Bacon, Eggs, and DeFi #050

Recap of Tuesday May 25, 2021

Welcome to Bacon, Eggs, and DeFi #050. Here's a recap of yesterday's DeFi news!

DEXes:

• Paraswap reached $3 billion in transaction volume on Ethereum.

• QuickSwap reached $1 billion TVL.

• As part of Sushiswap’s and Frax Finance’s partnership, the FRAX/FCS and FRAX/USDC pairs will be incentivized (most likely with MATIC and SUSHI) on Sushiswap on Polygon.

• 0x API became the leading DEX aggregator by volume on Ethereum.

• Gauntlet made its first set of fee changes to Balancer v2 liquidity pools.

Lending:

• Ruler Protocol launched liquidity mining rewards on Binance Smart Chain. LPs will earn RULER and tokens from select partners.

• Maple Finance’s first liquidity pool deployed $17 million of loans to institutions.

Derivatives:

• Ribbon Finance announced its governance token RBN. Ribbon will airdrop 3% of the initial supply to preexisting users of both Ribbon and other DeFi options protocols.

• dYdX will be adding 1-2 new perpetual markets every week over the next few months.

Insurance/Security:

• Lossless raised $2.245 million in a private sale round from investors, including DAO Maker, Master Ventures, and X21. Lossless aims to mitigate hacks for token creators via fraud identification.

• Dora Factory and DODO started bug bounty programs on Immunefi. The maximum bounty for discovering a critical vulnerability on each protocol is $1,000 and $200,000.

Other:

• 1confirmation raised $125 million for Fund III.

• DeFiLlama now displays the token breakdown for the TVL of select protocols.

• Lido Finance will add support for SOL staking via stSOL in the future.

• Cryptofees.info added support for Uniswap v3.

• Mark Cuban invested in Polygon.

Reading List:

• Ex-High School Classmates Are Among the World’s Largest Crypto Holders

• Blockchain voting is overrated among uninformed people but underrated among informed people

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

- Austin (@1A1zP1)