The DeFi analytics team has prepared a summary of the DeFi market, events, and important news that happened last week.
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
TVL: $5.64 B
+7.40% / 7 days
👾 DeFi News
- VyFinance DeFi Ecosystem on Cardano
In this call I got to talk to Steven Ward the Vyfi CEO all about what VyFinance are building on Cardano. They are building a full DeFi ecosystem with everything from a DEX and yield aggregators to a full auto trading system using Neural nets. They have a huge goal and seem to be well on track so far.
- Lock in 11.8% Interest with Notional Finance.
Lending & Borrowing has always been at the core of Decentralized Finance. Together with the inception of fixed-rate products into the market, this has helped push forward the DeFi landscape.
Today, we caught up with Teddy Woodward, the Co-Founder of Notional Finance, a protocol that facilitates fixed-rate, fixed-term crypto asset lending & borrowing. We got a glimpse at how the Notional platform works, the various lending options that users can opt for, and of course the mechanisms for the $NOTE liquidity mining program which launched recently.
- Farm +227% with the Thales pool on DODO!
Thales is a permissionless binary options protocol built on Ethereum.
This incentivization program will be active for the next few months and is currently offering +185% APR via THALES token rewards and 42% APR via DODO token rewards.
To join these yield pastures, you would first need to supply liquidity to the incentivized THALES-WETH pool and then stake your ensuing LP tokens through the DODO Earn dashboard. Here’s what that process would look like:
To start, make sure you have some THALES and WETH for supplying.
Next, head over to DODO’s THALES-WETH pool and connect your wallet. To do this first agree to Thales’s terms, choose the Ethereum network, and then select your wallet provider.
Now input the amount of tokens you want to supply. Complete the approval transaction(s) as needed, and then follow-up with the final deposit transaction.
With that you’ll receive DODO liquidity provider (DLP) tokens. Navigate to the DODO Earn mining dashboard and scroll down and click on the Thales pool option.
If this is your first time staking on DODO, you’ll need to fire off another approval transaction. Then input the amount of DLP you want to stake and press “Stake.” After completing the staking transaction, you’ll be earning THALES and DODO rewards!
Note: you can unwind your staking and LP positions through DODO Earn whenever you want.
This yield farming opportunity poses non-trivial risks with regard to impermanent loss (IL). Be cautious if you attempt to try it, and never deposit more money into a DeFi protocol than you can afford to lose!