【Dapp Pocket】DeFi Weekly Report - Week 1 of June
Dear DeFi enthusiasts, ETH prices have been continuously rising in the past week, with MKR surging by over 30%, but I believe this doesn't come as a surprise to many.
New lending platforms in DeFi keep emerging, Uniswap Market allows you to lend Uni Tokens, and the new stablecoin aggregation protocol mStable has been launched. Eth2 Schlesi testnet announced its closure... but the new Witti testnet is already up and running! The development of Eth2 continues to advance. The much-anticipated Polkadot testnet has finally gone online.
Due to scheduling conflicts with interviewees this week, expert interviews will be paused for a week, we seek your understanding. However, we have conducted in-depth research on Staking for you, and we believe it will bring significant changes to Ethereum in 2020 🚀
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DeFi (Decentralized Finance) refers to decentralized financial services. In simple terms, it operates in a decentralized manner to solve issues prevalent in traditional finance, such as slow transaction speeds, high costs, susceptibility to hacks, and potential misuse by governments or organizations. The current DeFi ecosystem offers interest-bearing loans, shorting assets, high leverage trading, and even unique flash loan services.
Table of Contents
Section 1: Our Perspective
Issuing Tokens to Users, the New Trend of DeFi Platforms?
Lending platform Compound and automated market maker Balancer both announced this week that they will be airdropping governance tokens to users. This decision is seen as a win-win situation. For users, participating users of DeFi platforms can receive tokens for free, increasing their investment returns and giving them the power to participate in platform development and decision-making beyond economic value. For platforms, they can attract more users and funds in the early stages, and the airdropped tokens are targeted at early users of the platform, meaning these individuals have more confidence in the future of the platform and are less likely to sell off immediately upon receiving the airdrop, which could lead to a devaluation of the token, making users more willing to stay on the platform. This kind of airdrop is ideal for users, platforms, and the entire ecosystem, and it may become a model emulated by major DeFi platforms or even new startups in the future.
Section 2: Highlights of the Week
Aave's Uniswap Market Launch
DeFi lending protocol Aave officially launched the Uniswap Market. Uniswap, a well-known decentralized automated market maker, will provide users with UNI tokens from the platform, and Aave will support the use of UNI tokens as collateral, allowing liquidity providers to collateralize them in the Uniswap Market to access liquidity. The Aave team mentioned that by increasing stablecoin supply, this secondary token market will demonstrate how tokenization can expand the overall DeFi market.
Towards Decentralization, Compound Issues Governance Token COMP
Robert Leshner, CEO of Compound, announced in a press release last Wednesday (27th) that in order to create a robust open protocol and eliminate single points of failure, the development team decided to issue a governance token - COMP, creating a community organized by token holders to propose, vote, and implement changes to the protocol, replacing the current centralized governance by the development team.
Subsequently, the team publicly announced the distribution method of 42.3% of the tokens on the 29th: "Lending is Mining." Among the total of 10 million tokens, 4.23 million COMP will be distributed for free to lenders and borrowers using the protocol.
Stablecoin Aggregation Protocol mStable's First Version Deployed on Ethereum Mainnet
Stablecoin aggregation protocol mStable announced that its first version has been deployed on the Ethereum mainnet. This is a smart contract system that can mint stablecoins in the mStable protocol (such as mUSD) by injecting other stablecoins (such as DAI, USDT, USDC), and users can also redeem mUSD to redeem other stablecoins. mStable plans to launch the protocol token Meta (MTA) later this year to coordinate mStable governance and ensure the system is protected from arbitrage losses. Users can use Meta for staking, proposals, voting, and can also collect redemption fees to restore value for unanchored assets. mStable will also distribute a portion of Meta tokens to early contributors.
Balancer Labs Starts Weekly Distribution of 145,000 BAL Tokens to Liquidity Providers
Uniswap automated market maker Balancer announced that starting at 00:00 UTC on June 1st, they will begin distributing governance token BAL to liquidity providers in the Balancer pool, with a total weekly distribution of 145,000 BAL tokens, totaling 7.5 million BAL per year. The goal is to provide early adopters with economic incentives, promote liquidity growth, and engage in governance processes.
Dharma Introduces Tiramisu, an Open Source Layer 2 Peer-to-Peer Payment Scaling Solution
Last Wednesday, lending platform Dharma announced the open-source second-layer scaling solution for peer-to-peer payments, Tiramisu. Tiramisu consists of a set of Solidity smart contracts and a node that tracks the state of all accounts in the system, enforcing each state transition through a state machine to ensure all updates are consistent. If invalid state transitions pass through, Tiramisu will continue to review incoming blocks and automatically construct and submit fraud proofs to correct these errors.
Polkadot is Live! Candidate Chain "CC1" Officially Launched, Investors Need to Wait a Little Longer
Gavin Wood, co-founder of Ethereum and founder of Polkadot, announced on Medium yesterday that Polkadot's first candidate chain "CC1" has officially launched. Gavin Wood emphasized in the article that CC1 is just a "candidate chain" and not the mainnet of Polkadot, so the DOT tokens cannot be transferred yet. If there are optimizations needed, the development team may introduce a second (or even third) candidate chain. However, Gavin Wood revealed that the team essentially hopes that "CC1" will be selected as the final version of the Polkadot blockchain.
Facebook's Libra Wallet Renamed to Novi from Calibra
Although the Facebook-led Libra cryptocurrency project is still ongoing, Calibra will no longer exist, as Facebook announced last week that its Libra wallet has been renamed to Novi. David Marcus, head of Novi Financial and co-founder of Libra, also stated in a tweet: "It's clear that there was more confusion than we wanted between Libra and Calibra products." Novi will be provided as an independent app and will also be integrated into Facebook's Messenger and WhatsApp services. Once the Libra network mainnet is activated, Facebook plans to release Novi in certain regions and offer cross-border payments.
Other Highlights Include
Tech Startup Bincentive Partners with Rakuten Market to Start a "Points Investment New Era"
Accenture's Digital Dollar Project Releases Whitepaper
Section 3: Data Indicators
For this week, the data covers the period from 2020/5/26 to 06/01, with price data extracted around 8:30 PM. TVL refers to Total Value Locked, indicating how much value is locked in the platform. Data Source: DeFi Pulse
DeFi Lending Platform Scale
DEX Scale
Section 4: Insights from Industry Leaders
Ryan Sean Adams: Ethereum's Evolution from Technology to Social System
Founder of Mythos, Ryan Sean Adams, shared his changed perception of Ethereum on Twitter. He mentioned that if asked in the past what Ethereum is, he would have answered with "Ethereum is a technology that..." Now, he responds with "Ethereum is a social system that..." An intriguing perspective that prompted some to suggest that Ethereum might be the first platform in history that allows others to surpass its own innovations.
Robert Leshner: Compound's Community Matters More Than I Do
Robert Leshner, founder of decentralized lending platform Compound, mentioned on Twitter that a community member asked him why he hadn't tweeted or commented on a significant Compound announcement. He responded that the essence of decentralization is "I shouldn't matter." The protocol should run without needing his involvement. He emphasized that the protocol will run without him, but it won't run without the community, urging them to get ready to operate Compound.
Compound @compoundfinance
Governance is ready to scale to the entire Compound ecosystem. All users and applications built on Compound will continuously, and automatically receive $COMP to shape the future of the protocol. Learn how it will work: https://t.co/x5Zl86t8Db
ConsenSys: What Are You Most Curious About Eth2?
Blockchain software company ConsenSys conducted a poll on their official Twitter account to inquire which aspect of Eth2 people are most curious about. The options included Staking, Sharding, Execution Environment, and Transition from Eth1. With nearly 900 votes, Staking received the highest votes at 44.2%.
Related
- BitGo's new stablecoin USDS is set to launch in 2025, sharing profits with liquidity providers.
- Ripple upgrades XRPL in collaboration with Futureverse, investing tens of millions of dollars in Japan and South Korea.
- Former Top DEX Falls! Mango DAO Proposes Settlement with SEC: Destroy All Tokens and Delist