This Week in DeFi – April 2
To the DeFi community,
This week, the dam finally erupted as a flood of new Ethereum-based L2 DeFi offerings hit the market, paving the way for millions of new users to get into the action without breaking the bank on gas costs.
Dharma announced Gas-Lite, offering one-click access to depositing funds in top-notch DeFi protocols with gas fee reductions of up to 80% when transfers are made directly from users’ bank accounts. . Similar to other L2 solutions on the market, Gas-Lite aggregates transactions to spread the cost among many different depots to dramatically reduce the cost of depots for individual users.
MAJOR ALPHA LEAK (no April Fools joke)
You all said you want cheaper transactions, I will offer you cheaper transactions!
You’re welcome 🙇 https://t.co/3LqFlJL7bZ
– Brendan of Dharma (@brendan_dharma) April 1, 2021
Aave gave more details of their plans to tackle new frontiers to keep DeFi inclusive for everyone, not just wealthy users, while staying true to its Ethereum-based roots. The first step is the integration with Polygon (formerly MATIC) for certain assets such as stable coins, WETH and WBTC, where fees are reduced to a fraction of a cent while maintaining the security and decentralization benefits of the Ethereum network.
The Aave protocol is now activated @ 0xPolygon 👻
The deposit transaction took 2.7 seconds to be confirmed on PoS
Paid 0.000207884 MATIC (0.000074 USD)
– stani.eth 👻 = (⬤_⬤) = 👻 (@StaniKulechov) March 31, 2021
Synthetix officially launched Staking Assets to generate sUSD on the Optimism L2 Mainnet after months of testing, and will offer staking rewards to users who migrate warranties to the new service. There are some limitations, like sUSD on Optimism which currently has few places to hang out for extended yield farming strategies, but the successful integration of Synthetix should lead to many more services ported to Optimism over the next few years. month.
DApp Staking is now compatible with OΞ sur L2! https://t.co/Y8rQGTRNWf
– Synthetix ⚔️ (@synthetix_io) April 1, 2021
And the Perpetual Protocol released Phase 1 of a two-phase staking to help secure the perpetual contract network, with liquidity rewards included of course. Similar to Sushiswap, a portion of the PERP staking rewards will vest for 6 months, and withdrawal from the staking contract will require a 14-day cooldown period. Phase 2 of the staking release will also include the distribution of trading fees to staking users, so stay tuned.
Finally, PERP holders can stake PERP tokens in the protocol! This is the last piece Perpetual Protocol V1 is missing and super glad we did! https://t.co/jAnwzJGi3y
– Yenwen Feng (@tempofeng) March 30, 2021
There will never be a single event to herald the dawn of the era of live scaling solutions for DeFi and the Ethereum community, but importantly this week we feel like we have maybe crossed that threshold.
The cascade of applications on L2 would always start with top-tier protocols (especially after Optimism scaled back its launch ambitions last month to a more manageable whitelist of individual projects), and with the arrival of l ‘Yield farming on Yearn, Aave, Synthetix, and more this week, it looks like the integration phase has finally arrived.
The next step? Accelerate the trend of capturing more DeFi protocols and let it be known that DeFi is ready to serve the masses again, no matter how much capital you bring. Spring is here, which means summer is just a few months away. And with L2 integrations finally starting to drop, summer 2021 could make DeFi’s summer 2020 a snap.
It’s time to claim some UMA TVL Promotion Campaign Airdrop Tokens.
Band Protocol and Equilibrium are joining forces for a new type of cross-chain synthetic active ingredient.
Alpha Finance continues to offer brand new tokenomics for the right size user rewards.
Actus offers a unique option-based airdrop campaign for first-time users.
The Fei protocol breaks down the intricacies of operating the new stable reserve asset.
Highest returns: dYdX at 17.47% APY, Nexo Lend at 10% APY
DAI Savings rate: 0.00%
Basic Fee: 0.00%
ETH stability fee: 4.50%
USDC Stability fees: 0.00%
WBTC Stability Fee: 4.50%
Highest returns: Poloniex at 10% APY, Pivot at 11.51% APY
Total value locked: $ 45.54 billion (up 15.38% from last week)
DeFi market capitalization: $ 96.47 billion (up 7%)
DEX weekly volume: $ 16.59 billion (+ 37.68%)
Total number of DeFi users: 1,757,600 (up 2.81%)
[Owen Fernau – The Defiant] –DeFi discreetly doubled by most indicators in the first quarter
[Anthony Sassano – The Daily Gwei] – The World Settlement Layer – The Daily Gwei # 213
[Fabian Klauder – DeFi Times] – Have the institutions disappeared?
[Chris Powers – Dose of DeFi] – DeFi Pulse Farmer # 34
[Anthony Sassano – The Daily Gwei] – Magic Finance – The Daily Gwei # 216
[David Hoffman – Bankless] – x * y = k… A story of Ethereum
Alex is a content writer at Circle, with prior experience in tech startups, Fortune 500 companies, and as a freelance writer and analyst. His interests include cutting edge technologies in blockchain, energy, supply chains, transportation, city life, and more, and he has been part of the crypto community since 2014.