šš»āāļø Balancerās New Kind of Pool Enters Battle for Crypto Liquidity
šš»āāļø Balancerās New Kind of Pool Enters Battle for Crypto Liquidity
Hello Defiers! Hereās what we are covering today,
News
Balancerās New Kind of Pool Enters Battle for Crypto Liquidity
TikTok Chooses Blockchain-Powered Audius for First Music Integration
Video
Links
Treasury Dept. wants to ācapture DeFiā with infrastructure bill: Jake Chervinsky: CoinTelegraph
DEX aggregator 1inch expands to Ethereum scaling solution Optimism: The Block
Paradigm researchers working on a new options-like financial instrument: Twitter
Podcast
šListen to the interview in this weekās podcast episode here:
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š Together with:Ā
Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools atĀ
Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi
Aave, an open-source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets.Ā
The DeFi Pulse Index, by Index CoopĀ -Ā DPI is the easiest way to capture the upside of DeFi with the benefit of diversification.Ā Buy DPIĀ todayĀ onĀ yourĀ favorite DEX.
Liquidity Pools
šš»āāļø Balancerās New Kind of Pool Enters Battle for Crypto Liquidity
TLDR Automated portfolio manager Balancer introduced a new mechanism to improve capital efficiency for liquidity providers as it aims to take a larger bite of the interest-bearing token market.
NESTING Balancerās so-called metastable pools have aĀ ānestingā feature, facilitating cheap swaps between one poolās tokens and those of a nested group of tokens, as though all tokens were in a single pool, according to aĀ blog postĀ published Monday. This type of liquidity pool is best suited for tokens with highly correlated, but not hard-pegged prices, like digital assets that gradually accumulate fees. Interest-earning tokens, or derivatives of staked cryptocurrencies, are examples of such assets.
COMPETITION Metastable pools should help it compete with the likes ofĀ Curve FinanceĀ andĀ Uniswap, the leading DEXs for trading stablecoins, as all the decentralized exchanges work to become the single place for non-custodial crypto trading.Ā
šREAD THE FULL STORY IN THE DEFIANT.IOĀ š
Social Media
š¼ TikTok Chooses Blockchain-Powered Audius for First Music Integration
NEWS If TikTok is a window intoĀ what teens are up toĀ these days, then crypto has a place beside dance videos.Ā
ONE-CLICK On Aug. 17, blockchain-based music streaming protocol Audius announced itsĀ partnership with TikTokĀ to allow one-click sharing with the social network.Ā Ā
SO WHAT This is the first music integration TikTok has established. The upshot of the partnership is that a social media giant is betting on a blockchain-powered app before streaming behemoths like Spotify and Apple Music. This signals that Audius, at least, may be ready for primetime and mainstream adoption.Ā
šREAD THE FULL STORY IN THE DEFIANT.IOĀ š
šø Sad Frog NFT Holders Furie-ous After OpenSea Delisting
TLDR A copyright battle is being waged in the NFT space.Ā On August 16,Ā Sad Frogs District, a collection of 7,000 Ethereum-based non-fungible tokens (NFTs), was delisted from OpenSea, the largest NFT marketplace.
NEWS According to the OpenSea team, the action was taken in response to aĀ Digital Millennium Copyright ActĀ (DMCA) takedown request byĀ Matt Furie, the creator ofĀ Pepe the Frog. According to the request, Furie is the āsole and exclusive ownerā of Pepe the Frog and as such, Sad Frogs District is infringing on his copyright.Ā
GAS WAR Understandably, this did not go down well with holders of Sad Frog NFTs, who had to fight through a gas war in order to mint the tokens when they dropped on August 8. At the time, gas fees on Ethereum reached as high as 1000 gwei. Some users paid $300 or more to mint the Sad Frogs, which were sold for 0.05 ETH apiece.
šREAD THE FULL STORY IN THE DEFIANT.IOĀ š
SPONSORED POST
Molly WintermuteĀ ReleasesĀ Hegic V8888: 0% Trading Fees and Gas Fee-Free Options Trading
Hegic V8888 is live in mainnet:Ā
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Hegic is an on-chain peer-to-pool options trading protocol built on Ethereum. With Hegic, DeFi and crypto users can trade 24/7 American, cash-settled, on-chain ETH and WBTC call / put options with no KYC or registration required for trading.
Hegic was founded 1.5 years ago in February, 2020. Hegic V888 (the previous version) was live for 10 months. The results achieved by V888:
ā $492,075,000 total volume
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ā $10,415,000 earned by HEGIC staking lots holders
Introducing Hegic V8888
Trading Options on Hegic V8888
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ā 90 days is the new maximum period of holding options
Earning Yield on Hegic V8888
ā Zero-loss options selling pools with auto-hedging
ā x2 higher capital efficiency with flexible collateralization
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ā Poolsā unrealized profits front-running prevention
ā Real-time data on pools APY and P&L per each option sold
Use Hegic now:Ā
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DeFi Apps
ā Harmony One Invites Curve and Aave to Join its Blockchain
NEWS Five months after opening the door to SushiSwap, Harmony One is inviting more major DeFi apps to hop on its blockchain.Ā Ā
TOKENS Harmony One, one of a handful of platforms that uses sharded proof-of-stake for consensus, wants Curve Finance, theĀ automated market maker, and Aave, the lending platform, to join the party. Itās offering $2M in its ONE tokens to each app as an incentive to make the move.
SCALE Sharded proof-of-stake means a project uses many blockchains in parallel in order to scale. The Layer 1 Polkadot uses a version of the consensus mechanism and Ethereum plans to add sharding in 2022.Ā
ACTIVE WALLETS In typical crypto fashion, the public proposals materialized on Curve and Aaveās governance forums. Li Jiang, the COO at Harmony, authored both posts āĀ CurveāsĀ on Aug. 15, andĀ AaveāsĀ on July 29, inviting blue chip DeFi protocols into its ecosystem. Harmony reported having 135K active wallets.Ā
šREAD THE FULL STORY IN THE DEFIANT.IOĀ š
Video
How to enter 3Pool on Mercurial Finance | Solana Tutorial
Links
š Treasury Dept. wants to ācapture DeFiā with infrastructure bill: Jake Chervinsky: CoinTelegraph
The last-minute cryptocurrency provisions added to the U.S.Ā infrastructure billĀ sought to ācapture DeFi,ā argues Compoundās general counsel Jake Chervinsky. Appearing on the BanklessĀ State of the NetworkĀ podcast on August 17, Chervinsky ā who is also DeFi Chair of the Blockchain Association ā said the industry had been āblindsidedā by the infrastructure billās crypto tax provisions which were announced justĀ nine daysĀ prior to when it was expected to pass through the senate.
š DEX aggregator 1inch expands to Ethereum scaling solution Optimism: The Block
1inch, a decentralized exchange (DEX) aggregator that sources liquidity from various exchanges, has expanded to Optimism Ethereum, a Layer-2 scaling solution.
š How to automate Uniswap V3 liquidity: Bankless
Dear Bankless Nation, Uniswap V3 created a new way to provide liquidity in DeFi. Rather than requiring liquidity providers (LPs) to provide liquidity to a full price range (like in V2), Uniswap V3 enables this thing calledĀ concentrated liquidity.Ā In short, it gives LPs preferences on a price band where their liquidity is used.
š Paradigm researchers working on a new options-like financial instrument: Twitter
Called Power Perpetuals, these financial instruments provide global options-like exposure without the need for either strikes or expiries, giving them the potential to consolidate much of options market liquidity into a single instrument. They can be thought of as offering pure convexity.
š DEX dYdX launches Liquidity Staking Pool: dYdX Foundation blog
Since dYdX functions as a central limit order book (CLOB), it needs to compete with centralized exchanges to attract standing liquidity. The Liquidity Staking Pool, therefore, functions as a similar form of incentive that market makers are used to from centralized exchanges: interest free, uncollateralized credit lines to be used solely on the dYdX Layer 2 perpetuals protocol. Market makers can therefore use this pool as a line of credit, and immediately add liquidity across multiple markets on the exchange.
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š§āš» āļø Stories in this newsletter were written by Brady Dale, Owen Fernau and Juan Pellicer, and edited by Camila Russo, Bailey Reutzel and Edward Robinson.Ā Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
The DefiantĀ is a daily newsletter focusing on decentralized finance, a new financial system thatās being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content.Ā Click here to pay with DAIĀ (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).