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🛡 "Curve Wars" Break Out as Stablecoin Volume Surges
Hello Defiers! Here’s what we’re covering today,
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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.
TLDR Curve Finance is on a roll. Both Yearn Finance and Convex Finance are making Curve Finance’s CRV token a key part of the foundation in their revenue models. Users who lock in CRV receive governance rights, trading fees from the automated market maker, and boosted rewards.
`MAJOR DEMAND The development is no small thing for Curve. The two DeFi projects are easily the largest holders of veCRV, stimulating major demand for the token and spurring talk of “The Great CRV War.”
SO WHAT “Prior to Convex, Yearn had no real competition with any protocols for staking veCRV,” DeFi influencer Blue Kirby, who is an ardent fan of the protocol’s incentives, told The Defiant.
TLDR When Curve launched back in February 2020, many might have thought a DEX for stablecoins was a niche segment. Fast forward to today and Curve is averaging over $300 million in daily volumes, and has recently seen competing moves from the likes of Uniswap and Coinbase as the market for pegged assets expands.
DEFI APPS Stablecoins continue to grow quickly, roughly quadrupling so far in 2021. Driven partly by usage in DeFi applications, stablecoins have amassed an aggregate market cap of over $100 billion.
HIGHLY-LIQUID The increased use of stablecoins has led to greater demand for low slippage, highly-liquid avenues for trading them. Being a first mover, Curve has benefited from this trend with their total volume traded growing 10x within the past 6 months.
SPONSORED POST: BY CRYPTION NETWORK
Cryption Network - Bringing Mass Adoption to DeFi
Almost everyone in DeFi is scrambling to look for the next big idea, but Cryption Network is taking a step back. Cryption Network is a DeFi start-up building with a vision of bringing mass adoption into DeFi, creating DeFi Products for everyone. DeFi is used by a select few and they want to change that.
Cryption Network Products
PolyDEX - PolyDEX is a gasless AMM on the Polygon L2 Solution. PolyDEX will have features like Partner pools, elastic farms, IFOs, quick exits to ETH layer 1, as well as community farms.
Seer Prediction Market - The Seer Prediction market will be a layer 2 solution that will allow reading and creating predictions on virtually any topic. Matic will enable Cryption to do high-frequency trades gaslessly.
Defi Stack - Many projects create their own which means projects need to allocate resources away from their central mission. By creating a no-code platform that can deploy Staking, Farming, IVCO, timelock, vesting, for these projects we save them time and money. etc
Venture Capitalists and Angels
The project secured investment from well-established private investors including GravityX Capital, Master Ventures, CMS Holdings, and GenBlock. Additional capital came from AU21, Ascensive Assets, X21 Digital, WaterDrip, and angel investors like MahaDao Co-Founder Pranay Sanghavi, Polygon (Matic) Co-founder Sandeep Nailwal, and Fetch.ai CEO Humayun Sheikh.
TLDR Paris in the 1910s. New York in the 1950s. London in the 1990s. And now, maybe, just maybe, Foundation in the 2020s… Artists have long thrived in cultural hothouses where they can trade ideas with peers and debate revolutionary forms of expression with critics, curators, and collectors. Just because digital artists are working remotely through NFTs that doesn’t mean they have to give up the communal aspect of art.
COMMUNITY Foundation, an online NFT platform launched in February, is replicating that sense of community for the crypto era by letting artists themselves invite others to come aboard and exhibit and sell their work. It’s the online equivalent of a commune on the Left Bank or the loft spaces of Soho.
SO WHAT For artists, receiving a Foundation invitation is more than just being selected by a faceless curator. Rather, it means that they impressed a fellow artist enough to grant them entry to an elite platform. Moreover, community members can see who invited whom, meaning that when an artist sends an invitation, they’re professionally linking themselves to the person they invite. It’s the kind of network effect artists need. And Foundation already has scale — creators have earned more than $40M on NFT sales via the platform.
TLDR In a move that could bring DeFi into the mammoth industry of consumer credit scoring, ARCx has introduced an offering that will measure the financial health of customers based on their Ethereum addresses.
DEFI PASSPORT As the key feature of its Sapphire (v3) release, ARCx will enable “identities issued quantitatively ‘good’ credit scores [to] gain access to low-collateral loans and high-yield farms.” The offering will provide users with a “DeFi Passport” and mark yet another step toward DeFi’s goal of improving capital efficiency. By accepting the passports, DeFi protocols could customize their offerings to benefit addresses which have good credit.
SO WHAT Sapphire will offer a higher credit score to borrowers who have never been liquidated, maintained a large collateral position and a high collateral ratio at the same time, and repaid loans during days of high market volatility.
We’re excited to announce that Matcha has integrated MoonPay to become the first DEX aggregator with built-in fiat onramps!
Matcha OTC is here to protect you from prying eyes. By using Matcha OTC, you trade directly with professional market makers to get better pricing and trade without slippage across popular trading pairs (WETH-USDC, WETH-DAI, WETH-USDT, and WETH-WBTC).
No more switching between applications to use different blockchains; we unified Matcha’s product experience across Ethereum, BSC, and Polygon so users can focus on the assets rather than the networks.
“Managing to find cheap convexity is quite difficult. You might happen upon it by chance, only to have your vega disappear as time tiptoes forward. That is why entrusting a portion of your wealth to a skilled convexity fund manager is wise. I found such a fund, and the man in charge is a veteran OG trader. Every time I sit down for coffee with him, I feel like I’m getting bashed over the head with knowledge. I usually have to go home and brush up on my option Greeks to fully unpack the knowledge he dropped. Vanna and volga were the terms I recently googled after I got home from our latest meeting.”
“TL;DR —At Orion Money, we are launching the gateway for stablecoins on other blockchains to access Anchor Protocol, providing boosted tiers of APY depending on your Orion holdings.”
🧑💻 ✍️ Stories in this newsletter were written by Dan Kahan, Owen Fernau, and edited by Edward Robinson and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s 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.Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).