Bacon, Eggs, and DeFi #004
Recap of February 4, 2021
Rise and Shine! Welcome to Bacon, Eggs, and DeFi #004. Here’s what happened yesterday in the world of DeFi!
Version with links: https://austin.xyz/bacon-eggs-and-defi-004/
*I wasn’t able to post this morning because some of the links I used are censored by Substack*
SnowSwap, a DEX for yield-bearing Stablecoins, announced a partnership with SpaceSwap, an aggregator for liquidity pool providers. One of SpaceSwap’s core products is Shadow Staking, which allows users to add liquidity to pools and stake LP tokens without depositing them into SpaceSwap.
Balancer reached a TVL of $1 Billion for the first time.
DODO, a DEX utilizing the Proactive Market Maker (PMM) algorithm, announced the conclusion of liquidity mining rewards for five of its pools, including LINK-USDC, AAVE-USDC, SNX-USDC, COMP-USDC, and YFI-USDC. DODO v1.5 negates the need for these preexisting pools for token trading.
Metric Exchange, a community-owned DEX aggregator, announced The Hiding Game, a profit-sharing model between itself, 0x, and KeeperDAO. All trades using this model will not require gas/transaction fees.
Layer 2 DEX Loopring added multiple new pools (primarily DeFi assets on Ethereum). Liquidity providers will earn LRC and 0.15% of all swaps in proportion to their pool ownership.
Curve users can now view slippage and exchange rate info before making swaps.
Yearn Finance lending added support for mUSD, DUSD, sEUR, DPI, BUSD, EURS, and GUSD.
Alpha Homora will decrease the APY for the Curve 3pool and Balancer’s PERP/USDC pool due to increased demand for borrowing stablecoins. Alpha will continue to monitor the supply/demand for stablecoins and adjust accordingly.
Cream Finance added a GUSD market to the Iron Bank, a lending platform allowing trusted protocols to borrow without collateral.
Argent users can now purchase Indexed Finance's DEFI Top 5 Index (DEFI5) and Cryptocurrency Top 10 Index (CC10) in the app. These two indexes recently passed $50 million AUM.
The COMP pool for PoolTogether, a no-loss lottery on Ethereum, is now open for deposits. The first prize will be distributed on Wednesday, February 10th, 2021, at 11:15 AM PST.
Pickle Finance added two new jars for yield farming: pJar 0d stETHCRV and pJar 0.99h MIS-USDT. Pickle will also add pJar 0.99i BASv2-DAI following the migration of Basis Cash v2 on February 7.
The index vault for NFTX, a protocol for NFT index funds on Ethereum, contains more than 200 Hashmask NFTs, which is more than 1% of the total supply of 16,384. Additionally, CoinGecko listed MASK, the ERC 20 for NFTX’s Hashmasks Index.
According to Index Coop, the DeFi Pulse Index (DPI) return in January was 172.6%. In the same period, the return of BTC and ETH was 12.9% and 78.3%, respectively. Those interested can find more information on the DPI here.
PowerPool announced updates to its strategy. In the next few months, PowerPool will launch Yearn Lazy Ape index, create indexes for mid-cap projects, and potentially add indexes for LP tokens and derivative tokens. PowerPool initially launched to become a hub for protocol governance.
Synthetix launched a new method for shorting sBTC and sETH to balance out the debt pool for these two assets. As part of the program, Synthetix will pay 8000 SNX each to sBTC and sETH shorts.
Users can now stake HEGIC on Hetoro. There are more than 20 million HEGIC staked for a TVL of $7 million at the time of writing.
Decentralized derivatives exchange SynFutures raised $1.4 million from Standard Crypto and Dragonfly Capital. Users will be able to create any market whose assets use Chainlink’s oracles. Additionally, users will be able to trade with leverage on the platform.
Kwenta, a derivatives trading exchange with zero slippage powered by Synthetix, added DOT, AAVE, UNI, YFI, COMP, and REN. Users can long or short these six assets.
An unknown hacker(s) exploited Yearn's v1 yDAI vault for approximately $12 million. The Block Research Analyst Igor Igamberdiev explains the steps the hacker(s) took to exploit Yearn and walk away with more than 513,000 DAI and 1.7 million USDT.
Quantstamp will audit Cover Protocol's v2 smart contracts. Hackers previously exploited Cover's smart contracts in December through an infinite printing bug.
Stay tuned for the next edition of Bacon, Eggs, and DeFi!
- Austin (@1A1zP1)