The DeFi analytics team has prepared a summary of the DeFi market, events, and important news that happened last week.
More smart DeFi ideas and memes (of course) – Discord channel and t.me/defimr. Stay tuned!
Disclaimer: This post is for informational purposes only and should not be relied upon as a basis for investment decisions. Please do not follow any opinion as a specific strategy.
🤟 DeFi Overview
- Total Value Locked (USD): $234.11b
- DeFi users over time – 4,202,965 – total_users
- DeFi Market Cap: $136,920,664,867
- DeFi Pulse Index: $240.85
👌 L2 Solution overview
TVL: $5.28 B
-6.87% / 7 days
👾 DeFi News
- DeFi Kingdoms Challenges Axie Infinity’s GameFi Supremacy with NFT Play.
- Aave Latest DeFi Protocol to Delay Open Source and Lock Down V3 Code.
- Avalanche Accelerates AVAX Adoption with BitGo Deal.
- Gnosis Safe Integrates with Avalanche, Expanding Security Tools for Developers and Users.
- Polkadot Launches First Batch of Parachains to Enable Interoperable Blockchain Ecosystem.
🖥 Videos
- DeFi: The Most Dangerous Part of Crypto or Winning Strategy? | Ben Samaroo
Bitcoin’s main advantage is that you have a limited supply and it’s not subject to continuous dilution, which you would have with sovereign currencies, says Ben Samaroo, Co-Founder and CEO at WonderFi. The current inflationary environment is why people see Bitcoin as a powerful stored value, he tells our Daniela Cambone. Samaroo believes there will be, “some sort of a hybrid system,” between traditional fiat currencies and digital currencies. When discussing decentralized finance opportunities through Ethereum’s network, he explains how DeFi is bringing equal access to finance and a leveled playing field.
- Mike Novogratz Talks Fed Policy, Cryptos and DeFi
Billionaire Mike Novogratz, founder of Galaxy Digital, discusses his criticisms of Federal Reserve monetary policy, the outlook for cryptocurrencies and says next year could be the year of decentralized finance, or DeFi. He speaks with Bloomberg’s Sonali Basak and Matt Miller on “Bloomberg Markets.”
💵 Earning
- Sunday’s yield farming pools from Defiyield MMFinance / MMF-USDT – 1400% APR Bomb Money / BOMB-BTCB – 900% APR YokaSwap / YOK-CKB – 800% APR WannaSwap / WANNAx – 800% APR Tulip Protocol / CAVE-USDC – 700% APR
- Yield review | FARM THEM ALL (from Moni)
- Stables are good and safe, but Almond can boost them a little.
- And here we have a very young Kucoin Chain and the first KuSwap DEX on it. Yields do not reflect auto compounding, so it is much higher in reality. But anything young and new is highly unpredictable; in My Humble Opinion
- Farm up to +140% APR in Dopex’s Arbitrum yield farms.
Dopex is an options exchange on the Arbitrum L2 scaling solution. We’ve examined the project in a previous Alpha Tractor, but if you missed that here’s a quick refresher.
Fundamentally, Dopex relies on doTokens, which are modified Opyn tokens, and works both to optimize liquidity for options buyers and to minimize losses for options sellers.
On the one hand, Dopex optimizes liquidity by fostering Options pools and Volume Pools where liquidity providers (LPs) can earn via market making + DPX rewards. On the other hand, Dopex minimizes losses for underwriters with its rDPX rebate token, which options sellers earn when they incur losses on the protocol.
How to earn in Dopex’s L2 farms
At the moment, Dopex is running a two-year liquidity mining campaign that’s distributing DPX and rDPX rewards to the protocol’s LPs on Arbitrum. The four farms available are:DPX (single-token staking)
rDPX (single-token staking)
DPX-WETH (Sushi LP token staking)
rDPX-WETH (Sushi LP token staking)
If you’re interested in joining any of these pastures, you can use this Dopex guide to bridge your DPX, rDPX, or LP tokens from Ethereum to Arbitrum. Alternatively, you can acquire the tokens you want directly on Sushi’s Arbitrum deployment. Once you’re ready to proceed, you would follow these steps:
Go to https://app.dopex.io/farms.
Connect your wallet and connect to Arbitrum.
Next go to your farm of choice and click “Stake.”
Input the amount of tokens you want to stake and then select “Approve” to complete an approval tx. Once that’s done press “Deposit” and complete the supply tx, and voila! Now you’ll be earning DPX and rDPX rewards.
Note: the highest-yielding opp right now is the rDPX-WETH farm, which is currently fetching +140% APR for stakers. Also keep in mind that you can unstake through the same interface you staked through.
Dopex has been audited, but it’s also a young project and all young projects in DeFi should be approached first and foremost as experiments. That means do your own research, understand the risks, and never invest more money than you can afford to lose.
- Yield DPI with your DAI in Vesper Earn!
Vesper Finance just introduced Vesper Season Two, and at the heart of that rollout is the launch of Vesper Earn on the main Vesper app.
Vesper Earn does DeFi in a new way, namely via programmable yield. In other words, users can deposit one crypto into this system, like ETH, and earn yield in another crypto, like DAI.
This is an unprecedented yield format, and it opens up interesting possibilities for farmers. For example, you can deposit DAI to buy DPI daily without having to sell your underlying holdings!
Depicted above, the 5 inaugural Earn Pools are offering additional VSP rewards on top of their base earnings rates. These opportunities just launched, so expect these rates to fluctuate going forward, but they’re certainly worth taking a look currently.
If you’re interested in trying out these pools, head to the Vesper app and connect your wallet. Scroll down to your Earn Pool of choice, click “Deposit,” and input how many tokens you want to supply. You’ll press “Deposit” again and carry out 1) an approval tx and 2) a supply tx, and that’s it! Then you’ll be farming in style.Vesper has been audited multiple times and is run by a public team. However, there are no ultimate guarantees in DeFi. Always do your own research, and never invest more money into any project than you can afford to lose.
❤️ Additional useful content
- What is DeFi? The Ultimate DeFi 101 Guide to Ethereum, Layer 2s, Yield Farming, and More.
- How To Bridge Your Assets Using Hop Protocol.
👍Meme of the week
