+20% Yields for Ether Deposits Drawing Users Back to bZx
Also, dYdX introduces trading fees, PieDAO launches decentralized ETFs, Instadapp creates DeFi specific user accounts.
Hello Defiers, here’s what’s going on in decentralized finance,
Ether deposits in bZx, the platform at the center of recent financial exploits, are surging
dYdX introduces tried and tested exchange monetization model: trading fees
Instadapp created DeFi Smart Account to provide a single point of entry for open finance
PieDAO wants to allow anyone to create and trade passive funds
and more :)
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Confidence in bZx Coming Back After Exploits
Users are coming back to bZx, the DeFi platform that was at the center of two exploits about three weeks ago, even as trading hasn’t resumed.
Ether deposits in bZx shot up by more than 20% yesterday to 21.3K ETH, from 17.5K, according to DeFi Pulse. The amount of ether in the platform is still about 22% lower than pre-exploits level. Increased liquidity slashed ether rates by about half, to 27.5% from 41% on the previous day, and from as high as 99% on the day of the first exploit.
dYdX Introduces Trading Fees
DeFi trading platform dYdX is introducing trading fees starting March 10. Taker fees will range between 0.05% and 0.5% of trade volume, depending on trading pair and order size. Market makers will pay no fees, as the platform aims to incentivize liquidity and create a deeper order book.
Instadapp Wants to Provide a Single Point of Entry for DeFi
Instadapp, which built a bridge connecting major DeFi lending protocols, is launching a platform aimed at providing users and developers with a single point of access to all of decentralized finance. Most users interact with DeFi through wallets, which were mainly designed for tokens. Instadapp wants to improve the experience and make it more seamless.
PieDAO Wants to Become DeFi’s ETF Issuer
Another passive investing solution is coming to DeFi. PieDAO wants to enable anyone to trade and create investment portfolios, which can include digital and traditional assets via synthetic assets. These portfolios, called PIEs, will be tokenized and available for trading 24/7 by anyone, globally, and with no minimums.
Top five decentralized finance apps running on Ethereum —MakerDAO, Compound Finance, dYdX, Aave, bZx— have reached almost 6,000 daily active unique wallets in the last 7 days.
Coinbase Engineer Daniel Que writes about the risk of decentralized finance composability. “We hear a lot about the magic of composability in DeFi, or “Money Legos.” I want you to remember that it could become “Money House of Cards” in a flash.”
Richard Burton compares ICO days with DeFi days.
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About the author: I’m Camila Russo, a financial journalist writing a book on Ethereum with Harper Collins. (Pre-order The Infinite Machine here). I was previously at Bloomberg News in New York, Madrid and Buenos Aires covering markets. I’ve extensively covered crypto and finance, and now I’m diving into DeFi, the intersection of the two.