🦄 Recap: DeFi Week of April 12

Hello Defiers! Hope you’re having a great weekend.

Summing up the past week: The big news this week was the Coinbase listing and we covered how while BTC shaped Coinbase’s past, DeFi will shape its future. It was also all about the rising crypto market, with both bitcoin and ether touching new records, while TVL in DeFi is also at new highs.

This time though, a rallying market didn’t bring record high gas fees — we covered the flashbots that may be behind this. And speaking of fees, details on scaling solution zkPorter were unveiled, with the team behind it promising it will increase Ethereum throughout by thousands of times. Rising gas fees has also fueled BSC-based AMM PancakeSwap’s rise to overtake even Uniswap in terms of TVL and trading volume.

We also focused on Magic Money this week with a tutorial on how to get your future yield now with Alchemix, 20% fixed-rate yields on Anchor, and a stablecoin that’s supposed to withstand all market conditions with Gyroscope Protocol. We dove deep into the Terra ecosystem, the makers of Anchor, in this week’s podcast episode with cofounder Do Kwon.

And there was more! There’s a lot going on, but we’ve got you covered :)


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).


🙌 Together with: 

  • Zerion, a simple interface to access and use decentralized finance

  • Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at https://balancer.finance/!

  • 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. 


Video

📺 Defiant Weekly: The Mystical World of Magic Money

📺 First Look: Meme V2 is Live! What’s New?

📺 Quick Take: Cross Asset Swap

📺 Tutorial: How to Bridge Assets From Ethereum to Polygon


Interview

"We're Lifting Barriers For Outside Users; If You Allocate Capital in a Vacuum, It's Kind of Meaningless:" Terra's Do Kwon

In this week’s episode, we interview Do Kwon, cofounder of the Terra ecosystem, which includes a payments network, a stablecoin, a lending protocol and a synthetic assets platform. We talk about how he was able to achieve what most crypto companies can’t: Get a broad non-crypto native user base. Terra’s Chai payments system, which uses the Terra stablecoin, has about 2.6M active users in Korea. Kwon says there’s so much money to be made without bringing new people in, that many developers just settle with looking inwards in crypto. 

🎙Listen to the interview in this week’s podcast episode here:


Op-ed

NFTs Will Be Far Bigger as Digital Clothes Than as Collectibles: By Blake West

Blake West of Goldfinch argues that digital clothes, not collectibles, will be the way for NFTs to really reach the masses. Clothes are much more than how we protect against the elements; they’re how we express ourselves, and as our world becomes increasingly digital, these “skins” for our online avatars will be crucial to how we interact with the world. NFTs will allow us to actually own these wearables, and to support the creators behind them. Read this interesting take on how the future of NFTs might play out.


Inbox Dump #4

Only for paid subscribers: The Inbox Dump is where we include the updates and announcements that flood our DMs each week and didn’t make it to our content platforms. At The Defiant we cover the most important DeFi-related news and developments but I know many of you are hunting for projects before they are fully developed and before they are newsworthy. The goal with this installment of the newsletter is to help you find them. Look at this as the starting point to DYOR. We also include a compilation of DeFi and crypto funding rounds in the past week so you have these in one handy place.


Thursday

Markets
  • It’s “Up Only” For ETH and DeFi: Ether and the most popular DeFi metrics are all smashing through new records. Ether continues to push higher, hitting a record of $2487 earlier today, according to CoinGecko. Rising ETH prices is pushing total value locked in DeFi to a new high in dollar terms of $55.9B

Dives
  • Low-ish Ethereum Gas Fees Point to Flashbots Adoption: As ETH reaches new highs and the larger DeFi market booms, average gas prices have remained surprisingly stable throughout April, and that may be all thanks to Flashbots Alpha, a project working at the very core of the Ethereum chain.

  • MakerDAO to Hold Real-World Assets as Collateral: A MakerDAO proposal to accept an ERC-20 token which represents shares in a pool of real estate assets as collateral in the Maker protocol passed yesterday. The use of real-world assets in DeFi is a first and is a major step in bringing the trillions of dollars worth of physical assets into the open finance ecosystem.

Bytes
Links

Wednesday

Dives
Bytes
  • Ethereum Berlin Upgrade Ships Tomorrow: The Ethereum Berlin hard fork ships tomorrow. The upgrade contains four Ethereum improvement proposals (EIPs) mainly aimed at optimizing gas costs, and is the first of its kind since Muir Glacier shipped on Jan. 2, 2020.

  • zkPorter Promises to Bring 20,000 TPS to Ethereum: zkSync introduced an Ethereum Layer 2 solution called zkPorter yesterday promising to push the blockchain’s transactions per second (TPS) capabilities to over 20,000. This would put Ethereum within striking distance of Visa, which says its network can handle 24,000 TPS. 


Tuesday

Tutorials
  • How to Get Your Future Yield Now With Alchemix: In TradFi, investors use interest and dividends as a source of income. However, these payments are usually quarterly at best. Alchemix is a DeFi protocol that flips this concept on its head by providing the ability to get your future yield now. Alchemix vaults act as the hub to generate yield advances in the form of a synthetic derivative called alUSD pegged to $1.

Dives
Bytes
Links

💜Community Love💜

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 below ($15/mo, $150/yr).