DeFi in Ether: $79B in DeFi, ConsenSys acquires MyCrypto, Gnosis Safe X ConsenSys, Enzyme v4 Sulu is now live, Lens Protocol detailed, Set Protocol integrates with Perpetual Protocol, 1inch launches Earn, Starkswap announced, and much more!

Paradigm

Published in

Paradigm

13 min readFeb 15, 2022

Biweekly update on Ethereum DeFi ecosystem vol.47, 1st February — 15th February

TL;DR

$79B in DeFi this week, currently at ~ $78.9B, with Maker dominance 21.91%.
ConsenSys/MetaMask acquires MyCrypto: ConsenSys announced the acquisition of MyCrypto, a deep-rooted Ethereum interface, to team up with the market-leading Web3 wallet, MetaMask. MetaMask and MyCrypto will be combining their efforts under a shared banner to further improve the security of all the products and create a cohesive user experience across desktop, mobile, extension, and browser wallets.
Gnosis Safe X ConsenSys: Bringing self-custodial digital asset solutions to enterprises: Gnosis Safe and ConsenSys jointly announce a strategic partnership to build customised enterprise-grade applications and access control permissions on top of the Gnosis Safe. ConsenSys, specifically their Professional Services division, will now be the trusted development studio for designing and implementing these bespoke solutions. The partnership outlines that ConsenSys will work with enterprises to integrate Gnosis Safe into their operations and build customized solutions. The Gnosis Safe team has submitted a proposal to establish the safeDAO and launch a SAFE Token. Find out the latest GnosisDAO proposals here.
Gnosis Chain Weekly · 11 February, 2022: If you are holding GNO on either Ethereum or the Gnosis Chain, time is running out to participate in the exclusive 1-year-lock opportunity and qualify for a large COW airdrop. After the successful vote of GIP-13, the CowProtocol team has gained its independence.
UMA Optimistic Oracle live on optimistic rollups: Web3’s optimistic oracle can now be queried on Optimism, Arbitrum and Boba Network; This is in addition to Polygon and L1 ETH. Polymarket Integrates UMA’s Optimistic Oracle: Polymarket has integrated UMA’s optimistic oracle. UMA’s OO provides automated and decentralized resolution for the information markets displayed on Polymarket’s interface.
Enzyme’s Sulu is live: Simplify DeFi with the new intuitive interface, improved app performance and dozens of integrations. You can yield, lend, trade, stake & borrow on 250+ assets.
MakerDAO launched a $10M bug bounty on Immunefi.
The dev team behind Aave announced LensProtocol — a permissionless, composable, and decentralized social graph that makes building a Web3 social platform easy. Latest Aave News: Bleeding Edge at ETHDenver, Lens Protocol, Liquidity Mining, JPM, & more. Follow the Aave governance forum.
1inch launches Earn: This investment tool takes advantage of more efficient use of capital than in regular AMM pools. The 1inch Foundation releases $634,000 to grantees: This batch of 1inch grants will fund a range of solutions aimed at growing out the 1inch ecosystem and improving user experience.
The pool fees for the MTA pool on Bancor has now been raised from 0.3% to 1% — increasing yields for the LPs in the pool. Check out mStable’s latest proposals here. Supercharged by multiple projects building on top of mStable Save, its TVL has reached $26m on Polygon. How to Buy mStable Governance Token: Meta (MTA) by Coinbase.
How new Yearn Vault strategies are endorsed? Yearn Finance Newsletter #56. Yearn Web Engineering Update. Yearn Finance will be at ETHDenver 2022.
The final upgrade to the Dharma Smart Wallet will take place one week, till Friday 18th February, which will deprecate the Dharma Smart Wallet App.
dYdX is giving away one Hedgie NFT to the top daily trader every day for the next two years. Check it out. Congratulations to the 2nd round of applicants who have had their grants approved. A further $258k in DYDX funded to RFPs. Check out the grants program below for anyone interested in contributing to the growth and development of the DYDX protocol.
Introducing the Perpetual Protocol V2, Set Protocol integration on Optimism: Perpetual Protocol V2 integration on Set Protocol is live. This follows Set’s recent Optimism deployment and plans to enable innovative structured products on Layer 2 ecosystems.
Introducing the 2x and Inverse MATIC Flexible Leverage Indices: The Index Coop announces the launch of two new Polygon-native Flexible Leverage Indices (FLI) . Easy MATIC FLI issuance on the Polygon Network. Index Coop Financial report — January 2022. Find the latest Index Coop proposals here.
Beethoven X Joins Balancer Labs’ Bug Bounty Program: In April 2021, Balancer Labs decided to go big in pursuit of uncovering vulnerabilities in their V2 Vault architecture with the launch of their bug bounty program. They created one of the largest single-bug bounty programs in history with the top prize being 1,000 ETH or $2.7 million at the time of writing. As Beethoven X is a consented friendly fork and “little brother” to Balancer Labs, it was logical to propose a vote to the Beethoven X community to support this initiative. Ball with Balancer at ETHDenver 2022. The latest Balancer Report is here.
The Bancorian Brief | February 8th, 2022: Work progressing on the B3 contracts; finalizing details of the public bug bounty and will announce it soon. The team will share more info on the proposed B3 roll-out and migration plan ahead of the release.
Loopring (LRC) is now available on Optimism. Loopring CTO Steve Guo to become new CEO. Loophead dynamic NFTs: drop #1: Read more on how to get 1 of 9,000 more to be airdropped. The first pack of 970 Loopheads was distributed to the winners on February 7th.
The 193rd edition of Raiden Weekly covers: Recap of mainnet releases: from Bespin to Coruscant & Krittika; Feature completeness with the Coruscant & Krittika mainnet releases; Next focus: Ecosystem growth and onboarding communities.
dHEDGE Debt Mirror Index Token: Synthetix has partnered with dHEDGE to deploy a one-click debt mirror index for SNX stakers on mainnet Ethereum. The Alphard Release: Here’s what’s included in this release — SIP-185: Debt Shares: Track staker’s issued debt amount by issuing debt shares when minting or burning sUSD debt. The Mirzam Release: SIP-209: Update Exchanger for backwards compatibility.
Compound Proposal #83 Add Market: FEI passed through the governance system with broad community support. Proposal #84 TrueUSD Market Upgrades failed.
Kuiper Finance announced: Kuiper is a new public protocol for indices and baskets, aiming to make the benefits of portfolio diversification available to all.
Starkswap announced: The next generation of DeFi powered by public ZK-Rollup technology.
Vesta Finance now live: Liquidity incentives are available for VSTA-ETH pool on Balancer and VST-FRAX pool on Curve.
B.Protocol recently announced integration with Vesta Finance, converting liquidated ETH and other tokens to VST and re-deposits it into Stability pools.
Alchemy raises $200 million co-led by Lightspeed & Silverlake.
Element Finance introduces Voting Vaults: a new Governance primitive from the Council Protocol. Stake Governance tokens in Compound, AAVE, Uniswap, L1s/L2s and still participate in Governance. These Governance Lego Pieces can extend to many use cases.
BarnBridge launches SMART Alpha Pools on Optimism: One of its key goals is lowering barriers to entry for people looking to hedge or leverage their assets. The high gas fees on Ethereum L1 makes it prohibitive for both the average retail investor to use SMART Alpha and for the costs associated with epoch advancements on current mainnet pools.
Swivel Finance now live: Currently, live with two USDC markets with more soon.
Argent and LayerSwap partner up: to give you an easy way to fund your Argent Layer 2 account from a crypto exchange like Coinbase or Binance. LayerSwap charges only $2 plus an additional 0.4% on each transaction. This is often 20X cheaper than sending assets from Layer 1.
1-Click Finance on The Daily Gwei.
Client Diversity on Ethereum’s Consensus Layer.
The Market Cap of the Ethereum Ecosystem.
What L222 Means For The Ethereum Ecosystem on ConsenSys Blog.
Will MetaMask Drop a Token? Breaking Down the Biggest Wallet Merge Ever on Bankless.
And more!

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Total Value Locked in DeFi

$79B in DeFi this week, currently at ~ $78.9B, with Maker dominance 21.91%.

Top DeFi Tokens by Market Capitalization

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

DeFi Aggregators

mStable:

Yearn Finance:

Lending

Aave:

The dev team behind Aave announced LensProtocol — a permissionless, composable, and decentralized social graph that makes building a Web3 social platform easy.
Latest Aave News: Bleeding Edge at ETHDenver, Lens Protocol, Liquidity Mining, JPM, & more.
Follow the Aave governance forum.

Compound:

Compound Proposal #83 Add Market: FEI passed through the governance system with broad community support. Proposal #84 TrueUSD Market Upgrades failed.

Find the latest Compound proposals here.

Dharma:

The final upgrade to the Dharma Smart Wallet will take place one week, till Friday 18th February, which will deprecate the Dharma Smart Wallet App.

Gnosis Chain (formerly xDai Chain):

Gnosis Chain Weekly · 11 February, 2022: If you are holding GNO on either Ethereum or the Gnosis Chain, time is running out to participate in the exclusive 1-year-lock opportunity and qualify for a large COW airdrop.
After the successful vote of GIP-13, the CowProtocol team has gained its independence.

Derivatives, Swaps and Prediction Markets

dYdX:

Congratulations to the 2nd round of applicants who have had their grants approved. A further $258k in DYDX funded to RFPs. Check out the grants program below for anyone interested in contributing to the growth and development of the DYDX protocol.
dYdX is giving away one Hedgie NFT to the top daily trader every day for the next two years. Check it out.

Gnosis:

Gnosis Safe X ConsenSys: Bringing self-custodial digital asset solutions to enterprises: Gnosis Safe and ConsenSys jointly announce a strategic partnership to build customised enterprise-grade applications and access control permissions on top of the Gnosis Safe. ConsenSys, specifically their Professional Services division, will now be the trusted development studio for designing and implementing these bespoke solutions. The partnership outlines that ConsenSys will work with enterprises to integrate Gnosis Safe into their operations and build customized solutions.
The Gnosis Safe team has submitted a proposal to establish the safeDAO and launch a SAFE Token.
Find out the latest GnosisDAO proposals here.

UMA:

UMA Optimistic Oracle live on optimistic rollups: Web3’s optimistic oracle can now be queried on Optimism, Arbitrum and Boba Network; This is in addition to Polygon and L1 ETH.
Polymarket Integrates UMA’s Optimistic Oracle: Polymarket has integrated UMA’s optimistic oracle. UMA’s OO provides automated and decentralized resolution for the information markets displayed on Polymarket’s interface.

Fund Management

Enzyme Finance (formerly Melon):

Enzyme’s Sulu is live: Discover what Sulu has to offer the world of DeFi asset management.

-Enzyme’s Sulu is now live on Ethereum

-Users can begin the upgrade process

-You’ll find that the interface has had a complete revamp

-App performance should be much quicker & smoother

-A Sulu mainnet release will follow on Polygon in the weeks to come

-You’ll see new DeFi integrations popping up by the day from here-on

-This release will support arbitrary adapters going forward.

Check out MFP: Enzyme Funding Proposals here.

Set Protocol & Index Coop:

Introducing the Perpetual Protocol V2, Set Protocol Integration on Optimism: Perpetual Protocol V2 integration on Set Protocol is live. This follows Set’s recent Optimism deployment and plans to enable innovative structured products on Layer 2 ecosystems.
Introducing the 2x and Inverse MATIC Flexible Leverage Indices: The Index Coop is excited to announce the launch of two new Polygon-native Flexible Leverage Indices (FLI).
Introducing the Inverse ETH Flexible Leverage Index: The Index Coop announced the launch of its second Inverse Flexible Leverage Index (FLI) on Polygon — iETH-FLI-P.
Easy MATIC FLI issuance on the Polygon Network
Index Coop Financial report — January 2022
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.
0x Ecosystem 🪐 Spotlight: Trader: An interview with Trader, the easiest and fastest way for developers to build NFT swap functionality into their Web3 app.

1inch:

1inch launches Earn: This investment tool takes advantage of more efficient use of capital than in regular AMM pools.
The 1inch Foundation releases $634,000 to grantees: This batch of 1inch grants will fund a range of solutions aimed at growing out the 1inch ecosystem and improving user experience.

Balancer:

Beethoven X Joins Balancer Labs’ Bug Bounty Program: In April 2021, Balancer Labs decided to go big in pursuit of uncovering vulnerabilities in their V2 Vault architecture with the launch of their bug bounty program. They created one of the largest single-bug bounty programs in history with the top prize being 1,000 ETH or $2.7 million at the time of writing. As Beethoven X is a consented friendly fork and “little brother” to Balancer Labs, it was logical to propose a vote to the Beethoven X community to support this initiative.
Ball with Balancer at ETHDenver 2022
The latest Balancer Report is here.

Bancor:

The Bancorian Brief | February 8th, 2022: Work progressing on the B3 contracts; finalizing details of the public bug bounty and will announce it soon. The team will share more info on the proposed B3 roll-out and migration plan ahead of the release.

Loopring:

Loopring CTO Steve Guo to become new CEO
Loophead dynamic NFTs: drop #1: Read more on how to get 1 of 9,000 more to be airdropped. The first pack of 970 Loopheads was distributed to the winners on February 7th.
Loopring (LRC) is now available on Optimism

Uniswap:

The latest Uniswap proposals are here.

Payments Networks

Raiden Network:

The 193rd edition of Raiden Weekly covers:

Recap of mainnet releases: from Bespin to Coruscant & Krittika
Feature completeness with the Coruscant & Krittika mainnet releases
Next focus: Ecosystem growth and onboarding communities

Synthetix:

dHEDGE Debt Mirror Index Token: Synthetix has partnered with dHEDGE to deploy a one-click debt mirror index for SNX stakers on mainnet Ethereum.
The Alphard Release: Here’s what’s included in this release — SIP-185: Debt Shares: Track staker’s issued debt amount by issuing debt shares when minting or burning sUSD debt.
The Mirzam Release: Here’s what’s included in this release- SIP-209: Update Exchanger for backwards compatibility

Privacy protocols for DeFi

Ren protocol:

More updates

ConsenSys/MetaMask acquires MyCrypto: ConsenSys announced the acquisition of MyCrypto, a deep-rooted Ethereum interface, to team up with the market-leading Web3 wallet, MetaMask. MetaMask and MyCrypto will be combining their efforts under a shared banner to further improve the security of all the products and create a cohesive user experience across desktop, mobile, extension, and browser wallets.
MakerDAO launched a $10M bug bounty on Immunefi.
B.Protocol recently announced integration with Vesta Finance, converting liquidated ETH and other tokens to VST and re-deposits it into Stability pools.
Kuiper Finance announced: Kuiper is a new public protocol for indices and baskets, aiming to make the benefits of portfolio diversification available to all.
Starkswap announced: The next generation of DeFi powered by public ZK-Rollup technology.
Alchemy raises $200 million co-led by Lightspeed & Silverlake.
Vesta Finance now live: Liquidity incentives are available for VSTA-ETH pool on Balancer and VST-FRAX pool on Curve.
Element Finance introduces Voting Vaults: a new Governance primitive from the Council Protocol. Stake Governance tokens in Compound, AAVE, Uniswap, L1s/L2s and still participate in Governance. These Governance Lego Pieces can extend to many use cases.
BarnBridge launches SMART Alpha Pools on Optimism: One of its key goals is lowering barriers to entry for people looking to hedge or leverage their assets. The high gas fees on Ethereum L1 makes it prohibitive for both the average retail investor to use SMART Alpha and for the costs associated with epoch advancements on current mainnet pools.
Swivel Finance now live: Currently, live with two USDC markets with more soon.
Argent and LayerSwap partner up: to give you an easy way to fund your Argent Layer 2 account from a crypto exchange like Coinbase or Binance. LayerSwap charges only $2 plus an additional 0.4% on each transaction. This is often 20X cheaper than sending assets from Layer 1.
Mean V2 now live on Optimism.
Thales migration to Optimism completed.