Recap: DeFi Week of Nov. 11 đŚ
Hello defiers, hope youâre having a great weekend!
Summing up last week: This week 0xâs cofounder Will Warren dove into the upgrade to the platform and his vision for a tokenized future. Vance Spencer, co-founder of Framework Ventures, outlined his investment thesis for Synthetix. CoinMetrics found ERC20s are on fire, Opyn wants to build tokenized options, ENS names are going for $100,000s, and Ethereans basked in the afterglow of ETHWaterloo.
Column:
Balance Sheet as a Business Model for DeFi Platforms
Vance Spencer, co-founder of Framework Ventures, which led Synthetixâs recent $3.8 million round, dives into his investment thesis fro Synthetix and outline whatâs next for the platform. Vance says both Synthetixâs and MakerDAOâs business models consist on monetizing their balance sheets. The difference between the platformsâ token economics will lead MakerDAO to become a digital central bank and Synthetix to become a decentralized BitMex. Vance lists the four steps the platform plans to take to get there. First up is Synthetixâs plans to incorporate non-SNX collateral, so users will be able to stake ETH to mint synthetic assets.Â
Interview:
"We Believe the World is Going to Become More and More Tokenized:" 0x's Will Warren
0xâs ZRX token holders approved a proposal to upgrade the 0x decentralized exchange protocol, whose relayers are among the top five dexes transacting the most volume. 0x co-founder Will Warren explains what the change will entail; how it tries to better answer the question âdoes your protocol really need a token?â and improve liquidity and prices for its users. He also talks about his larger vision for a future where millions of assets will be tokenized and traded on Ethereum. Before doing all of that, he lays down the basics of decentralized exchanges so that we can all be dex-perts.
Thursday
Defying the Biggest Market in Traditional Finance: An options market has yet to develop in decentralized finance, even though theyâd provide much needed investor protection against the high risk involved in transacting in this cutting edge market. This is what the team at Opyn wants to fix, but itâs doing it in a DeFi way, with options contracts minted as ERC20 tokens.
Tokens are Cool Again: Ethereum tokens are having a renaissance. Actually, more than that, thereâs been no better time for Ethereum tokens, according to on-chain data found by CoinMetrics.
How to Profit From San Franciscoâs Poop Problem: Thereâs now an ERC20 token on the Rinkeby testnet that tracks the frequency of poop sightings as reported by San Francisco's SF311. UMA cofounder Hart Lambur took developers Daniel Que and Tyson Battistellaâs idea and issued the token using the platformâs synthetic token builder.
Synthetix is Now The Second Biggest DeFi Project: Total valued locked in synthetic assets platform Synthetix on Tuesday crossed $100 million, surpassing Compound Finance as the second DeFi platform with most value locked after MakerDAO, according to DeFi Pulse.
Monday: ETHWaterloo Edition
The first hackathon was in Waterloo in 2017 and there have been 14 different events âand a crypto boom and bustâ since. Two years later, Ethereans are back where it all started The 65 projects submitted over the weekend brought total hackathon projects to more than 1,000. Unlike past events, there wasnât such a big focus on DeFi, save notable exceptions. It was all about smart wallets, messaging and games.
đCommunity Loveđ
Thanking all the amazing defiers for the support and love this week (and always!)
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