Discover more from WE'VE MOVED TO thedefiant.io
💼 The Degen Savings Portfolio Featuring Abracadabra, Curve And Convex
Hello Defiers! Here’s what we are covering today,
Most Read in The Defiant
The open economy is taking over the old one. Subscribe to keep up with this revolution. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).air
🙌 Together with:
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.
NEWS Bancor was the first-ever automated market maker (AMM) and holds a special place in crypto lore after attracting $153M in 2017 in what was then the largest initial coin offering (ICO).
LOST MARKET SHARE After falling off the radar as it lost market share to rival AMMs like Uniswap and Sushiswap, the protocol is back and launching Bancor 3 with key upgrades.
SINGLE TOKENS The most important new feature may be something called Omnipool which promises to cut gas costs for traders in half. Bancor shipped an upgrade in October 2020 which allowed users to provide liquidity in the form of single tokens, as opposed to the pairs required by AMMs like Uniswap.
GAS COSTS While this alleviated impermanent loss (IL), the design requires pairing all assets with BNT, Bancor’s native token. This means trades need to be routed through two pairs. For example, a swap from ETH to WBTC would go from ETH to BNT, and then from BNT to WBTC, doubling gas costs.
VISION An early mission statement was shared on the currently nameless DAO’s Discord server during the call: “The vision is to design an incentivized system for open access academic peer-reviewed publishing.”
INSTIGATOR The idea began with a Twitter thread from Nov. 18, in which David McDougall, a vice-president at crypto prime brokerage Genesis Trading and instigator of the DAO suggested, “We could buy all of academic publishing for ~ $25 Billion, but we could start one journal at a time.”
ALPHA StarkWare, the team that pioneered zero-knowledge-based rollups in 2018, has launched the mainnet alpha of StarkNet — the team’s much anticipated Layer 2, zero-knowledge (ZK) rollup network. The alpha launch was revealed on Nov. 29, with the release initially supporting general computation and composability.
UNLIMITED SCALE StarkWare describes StarkNet Alpha as a “permissionless decentralized rollup operating as an L2.” They claim the network can offer decentralized applications (dApps) “unlimited scale” for computation without compromising the composability or security of its underlying settlement chain Ethereum. It does so with its in-house ZK-STARK cryptographic proofs.
PRIVACY ZK-STARK proofs combine the privacy of zero-knowledge with the scalability of rollups to offer a Layer 2 scaling solution for Ethereum that could offer the privacy benefits, low fees, and transactional throughput needed to attract greater enterprise adoption.
Curve Wars Primer
STABLECOIN SWAPS Curve is now the largest DeFi protocol with $22B in Total Value Locked across seven blockchains. We’ve covered the Curve Wars extensively and the consensus among investors seems to be that Curve will consolidate and build on its position as the leader in stablecoin swaps. Convex Finance makes it possible for yield farmers to obtain boosted $CRV yields without locking any $CRV tokens themselves.
YIELD FARMING In this tutorial, we’re going to show you how to maximize your $CRV and $CVX earnings through leveraged yield farming on Abracadabra, a collateralized lending platform and issuer of the Magic Internet Money (MIM) stablecoin.
Whether you’re looking to build a position in $CRV and $CVX through yield farming or just looking for a good yield on your crypto assets, you can use Abracadabra to leverage your position based on your risk tolerance.
In this guest column, Spencer Graham of DAOhaus explores a critical issue in the development of decentarlized autonomous organizations.
As we usher in a new era of work via DAOs, many projects face a similar challenge of determining a scalable formula for compensating their contributors. What works when there are only five core contributors may not work as the community grows, and the best way to measure and reward contributions in one DAO may not be right for another.
Many DAOs currently benefit from the flexibility they are able to offer their contributors. In contrast to traditional companies, individuals can move fluidly between DAOs, often contributing to multiple DAOs at the same time. While this flexibility is appealing to many contributors and is one of the factors that has enabled DAOs to attract top talent, it often leaves contributors to navigate multiple compensation structures. To continue bringing in new contributors, DAOs will need to develop compensation mechanisms that work well with other DAOs.
Meet with DeFi & Crypto companies including BitPay, BlockFi, Circle, Novi, Onyx, Ripple, Zero Hash (and many more!) plus the fintechs, networks and solution providers making DeFi & Crypto plays, including Finastra, Fiserv, JPMC Merchant Services, Mastercard, Veem & Visa (to name just a few!). Plus investors, banks, tech cos and many others.
Online, March 22-24. Qualifying startups can get discounted startup rates. Ticket prices go up on Friday--Get Ticket Now
Ethereum’s transition to proof of stake – The Merge – is near: devnets are being stood up, specifications are being finalized and community outreach has begun in earnest.
Former Citigroup executive Matt Zhang has launched a $1.5 billion crypto venture fund called Hivemind Capital Partners, according to an announcement on Monday.
Tornado Cash, a popular Ethereum transaction mixing protocol, is ready to integrate the Layer 2 network Arbitrum.
Binance will list Alchemix (ALCX) and will open trading for ALCX/BTC, ALCX/BUSD, and ALCX/USDT trading pairs at 2021-11-30 06:00 (UTC).
Most Read in The Defiant
New Play-to-Earn Collective HumanDAO Announces Token Sale HumanDAO, a decentralized autonomous organization connecting play-to-earn (P2E) gamers with digital asset owners, has announced it will hold a public sale for its forthcoming governance token HDAO on Dec. 1.
Doomsday Scenarios in DeFi Revolve Around Stablecoins USDC and USDT If decentralized finance were a character in a fable, we could imagine it as a rebel warrior taking on the world — traditional finance in particular. Then we can think about that rebel’s different body parts as composed of the industry’s best projects so far.
This is a public version of the newsletter and both paid and free subscribers are receiving it.
Free subscribers get:
Daily news briefings
Paid subscribers get:
Full transcript of the weekly podcast interview
Early access to opinion columns and research pieces
Exclusive access to Inbox Dump where we send all the press releases that didn’t make it to the newsletter (Saturday)
Exclusive access to subscribers-only Discord chat
Exclusive access to bi-weekly community calls
🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is 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).