The Defiprime Post #10: Your Weekly DeFi News in Bite-Sized Fashion

William M. Peaster on 28 Sep 2020

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.

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🔥 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! 👋♦️👋

About the author
William M. Peaster
William M. Peaster is a writer and curator of the DeFi Arts Intelligencer, a newsletter tracking Ethereum’s digital collectibles arena. He is not a financial advisor. The thoughts shared in this guest post are his opinions and reflect his personal experiences and personal optimism around Ethereum. He currently owns some cryptoart and ETH.

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