Bacon, Eggs, and DeFi #006
Weekend Recap of February 6 and 7, 2021
Rise and Shine! Welcome to Bacon, Eggs, and DeFi #006. Here’s what happened over the weekend in the world of DeFi!
Starting February 10, Paraswap users will be able to swap any token into MLN, the governance token for Enzyme Finance, and enter a yield farming pool. Paraswap will distribute 1000 MLN to liquidity providers over the seven days that the pool is available.
Loopring reached $200 million TVL and passed 15,000 users.
Cream Finance users can now lend and borrow XSUSHI. Users who choose to lend XSUSHI cannot use the tokens as collateral until the collateral factor is raised in the future. Cream also added six Sushiswap LP tokens as collateral, including WBTC/ETH, DAI/ETH, USDC/ETH, ETH/USDT, SUSHI/ETH, and YFI/ETH. Cream will automatically deposit LP tokens into Sushiswap to earn SUSHI, and the earned SUSHI will be deposited to earn XSUSHI.
Maple Leaf Capital will act as an advisor to Ruler Protocol.
UniLend Finance is partnering with Base Protocol to allow BASE holders to lend or supply BASE through Unilend.
Yield Credit is migrating liquidity from Uniswap to Sushiswap.
In its recent update, dHEDGE added support for longing/shorting DOT, AAVE, UNI, YFI, COMP, and REN, and reduced gas prices (through gas optimization) for investing and exiting in individual pools.
Yearn users can now deposit cDAI, cUSDC, and cUSDT as collateral in the Iron Bank. Users will earn Compound’s native interest rate, COMP, and Iron Bank interest. Yearn is also developing a strategy to recoup losses from last week’s exploit.
Pickle Finance added a yveCRV-ETH PickleJar to the protocol. Users can acquire yveCRV on Sushiswap or staking CRV on https://crv.ape.tax/.
BADGER is now available on Blockfolio.
Oypn is adding limit orders this week. Users will be able to choose a limit price and deadline for both buying and selling options.
Charm Finance added new ETH options.
Domination Finance launched their first products: BTCDOM and ALTDOM. These tokens represent the market cap of Bitcoin and Altcoins to the entire crypto market cap. Users can buy/sell BTCDOM and ALTDOM to bet on the movement of these market cap ratios.
Deus Finance added a WSB index, which contains the ten most discussed stocks in r/wallstreetbets. The index currently includes AMC, GME, NOK, BB, AAPL, TSLA, SLV, PLTR, SNDL, and SPCE in equal weights.
Injective Protocol partnered with Huobi to bring decentralized derivatives to Huobi’s ECO Chain (Heco) and bridge Heco assets to Injective.
Potion Finance introduced The Kelly Machine, an AMM for risk management contracts.
Nexus Mutual paid out its first insurance claim from last week’s Yearn exploit. The claim was for 6 ETH ($10,066.86).
Coverage for BT.Finance is now available on Cover Protocol.
A Twitter user claims ArmorFi will not give the user access to Nexus Mutual Cover #1804, which is currently staked in ArmorFi. The coverage is now worth around 1000 ETH (>$1.6 million) after Yearn’s exploit last week.
Tornado Cash airdropped TORN token vouchers (vTORN) to all users who interacted with the protocol before block 11,400,000. Users will have up to a year to redeem vTORN for TORN.
Powerpool PIPT/ETH liquidity began its migration to Sushiswap.
Stay tuned for the next edition of Bacon, Eggs, and DeFi!
- Austin (@1A1zP1)