The Defiprime Post #28: Your Weekly DeFi News in Bite-Sized Fashion

William M. Peaster on 08 Feb 2021

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! 👋♦️👋

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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