👨‍🌾️ Earn +120% APR via Jones DAO

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🏊 DeFi TVL update — On Feb. 18th, 2022, the total value locked (TVL) in Ethereum DeFi projects was $73.4B according to DeFi Pulse. As the chart below shows, the ecosystem’s TVL has hovered in the $70-75B range since the start of this February. 

⌨️ Driving crypto news — Social media giants pivoting to Web3

YouTube and Twitter: what do these two companies have in common besides being among the most popular social media websites in the world? They’re both boldly pivoting into Web3, i.e. Ethereum, DeFi, and NFTs!

On Tuesday, Feb. 15th, news broke that video streaming powerhouse YouTube was hiring a director of Web3 product management. One day later, social networking app Twitter announced that it added support for tips to Ethereum addresses. 

Both companies have been increasingly pivoting toward Web3 in recent weeks, and this director hire and this feature rollout shows other companies they should be taking the cryptoeconomy more seriously, too. 

💸 This week’s best-performing assets — Since Saturday, Feb. 12th, we’ve seen notable week-over-week price rises from these DeFi tokens:

• 📈 Beta Finance (BETA) +22.33%

• 📈 Frax Share (FXS) +16.77%

• 📈 Maple Finance (MPL) +19.01%

👛 The $DPI pulse — The DeFi Pulse Index ($DPI) is presently trading at $170.11, down by 10.77% since Saturday, Feb. 12th. 

📌Related resources:

🌾 Farm up to 160% APR with Jones DAO farms!

Deployed on the Arbitrum L2, Jones DAO is a “yield, strategy, and liquidity protocol for options trading.” 

The project works symbiotically with Dopex, another options exchange on Arbitrum, insofar as Jones DAO makes it easier for users to invest in Dopex’s products. 

How to join Jones DAO’s yield farms

On Feb. 6th, Jones DAO launched its inaugural yield farms. These opportunities are designed to bootstrap the project’s JONES token by distributing it to early community members. 

For this Farm of the Week edition, we’ll focus on the JONES-ETH LP and JONES-USDC LP token farms because they’re fairly straightforward and the most lucrative of the farms currently available. Just remember that these opportunities face a range of risks, which are not limited to impermanent loss (IL). You may lose the money you invest, so be cautious!

• First, make sure you have Arbitrum added to your wallet; you can use Chainlist to add the network if you haven’t before. 

• Next you’d need to add liquidity to either Jones DAO’s JONES-ETH or JONES-USDC pools on Sushi’s Arbitrum deployment. 

  • You can use the Arbitrum Bridge to transfer ETH and/or USDC from Ethereum to Arbitrum. 

  • On Sushi you can swap for JONES for providing liquidity with. 

  • Then navigate to Jones DAO’s Farms page and click on your farm of choice; then scroll down and click on the “Add Liquidity” button.

  • You’ll now be taken back to Sushi’s liquidity provider UI for your pool of choice; input the amount of tokens you want to provide. 

  • Press “Approve JONES” to let Sushi use your funds; you’ll be prompted to complete an approval transaction and a final deposit transaction. 

  • Once your deposit is processed, your Sushi liquidity provider (SLP) tokens will appear in your wallet. 

• Head back to Jones DAO’s Farms page and click on your desired farm. 

  • Click on the “Stake” button.

  • Complete an approval transaction.

  • Complete a staking transaction. 

  • Voila! This is how you earn JONES farming rewards by staking your LP tokens. 

  • You can track and claim your rewards or unstake through this same staking UI whenever you please. 

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It’s not clear that Jones DAO has been audited, so we should assume it hasn’t been. The JONES-USDC and JONES-ETH yield farms described above have market risks, impermanent loss (IL) risks, smart contract risks, multi-sig risks, and more. The offered yields are not guaranteed but rather derived from backtesting. Never deposit money into any project that you can’t afford to lose.

📌 Related resources:

• Introducing BNB Chain
  TLDR: Binance rebrands its Binance Smart Chain blockchain to BNB Chain.

• Kwenta Community Raise
  TLDR: Kwenta, a decentralized exchange for synthetic assets, announced the launch of its KWENTA community raise event.  

• Circle Valued at $9B
  TLDR: Circle, the company behind the USDC stablecoin, is now valued at $9B according to a new deal with special purpose acquisition company (SPAC) Concord Acquisition Corp.

• How We Lowered Fees for Optimism Users
  TLDR: The Optimism PBC team outlines how they made transactions 30% cheaper on their namesake layer-two (L2) scaling solution.

• Introducing Locke Protocol
  TLDR: Locke Protocol, a “generalized platform that enables protocol-facilitated token distribution,” arrives in DeFi.

🚜 Earn muli-token rewards in Pangolin’s USDC-UST Super Farm!

Pangolin is the top decentralized exchange on the Avalanche network. 

In Jan. 2022, Pangolin launched its Super Farms system. This program allows liquidity providers to the exchange to earn PNG rewards (the exchange’s native token) plus tokens from other projects simultaneously.

For this week’s Conservative Farmer, we’re specifically looking at Pangolin’s USDC-UST Super Farm, which is currently offering 19% APR to depositors across PNG, LUNA (Terra’s native token), and WAVAX (the wrapped version of Avalanche’s AVAX)

Interested in trying this opportunity? To join you might:

Pangolin has been audited. However, all DeFi yield farming comes with multiple levels of risk. Never deposit funds you can’t afford to lose! And keep in mind that this opportunity’s yields will be volatile if many people join or leave within a short period of time.

Interested in becoming a DeFi data analyst? Then look no further than Dune Analytics’s new curated list of resources for learning about SQL databases, which are pivotal to using Dune for crypto analyses!

What’s the biggest thing working in DeFi’s favor right now? 🤔

I think it’s the immense talent across the DeFi ecosystem. Incredibly bright people from all walks of life and from around the world are contributing considerable time and effort to advance DeFi. These passionate builders and dreamers are not the type of folks I’d bet against in the years ahead!

And if you found this content useful and want to help us bring more talented builders to this space, share it with your friends, it’s free!

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All info in this newsletter is purely educational and should only be used as research. DeFi Pulse is not offering investment advice, endorsement of any project or approach, or promising any outcome. This post is prepared using public information (which does not account for specific goals or financial situations) and links provided to third-party sites are for informational purposes. Such sites are not under the control of DeFi Pulse, so DeFi Pulse or the author are not responsible for the accuracy of the content on such third-party sites. Be careful and keep up the honest work!