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🦄 Recap: DeFi Week of March 15
Hello Defiers! Hope you’re having a great weekend.
Summing up: The week started out (again) with hacks. Social token platform Roll had its private keys compromised and an attacker was able to make off with tokens from over 400 creators. PancakeSwap and Cream Finance suffered a Domain Name Service attack which modified their websites to request users’ seed phrase. The latest NFT craze taking crypto by storm was MoonCats, digital animals pre-dating CryptoKitties. Elon Musk put up for sale a tweet about NFTs, as an NFT, and it was fetching more than $1M.
Aave launched a lending market for AMM liquidity provider tokens and Tyler Winklevoss proposed adding GUSD as collateral on Aave. Anchor Protocol is a new protocol which will be targeting a 20% fixed annual yield on stablecoins. Gnosis merged with Snapshot to facilitate on-chain governance, 1inch aims to reduce gas fees on its V3 update, and MetaMask introduced swaps to its mobile app.
dYdX founder Antonio Juliano came on the podcast to talk about the exchange’s move to Layer 2, and Gitcoin founder Kevin Owocki wrote an opinion piece on the stare of decentralized identity.
And there was more! There’s a lot going on, but we’ve got you covered :)
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"People Are Seeing The Writing on The Wall; DEXs Will Rule Crypto:" dYdX's Antonio Juliano
In this week’s episode we speak with Antonio Juliano, founder and CEO of dYdX, one of the biggest decentralized exchanges on Ethereum, focusing on derivatives. dYdX recently made news by being one of the first major DeFi projects to move to Layer 2.
One of the main goals for his team this year will be to further decentralize dYdX, Juliano said, from the order book to the control of their smart contracts. So yes, for those reading between the lines, that means decentralized governance, and Juliano isn’t ruling out a dYdX token. Juliano believes derivatives are going to be the biggest products in crypto and so his long-term goal is for dYdX to become one of the biggest crypto exchanges, period. He knows DEXes are just 5% of total crypto volume, but that’s up from 0% two years ago. He says, a lot of people are seeing the writing on the wall.
DeFi is criticized, and rightly so, for being a playground for speculators without much connection to the real economy. This is a direct consequence of the lack of a reputation mechanism. It’s such a hard piece to crack because the very core of decentralized finance is that it’s open to everyone and that usually means there’s no KYC, usernames and passwords. Your identity is your wallet.
In this week’s opinion column we’re talking about the holy grail of DeFi and web3. The one piece that’s necessary to open up so many essential use cases, yet hasn’t been cracked just yet: Decentralized identity. Gitcoin founder Kevin Owocki writes about this key primitive, the value it could potentially unlock, and the teams building to get us there.
Streaming Content Refuses to Take Off (Even With Crypto): If we pay per song or video we stream or download, why not do the same with written content? Some are hailing crypto as a potential solution, but no platform has been able to become the Spotify or Netflix equivalent for print.
ETH in Whales’ Wallets Is Barely Budging: ETH in whales’ wallets isn’t budging while smaller holders take their tokens to DeFi. The number of wallets with 100 to 10K Ether have dropped by 7.2% since the cryptocurrency hit an all-time high four weeks ago.
Tyler Winklevoss Makes GUSD Proposal on Aave: “Bitcoin billionaire” Tyler Winklevoss of Gemini submitted a governance proposal on a community forum for GUSD to be used as stablecoin collateral for loans on AAVE. Currently, GUSD can only be borrowed.
MetaMask Mobile Users Get Single Swipe Trading: Ethereum wallet MetaMask introduced Swaps to their mobile app yesterday. The feature allows users to trade cryptocurrencies with a single swipe.
1Inch Aims to Reduce Gas Fees With V3: Version 3 of the 1Inch DEX Aggregation Protocol is launching with a focus on facilitating lower gas fees. 1Inch v3 has aimed to optimize its assembly code to reduce gas fees applying to swaps using Uniswap v2 and its forks.
Gnosis Merges With Snapshot for On-Chain Governance: Gnosis’ newly launched DAO governance tool, SafeSnap, aims to allow users to execute decentralized governance decisions without incurring expensive gas fees on-chain.
Aave AMM Market Enables Lending Against LP Tokens: Aave launched a market yesterday which will allow users to deposit liquidity provider (LP) tokens from automated market makers (AMM) and use them as collateral for borrowing.
Flexible Leverage Index Aims to Help Avoid Liquidations: Leverage is difficult to monitor in DeFi’s current state, but it may have found a friend in a new product called the Flexible Leverage Index (FLI).
Tale of Lost MoonCats NFTs Spurs Buying Frenzy: Long, long ago, four billion MoonCats were lost in space. The digital cats were doomed to languish in the wasteland of forgotten blockchain projects —until now.
Social Tokens Get Rolled On: Social money issuer Roll was hacked for nearly $5.7M of creator tokens held in hot wallets on the platform over the weekend.
Pancakeswap & Cream Finance Suffer DNS Attacks: Hackers compromised PancakeSwap’s and Cream Finance’s websites yesterday.
Ethereum Proposal to Raise Block Reward Draws Criticism: A new Ethereum proposal, EIP-3368, meant to increase miner rewards, has generated major pushback from the cryptocurrency’s community members.
Thanking all the amazing Defiers for the support and love this week (and always)!
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 ($10/mo, $100/yr).