👀 Curve Boosts Layer 2s with Launch on Optimism
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NEWS Curve, a leading decentralized exchange specializing in stablecoin swaps, has launched on Layer 2 rollup network Optimism.
L2 NETWORK Optimism was tipped by many to quickly emerge as a leading L2 network, with the team having received the same grant as rival Arbitrum last year. The network’s total value locked (TVL) has grown slowly. Optimism currently ranks as the fourth-largest L2 with just 13% of the TVL boasted by top-ranked L2, Arbitrum.
DEPLOYMENT However, with an increasing number of top-ranked DeFi protocols now choosing to deploy on Optimism, the network appears poised to rise through the L2 rankings. Curve announced its Optimism deployment via Twitter on Jan. 18. Optimism is the eighth chain on which Curve is live, with the protocol also having launched on Ethereum, Avalanche, Fantom, Arbitrum, Polygon, xDai, and Harmony.
DeFi Money Markets
LOANS Solend, a money market on the Solana blockchain, announced today that it will share proceeds from loan origination fees with the developers of applications that drive loans on the platform.
ECOSYSTEM With over $600M in total value locked, Solend has become a formidable player in the new decentralized finance (DeFi) ecosystem on Solana. This new program could help it to grow even larger. “Solend has lots of assets with deep liquidity now. With other primitives at similar levels of maturity (DEXes, name services, NFTs) developers can now build the next layer of DeFi, rivaling Ethereum,” Rooter, the founder of the protocol, told The Defiant.
YIELD FARMING For loans, Solend charges vault-dependent origination fees of a few basis points. Under this program, it will share 20% of those fees with developers (or protocols) that drive the adoption of Solend loans. “New protocols such as yield farming vaults, prize-linked savings accounts, and lending aggregators can all take advantage of this referral fee to be profitable from launch,” a draft announcement said.
EDGE The battle for NFT market share is heating up, with Coinbase betting that Mastercard-powered fiat on-ramps can give it an edge over rivals such as OpenSea and Rarible.
FIAT On Jan. 18, Mastercard revealed it will team up with Coinbase on its forthcoming NFT marketplace to enable accountholders to purchase nonfungible tokens using fiat currencies. “Buying digital goods should be as simple as buying a T-shirt or coffee pods on an e-commerce site,” Mastercard said in a statement.
DIGITAL ART “That’s not the case for many NFTs, or non-fungible tokens.Today, if you want to buy an NFT — such as a digital art piece — you first need to open a crypto wallet, buy crypto, then use it to purchase an NFT in an online marketplace. Cryptocurrency enthusiasts are used to this process. But for most people, it’s not simple.”
Former Merrill Lynch CFO joins the first Decentralized ETF as Advisor
The Decentralized ETF, an ERC-20 based exchange-traded fund established to simplify and enable investors broad exposure to the crypto market.
The D-ETF is completely self-operating by a DAO, which automatically executes the successfully voted proposals. Token holders can suggest token swaps, and participate in voting in token proposals.
Besides being a price speculative asset, the D-ETF protocol offers a 1.5% accumulating yield to token holders, coming from all daily transaction volume. Another 1.5% is added to a treasury to purchase more intrinsic value. These percentages are generated from transaction fees, incentivizing token holders to stay in the protocol and generating passive yields without locking up their tokens.
The D-ETF protocol has already started to add intrinsic value, with familiar tokens such as WOO Network, Fantom, Wrapped Luna, Chainlink, Wrapped Bitcoin, and ThorChain.
The D-ETF team has recently onboarded former Merrill Lynch CFO Peter Olden to assist the team with reaching better FIAT on-ramp opportunities via traditional fund structures to onboard institutional clients.
The D-ETF has not officially launched yet, but their tokens can be purchased pre-IDO on their website.
NFT marketplace OpenSea confirmed its acquisition of Dharma Labs on Tuesday, a deal that could help the $13 billion crypto firm expand its technological prowess.
Crypto exchange Coinbase and payments giant Mastercard have teamed up to simplify the buying experience of non-fungible tokens (NFTs).
🔗 Microsoft will buy Activision Blizzard, betting $70 billion on the future of games: The New York Times
Microsoft plans to buy the powerhouse but troubled video game company Activision Blizzard for nearly $70 billion, its biggest deal ever and one that places a major bet that people will be spending more and more time in the digital world.
If you Google “NFT scams,” the results will likely lead you down a rabbit hole filled with, in some cases, actual cartoon rabbits.
Arbitrum @arbitrumJoin us this Wednesday, Jan 19th at 6pm EST for a Twitter Spaces w/ the @Treasure_DAO team. 🏴☠️ We’ll be talking about the Treasure ecosystem, $MAGIC, the smolverse, and more. 🌎 You definitely won't want to miss this. 😉 https://t.co/zMqu6Cem8Q
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Surging Burn Rate Drives First Deflationary Week for ETH Issuance Ethereum has posted its first consecutive week of deflationary issuance amid surging network activity, meaning more ETH was destroyed than created over the past seven days.
Ethereum Burn Rate Hits Record High as DeFi Market Jumps Severe volatility has driven Ethereum’s daily burn to an all-time high, with roughly 18,070 ETH, or $57.8M, destroyed in 24 hours on Jan. 11.
Solana Money Market Solend Offers Developers Incentives to Build on It Solend, a money market on the Solana blockchain, announced today that it will share proceeds from loan origination fees with the developers of applications that drive loans on the platform.
🧑💻 ✍️ 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.
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