DeFi in Ether: Uniswap V2 contract audits finalized, The Synthetix.Exchange L2 demo now live, Maker elects to support WBTC, IDEOVC introduces the SAFG, Strike protocol announces 20x leverage on any asset
Biweekly update on Ethereum DeFi ecosystem, 29th April — 13th May
TL;DR
- WBTC added to MakerDAO: WBTC can now be used within Maker to open Vaults in order to generate Dai at a stability fee of 1%. Moreover, the Maker Foundation forms a new Board of Directors.
- Synthetix and Optimism announced a new demo of Synthetix.Exchange on OVM (Optimistic Virtual Machine), a Layer 2 (L2) scaling solution. This integration demonstrates the power of OVM to deliver high-speed Ethereum transactions to supercharge the Synthetix trading experience.
- Aave teases new DeFi collateral & LEND governance at the Ethereal Summit last Thursday.
- Strike Protocol announced their approach to offering 20x leverage on Ethereum-assets with an alpha intake form.
- The dapp.org.uk smart contract audit and formal verification of Uniswap V2 has finished. Now that the contract have been audited and formally verified, the launch of Uniswap V2 should be happening very soon.
- The ZEIP-77 results are in, the length of staking epochs have been reduced to 7 days.
- The Bancor team announced Bancor Protocol’s second major version, Bancor V2. The full technical details of Bancor V2 will be shared leading up to its planned release in Q2 2020.
- Since the launch of community governance, two protocol changes have been proposed, voted on, and implemented into Compound.
- InstaDApp launched the DSA platform: The DeFi Smart Account (DSA) platform provides a single point of integration to access all the DeFi elements.
- dYdX announced the launch of its public bug bounty program for the perpetual protocol smart contracts/ Earn up to $50k per vulnerability found. The team also launched “The Integral” — a brand new blog that will explore a variety of Oracles.club. This new website allows you to get the most up-to-date data across all of the oracles on Ethereum.
- Loopring Monthly Update — 2020/04 covers r&d updates for all of Loopring’s products, recent metrics for the exchange, media coverage and more. Loopring also announced a new referral program. Loopring 3.5 is code-complete and ready for review.
- Zapper.fi introduced: DeFiZap and DeFiSnap have merged to create ZapperFi — a new tool to help accelerate the adoption of DeFi.
- IDEO CoLab Ventures rolled out a new governance framework for distributing tokens to the community without economic incentives.
- Yield Protocol, a building yTokens, a new DeFi primitive, on Ethereum, announced. The first token supported by the protocol will be yDAI, which will enable fixed-rate borrowing and lending in the Dai stablecoin with ETH collateral.
- Zerion is now fully integrated with Balancer Labs.
- Kyber Ecosystem Report #14: A packed update from Kyber going over all of their growth, integrations, partnerships and more for the month of April.
- Raiden Pulse for March and April is out.
- DeFi Discussions virtual conference took place.
- And much more!
Debt
Aave:
Gitcoin Hackathon x Aave Round 2.
April Update: Hackathons, Integrations, and Fresh New Features!
Aave x Hackmoney Time to #BuiDL.
Compound:
Governance adds Tether & cDAI Rates, Gnosis Q&A, and Donut Launches:
Since the launch of community governance, two protocol changes have been proposed, voted on, and implemented into Compound.
The first, submitted by Geoff Hayes (Compound’s CTO), was a proposal to Add USDT Support to Compound. The second, submitted by Dharma (a popular application that integrates Compound), was a proposal to Update the Dai Interest Rate Model to Better Accommodate a Zero Stability Fee for DAI, as set in the Maker protocol.
Visit the Governance Dashboard to see full details on each proposal, as well as which governance delegates voted for or against each proposal.
Proposal 001: Add USDT Support, by Compound:
Tether (USDT) support has been requested by the Compound community for months, and became the first-ever Compound governance proposal.
This proposal added USDT as a borrowable asset with its own interest rate — but did not allow USDT to be used as collateral. The code to support the USDT market was reviewed by the Compound team as well as OpenZeppelin.
The proposal succeeded on April 29, was queued into the governance timelock for two days, and was executed on May 1. The Tether market is now live for you to use!
Proposal 002: Updating the DAI Interest Rate Model, by Dharma:
Dharma is a user-friendly wallet for crypto dollars (stablecoins), built on the Compound Protocol. In the first-ever community-sponsored governance initiative, Dharma proposed to adjust the DAI interest rate model to provide a modest interest rate to capital suppliers when utilization of the DAI market is below 90%. This change is intended to improve the DAI supplier experience with minimal impact to the borrower experience.
Dharma’s proposal succeeded on April 30, and was executed on May 2.
The success of this proposal marks a momentous shift in the history of Compound. It is the first instance of a protocol change driven end-to-end by the Compound community, as opposed to the Compound team.
- Compound and the Dragon Quest Hackathon
- Gnosis Releases Safe Apps with Compound
- Donut converts spare change into Compound Crypto
Dharma:
Maker:
Executive Vote: Raise USDC Stability Fee.
How Dai Helps Meet the Needs of the Unbanked in America and Beyond.
The First Maker Improvement Proposals (MIPs) Ratification Vote Passes; Governance Cycle has Begun: On May 2, the 13 initial Maker Improvement Proposals (MIPs) and 2 Subproposals — the MIP Editor Onboarding Subproposal and the Smart Contracts Domain Team Onboarding Subproposal — were ratified by Maker Governance voters.
Governance Polls: Adjustments to Dai Stability Fee, USDC Stability Fee, and WBTC Stability Fee: The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the Dai Stability Fee, USDC Stability Fee, and WBTC Stability Fee.
WBTC Approved as Collateral by Maker Governance; Generate Dai Now with Bitcoin: As a result of an Executive Vote held this afternoon, MKR holders have accepted WBTC (wrapped Bitcoin) as a new collateral asset.
The Maker Improvement Proposals (MIPs) Ratification Vote Is Live: The vote will result in either the ratification or rejection of the 13 Initial MIPs and 2 Subproposals.
Executive Vote: Lower USDC SF, Add WBTC, Ratify the Initial MIPs and Subproposals
April was an extremely busy month for the Maker community.
Executive Vote: Raise the ETH Debt Ceiling.
The Maker Foundation Forms a New Board of Directors: As part of its commitment to bootstrapping MakerDAO, the Maker Foundation is pleased to announce the next phase of its board of directors.
xDai:
Nuo Network:
Derivatives, Swaps and Prediction Markets
Augur:
More on Augur:
- Augur v2 Deployment Details — Launching v2 and REP migration
- Augur App Release v1.16.11 — Cutoff for v1 moved to May 15th
- Augur v2: A Tour of the Prediction Protocol’s First Major Upgrade
- The Ultimate Guide to Decentralized Prediction Markets
- Augur Master Plan
dYdX:
Examining the World of Crypto Dollar Yields
Announcing the dYdX Perpetual Contracts Bug Bounty.
Gnosis:
UMA:
Fund Management
Melon:
Set Protocol:
SW Capital — Set Social Trader AMA Series.
Set Community Update #10 — April 2020.
Aaron Kruger — Set Social Trader AMA Series.
Coming Soon: Announcing Upgrades to RoboSets.
Securities, Insurance and NFTs
Nexus Mutual:
Liquidity Relays
0x project:
The ZEIP-77 results are in, the length of staking epochs have been reduced to 7 days.
ZRX lending rates on Compound are mooning: You can currently earn 6.95% APY on $ZRX deposits.
1inch.exchange:
Balancer:
Zerion is now fully integrated with Balancer Labs:
Bancor:
Announcing Bancor V2: The team announced Bancor Protocol’s second major version, Bancor V2. The full technical details of Bancor V2 will be shared leading up to its planned release in Q2 2020.
Bancor V2 features:
- A new automated market maker (AMM) liquidity pool integrated with Chainlink price oracles that eliminates the risk of impermanent loss for both stable and volatile tokens.
- Provide liquidity with 100% exposure to a single token
- A more efficient bonding curve that reduces slippage
- Support for lending protocols
These features address four key issues commonly cited as obstacles to the widespread adoption of AMMs:
- Exposure to “impermanent loss”
- Exposure to multiple assets
- Capital inefficiency (i.e., high slippage)
- Opportunity cost of providing liquidity
Kyber:
KyberDAO: Options for Pool Operators.
Global Human Trust (GHT) is now available on Kyber Network.
Loopring:
Loopring 3.5 is code complete:
Loopring Monthly Update — 2020/04: This post covers r&d updates for all of Loopring’s products, recent metrics for the exchange, media coverage and more.
Loopring also announced a new referral program.
Uniswap:
The dapp.org.uk smart contract audit and formal verification of Uniswap V2 has finished:
Aave will support Uniswap Protocol pool tokens as collateral:
Payments Networks
Raiden Network:
Raiden Weekly:
Raiden Pulse for March and April is out:
Synthetix:
Join us on May 11/12 for the next community governance call!: All the details on the next community governance call.
The Synthetix.Exchange L2 demo is now live on OVM!: Including a Trading Competition with over 50,000 SNX in prizes!
Core Contributor Escrow Announcement: The core contributors to Synthetix will be escrowing their SNX.
The OpSec & Developer Sprint: A look at ten improvements to the development tooling and operational security within Synthetix over the month of April 2020.
Binary Options Primer: An introduction to binary options on Synthetix
Proxy contract cutover on May 10: Next month the team will be cutting sUSD and SNX over to new proxy contracts.
Total Value Locked in DeFi
Top DeFi Tokens by Market Capitalization
Total Market Cap: $1,596,938,925
Ethereum Defi map
MISC
Introducing the SAFG — An Emerging Governance Framework in DeFi:
Strike Protocol announced their approach to offering 20x leverage on Ethereum-assets with an alpha intake form:
Introducing Zapper.fi: DeFiZap and DeFiSnap have merged to create ZapperFi — a new tool to help accelerate the adoption of DeFi.
InstaDApp Launches the DSA Platform: The DeFi Smart Account (DSA) platform provides a single point of integration to access all the DeFi elements.
Yield Protocol Announced: Yield is building yTokens, a new DeFi primitive, on Ethereum. The first token supported by the protocol will be yDAI, which will enable fixed-rate borrowing and lending in the Dai stablecoin with ETH collateral.
See the Bigger Picture with DeFi Pulse Data.
Unlocking Access to Capital With Aave Flash Loans — Epicenter.
Going Bankless with Maker with Mariano Conti. Going Bankless with Uniswap | Caleb Sheridan — Bankless.
How to Use TokenSets as a DeFi Stop-Loss:
DeFi Risk Management | Ethereal Virtual Summit 2020:
DeFi Discussions virtual conference took place: May 1st — May 4th.
This is not financial advice.
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