Welcome to the 28th issue of The Defiprime Post, a quick weekly primer covering the biggest developments around Ethereum and DeFi. This week’s issue covers events between Jan. 31st and Feb. 7th, 2021.
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🔥 The DeFi Bulletin
- In accordance with community governance, Yearn has minted 6,666 more YFI to help fund the protocol’s future development efforts.
- UMA Protocol launched uSTONKS, a tokenized index of 10 stocks that are popular on the r/wallstreetbets subreddit.
- Miner Extractable Value (MEV) has huge, even dark, implications for DeFi going forward. Paradigm’s Charlie Noyes published an excellent write-up on the topic this week.
- ParaFi Capital has proposed the introduction of liquidity incentives for Aave’s V2 system.
- Yearn’s V1 DAI Vault was attacked, ultimately losing $11M worth of funds in the process.
- Kraken’s research arm released a new report called “Crypto Yields: Deep Dive on DeFi.”
- DeFi interoperability project Ren is joining Alameda Research.
- Check out Goldfinch, a new protocol for facilitating crypto loans without collateralization.
- Smart wallet project Instadapp has joined forces with DeFi automation project Gelato on Instadapp Actions, e.g. automated debt refinancings to start.
- Options protocol Opyn raised $6.7M in a funding round led by Paradigm.
- Wyoming is looking to let DAOs register as official entities within the state.
- There’s a new derivatives exchange for synthetic assets on the block, and it’s called SynFutures.
- Opium Network kicked off a liquidity mining campaign for its USDT protection pool.
- DeFi insurance project Armor.fi announced a new wave of strategic backers, including Alameda Research, Delphi Ventures, The LAO, and more. Armor also just paid out a $700k bug bounty and separately became embroiled in a payout dispute this week.
- Check out the Hegic 2ndary Market, a “secondary market where option holders can sell their options without [waiting] for a counterpart willing to buy their option.”
- Check out Primitive, a new permissionless options protocol on Ethereum.
- Binance X invested in DeFi aggregator project Furucombo.
- SakeSwap and DFI.Money (formerly YFII) merged.
- The age of the retail investor has finally arrived. What will the implications be for DeFi?
- defiprime released its Ethereum Gas Price stats dashboard. The team also interviewed Alpha Finance Lab’s co-founder Tascha Punyaneramitdee, PEAKDEFI founder Sergej, …
💱 DEX Report
- Sushiswap rolled out MISO, i.e. its new Minimum Initial Sushiswap Offering program. The suite of tools will make it easy for anyone to launch projects via the rising AMM.
- Speaking of Sushiswap, crypto custodian BitGo just launched support for SUSHI.
- 0x Labs, the team behind the 0x Protocol and Matcha, just raised $15M from investors like Coinbase Ventures, Blockchain.com Ventures, and beyond.
- Balancer introduced its V2 system. The upgrade implements a vault structure, such that all Balancer pools will be underpinned by a single vault.
💵 State of the Stablecoins
- DefiDollar has unveiled OptionsCoin, a way to draw out collateralized stablecoin loans with an “asset + corresponding put option.”
- OlympusDAO is creating the OLY currency, a “new pseudo-number go up” dollarcoin.
💎 NFT News
- Interested in the NFTX NFT index fund protocol? Watch this video to learn how the project’s unlocking liquidity for NFTs.
- The initial public offering of Hashmask collectibles sold out in short order. Because of the project’s minting curve, the final three NFTs were purchased for 100 ETH each.
- Combine NFTX and Hashmasks, and what do you get? The $MASK fund. Learn how to become a liquidity provider for this fund via this helpful primer.
- Fusible, a price discovery protocol for NFTs, released details on its $FUSI token launch.
- NFT marketplace Rarible just raised $1.75M from investors like CoinFund, 1kx, Coinbase Ventures, and more.
Thanks for reading, and be sure to catch the 29th issue of The Defiprime Post out this time next week! 👋♦️👋