Welcome to the 10th issue of The Defiprime Post, a quick weekly primer covering the biggest developments around Ethereum and DeFi. This week’s issue covers events between September 20th and September 27th, 2020.
🔥 The DeFi Bulletin
- Phil Liu, the chief legal officer of investment manager Arca, published a piece arguing that Uniswap’s UNI “may very well be outside the enforcement framework of U.S. securities laws.”
- New yield farming aggregator project APY.Finance raised $3.6 million in a seed funding round.
- Now that the Yam Finance “Replanting” was successful and YAM rebases are flowing once again, the project’s builders are eyeing new improvements around treasury management, usability, and more.
- Synthetic assets project Synthetix is prioritizing efforts around alleviating gas prices and maintaining sUSD’s $1 peg.
- Trustless tokenized bitcoin project tBTC relaunched.
- bZx co-founder Kyle Kistner was the latest guest on Chris Blec’s Trust Bubble show, which centers around “honest and hard-hitting conversation” on topical DeFi matters.
- Set Protocol introduced yield farming strategies on TokenSets. The first such offering, the ETH USD Yield Farm, automatically farms UNI by providing liquidity to Uniswap’s ETH/DAI liquidity pool.
- Be sure to check out “The State of 1559,” the first community update on EIP-1559’s progress. If implemented, this EIP would significantly improve Ethereum’s fee market.
- BarnBridge, a cross-platform protocol for tokenizing risk, announced a two-phased liquidity mining campaign around the $BOND token.
- General front-running arbitrage bots have surfaced in DeFi. These bots can “identify profitable DeFi transactions and kill them by getting there first and claiming this profit.”
- The Graph Network team released a post outlining the tokenomics of its coming GRT token.
- Hedge fund manager Three Arrows Capital minted 2,316 WBTC via BitGo on Thursday, September 24th.
- Optimism unveiled the Optimistic Ethereum Testnet, which Synthetix is already testing out. The testnet indicates that a mainnet version of the layer-two scaling tech is now just around the corner.
- New York-based crypto exchange Gemini listed a range of DeFi tokens, including SNX, UNI, YFI, and more.
- Meet Rails, a new layer-two scaling solution owned by DXdao that will enable instant and gas-free Ethereum transfers.
- The first Aave AIP is here, and it’s focused on kickstarting the planned LEND to AAVE token migration.
- A potential vulnerability with some of yEarn’s Vaults was discovered and patched in a matter of minutes.
- CompliFi Protocol, a new issuance protocol for derivatives on Ethereum that don’t default, was introduced.
- defiprime interviewed Alex Svanevik, the co-founder and CEO of blockchain analytics platform Nansen.
- defiprime published an “Ethereum Gas Explained” primer this week. If you’re ever helping anyone try and better understand how Ethereum works, it’s a great share.
💱 DEX Report
- On-chain liquidity protocol Kyber Network went on a DeFi spree in adding support for CREAM, CRV, SUSHI, SWRV, UNI, YFI, and YFV.
- Derivatives project Opium Network launched a credit default swap (CDS) for ERC-20 bitcoin implementation WBTC on the Opium Exchange.
- Maskbook released a new version of Mask that lets users trade through Uniswap without having to leave Twitter.
💵 State of the Stablecoins
- Lien Protocol, a new options and stablecoin protocol, faced an interruption of service this week after whitehat hackers and auditors discovered a bug in Lien’s BondMaker program.
- Origin Dollar (OUSD) launched. The token “automatically earns competitive yields from DeFi protocols while it’s still sitting in your wallet.”
- Liquity, the decentralized borrowing protocol project that issues the LQTY stablecoin, raised $2.4 million in seed funding.
- Centralized assets currently account for 40% of the collateral in Maker Vaults, which underpin the Dai stablecoin.
- Maker’s Dai stablecoin is seeing increased adoption in the NFT ecosystem’s art and culture sectors.
💎 NFT News
- Prolific NFT flipper Pranksy partnered with fractional NFT trading platform NIFTEX to release 10,000 $COZOM, tokenized shards of the highly collectible CryptoPunk #3831.
- Investment firm BlockTower Capital revealed plans for investing $10 million into the NFT ecosystem in the near future.
Thanks for reading, and be sure to catch the 11th issue of The Defiprime Post out this time next week! 👋♦️👋