Uniswap v3 is live, ICP hype, Exploited Weekend

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

Highlights this week:

• Uniswap v3 is live.
• ICP hype.
• Spartan Protocol, Value DeFi, Rari Capital exploited.

Overview

1/ This week, the BTC price does not change much and is now being traded at $59,000.

2/ DeFi TVL increased significantly and is now worth $140.75B.

DEX

Uniswap v3 is live

Uniswap v3 is officially live. Some significant changes include:

• Vastly improve capital efficiency for LPs.
• Better experience for traders.
• LP positions are now NFTs.

Stats after 24hr:

• Trading volume: $150m.
• Total value locked: $300m.
• Vol/TVL (effeciency): 50%.

On its first day, v3 has already seen more than twice the volume of v2 in its first month.

To help users efficiently manage their concentrated liquidity positions on Uniswap V3, Charm is launching Alpha Vaults. Alpha Vaults will automatically rebalance user’s positions to reduce impermanent loss.

Besides Charm, Visor will also launch Smart Vaults for Uniswap V3.

Releasing Uniswap V3 brings up many revolutionaries but also many problems to solve. For example, users will have more difficulties in adding liquidity or do not know where to use LP tokens which are NFTs right now,...

The projects that can solve the problems of this top-tier Dex will be worth paying attention to.

Sushi Liquidity Mining on Polygon

Sushi liquidity mining is now live on Polygon. Users can start to provide liquidity to receive rewards through this link. 

“Why should I care when I can just deposit money and farm in layer 1?”

With layer 2, it will be possible for users to compound theirs yield every day. 

You can receive much more yield or save a large number of fees than just “set it and forget it” like in layer 1.

BAL x PRIME DAO2DAO Pool Live

Balancer and Prime DAO have worked together to launch the DAO2DAO pool. This pool can combine liquidity between protocols, and users can receive both tokens as rewards.

Derivative

Dopex Reveal

Dopex, an options exchange with a pool model, has been released. This project is similar to Hegic but with better pricing, token rebates in case of losses, cheaper fees, and faster transaction speed since it will be on Optimism.

Aggregator

Alpha Q2 Outlook 

Alpha Finance has released its monthly summary & Q2 outlook.

TL, DR:

1. Alpha Tokenomics.
2. Alpha Homora V2.
3. Alpha Homora ecosystem.
4. Alpha Grants Program.
5. Next growth stage at Alpha starting this Q2.

Others

Badger DAO launching ibBTC

BadgerDAO partnered with DeFidollar to launch ibBTC (a kind of interest-bearing tokenized Bitcoin for DeFi). The yield comes from:

• Curve trading fee.
• Farmed CRV.
• Farmed Badger.

ICP on Coinbase Pro

ICP will be listed immediately on Coinbase Pro as soon as the tokens become transferable. 

ICP received a lot of hype recently. This project had raised 200 M for development, and let’s see what will happen when the token becomes available.

Bankless - BANK token

Bankless community is launching a DAO (aka token). 

Token overview:

• Token Contract Address: 0x2d94aa3e47d9d5024503ca8491fce9a2fb4da198
• Name: Bankless Token.
• Ticker: BANK.
• Decimals: 18.
• Total Supply: 1,000,000,000 BANK.

30% supply of BANK has been airdropped to users who donate Gitcoin for the project or BADGE holder. Right now BANK token has no financial value.

Spartan Protocol hacked 

Spartan Protocol has been hacked as the code had a flaw (those the project was audited). The hacker has exploited that flaw and stole $30.5M. It seems the project hasn’t found out the right solution for the attack. 

Value DeFi hacked 

Value DeFi has been attacked two times a week, nearly $100 M has been stolen, which causes serious damage to the protocol from both value and reputation.   

Rari Capital exploited

Rari Capital ETH Pool related to Alpha Homora integration has been exploited. The funds are SAFE.

Integration is an innovative but risky aspect of DeFi. Both partners need to understand each other well, especially with a high-tech protocol like Alpha Finance.

This week’s exploits have reminded us of the danger when joining an immature space like DeFi. To make a profit, you need to protect your assets well first.

Okex to Arbitrum

Okex will enable direct deposits & withdrawals to layer 2 Arbitrum.

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.

Disclaimer: All the information in this article is only for information purposes and should NOT be considered investment advice. Investing in Crypto contains hugely high risks, and you should only invest the fund you willing to lose.