DeFi News Digest: 7 – 13 February

The Midas 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 and Telegram channel. Stay tuned!

DeFi Overview 🤟

The total value locked (TVL) in DeFi projects: $203.25 billion.

Data from Dune Analytics reveals that the number of decentralized finance (DeFi) users has hit a new all-time high of 4,381,657. 

DeFi Market Cap: $110,984,801,399

DeFi Pulse Index: $175.38

The DeFi Pulse Index is a capitalization-weighted index that tracks the performance of decentralized financial assets across the market. Underlying tokens: UniSwap, Loopring, Aave, Maker, Yearn, Compound, Sushi, Synthetix, REN, Rari Capital, Balancer, Badger, KNC, Farm, Instadapp, Vesper and meta.

L2 Solution overview 👌

The Total Value Locked in Ethereum Layer2 systems: $5.87  billion

DeFi News 👾

  • Hashstack launched Open protocol testnet, offering under-collateralized loans

  • Polygon raised $450 million from Sequoia Capital India, SoftBank, Galaxy, Tiger, Republic Capital

  • Alchemy raised $250M at $3.5B valuation in Series C led by Andreessen Horowitz
  • iOS jailbreak developer won $2M bounty for finding a critical bug in Optimism

  • Gnosis votes on whether to spin out DeFi infrastructure project as independent DAO

  • Aave team launched Social Media Platform with Lens Protocol Venture

Videos 🖥

  • Lens Protocol – the Metaverse’s first true social layer

Lens Protocol is a new attempt at creating a decentralized Web3 social graph reimagining the way we connect through social networking. Rather than requiring apps to onboard users and scale as more join, it devolves that process to the network itself and simply asks app developers to build on top of the user base. The value to users lies in the apps, the value to apps lies in the users. More apps is good for everyone. So, no one ring to rule them all, but an ecosystem that scales more organically. From the team that brought you Aave.

  • No liquidation, squared leverage!? Squeeth is nuts!

Squeeth is short for Squared Eth. It’s a new power perpetual from Opyn allowing users to benefit from convexity when going long ETH. Long squeeth (ETH²) gives you a leveraged position with unlimited upside, protected downside, and no liquidations. Compared to a 2x leveraged position, you make more when ETH goes up and lose less when ETH goes down (excluding funding). Eg. If ETH goes up 5x, squeeth goes up 25x. You pay a funding rate for this position. There’s also a Short Eth option as well as automated strategies to help take some of the pain out of managing your positions.

Additional useful content❤️

Meme of the 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.

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