This Week In DeFi No.1 - W15/2021

Welcome to This Week in DeFi!

DeFi is one of the fastest-growing industries in the world. It’s nearly impossible to stay up to date with everything. Therefore, Coin98 Insights has decided to bring you this series.

This Week in DeFi will help everyone stay up to date with the market and provide helpful insights to figure out investment opportunities.

Overview

1. The market is experiencing some heavy crashes today.

2. COIN

COIN is officially available on NASDAQ and traded at $350/COIN, which marks a big step for the largest Crypto exchange in the US and the whole Crypto industry in general.

3. DeFi

According to DeFiLlama, DeFi TVL has reached over $121.6B. DeFiLlama also added support for Avalanche recently. This explorer is catching trends quickly.

New Updates

Layer 2

zkSync zkPorter

zkSync has announced zkPorter, a new L2 scaling technology that will be part of zkSync 2.0. zkPorter promises 10x greater TPS compared to zkRollups or Optimistic rollups.

In zkSync 2, zkRollups and zkPorter will operate simultaneously while being interoperable.

Lending/ Borrowing

Aave’s Direct DAI Deposit Module

MakerDAO proposes collaborating with AAVE, allowing DAI to minted against aDAI (DAI collateralized in AAVE).

This allows AAVE to manage its variable borrowing rate if there is excessive DAI demand. Additional DAI could be minted, reducing DAI supply constraints and easing borrow rates. Besides, this would allow DAI to be more easily expanded to L2s or sidechains that AAVE resides on.

The two most prominent lending protocols collab together will bring positive effects for both. Aave will gain flexibility in DAI supply, and Maker’s DAI printing machine can go prrr prrr.

Dex

Integral Trading is Live

Integral is a new AMM that uses mirrored pricing to provide deep liquidity. The protocol is now live, with ETH-LINK trading.

xSushi’s Derivatives

Call options on xSUSHI have been created by the collaboration of Sushi with UMA protocol. The strike price is $25, which will be expired on May 31, 2021. If you think SUSHI will be worth more than $25, you can buy these options, and if you think it will be below, you can mint these options with xSUSHI and sell them.

Sushiswap’s Bento is Live

SushiSwap is moving and moving fast. Sushiswap’s BentoBox is live on mainnet for Ethereum and BSC. You can go to exchange.sushi.com/#/bento and use Kashi to lend or borrow assets or trade them on leverage. Isolated pairs let Kashi reduce risk while supporting long-tail assets.

Thorchain Mainnet Live

We can’t deny that multi-chain is the future, and all the fattest projects that support it will win the market share.

Recently, Thorchain Chaosnet has been live. Asgardex allows users to swap between bitcoin, Ethereum, BCH, LTC, and BSC. You can view stats for Multichain chaosnet here.

Aggregator

Ribbon’s Theta Vaults launching

Ribbon Finance, a yield aggregator, has launched its first product, the Theta Vault.

“The Theta Vault runs an automated covered call strategy on $ETH and reinvests premiums earned on a weekly basis, effectively compounding the yields.” The strategy can earn 30% APY on ETH, an extremely high organic yield through backtesting.

1Inch’s Kyber DMM integration

1Inch has integrated Kyber DMM. Kyber DMM is an advanced AMM that allows for custom pricing curves.

1Inch is a good case if you want to research and learn about a DEX aggregator project. The project must continuously be finding new places to provide a better price for users.

YFI BABY

Yearn is conducting an auction to buy YFI as part of its Buy Back and Build proposal. YFI under $45k will be bought with 300k USDC in Yearn treasury funds.

Others

Enso Finance

Enso Finance, a decentralized trading strategy platform, comes out of stealth. Enso promises users the ability to construct strategies that access any DeFi ERC20 token (current platforms are more restrictive) and have social trading features similar to eToro or dHedge.

Nyse NFT

NYSE - The New York Stock Exchange has launched its first trade NFTs. It seems like Trafi is more and more aggressive towards Crypto.

DOGE

DOGE has x100 since the beginning of 2021.

Google Cloud x Band Protocol

Conclusion

We hope that this series has given you an overview and valuable insights into DeFi this week. See you in the next This week in DeFi publish.

Learn more: DIP, Layer2 explosion, MEV & solutions