Recap: DeFi Week of March 23 🦄
|Mar 29, 2020||1|
Hello Defiers! Hope everyone’s well and safe.
Summing last week up: This past week was a bit quieter in terms of market swings for crypto and project announcement took the limelight, with MakerDAO handing over control of its MKR token to to token holders, as its auction was well underway to raise enough Dai to heal all of its bad debt. Uniswap released details on its long-awaited V2, while Balancer Labs raised a $3 million seed round to enter the automated market-maker game. Coinbase Wallet integrated DeFi lending platforms to its mobile app, while Uma designed a “priceless” token to reduce oracle risk. This week’s interview was with Ren Project’s CTO Loong Wang, who spoke about plans to bring Bitcoin to DeFi. I wrote about how times of crisis highlight the need for a more decentralized future. And there’re more :)
That was just one week. Subscribe so you get the latest DeFi news and analysis straight to your inbox and you don’t miss a thing. Free-signups get partial content, paid subscribers (only $10/month, $100/year) get everything.
📢 Help me scale up The Defiant team by donating to my Gitcoin Grant or recommending that friends do. Just 1 Dai goes a long way :) Thanks to contributors so far: @cstoraker, @robertpragai, @stone441, @scott-l-e-w-i-s, @nodar, @gliinbox, @ecruz01, @gwintery, @mattnumber, @sneg55, @kaiynne, @mccallj57, @robfifth, @happykennedy, @s-ben, @calebsheridan, @hanzoh1, @cryptobanjo, @cryptostearns, @faridrached, @xibot, @poapxyz, @defidude, @evanvannesseth, @mfinestone, @klongrich, @nocturnalsheet.
Extreme situations, such as the global pandemic we’re living in, highlight just how much control institutions have over individuals, and how they’ll use it when generalized fear erodes the usual checks and balances. By seeing these actions unfold, some may want to consider a more decentralized alternative.
Ren Project CTO Loong Wang, is leading one of the teams at the forefront in the effort to bridge different blockchains, and bring Bitcoin to decentralized finance in a trustless way. Wang says RenVM is only a few weeks away from going live, and once it does, it will strengthen DeFi by adding different types of collateral and boosting liquidity. It will also open up a new investment option, as anyone will be able to run a node on the network and collect fees.
Complex Ethereum Transactions on Track to Overtake Simple Transfers: There’s a continually increasing number of transactions that are of the more complex kind. If anyone were to question the utility of Ethereum – simply point them to this chart, Covalent’s Ganesh Swami writes.
MakerDAO’s Latest Move is Unthinkable in Traditional Finance: MakerDAO’s Maker Foundation has transferred control of the MKR token to token holders as it seeks to increasingly cede decision-making to the broader community and become a fully self-sustaining decentralized, autonomous organization (DAO).
Uma Designs Priceless Tokens to Minimize Oracle Risk: Uma, a synthetic assets platform,designed a token which doesn’t require price feeds to minimize oracle attack risk.
Balancer Labs Raises $3 Million to Launch Programmable Liquidity Platform: Accomplice and Placeholder led the seed round, with participation from CoinFund and Inflection.
DeFi Saver Launches Platform for Anyone to Become a MakerDAO Liquidator: DeFi Saver released a MakerDAO collateral auctions dashboard with the goal of making it easier to liquidate underwater loans in the system.
Coinbase Putting DeFi Interets on Your Cel Phone: Coinbase Wallet is integrating DeFi lending platforms with its mobile application, making it easier for users to start gaining up to 6% on their deposits.
Uniswap Unveils V2 With Flash Swaps, Potential Protocol Fees and Better Price Feeds: Uniswap yesterday announced details of its highly anticipated second iteration, or V2, which it expects to launch in the second quarter, pending a successful formal verification.
Dharma Announced P2P Payments: Blockchain-based lending platform Dharma on Thursday announced users will be able to make peer-to-peer money transfers on its app.
MakerDAO Close to Raising Enough Dai to Heal Bad Deb: MakerDAO has raised 4.3 million Dai at MKR auction, compared with a total 5.6 million of underwater loans the system needs to pay off.
Thanking all the amazing Defiers for the support and love this week (and always)!
The Defiant @DefiantNewsIn need of good news? 🪐Amid market turmoil, attacks and exploits, the DeFi galaxy continues to expand. @AlethioEthstats says its most recent ecosystem map shows open finance has grown in scale, diversity and connectivity. Read their post here: https://t.co/xnDhNeOoiz https://t.co/O4jjOAnAVi
Camila Russo @CamiRusso"If anyone were to question the utility of Ethereum –simply point them to this chart," says @gane5h on @DefiantNews. Complex Ethereum transactions (green area) on track to overtake simple transfers ––one of the real flippenings to watch. More here: https://t.co/GGOkhnWhS6 https://t.co/GG7XEzO5r1
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 at $10/month or $100/year, while free signups get only part of the content.
Click here to pay with DAI.There’s a limited amount of OG Memberships at 70 Dai per annual subscription ($100/yr normal price).
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.