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DeFi Weekly Update | Coinbase to go public, details on Sushi v3, Fei Protocol proposes redemption of FEI

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DeFi Weekly Update | Coinbase to go public, details on Sushi v3, Fei Protocol proposes redemption of FEI

Dear DeFi enthusiasts,

Coinbase's listing is approaching on 4/14, speculations have driven exchange tokens BNB and FTT to rise, and Coinbase is also one of the issuers of the digital dollar USDC, listing many DeFi tokens on its exchange. Therefore, the listing is believed to have a positive impact on USDC and DeFi development.

Headlines this week include: Sushi Protocol's v3 version MIRIN will combine swaps, options, and lending into one contract, adding various features to improve capital efficiency; Fei Protocol releases a new governance proposal planning to use reserve assets to redeem imbalanced stablecoins; BadgerDAO partners with Fireblock to bring institutional investors' Bitcoin into the DeFi ecosystem, and more.

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Highlighted perspectives this week include: Uniswap founder Hayden Adams explains why he doesn't think the effects of Uniswap V3 are over; Syndicate Protocol founder Ian Lee discusses why the NFT market is akin to Disney vs. TikTok; Eventornado hackathon founder Edgar generously showcases the investment portfolio of his two one-year-old nieces and nephews—have you been outdone?

1. This Week's Highlights

✨ Top Headlines of the Week

Sushi Protocol v3 Upgrade MIRIN to Combine Swaps, Options, and Loans into One Contract, Adding Several Features to Improve Capital Efficiency

According to SushiSwap's Github repository, the Sushi Protocol v3 upgrade—MIRIN will make a series of improvements to AMM, including Deriswap to improve capital efficiency, combining trading, options, and loans into a single contract, allowing the exchange of any two assets. Each trading pair on MIRIN has a public pool and multiple licensed pools. The public pool supports standard swaps (charging a 0.3% fee, with 0.1% going to xSUSHI holders), while licensed pools support third-party management, such as providing additional native governance tokens to liquidity providers and setting custom transaction fees.

Fei Protocol Releases Latest Governance Proposal, Plans to Use Reserve Assets to Redeem Imbalanced Stablecoin

Fei Protocol, an algorithmic stablecoin project backed by many prominent institutions, has faced challenges due to an oversupply in its genesis plan, combined with code issues, leading the development team to suspend the incentive mechanism but still unable to peg the token price back to $1. To address the high selling pressure on FEI stablecoin, Fei Protocol founder Joey Santoro today released a governance proposal to use PCV funds to redeem FEI from FEI holders. There are currently three options for TRIBE holders to choose from: redeem at $1, redeem at a discounted price of $0.9, or not redeem at all.

Ethereum Layer 2 Ecosystem Progress Summary: StarkWare Completes Funding, Optimism Delayed, Hermez and Aztec Mainnets Launched

Despite uncertainties and delays in the Ethereum Layer 2 ecosystem over the past month, there has been rapid progress and development overall, particularly with Offchain Labs launching a mainnet candidate version, Matter Labs planning to launch 2.0 public testnet in May, StarkWare finally announcing progress in funding, and Optimism being postponed to mainnet launch in July. Additionally, sidechain protocol Polygon has launched lending platform AAVE, among other developments.

BadgerDAO Collaborates with Fireblocks to Bring Institutional Bitcoin into DeFi Ecosystem

Fireblocks is an institutional-grade digital asset service platform that provides services for OTC trading, custody, transfers, token issuance, and more. To meet the demand of large capital for DeFi investments, BadgerDAO announced a strategic partnership with Fireblocks, enabling Fireblocks' 200+ institutional clients to stake their Bitcoin in the Badger protocol and securely hold Badger assets (bBadger, bDIGG).

🚀 DeFi Protocols

Set Protocol Deprecates V1 Version, Holders Can Choose to Sell or Redeem Their Products

Float Protocol to Conduct Minting Ceremony from May 6 to 9

dFuture to Participate in DODO Raptor Project and Launch Trading Mining Campaign

UMA Developing an ETH Volatility Index Product

1inch Rebrands as 1inch Network, Restructuring Organizational Structure

The Best Performing DeFi Token of 2021 Isn't on Ethereum

🔗 Blockchain

Kava 5 Mainnet Upgrade Completed, Introduces HARD Protocol V2 Version

Binance Smart Chain Gas Fees Now Default to 5 Gwei

Polkastarter Q2 Roadmap: Adding NFT and Crowdfunding Features

🏛 Exchanges, Regulation, Institutions

Bank of Russia to Begin Testing Digital Ruble Prototype in 2022

FTX Secures Exclusive Naming Rights for Miami Heat Arena for 19 Years, Renaming It FTX Arena

🖼 NFT

WWE to Hold Undertaker NFT Auction, Winner to Enjoy Exclusive Benefits

Burning Art Trend on the Rise! "Intentional" Destruction of Originals, Passing on Physical Art through NFTs, What's Your Take?

McDonald's France Introduces NFT Artworks Based on Its Food

Seven-Time Super Bowl Champion Tom Brady to Launch NFT Platform Autograph

The Sandbox Partners with Gemini and Others to Commence New Round of Virtual Land Sales

2. Insights from Industry Leaders

Uniswap Founder Hayden Adams: I don't think the effects of Uniswap V3 are over yet

Syndicate Protocol Founder Ian Lee: The current NFT trend is good, but NFTs in the form of self-media will be even crazier

Eventornado Hackathon Founder Edgar: Your investment portfolio better not lose to my two one-year-old nephews and nieces

3. Data Indicators

This week's data is sourced from: DeFi Pulse 2021/4/12.

Overview of DeFi Market Data

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 a DeFi weighted index provided by SetProtocol.

Top Ten DeFi Projects by TVL

4. Weekly Memes