Welcome to the 9th 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 13th and September 20th, 2020.
Want to mine some yield farming knowledge? We’re leaking alpha. Check out defiprime’s new Alpha DeFi community forum, where we just launched some great new guides on PERP, SWRV, and more.
🔥 The DeFi Bulletin
- DeFi Pulse has teamed up with Set Protocol to create the DeFi Pulse Index Set (DFP), which will track the performance of top DeFi tokens. First up are YFI, LEND, SNX, COMP, MKR, LRC, REN, KNC, BAL, and REP.
- The YAMv2 to YAMv3 migration, or “Replanting,” began.
- Yield aggregator project yEarn unveiled the SyntheticRebaseDollar, an “auto rebasing index that tracks the dollar value of the collateral that creates it.”
- Margin trading and lending project bZx reclaimed $8 million that was stolen in an iToken duplication attack last week.
- dHEDGE, an asset management platform underpinned by Synthetix, launched its DHT token generation event on the Gnosis-powered Mesa trading interface.
- Ethereum automated services project Gelato Network raised $1.2 million in seed funding from firms like Galaxy Digital and DAOs like MetaCartel Ventures.
- defiprime held an AMA this week with Aave tech evangelist Marc Zeller.
- Marqet, a trustless margin trading platform powered by Synthetix and Aave tech, is the first project backed by the “fair launch capital” effort.
- Mechanism Capital has released a “YFI: Frameworks for Fundamental Valuation” report.
- Fork Defense Strategies? DeFi projects better start thinking about them, says Ian Lee of IDEO CoLab Ventures.
- Huobi DeFi Labs has added 10 new consortium members, among them DeFi stalwarts Aave, Balancer, CoinGecko, Curve, Loopring, Zapper, and Zerion.
- Speaking of CoinGecko, the crypto data site just added a new “Top Yield Farming Pools by Value Locked” page. It shows Uniswap’s ETH/WBTC pool as DeFi’s largest farm right now with $435 million VL.
- SEC Commissioner Hester Peirce: “I do not concur in my colleagues’ opinion that Unikrn’s token offering constituted a securities offering.”
- Something seems rotten in the state of SAFE (i.e. yieldfarming.insure) …
💱 DEX Report
- Uniswap rocked DeFi this week with a surprise unveil of its $UNI governance token. The trading protocol’s team airdropped 400 $UNI to any Ethereum address that interacted with Uniswap before Sept. 1st, 2020.
- Bonding curve offerings via DEXes have become increasingly popular this year. This new guide will bring you up to speed on what this evolution of the ICO is all about.
- Crypto exchange Binance listed $SWRV, the governance token of the new decentralized exchange Swerve Finance, and $UNI. Coinbase similarly listed $UNI within hours of the token’s launch.
- DEX aggregator project ParaSwap raised $2.7 million in seed funding from the likes of Alameda Research, CoinGecko, and more.
- More token offerings via the Balancer Liquidity Bootstrapping Pool are coming. Is this the beginning of a new paradigm for token distributions?
- Gnosis’s infrastructure – including its trading protocols – are being migrated over to the xDai sidechain.
💵 State of the Stablecoins
- Three of the first four $UNI rewards pools are stablecoin pools: ETH/DAI, ETH/USDC, and ETH/UDST.
- Crypto derivatives platform Delta Exchange has added support for USDT settlements in its put and call options contracts.
💎 NFT News
- DeFi + NFT projects are starting to pick up steam as both sectors have become red-hot in recent months. Token Tuesdays had a great write-up on “NFTfi” this week, it’s certainly worth the read if you’re newer to the NFT scene.
- Meme Protocol rolled out the $MEME Artist Series, where users stake $MEME to earn exclusive digital fine art NFTs.
- Artist Matt Kane sold the Bitcoin-theme NFT artwork “Right Place & Right Time” for 262 ETH on art platform Async Art.
- NFT marketplace OpenSea now supports Uniswap’s $UNI as a payment option.
Thanks for reading, and be sure to catch the 10th issue of The Defiprime Post out this time next week! 👋♦️👋