DeFi in Ether: $47B in DeFi, Curve USD stablecoin deployed, Spark Protocol launches, A Lido V2 update, 9 new Synthetix Perps Markets are now live, Enzyme now supports lending via Compound v3, Aave is live on the Scroll Alpha testnet, Happy birthday to Uniswap v3, and much more!

Paradigm

Published in

Paradigm

13 min readMay 9, 2023

Biweekly update on the Ethereum DeFi ecosystem vol.72, 25th April — 9th May

TL;DR

$47.3B in DeFi this week with Lido dominance 25.30%.
Curve USD stablecoin deployed; redeployed after missing fees & high gas usage.
SushiSwap has rolled out its V3 Liquidity Pool on 13 chains.
Starting May 9, 2023, Spark Protocol will be available to all DeFi users. An end-user, DAI-centered DeFi product deployed on Ethereum with supply and borrow features for ETH, stETH, DAI, and sDAI.
New publications in the 0x blog: 0x 101: Intro to 0x Orders: Take a look under-the-hood to see how a transaction is executed through 0x Protocol. 0x 101: Intro to 0x Protocol: 0x Protocol provides an open global standard for the decentralized settlement of digital assets that unlocks access to the tokenized economy. It is a publicly owned open-source project — permissionless to use, to build on, and to govern. 0x 101: How to Access 0x Data: The canonical guide to 0x volume, usage, and trade data.
The 1inch Wallet for Android boosts its power with the latest updates. 1inch Monthly Digest: April 2023: The April digest of major news and updates. 1inch to attend Lisbon events: This week, the 1inch Network’s team will land in Lisbon on a mission to spread word about our products and support developers at a hackathon during ETHGlobal Lisbon. ZK-Rollups: a revolutionary scaling approach: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space. Fusion mode available on more networks: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
Latest Aave News: ETH Tokyo Hackathon, Llama 6-month update, 1delta on testnet, AGD update, Aave Forest, governance updates. Aave is now live on Scroll Alpha testnet. Aave V3 Boosted Pools are live on Arbitrum and Polygon. Follow the Aave governance forum.
A Lido V2 update: The final on-chain vote for the V2 upgrade is scheduled for this Friday, May 12th. If no last-minute findings are surfaced and the vote is successful, Lido V2 will be live after the vote enactment on May 15th. 4 ongoing snapshots for you to vote on. Lido on Polygon has successfully onboarded five new Node Operators to the protocol following a successful vote and on-chain update of the operator registry.
Balancer Grants share the latest monthly update, here’s a quick recap. A deep dive into how the power of 80/20 helped Radiant Capital generate significant swap fees and pool incentives in under a month. Inside Balancer Contracts — A composable symphony (2). Balancer maxi Danko shares a thread covering the latest developments in the Balancer ecosystem, namely the recent L2 deployments, the 80/20 Launchpad, the latest Grants updates and more. Balancer’s adoption of Liquid Staked Tokens allowed the protocol to harness the benefits of the ever-growing LST narrative. The thread explores how Balancer could become the go-to place for Liquid Staked Tokens. Swell’s AMA featuring Balancer is now available as a recording. Deriving the impermanent loss calculation in Balancer.
dYdX grants released the latest grants report. In the report, they take an in-depth look at the grants completed in DGP v1.5. dYdX v4 Launch Twitter thread: With ~$1T in all-time volume, dYdX is the most successful on-chain derivative DEX of all time. The team was early to the L2 thesis, selecting Starkware in 2020, and was early to the app-chain thesis too as in 2022 they announced the move to a Cosmos app-chain. The ‘Governance Weekly Recap’ was launched, highlighting some of the important conversations and topics on the forum. Stay up to date with the latest governance conversations and participate in forum discussions.
Enzyme announced the addition of Compound v3 lending to its DeFi operating system. Enzyme Finance Protocol Overview: Messari’s Research Analyst Ryan Graham sits down for an exclusive fireside chat with Mona El Isa of Enzyme Protocol. During this conversation, they cover Enzyme Protocol, key protocol metrics, the project’s roadmap and future plans, and finish with a Q&A with the Enzyme team. Check out MFP: Enzyme Funding Proposals here.
Nine New Synthetix Perps Markets are live: Synthetix announced the addition of nine new perpetual futures markets available for leverage trading on Synthetix Perps. The full list of new perpetual markets includes APT, LDO, ADA, GMX, FIL, LTC, BCH, SHIB, and CRV. These markets were approved by SIP-298 and had initial configurable values set by SCCP-2000. Partner Volume Rewards for Synthetix Perps Integrators. SNXweave Weekly Recap 87. Synthetix Perps Price Impact Function. Synthetix Perps Dynamic Funding Rates. Decentralization of Frontends within the Synthetix Ecosystem.
Gnosis Chain Weekly · 05 May 2023. Monerium’s EURe on Gnosis Chain: More highlights this week from Monerium’s EURe euro-backed stablecoin on Gnosis Chain. Gnosis Guild x Hashi: Gnosis Guild continues to work on Hashi in their next development cycle. Subscribe to the Validator Newsletter for the most up-to-date information on Gnosis Chain. Living On-Chain with Bootnode: Last week Bootnode joined the Gnosis Chain Discord for our second installment of the monthly event, Living On-Chain. GnosisDAO Community Call w/ Linen, Cow and Agave. Events: Gnosis Chain x ETHPrivacy Istanbul; Encode Club x Gnosis Chain Hackathon; Berlin Meets Lisbon with Poolside.
Compound Proposal 159 ‘Refresh Polygon COMP’ has passed successfully. Voting on Proposal 160 ‘Initialize cUSDCv3 on Arbitrum’ will start later today. Find the latest Compound proposals here.
The fifteenth edition of Nexus Mutual’s The Hedge: In this issue, the team provides a status update for the new tokenomics project, and shares a guide for members who are interested in migrating their staked NXM from Nexus Mutual V1 to V2. You can also find a review of active discussions on the governance forum, the last week in cover sales, and more. Community proposals of these weeks.
Yearn Finance Newsletter #63: yETH! YIP-72 passes; Yearn Finance Alpha: Budget Requests & V3; Exploit on iEarn; Yearn’s Graphic Novel; Community and Ecosystem News. veYFI voters have overwhelmingly voted ‘For’ the launch of yETH on the recent snapshot: YIP-72: Launch yETH. Yearn contributors submit public budget requests that outline the scope of work for a given project or task, so you can see what Yearn is building behind the scenes, and how those funds are being spent.
Dump Services: sell multiple tokens in a single transaction using CoW protocol.
Five Reasons You’ll Love the Uniswap Wallet: Learn about its features, from the smooth swap experience to NFT collections. Happy birthday to Uniswap v3. Research NFTs directly in the Uniswap wallet. Discover your next must-have NFT by browsing wallets that already own NFTs you like.
Twitter Space: Bancor/Carbon Community Call. Get involved in Bancor DAO at gov.bancor.network.
Less than a month in + already over 67 Million LRC staked. 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 acquisition completed by dHEDGE: The next chapter of DeFi yield vaults begins. Twitter Space: Revolutionizing DeFi Together with dHEDGE, mStable and Velodrome. Check out mStable’s latest proposals here.
Zapper onchain activity feed.
Umbra adds LUSD and RAI for stealth payments.
DEI stablecoin on Arbitrum exploit, simple implementation error.
yAcademy: common DeFi forked protocol bugs.
Twitter Space: Polygon DeFi Thursdays: Future of DeFi.
A US Court has ordered the SEC to respond to Coinbase’s allegations within 10 days.
a16z recently urged the UK to consider a ‘more nuanced’ regulatory framework.
And more!

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Statistics 📈

Total Value Locked in DeFi

$47.3B in DeFi this week with Lido dominance 25.30%.
Change (24h) -2.47%

Total Value Locked in Ethereum DeFi

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 101: Intro to 0x Orders: Take a look under-the-hood to see how a transaction is executed through 0x Protocol.
0x 101: Intro to 0x Protocol: 0x Protocol provides an open global standard for the decentralized settlement of digital assets that unlocks access to the tokenized economy. It is a publicly owned open-source project — permissionless to use, to build on, and to govern.
0x 101: How to Access 0x Data: The canonical guide to 0x volume, usage, and trade data.

1inch

1inch is a decentralized exchange aggregator that aims to provide traders with the best price and lowest fees on their transactions.

The 1inch Wallet for Android boosts its power with the latest updates
1inch to attend Lisbon events: This week, the 1inch Network’s team will land in Lisbon on a mission to spread the word about our products and support developers at a hackathon during ETHGlobal Lisbon.
ZK-Rollups: a revolutionary scaling approach: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
Fusion mode available on more networks: The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
1inch Monthly Digest: April 2023: The April digest of major news and updates.

Aave

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

Latest Aave News: ETH Tokyo Hackathon, Llama 6-month update, 1delta on testnet, AGD update, Aave Forest, governance updates.
Aave is now live on the Scroll Alpha testnet.
Aave V3 Boosted Pools are live on Arbitrum and Polygon.
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 Grants share the latest monthly update, here’s a quick recap.
A deep dive into how the power of 80/20 helped Radiant Capital generate significant swap fees and pool incentives in under a month.
Inside Balancer Contracts — A composable symphony (2).
Balancer maxi Danko shares a thread covering the latest developments in the Balancer ecosystem, namely the recent L2 deployments, the 80/20 Launchpad, the latest Grants updates and more.
Balancer’s adoption of Liquid Staked Tokens allowed the protocol to harness the benefits of the ever-growing LST narrative. The thread explores how Balancer could become the go-to place for Liquid Staked Tokens.
Swell’s AMA featuring Balancer is now available as a recording.
Deriving the impermanent loss calculation in Balancer.

Bancor

Bancor is a blockchain-based platform that acts as software that incentivizes network participants to add crypto funds to liquidity pools.

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 159 ‘Refresh Polygon COMP’ has passed successfully. Voting on Proposal 160 ‘Initialize cUSDCv3 on Arbitrum’ will start later today.
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.

dYdX grants released the latest grants report. In the report they take an indepth look at the grants completed in DGP v1.5.
dYdX v4 Launch Twitter thread: With ~$1T in all-time volume, dYdX is the most successful on-chain derivative DEX of all time. The team was early to the L2 thesis, selecting Starkware in 2020, and was early to the app-chain thesis too as in 2022 they announced the move to a Cosmos app-chain.
The ‘Governance Weekly Recap’ was launched, highlighting some of the important conversations and topics on the forum.
Stay up to date with the latest governance conversations and participate in forum discussions.

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 announced the addition of Compound v3 lending to its DeFi operating system.
Enzyme Finance Protocol Overview: Messari’s Research Analyst Ryan Graham sits down for an exclusive fireside chat with Mona El Isa of Enzyme Protocol. During this conversation, they cover Enzyme Protocol, key protocol metrics, the project’s roadmap and future plans, and finish with a Q&A with the Enzyme team.
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 Weekly · 05 May 2023.
Monerium’s EURe on Gnosis Chain: More highlights this week from Monerium’s EURe euro-backed stablecoin on Gnosis Chain.
Gnosis Guild x Hashi: Gnosis Guild continues to work on Hashi in their next development cycle.
Subscribe to the Validator Newsletter for the most up-to-date information on Gnosis Chain. This week’s update covers everything relevant for validators securing Gnosis Chain.
Living On-Chain with Bootnode: Last week Bootnode joined the Gnosis Chain Discord for our second installment of the monthly event, Living On-Chain.
GnosisDAO Community Call w/ Linen, Cow and Agave.

Events:

Lido

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

A Lido V2 update: The final on-chain vote for the V2 upgrade is scheduled for this Friday, May 12th. If no last-minute findings are surfaced and the vote is successful, Lido V2 will be live after the vote enactment on May 15th.
4 ongoing snapshots for you to vote on.
Lido on Polygon has successfully onboarded five new Node Operators to the protocol following a successful vote and on-chain update of the operator registry.

Loopring

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

Less than a month in + already over 67 Million LRC staked.
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.

mStable acquisition completed by dHEDGE: The next chapter of DeFi yield vaults begins.
Twitter Space: Revolutionizing DeFi Together with dHEDGE, mStable and 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.

The fifteenth edition of Nexus Mutual’s The Hedge: In this issue, the team provides a status update for the new tokenomics project, and shares a guide for members who are interested in migrating their staked NXM from Nexus Mutual V1 to V2. You can also find a review of active discussions on the governance forum, the last week in cover sales, and more.
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.

Nine New Synthetix Perps Markets are now live: Synthetix announced the addition of nine new perpetual futures markets available for leverage trading on Synthetix Perps. The full list of new perpetual markets includes APT, LDO, ADA, GMX, FIL, LTC, BCH, SHIB, and CRV. These markets were approved by SIP-298 and had initial configurable values set by SCCP-2000.
Partner Volume Rewards for Synthetix Perps Integrators.
SNXweave Weekly Recap 87.
Synthetix Perps Price Impact Function.
Synthetix Perps Dynamic Funding Rates.
Decentralization of Frontends within the Synthetix Ecosystem.

Uniswap

Uniswap is an automated Ethereum-based decentralized exchange.

Five Reasons You’ll Love the Uniswap Wallet: Learn about its features, from the smooth swap experience to NFT collections.
Happy birthday to Uniswap v3.
Research NFTs directly in the Uniswap wallet. Discover your next must-have NFT by browsing wallets that already own NFTs you like.

Yearn Finance

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

Yearn Finance Newsletter #63: yETH! YIP-72 passes; Yearn Finance Alpha: Budget Requests & V3; Exploit on iEarn; Yearn’s Graphic Novel; Community and Ecosystem News.
veYFI voters have overwhelmingly voted ‘For’ the launch of yETH on the recent snapshot: YIP-72: Launch yETH.
Yearn contributors submit public budget requests that outline the scope of work for a given project or task, so you can see what Yearn is building behind the scenes, and how those funds are being spent.
Wido has partnered with Yearn Finance as our Official Zap Provider.