DeFi Weekly Report | Ether hits all-time high! Coinbase goes public, PoolTogether launches on L2
Dear DeFi enthusiasts,
Happy holidays, everyone! This week, $ETH reached a historic high (price at US$2120 at the time of writing), and major DeFi tokens have also risen accordingly. With more scaling solutions being adopted, the usage of DeFi on Ethereum is expected to increase significantly once again. Let's take a look together :)
Headlines this week include Coinbase going public directly on Nasdaq on 4/14; PoolTogether launching on Layer 2 protocol Polygon; the highly anticipated algorithmic stablecoin protocol Fei Protocol successfully going live, and emerging asset management protocol Element Finance completing a seed round funding led by a16z; Cappuu's credit card purchase feature is back with reduced fees of 2.9% per transaction.
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Notable events this week include Compound founder Leshner hosting a yacht party and reminding everyone to bring their hardware wallets?! Influential DeFiGod introducing the new life of 2021, and FTX CEO Sam surprisingly mentioning that BSC (Binance Smart Chain) is very suitable for $SOL?
Table of Contents
1. This Week's Highlights
โจ Top Headlines of the Week
Coinbase to Directly List on Nasdaq on 4/14
The largest U.S. cryptocurrency exchange, Coinbase, announced on Thursday, April 1st, that it has received approval from the U.S. Securities and Exchange Commission (SEC) to directly list on April 14th, becoming the first large company to directly list on Nasdaq. Coinbase plans to issue nearly 115 million common shares with the stock ticker symbol COIN.
PoolTogether Launches on L2 Protocol Polygon
The no-loss prize pool PoolTogether has officially launched on the Ethereum L2 protocol Polygon, previously known as Matic. It is expected to reduce deposit and withdrawal fees to less than $0.01. In the first 14 days after the launch, there will be a draw every 12 hours with 10 winners. Participants can simply transfer Dai to Polygon chain via Zapper to join.
Fei Protocol Successfully Launches, Raises 639,000 ETH
The algorithmic stablecoin protocol, Fei Protocol, completed a 3-day Genesis Group launch, raising a total of 639,000 ETH and minting 1.3 billion FEI. It also brought over $26 billion in liquidity to Uniswap. With its overwhelming popularity, Fei Protocol has become the largest algorithmic stablecoin project to date.
Element Finance Raises $4.4M to Provide Fixed-Rate Products
Asset management protocol Element Finance plans to offer high fixed-rate products and buy/sell coin services. They aim to increase capital efficiency and provide market liquidity. The funding round was led by Andreessen Horowitz and Placeholder.
Cappuu Lowers Credit Card Purchase Fees for USDC to 2.9%
Credit card purchase of digital dollar USDC has always been a convenient method for many users. Cappuu has re-launched the credit card purchase feature, reducing the purchase fee from 3.75% to only 2.9%, with a 1:1 exchange rate between USD and USDC.
๐ DeFi Protocols
Perpetual Protocol Staking Goes Live
Kyber Network Launches DMM Dynamic Market Maker
Aave Goes Live on L2 Protocol Polygon
Tokenlon Launches Buyback, Staking, and Trading Mining
BSC Updates: Pancake's creative IFO, data platform Yieldwatch token issuance
๐ Exchanges, Regulations, Institutions
Goldman Sachs to offer Bitcoin and other digital asset investment products to high-net-worth clients
PayPal introduces cryptocurrency payment feature
FTX Now Offers Robinhood (HOOD) Pre-IPO Product
2. Insights from Industry Leaders
Compound Founder Leshner: Yacht party this week, bring your hardware wallet
DeFiGod: This is my life in 2021...
FTX CEO Sam: BSC is a great fit for SOL, I didn't know that at the time
3. Data Indicators
This week's data is sourced from: DeFi Pulse as of 4/5/2021.
DeFi Market Data Overview
TVL (Total Value Locked) refers to the total market value of assets stored in DeFi platforms; Maker Dominance shows the market share of the current largest project by market value; DeFi Pulse Index is the DeFi weighted index provided by SetProtocol.
Top Ten DeFi Projects by TVL
4. Weekly Memes
TFW pic.twitter.com/jEIpZM2IoY
โ ๐ฏ๐๐๐๐๐ (@safetyth1rd) March 31, 2021