Recap: DeFi Week of March 2 š¦
Hello Defiers! Hope youāre having a great weekend.
Summing up last week: A new financial exploit on DeFi started the week off, with traders attempting to manipulate markets to their favor on the iEarn platform. Over 20% yield for ETH deposits on bZx, compared with less than 1% on other platforms, is drawing users back after the biggest exploits in DeFi. Meanwhile, ETH whales are starting to accumulate. EY partnered with Microsoft and ConsenSys to create the Baseline Protocol, which aims to enable companies to use blockchain technology privately. pTokens and Ren helping make cross-chain transaction a reality and bring bitcoin to DeFi. dYdX to introduce trading fees, Instadapp launches DeFi-specific accounts and PieDAO wants to help issue and trade decentralized ETFs. And thereās even more!
Thursday
Dives
EY-Led Baseline to Provide DeFi Plug-In for Companies: EYĀ announcedĀ itās leading an open source initiative calledĀ Baseline Protocol for businesses to connect their processes via distributed networks, without having to reveal their public information.
Sums
pTokens to Bring Bitcoin Holders and Liquidity to DeFi: Blockchain oracle providerĀ Provable ThingsĀ launchedĀ pTokensĀ to enable transactions across different blockchains.Ā pTokens allow any cryptocurrency holder to use Ethereum-based decentralized applications, even if theyāre not holding Ethereum-based tokens.
Ether Whales Starting to Accumulate: TheĀ top 100 ether holders are once again beginning to accumulateĀ higher percentages of the total token supply,Ā according to Santiment.
Two Large Crypto Hubs Get Regulatory Breakthroughs: South Korean lawmakers passed legislation providing a legal framework for cryptocurrency trading and holding.Ā India struck down a two-year-old ban on cryptocurrency trading.Ā
Wednesday
Dives
+20% Yields for Ether Deposits Drawing Users Back to bZx: Users are coming back to bZx,Ā the DeFi platform that was at the center of two exploits about three weeks ago, even as trading hasnāt resumed.
Sums
dYdX Introduces Trading Fees: DeFi trading platform dYdX isĀ introducingĀ trading feesĀ starting March 10. Taker fees will range between 0.05% and 0.5% of trade volume, depending on trading pair and order size.
Instadapp Wants to Provide a Single Point of Entry for DeFi: Instadapp, which built a bridge connecting major DeFi lending protocols, isĀ launching Ā DeFi Smart Accounts to provide users and developers with aĀ single point of access to all of decentralized finance.Ā
PieDAO Wants to Become DeFiās ETF Issuer: PieDAOĀ 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 tokenizedĀ and available for trading 24/7 by anyone, globally, and with no minimums.
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Tuesday
Dives
Emergencies Complicate DeFi User/Builder Relationship: There was another financial attack to a DeFi platform over the weekend, this time to the iEarn platform. The scheme resulted in aĀ frenzied communityĀ who demanded answers from founder, and in theĀ resignation of the founder who felt he was the victim of a witch-hunt.
Sums
Ren Wants to Connect Non-Ethereum Assets to DeFi: RenĀ announcedĀ an alliance of projects helping secure, develop, and use the projectās RenVM system, which has theĀ goal of enabling transfers across different blockchains.
Developers Build First Insured Interest-Bearing Dai Token: As of today, there are plenty of tokens that automatically earn interest. Separately, there are ways to protect against the loss of those tokens. SaveDai wants to wrap those things together.
A Loan Against Virtual Real Estate Was Just Issued: Someone was able toĀ take tokens representing unique plots of land in a virtual world, and use them to take out a loanĀ denominated in MakerDAOās Dai stablecoin, in whatās probably the first ever transaction of its kind.Ā
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šCommunity Loveš
Thanking all the amazing Defiers for the support and love this week (and always)!
Camila Russo @CamiRusso
In today's Defiant +20% yields for ETH deposits drawing users back to @bzxHQ @dydxprotocol to introduce trading fees PieDAO wants to become the DeFi ETF issuer @InstaDApp wants to create a single-point access for DeFi https://t.co/1uCYA8RUd2 https://t.co/YflrKWrkDg
Ethereal @EtherealSummit
ā Published author ā Jumpstarted a leading Blockchain media outlet ā On stage at #EtherealNY 8-9 May Ahead of @EtherealSummit we chatted to @CamiRusso about her favourite #DeFi apps, the biggest threat to the ecosystem & more #IWD #IWD2020 https://t.co/QJsNmfrEac https://t.co/ChPjuIMW81The DefiantĀ is a daily newsletter focusing on decentralized finance, a new financial system thatās 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 at $10/month or $100/year, while free signups get only part of the content.
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About the author: Iām 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. Iāve extensively covered crypto and finance, and now Iām diving into DeFi, the intersection of the two.
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