DeFi in Ether: $28 in DeFi, 0x API announces support for Arbitrum, Compound Treasury launches borrowing for institutions, Enzyme User Representatives (EUR) elections are live, The mStableDAO completes its restructuring process, The first Celsius Custody Cover claim has been filed, Loopring L2 DeFi port explained, and more!
Biweekly update on the Ethereum DeFi ecosystem vol.61, 13th September — 27th September
TL;DR
- $28B in DeFi this week, currently at ~ $27.58B, with Maker dominance 26.01%.
- Strengthening the foundations for growth: The mStableDAO completes its restructuring process to strengthen the foundation for exponential growth with mStable V2. Token Emission and the Future of MTA. mStable Governance Updates — 19 September 2022 are out. Check out mStable’s latest proposals here.
- Yearn is cutting management fees on key vaults like ETH, USDC, DAI, and more. Users can now mint MAI on Ethereum at 0% interest against yvWETH, yvLINK. Omni <> Yearn integration. YIP-70: ApeWorX <> Yearn Partnership.
- Latest Aave News: stMATIC and MaticX are live on Polygon v3. Plus, Contribute to GR15, rAAVE in Bogota 🇨🇴 and updates from Gauntlet, Certora, Chaos Labs, iGain Finance & Commonwealth. Two liquid staked MATIC tokens are now live on the Polygon v3 Pool: stMATIC by Lido Finance & MaticX by Stader Labs. As with other staked tokens, look out for recursive yield strategies that are built on top of these markets. Check out the Aave v3 Risk Bot from grant recipient Chaos Labs. The bot provides a daily summary of at-risk positions, wallets eligible for liquidation and major liquidations. Certora shared their Continuous Formal Verification Report for August including updates on community verification of Aave Token v3 and Aave-Starknet L1 bridge.
- Compound Developer Community Call took place. Compound Treasury Launches Borrowing for Institutions: Institutions can now borrow from Compound Treasury, using Bitcoin, Ether, and supported ERC-20 assets as collateral. Compound Proposals 127 ‘Increase Compound III Supply Caps’, 126 ‘OpenZeppelin Security Partnership — 2022 Q4 Adjustment’ are in the voting period. Proposal 125 ‘Gauntlet <> Compound Renewal’ has passed successfully. Find the latest Compound proposals here. Follow the Aave governance forum.
- dYdX’s NPM account was recently hacked. Last week, dYdX have 3 grants approved for a total of $56,000 in funding. An off-chain DIP has been created by SLN Capital to revise and make the LP rewards formula more equitable. Twitter Space: Game theory and incentives with Jordi Alexander.
- UMA’s optimistic oracle has seen a range of colorful disputes over the year. UMA had plenty of interest in UMA and the optimistic oracle during ETHOnline, which continues through September. Twitter Spaces: Why decentralization matters in web3; How DAOs, KPI Options and DeFi blend together?
- DuneCon Mainstage: Uniswap’s Austin Adams was speaking at DuneAnalytics DuneCon about data science on Uniswap v3 and their new paper on JIT liquidity. Twitter Space: A Deep Dive on DEXs. The Optimism quests are now live. Learn about Uniswap on Optimism, test your knowledge, make some trades, & claim the limited edition NFT. The latest Uniswap proposals are here.
- Enzyme User Representatives (EUR) elections are now live. The team has shortlisted 3 individuals and only 2 can be elected. Vote now and have your say Liquity is now live on Enzyme: With 0% interest-rate loans, Liquity opens up new trading opportunities for asset managers that want to borrow against ETH. How can I use Enzyme for treasury management? Twitter Space: Bringing Capital Markets On-Chain: A Conversation with Maven11Capital. Check out MFP: Enzyme Funding Proposals here.
- Nexus Mutual Newsletter | 21 September 2022. The first Celsius Custody Cover claim has been filed. Members can now stake NXM and assess Claim 122 on the Nexus Mutual dApp. Proposal 180 accepted: Sell the mutual’s ETH PoW assets. Community proposals of these weeks. The next community call will take place on Tuesday, September 27th.
- 0x API announces support for Arbitrum. 0x Ecosystem Update #20: Highlights, network insights, and news from across the 0x ecosystem — July / August 2022. Post-launch of Slippage Protection: A look at the performance.
- The 1inch Wallet security explained. 1inch Wallet users to be rewarded with OP tokens: OP tokens will be available to claim by the 1inch Wallet’s most active and regular users. How gas works on the Ethereum network: This post discusses the issue of gas on the Ethereum network and steps taken by 1inch to reduce users’ gas costs. 1inch’s Sergej Kunz talks at Dappcon. Understanding, using and storing stablecoins: This post looks at stablecoins — tokens whose value is pegged to that of real-world assets, such as fiat currencies.
- Bancor Update — Week of Sept 19, 2022. Dual Rewards are now live on Arable Protocol (ACRE), Crown Capital (CROWN) & LiquidApps (DAPP). Get involved in Bancor DAO at gov.bancor.network.
- KyberSwap launches a new wave of concentrated liquidity yield farms on Polygon. KyberSwap tradingcContest on BNB Chain. Avalanche Rush Phase 3 kicks off with $2 million in rewards as KyberSwap celebrates 1-year partnership with Avalanche Foundation. Coin98 launches new stablecoin CUSD and celebrates with liquidity mining on KyberSwap. KyberSwap is heading to TOKEN2049 2022. KyberSwap will provide Ethereum Proof of Work Support for 30 Days. Find out all Kyber proposals here. Check them out on GitHub.
- Loopring L2 DeFi port explaained. Loopring AMA: Q3 2022. Loophead Drop #4: NFT Marketplace Challenge: 1900 Loopheads up for grabs in this fourth Loophead NFT drop. The contest starts on September 19th 0:00:00(UTC) and finishes on November 20th. 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.
- Raiden Community Governance: Raiden introduced a path to Raiden Community Governance. Raiden Tech AMA took place in their Discord.
- New Synthetix Perp Futures Market: sOP. Synthetix is excited to launch a new perps market available for leverage trading through Synthetix Perps on Kwenta. Spartan Council Panel — September 2022 Live Election Special. Sep 27/28: Synthetix Community Governance Call: The next Synthetix community governance call is scheduled for Tuesday, Sep 27th at 8 pm UTC. SNXweave Weekly Recap.
- The Benefits of Multi-Token Pools: Balancer Multi-Token Pools offer Liquidity Providers a greater degree of control compared to traditional 50/50 Pools. Build on Balancer — Ep 1: CowSwap: Episode 1 of the Build On Balancer podcast features CowSwap — the MetaDEX Aggregator — and its relationship with Balancer. Aura continues to accumulate veBAL, their current holdings stand at over 24.7%. Here’s a reminder that Balancer’s bug bounty is one of the largest in DeFi (up to $1M). You can find more details in this thread. You can’t miss this explanation if you don’t know what MetaStable Pools are. Last week saw 7 votes on Snapshot. The latest Balancer Report is here.
- And more!
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Total Value Locked in DeFi
$28B in DeFi this week, currently at ~ $27.58B, with Maker dominance 26.01%.
Top DeFi Tokens by Market Capitalization
Total Market Cap: $92,930,729,087
DeFi Aggregators
mStable:
- Strengthening the foundations for growth: The mStableDAO completes its restructuring process to strengthen the foundation for exponential growth with mStable V2.
- Token Emission and the Future of MTA
- mStable Governance Updates — 19 September 2022 are out.
- Check out mStable’s latest proposals here.
Yearn Finance:
- Yearn is cutting management fees on key vaults like ETH, USDC, DAI, and more.
- Users can now mint MAI on Ethereum at 0% interest against yvWETH, yvLINK.
- Omni <> Yearn integration.
- YIP-70: ApeWorX <> Yearn Partnership
Lending
Aave:
- Latest Aave News: stMATIC and MaticX are live on Polygon v3. Plus, Contribute to GR15, rAAVE in Bogota 🇨🇴 and updates from Gauntlet, Certora, Chaos Labs, iGain Finance & Commonwealth.
- Two liquid staked MATIC tokens are now live on the Polygon v3 Pool: stMATIC by Lido Finance & MaticX by Stader Labs. As with other staked tokens, look out for recursive yield strategies that are built on top of these markets.
- Check out the Aave v3 Risk Bot from grant recipient Chaos Labs. The bot provides a daily summary of at-risk positions, wallets eligible for liquidation and major liquidations.
- Certora shared their Continuous Formal Verification Report for August including updates on community verification of Aave Token v3 and Aave-Starknet L1 bridge.
- Follow the Aave governance forum.
Compound:
- Compound Developer Community Call took place.
- Compound Treasury Launches Borrowing for Institutions: Institutions can now borrow from Compound Treasury, using Bitcoin, Ether, and supported ERC-20 assets as collateral.
- Compound Proposals 127 ‘Increase Compound III Supply Caps’, 126 ‘OpenZeppelin Security Partnership — 2022 Q4 Adjustment’ are in the voting period.
- Proposal 125 ‘Gauntlet <> Compound Renewal’ has passed successfully.
- Find the latest Compound proposals here.
Gnosis Chain (formerly xDai Chain):
Gnosis Chain Weekly · 16 September 2022
- DappCon kicked off the week and the Ethereum merge concluded it.
- Gnosis opened Full Node to the public to celebrate the merge and host teams working on a smooth transition.
- Big congrats to the Gnosis Guild team celebrating their 1 year anniversity.
- Across the pond in Denver, Colorado the MetaCartel crew hosted MCON.
- Dark Forest is driving huge volume on Gnosis Chain with their latest Grand Prix. The game runs on the Optimistic Rollup on Gnosis Chain. Check it out!
- The Gelato Network was at DappCon scooping delicious gelato with Gnosis Chain taking the pistachio flavor
- And more.
Derivatives, Swaps and Prediction Markets
dYdX:
- dYdX’s NPM account was recently hacked.
- Last week, dYdX have 3 grants approved for a total of $56,000 in funding.
- An off-chain DIP has been created by SLN Capital to revise and make the LP rewards formula more equitable.
- Twitter Space: Game theory and incentives with Jordi Alexander.
UMA:
https://medium.com/uma-project
- UMA’s optimistic oracle has seen a range of colorful disputes over the year.
- UMA had plenty of interest in UMA and the optimistic oracle during ETHOnline, which continues through September.
- Twitter Spaces: Why decentralization matters in web3; How DAOs, KPI Options and DeFi blend together?
Fund Management
Enzyme Finance:
- Enzyme User Representatives (EUR) elections are now live. The team has shortlisted 3 individuals and only 2 can be elected. Vote now and have your say
- Liquity is now live on Enzyme: With 0% interest-rate loans, Liquity opens up new trading opportunities for asset managers that want to borrow against ETH.
- How can I use Enzyme for treasury management?
- Twitter Space: Bringing Capital Markets On-Chain: A Conversation with Maven11Capital
- Check out MFP: Enzyme Funding Proposals here.
Securities, Insurance
Nexus Mutual:
- Nexus Mutual Newsletter | 21 September 2022
- The first Celsius Custody Cover claim has been filed. Members can now stake NXM and assess Claim 122 on the Nexus Mutual dApp.
- Proposal 180 accepted: Sell the mutual’s ETH PoW assets.
- Community proposals of these weeks.
- The next community call will take place on Tuesday, 27 September.
Liquidity Relays
0x project:
- 0x Ecosystem Update #20: Highlights, network insights, and news from across the 0x ecosystem — July / August 2022.
- 0x API announces support for Arbitrum
- Post-launch of Slippage Protection: A look at our performance
- 0xpo: Crossroads — November 3, 2022 | San Francisco, CA
1inch:
- 1inch Monthly Digest: August
- The 1inch Wallet security explained
- 1inch Wallet users to be rewarded with OP tokens: OP tokens will be available to claim by the 1inch Wallet’s most active and regular users.
- How gas works on the Ethereum network: This post discusses the issue of gas on the Ethereum network and steps were taken by 1inch to reduce users’ gas costs.
- 1inch’s Sergej Kunz talks at Dappcon: Sergej took part in the panel Decentralization And How To Speed It Up In Light Of Regulation.
- Understanding, using and storing stablecoins: This post looks at stablecoins — tokens whose value is pegged to that of real-world assets, such as fiat currencies.
Balancer:
- The Benefits of Multi-Token Pools: Balancer Multi-Token Pools offer Liquidity Providers a greater degree of control compared to traditional 50/50 Pools.
- Build on Balancer — Ep 1: CowSwap: Episode 1 of the Build On Balancer podcast features CowSwap — the MetaDEX Aggregator — and its relationship with Balancer.
- Aura continues to accumulate veBAL, their current holdings stand at over 24.7%.
- Here’s a reminder that Balancer’s bug bounty is one of the largest in DeFi (up to $1M). You can find more details in this thread.
- You can’t miss this explanation if you don’t know what MetaStable Pools are.
- Last week saw 7 votes on Snapshot.
- The latest Balancer Report is here.
Kyber:
- KyberSwap Launches New Wave of Concentrated Liquidity Yield Farms on Polygon
- KyberSwap Trading Contest on BNB Chain
- Avalanche Rush Phase 3 kicks off with $2 Million in rewards as KyberSwap celebrates 1-year partnership with Avalanche Foundation: Avalanche Rush Phase 3 begins on KyberSwap Elastic with over $2,000,000 in total rewards
- Coin98 launches new stablecoin CUSD and celebrates with liquidity mining on KyberSwap
- KyberSwap is heading to TOKEN2049 2022
- KyberSwap will provide Ethereum Proof of Work Support for 30 Days
- KyberSwap Trading Contest continues with Lido Finance
- Find out all Kyber proposals here. Check them out on GitHub.
Loopring:
- Loopring L2 DeFi port is out.
- Loopring AMA: Q3 2022
- Loophead Drop #4: NFT Marketplace Challenge: 1900 Loopheads up for grabs in this fourth Loophead NFT drop. The contest starts on September 19th 0:00:00(UTC) and finishes on November 20th 23:59:59(UTC).
- 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.
Uniswap:
- DuneCon Mainstage: Uniswap’s Austin Adams was speaking at DuneAnalytics DuneCon about data science on Uniswap v3 and their new paper on JIT liquidity.
- Twitter Space: A Deep Dive on DEXs.
- The Optimism quests are now live. Learn about Uniswap on Optimism, test your knowledge, make some trades, & claim the limited edition NFT.
- The latest Uniswap proposals are here.
Payments Networks
Raiden Network:
- Raiden Community Governance: Raiden introduced a path to Raiden Community Governance.
- Raiden Tech AMA took place in their Discord.
Synthetix:
- New Synthetix Perp Futures Market: sOP. Synthetix is excited to launch a new perps market available for leverage trading through Synthetix Perps on Kwenta.
- Spartan Council Panel — September 2022 Live Election Special.
- Sep 27/28: Synthetix Community Governance Call: The next Synthetix community governance call is scheduled for Tuesday, Sep 27th at 8 pm UTC.
- SNXweave Weekly Recap.
This is not financial advice.
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