This Week in DeFi – May 14

To the DeFi community,

Enzyme continues to upgrade its one-stop-shop for collective crypto investing, adding access to Curve Finance stETH-ETH liquidity pool via the Enzyme protocol interface. In addition to other yield farming opportunities available through Enzyme vaults, the stETH-ETH pool will generate rewards in LIDO, CRV, and proportional fee revenue from trades made using supplied liquidity.

A new @CurveFinance pool is live on Enzyme!
Let’s give a big welcome to the @LidoFinance Curve👏🏾

Meta-Yield farming options are increasing on Enzyme daily.@UnslashedF will leverage this to bring capital efficiency to DeFi insurance – “a first”!https://t.co/tK8Iq33Enn

— Enzyme Finance (@enzymefinance) May 12, 2021

UMA launched their Optimistic Oracle, providing quick data with low gas fees that rely on manual dispute mechanics to maintain data accuracy. It’s another option for translating data from the real world into on-chain signals, using a simplified incentive structure that’s adaptable to non-traditional data like prediction market outcomes and other easily-verified information.

An oracle for anything, and easy for DeFi devs to plug into.

Nerd explanation: UMA’s Optimistic Oracle is like a “timelock but for data”. Ask for any price / data, and get an answer you can trust after a dispute period passes. Escalate any (rare) dispute. That’s it. https://t.co/SdqHlvGeqv

— Hart Lambur (@hal2001) May 14, 2021

Gnosis Safe, one of the most popular protocols among decentralized projects, is coming to an L2 near you. Gnosis plans to roll out multisig vaults to manage assets on Polygon, Arbitum, and BSC over the next few months, adding to the multitude of protocols designed for base-layer Ethereum making the jump to L2 chains to build out their respective ecosystems.

Finally we can affirm one of our most frequent & urgent user requests: integrating more EVM-compatible networks!

With each network hosting a vibrant ecosystem, we couldn’t offer just one integration – so we’ll start with @Polygon, @arbitrum & @binance.https://t.co/I4gykLQRpk

— Gnosis Safe (@gnosisSafe) May 12, 2021

And Polygon continues to attract leading DeFi protocols to the L2 network, as bZx announces plans to add margin trading and borrowing to the surging rollup solution. bZx will also launch the PGOV governance token for assets on the Polygon network, a novel layered governance solution that could become increasingly important as more and more assets find their way onto Polygon’s protocol.

🆕 As part of bZx’s multi chain growth strategy, Polygon will become the third blockchain that bZx protocol adds to it’s growing list of supported blockchains. https://t.co/rh7dIlIc4v

— bZx – Fulcrum & Torque (Now on BSC!) (@bZxHQ) May 13, 2021

One of the busiest weeks in recent crypto memory has seen ETH surging, L2s accelerating, and Elon playing puppet master with dog coins and Tesla’s stance on Bitcoin. But the real hero might be Vitalik Buterin, who harnessed the power of meme coins to make a multimillion dollar donation to COVID relief in India. It’s a lesson on not sending tokens to leading influencers as a marketing tactic; if your project really does take off, you just might find yourself and your token holders rug pulled in the most public way possible… For charity.

 

It’s also a reminder of why decentralized governance is so important to DeFi protocols in the long term. We’re naturally attracted to figures that seem larger than life, relying on them to chart a course to success for their chosen favorite asset. But when the going gets tough, it’s up to a dedicated community to share the burden of keeping projects relevant and innovative, and attention might just end up being the most precious commodity of all. Does your favorite community have a plan to stay ahead of the curve? The future will be here before you know it…

Highest Yields: Fulcrum at 10.96% APY, Nexo Lend at 10% APY

Cheapest Loans: Compound at 6.42% APY, Aave at 7.24% APY

MakerDAO Updates

DAI Savings Rate: 0.00%

Base Fee: 0.00%

ETH Stability Fee: 5.50%

USDC Stability Fee: 0.00%

WBTC Stability Fee: 4.50%

Highest Yields: Fulcrum at 11.65% APY, Nexo Lend at 10% APY

Cheapest Loans: Compound at 7.29% APY, dYdX at 10.18% APY

Alchemix taps Chainlink for more reliable automated loan pricing.

Earn high yield for selling downside protection with a new Ribbon Vault.

Alpha Finance preps for growth by combining leading oracle data providers.

BadgerDAO hunts for positive rebases using tools from UMA.

Cover insurance gets an upgrade and comes to BSC.

Total Value Locked: $80.05B (up 3.42% since last week)

DeFi Market Cap: $132.63B (down -2.27%)

DEX Weekly Volume: $33.6B (up 78.3%)

DAI Supply: 4.54B (up 6.32%)

Total DeFi Users: 2,366,200 (up 9.1%)

[Neil Singh – The Defiant] – Vitalik Says UNI Should Become an Oracle Token

[Anthony Sassano – The Daily Gwei] – Dog Eat Dog World – The Daily Gwei #246

[Ryan Adams – Bankless] – Know Thy Enemy: Coordination Failures

[Rebecca Mqamelo – Zerion Blog] – The Ultimate Guide to Staking

[Fabian Klauder – DeFi Times] – Did Elon Just Stop the Bull Market?