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DeFi Weekly Report | U.S. Banks Recognize Disruptive Potential of DeFi, Aave Launches AMM Market, Yearn Introduces One-Click Deposit and New Interface

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DeFi Weekly Report | U.S. Banks Recognize Disruptive Potential of DeFi, Aave Launches AMM Market, Yearn Introduces One-Click Deposit and New Interface

Dear DeFi enthusiasts,

This week, a research report from the Bank of America was released in the United States, showing a dismissive attitude towards Bitcoin like many traditional financial institutions. Interestingly, the report mentioned what they believe to be truly disruptive - DeFi.

Other highlights this week include: Aave launching the AMM Market, allowing liquidity providers on Uniswap and Balancer to use LP tokens as collateral; Yearn integrating with Zapper.fi to introduce one-click liquidity mining; and the Polkadot ecosystem project HydraDX completing token issuance on Balancer, receiving 22M stablecoins.

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Highlighted perspectives this week include: Why FTX founder SBF believes that Coinbase being fined by regulators would be positive news? How ChainlinkGod engages in a Twitter battle with the Cardano community? And AAVE's Marc Zeller wants to tell everyone, this is how different our lives are!

1. This Week's Highlights

โœจ Top Headlines of the Week

Bank of America Releases "Bitcoin's Dirty Little Secrets": Bitcoin Only Has Speculative Demand, DeFi May Be More Disruptive Than Bitcoin

Bank of America (BofA) published a global research report titled "Bitcoin's Dirty Little Secrets" on March 17, claiming that besides speculative demand driving price increases, there are few valid reasons for holding Bitcoin and suggesting that DeFi may be more disruptive than Bitcoin. The bank views DeFi as a fundamental breakthrough in mainstream capital markets, with the rapid growth of its automated settlement and lending platforms posing potential challenges to banks, Wall Street firms, and insurance companies.

Aave Launches AMM Market, Allowing Uniswap and Balancer Liquidity Providers to Use LP Tokens as Collateral

Decentralized lending protocol Aave announced the launch of the AMM Market, enabling Uniswap and Balancer liquidity providers to use their LP tokens as collateral for Aave lending and borrow assets such as Dai, USDC, and ETH. Aave plans to add more AMM liquidity pools in the future.

Yearn Introduces One-Click Liquidity Mining and New Interface

DeFi investment aggregator yearn.finance announced the launch of a one-click deposit feature. Previously, if you wanted to use the yUSDC Vault, you could only deposit USDC. Now, through integration with DeFi asset management platform Zapper.fi, users can deposit various tokens (including ETH, WBTC, LINK, YFI, etc.) into the yUSDC Vault and other Vaults. Additionally, Yearn introduced a new website interface yearn.fi.

HydraDX in Polkadot Ecosystem Completes LBP Issuance on Balancer

Despite being a cross-chain asset protocol running on Polkadot, HydraDX chose to conduct an Initial DeFi Offering (IDO) for its token HDX in Balancer's LBP pool, raising a significant amount of 22.9M DAI. Compared to raising funds in a 50/50 pool on Uniswap requiring 14M DAI, conducting the issuance in Balancer's LBP pool only required 1.2M DAI.

๐Ÿš€ DeFi Protocols

๐Ÿ”— Blockchain

๐Ÿ› Exchanges, Regulations, Institutions

โœจ Other Notable Updates

2. Insights from Industry Leaders

FTX Founder SBF: The Coinbase Regulatory Fine Could Be a Bullish Signal

Chainlink Community Ambassador ChainlinkGod: Cardano, Please Tell Me a Dapp That Can Connect to a Hardware Wallet

AAVE Community Marc Zeller: This Is the Difference in Our Lives

3. Data Indicators

Data as of March 22, 2021. TVL (Total Value Locked) in Figure 1 indicates the total assets locked in DeFi platforms; Maker Dominance shows the proportion of the largest project by market value; DeFi Pulse Index is a DeFi weighted index from SetProtocol. Figure 2 displays the current top ten DeFi projects by TVL ranking. Source: DeFi Pulse.

4. Weekly Memes