Bacon, Eggs, and DeFi #001
Recap of February 1, 2021
Good Morning! Welcome to Bacon, Eggs, and DeFi #001. Here’s what happened yesterday in the world of DeFi!
Alpha Homora v2 launched and introduced four new leveraged liquidity pools, including Uniswap UNI/ETH, Sushiswap SUSHI/ETH, Balancer PERP/USDC (80-20), and Curve 3Crv. Users can also lend ETH, DAI, USDT, or USDC. As of 10 pm PST, v2 has a TVL of $11,894,632.53.
Hegic 2ndary Market (h2m) launched, allowing users to sell options before maturity or buy options without settlement fees. Options must be tokenized into an NFT before being sold on the secondary market.
MakerDAO introduced four governance polls. Governance token holders can vote on adding UniswapV2 DAI-USDC LP tokens and UniswapV2 ETH-USDT LP tokens as collateral, creating multiple oracles for dYdX on Starkware, and investigating the implementation of an ETH-C vault-type with a higher liquidation ratio.
DeFi Alliance launched their DeFi jobs board, which currently has 67 job openings from 23 companies, including Aave, Opyn, and Compound.
Blake Henderson, Product Manager at 0x, provided a recap of 0x's performance last month. According to Henderson, 0x has processed $5.5 billion in volume via 260,000 trades while generating more than $465,000 in fees for stakers and market makers. While the metrics above increased over the past month, the number of traders dropped more than 8% to 64,700.
DeFi insurance aggregator Armor.fi raised capital from Alameda Research, Delphi Digital, and DeFiance Capital (and others). Since launching on January 30th, Armor.fi has sold more than $185 million of coverage and has paid out over $1.2 million in claims. Armor.fi will be debuting two new features, Smart Cover System and Armored Shield Vaults.
Voting for Compound Proposal 36 is live. Governance token holders can now vote to increase the cWBTC collateral factor from 60 to 75%. The collateral factor previously increased from 40% to 60% after Proposal 24 passed in October 2020. To compare with other DeFi lending protocols, Aave currently has a Collateral Factor of 75%.
Cover Protocol added coverage for lending protocol Evolution Finance. Cover now supports 28 different DeFi protocols and assets and has a TVL of $14,043,342.
Sigma Prime conducted Aave's fifth v2 smart contract audit. Aave's v2 smart contracts have previously been audited by MixBytes, Peckshield, CertiK, and Consensys Diligence. Those interested can find the full report from Sigma Prime here.
Token Tax added support for Rari Capital.
Nexus Mutual governance token holders voted to implement Proposal 121 allowing NXM holders to decide how to invest the protocol’s mutual funds and simplifying NXM’s price calculation for larger trades. The proposal also changes architecture for simpler pool mergers, pays off tech debt, and removes oracle dependencies.
Decentralized asset management platform dHEDGE crossed $20 million TVL for the first time. In the last 30 days, dHEDGE’s governance token DHT is up 288.7%.
- Austin (@1A1zP1)