Bacon, Eggs, and DeFi #035

Recap of March 17, 2021

Welcome to Bacon, Eggs, and DeFi #035. Here's what happened yesterday in the world of DeFi!

DEXes:

• 0x Protocol v4 launched to Binance Smart Chain. In the future, 0x will be expanding to other chains, including Polkadot, Solana, and Avalanche.

• 1inch Exchange started a new liquidity mining rewards program for its 1INCH/USDC, 1INCH/ETH, and 1INCH/WBTC pools. 1inch will distribute 0.05% of the total 1INCH supply to liquidity providers over the next 28 days.

• Matcha users can now trade on Binance Smart Chain.

• Snowswap partnered with Everest, allowing users to yield farm on SnowSwap through fiat.

• Dexguru added support for Binance Smart Chain with support for L2 Ethereum coming soon.

Lending:

• Alchemix Finance raised $3.1 million from investors, including The Spartan Group, Delphi Ventures, and Nascent.

• Cream Finance will add BETH, IOTX, and SXP (Binance Smart Chain) as collateral.

• Compound will migrate legacy cToken contracts to the latest cToken standard after CIP 041 passed. WBTC will be the first token to be migrated.

• Ruler Protocol added vETH2 as collateral.

• bZx will be expanding margin trading, borrowing, and lending to Binance Smart Chain.

Asset Management:

• A PowerPool Management Board Member proposed an NFT Index, which would be composed of ENJ, MANA, SAND, RARI, NFTX, OGN, SUPER, and LYXE.

• Yearn Finance users can now enter Yearn vaults in one click through Zapper.

• Pancake Bunny Finance reached $500 million TVL.

• Syndicate raised $1 million in its seed round from investors, including IDEO CoLab Ventures, Electric Capital, and Delphi Ventures.

• Index Coop officially launched the Flexible Leverage Index (FLI), allowing investors to gain exposure to leveraged ETH.

Derivatives:

• Injective Protocol launched Equinox pre-staking. Users can deposit INJ into Injective to earn a minimum of 15% APY.

• Volmex Labs raised a financing round from investors, including Three Arrows Capital, Alameda Research, and Robot Ventures.

• dYdX increased deposit maximums on its Layer 2 Perpetuals from $100 to $1,000.

Insurance/Security:

• InsurAce Protocol completed its token launch through a Balancer Liquidity Bootstrapping Pool (LBP).

• 30% of Cover Protocol fees will be distributed to token holders via xCOVER after a recent governance vote passed.

• BT Finance started a bug bounty program on Immunefi. The maximum bounty for discovering a critical vulnerability is $50,000.

Other:

• Grayscale launched investment trusts for BAT, LINK, MANA, FIL, and LPT.

• MetaMask Mobile users can now swap tokens in their mobile wallets.

• Gyroscope Protocol, Revert Finance, Venus Protocol, Kava Labs, and Raydium Protocol were added to DeFi Database.

• Zapper now supports portfolio tracking for multiple chains, including Polygon, Binance Smart Chain, and Optimism. Additionally, Zapper now supports cross-chain swaps with Polygon, with more chains coming in the future.

Chart of the Day:

Starting today, I will be including a chart/statistic I find interesting at the end of every newsletter. In the future, I will analyze the chart, but for now, I will leave it open to interpretation. Today’s chart shows DEX volume over the past two weeks broken down between DEXes and aggregators.

Source: https://explore.duneanalytics.com/dashboard/dex-metrics

Stay tuned for the next edition of Bacon, Eggs, and DeFi!