the latest Yearn Finance Newsletter #55: State of the Fantom vaults; Fantom ecosystem spotlight — Yearn; Yearn Web updates; Yearn Finance explained; vaults at Yearn; ecosystem news.
OpenSea acquires Dharma: Dharma will be bringing its knowledge, expertise, and technology to OpenSea in order to power a mainstream-friendly way to buy, sell, and mint NFTs. Together, they will push forward the NFT industry. As part of the acquisition, Dharma’s co-founders, Nadav and Brendan, will be stepping into leadership roles at OpenSea. Nadav will be OpenSea’s Chief Technology Officer, with an initial mandate to improve the technical reliability and uptime of OpenSea’s products, and to build web3-native mechanisms for engaging with and rewarding OpenSea’s early and loyal community. Brendan will be OpenSea’s Head of Strategy, injecting a web3-native perspective into product, business, community, and marketing. The team will be sunsetting the Dharma app on February 19th.
Introducing multi-chain NFT swaps powered by 0x Protocol v4: Developers will soon have a trusted, open standard to build the next generation of fully decentralized and interoperable Web3 NFT apps and marketplaces.
The 1inch Network expands to Avalanche and Gnosis Chain: The expansion to the two fast-growing blockchains will offer 1inch users more options for low-costs, high-speed transactions.The 1inch Network expands to Avalanche and Gnosis Chain: The expansion to the two fast-growing blockchains will offer 1inch users more options for low-costs, high-speed transactions.
Uniswap shared the v3 deployment script last week. The latest Uniswap proposals are here.
Gnosis Chain Weekly · 28 January, 2022: MigaLabs have put together a dashboard to view the latest Gnosis Beacon Chain statistics. The GnosisDAO treasury continues to add funds to the Gnosis Chain. Last week, over 3.5M in liquidity (GNO/WETH) was added to various protocols include Honeyswap, Sushiswap, Swapr, Symmetric, and Elk. Token Engineering Commons is live on the Gnosis Chain. The DAppNode incentive program relaunched last week with participants receiving 4 Gnosis validators for free when purchasing one DAppNode Xtreme. Proof of Humanity is coming soon to Gnosis Chain. Good news is, Gnosis Beacon Chain has over 31,000 validators.
Find out the latest GnosisDAO proposals here. Zodiac: The Expansion Pack for DAOs on Epicenter podcast.
mUSD Save vault on Polygon is now live on Harvest Finance. Check out mStable’s latest proposals here.
What’s in store for Balancer in 2022: Balancer Labs and the Balancer DAO look ahead and share what is to come this year. Ball with Balancer at ETHDenver 2022. OlympusDAO establishes $OHM as liquid asset on Balancer. The latest Balancer Report is here. A proposal is presented to partner with Polygon DAO. Balancer Grant Wave #3 is live.
dYdX unveils Hedgies, a collection of 4,200 unique collectible avatars that will be distributed to the dYdX community. Introducing Trading Leagues: Trading Leagues is a first of its kind product that enhances the trading experience and rewards traders with weekly prizes. Content Competition Winners: Come check out the winning submissions.
The team supporting UMA announced that UMA’s optimistic oracle deployment to the optimistic rollup L2s is now complete. Furthermore, the UMA team wants to meet you at ETH Denver: UMA’s optimistic oracle aims to solve data pain points for developers of Web3 applications. Boba Network partners with UMA to create “WAGMI” KPI Options: Boba Network launched the first in a series of “WAGMI” KPI options on February 1, 2022.
Enzyme Finance’s v4 Sulu launches in February. Sneak Preview of Sulu | Enzyme Finance. Check out MFP: Enzyme Funding Proposals here.
The Bancorian | Jan 23 2022: Bancor 3 is coming along quite well and the target date is Q1 of 2022. PHTR whitelisted on Bancor for single-sided staking.
Kyber Network announces new CEO: Kyber Network enters its next stage of growth with a strategic shift in leadership, the appointment of Victor Tran as its CEO. Meanwhile, Loi Luu, the former CEO and co-founder of Kyber Network, will remain on the leadership team in the capacity of Chairman of Kyber Group to oversee all Kyber activities. KyberSwap Tech Improvements for Traders and Integrations (Jan 2022). Find out all Kyber proposals here. Check them out on GitHub.
Synthetix Layer 2 Roadmap is out. The Synthetix Alsephina Release took place. ETH Loans are live on Layer Two through Staking: The team has integrated the Synthetix loans feature directly into the Staking dapp on Layer Two (Optimistic Ethereum). WETH/SNX Incentives on L2: Syntghetix announced a new round of incentives for WETH/SNX on Optimistic Ethereum. Synthetix will partner with Gelato to leverage G-UNI pools that enable rewards for liquidity providers. 50,000 SNX will be distributed for one month to WETH/SNX liquidity providers, with the possibility to extend after an impact assessment.
Compound Proposal #82 Dynamic Risk Parameters — Quarterly Update and Proposal #83 Add Market: FEI passed through the governance system with broad community support.
Themis is live on mainnet: Themis is the first protocol that allows users to borrow against their Uniswap v3 liquidity position.
Maple Finance Loans V2: The team has improved transaction efficiency = 90% gas reduction, capital efficiency — refinancing options and liquidation tools, smart contract flexibility to support iterative developments.
Rari Capital Fuse now on Arbitrum: Fuse is now officially deployed on Arbitrum, and permissionless pool creation is live. Complete redesign of the Rari Portal that utilizes asset-based discovery and streamlines the user experience.
Hashflow now live on Polygon: Now you can take advantage of even lower transaction fees to trade with zero slippage and no MEV exploits, and earn the best yields without impermanent loss
Tribe Turbo announced a new DeFi primitive which allows any token to become productive and provide FEI liquidity at no cost to the markets that need it most.
Introducing Tracer Perpetual Pools V2: New Features in V2: long-term leverage without getting “rekt” by volatility decay, no more minimums, permissionless Market Deployment, create Custom Indices.
PALM: Protocol-owned Active Liquidity Management: PALM combines the advantages of protocol-owned liquidity (POL) and active liquidity management (ALM) to give protocols sustainable and capital-efficient liquidity.
Dopex launches Alchemix Options Markets: Deposit ALCX, alETH, or alUSD to underwrite calls and puts while earning PREMIA at app.premia.finance
A List of Open Problems in DeFi on Emperor.
The Great Renaming: What Happened to Eth2?
And more!

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Total Value Locked in DeFi

$79B in DeFi this week, currently at ~ $79.7B, with Maker dominance 19.78%.

Top DeFi Tokens by Market Capitalization

Total Market Cap: $92,930,729,087

DeFi Aggregators

mStable:

mUSD Save vault on Polygon now live on Harvest Finance
Check out mStable’s latest proposals here.

Yearn Finance:

-Yearn Finance explained: What are Vaults and Strategies?

-Read in the latest Yearn Finance Newsletter #55:

Yearn TVL on Fantom Reaches $1B
State of the Fantom Vaults
Fantom Ecosystem Spotlight — Yearn
Yearn Web Updates
Yearn Finance Explained
Vaults at Yearn
Ecosystem News

Lending

Aave:

Latest Aave News: Aave V3 is live on seven testnets, MiniMice spotlight, and more community updates.
Follow the Aave governance forum.
The first cross-chain governance proposal has successfully updated the Aave Polygon Market:

Compound:

Compound Proposal #82 Dynamic Risk Parameters — Quarterly Update and Proposal #83 Add Market: FEI passed through the governance system with broad community support.

Find the latest Compound proposals here.

Dharma:

OpenSea Acquires Dharma: Dharma will be bringing its knowledge, expertise, and technology to OpenSea in order to power a mainstream-friendly way to buy, sell, and mint NFTs. Together, they will push forward the NFT industry. As part of the acquisition, Dharma’s co-founders, Nadav and Brendan, will be stepping into leadership roles at OpenSea. Nadav will be OpenSea’s Chief Technology Officer, with an initial mandate to improve the technical reliability and uptime of OpenSea’s products, and to build web3-native mechanisms for engaging with and rewarding OpenSea’s early and loyal community. Brendan will be OpenSea’s Head of Strategy, injecting a web3-native perspective into product, business, community, and marketing.
The team will be sunsetting the Dharma app on February 19th:

Gnosis Chain (formerly xDai Chain):

Gnosis Chain Weekly · 28 January, 2022:

MigaLabs have put together a dashboard to view the latest Gnosis Beacon Chain statistics.
The GnosisDAO treasury continues to add funds to the Gnosis Chain. Last week, over 3.5M in liquidity (GNO/WETH) was added to various protocols include Honeyswap, Sushiswap, Swapr, Symmetric, and Elk.
Token Engineering Commons is live on the Gnosis Chain.
The DAppNode incentive program relaunched last week with participants receiving 4 Gnosis validators for free when purchasing one DAppNode Xtreme.
Proof of Humanity is coming soon to Gnosis Chain.
Gnosis Beacon Chain has over 31,000 validators:

Derivatives, Swaps and Prediction Markets

dYdX:

dYdX unveils Hedgies, a collection of 4,200 unique collectible avatars that will be distributed to the dYdX community.
Introducing Trading Leagues: Trading Leagues is a first-of-its-kind product that enhances the trading experience and rewards traders with weekly prizes.
Content Competition Winners: Come check out the winning submissions.

Gnosis:

Find out the latest GnosisDAO proposals here.
Zodiac: The Expansion Pack for DAOs on Epicenter podcast.

UMA:

The team supporting UMA announced that UMA’s optimistic oracle deployment to the optimistic rollup L2s is now complete.
The UMA Team wants to meet you at ETH Denver: UMA’s optimistic oracle aims to solve data pain points for developers of Web3 applications.
Boba Network Partners with UMA to create “WAGMI” KPI Options: Boba Network launched the first in a series of “WAGMI” KPI options on February 1, 2022.

Fund Management

Enzyme Finance (formerly Melon):

Check out MFP: Enzyme Funding Proposals here.
Enzyme Finance’s v4 Sulu launches in February

Sneak Preview of Sulu | Enzyme Finance

Index Coop:

Proof of Proximity: Changing the Landscape of Fashion
Know Your Bankless DeFi Innovation Index (GMI) Token: Maple Finance (MPL)
Find the latest Index Coop proposals here.

Liquidity Relays

0x project:

Introducing multi-chain NFT swaps powered by 0x Protocol v4: Developers will soon have a trusted, open standard to build the next generation of fully decentralized and interoperable Web3 NFT apps and marketplaces.

1inch:

The 1inch Network expands to Avalanche and Gnosis Chain: The expansion to the two fast-growing blockchains will offer 1inch users more options for low-costs, high-speed transactions.

Balancer:

What’s in store for Balancer in 2022: Balancer Labs and the Balancer DAO look ahead and share what is to come this year.
Ball with Balancer at ETHDenver 2022
OlympusDAO establishes $OHM as liquid asset on Balancer
The latest Balancer Report is here.
A proposal is presented to partner with Polygon DAO
Balancer Grant Wave #3 is live

Bancor:

The Bancorian | Jan 23 2022: Bancor 3 is coming along quite well and the target date is Q1 of 2022.
PHTR whitelisted on Bancor for single-sided staking.

Kyber:

Kyber Network announces new CEO: Kyber Network enters its next stage of growth with a strategic shift in leadership, the appointment of Victor Tran as its CEO. Meanwhile, Loi Luu, the former CEO and co-founder of Kyber Network, will remain on the leadership team in the capacity of Chairman of Kyber Group to oversee all Kyber activities. The newly appointed CEO, Victor Tran, is the former CTO and co-founder of Kyber Network, as well as a Forbes 30 under 30 Asia alumni. Victor has a strong engineering background; having studied Computer Science at Vietnam National University, where he first met Loi Luu, with whom he would later go on to build Kyber Network.
KyberSwap Tech Improvements for Traders and Integrations (Jan 2022)
Find out all Kyber proposals here. Check them out on GitHub.

Uniswap:

Uniswap shared the v3 deployment script last week.
The latest Uniswap proposals are here.

Payments Networks

Synthetix:

The Synthetix Alsephina Release took place. Here’s what’s included in this release:

-SIP-184: Dynamic Exchange Fees: Add a dynamic fee in addition to base exchange fees that responds to and neutralizes oracle frontrunning opportunities.

-SIP-193: Refactor SystemSettings into Library to reduce contract size: The SystemSettings contract into a library in order to reduce contract size.

-SIP-196: Remove Centralized Oracle: Removes all centralized oracle code from Synthetix contracts and testing.

ETH Loans are live on Layer Two through Staking: The team has integrated the Synthetix loans feature directly into the Staking dapp on Layer Two (Optimistic Ethereum).
WETH/SNX Incentives on L2: Syntghetix announced a new round of incentives for WETH/SNX on Optimistic Ethereum. Synthetix will partner with Gelato to leverage G-UNI pools that enable rewards for liquidity providers. 50,000 SNX will be distributed for one month to WETH/SNX liquidity providers, with the possibility to extend after an impact assessment.

More updates

Themis is live on mainnet: Themis is the first protocol that allows users to borrow against their Uniswap v3 liquidity position.
Maple Finance Loans V2: The team has improved transaction efficiency = 90% gas reduction, capital efficiency — refinancing options and liquidation tools, smart contract flexibility to support iterative developments.
Rari Capital Fuse now on Arbitrum: Fuse is now officially deployed on Arbitrum, and permissionless pool creation is live. Complete redesign of the Rari Portal that utilizes asset-based discovery and streamlines the user experience.
Hashflow now live on Polygon: Now you can take advantage of even lower transaction fees to trade with zero slippage and no MEV exploits, and earn the best yields without impermanent loss
Tribe Turbo announced a new DeFi primitive which allows any token to become productive and provide FEI liquidity at no cost to the markets that need it most.
Introducing Tracer Perpetual Pools V2: New Features in V2: long-term leverage without getting “rekt” by volatility decay, no more minimums, permissionless Market Deployment, create Custom Indices.
PALM: Protocol-owned Active Liquidity Management: PALM combines the advantages of protocol-owned liquidity (POL) and active liquidity management (ALM) to give protocols sustainable and capital-efficient liquidity.
Dopex launches Alchemix Options Markets: Deposit ALCX, alETH, or alUSD to underwrite calls and puts while earning PREMIA at app.premia.finance.