This Week in DeFi – May 28

This post was originally published on Defirate

To the DeFi community,

This week, renVM joined forces with Polygon to bring wrapped token bridges directly to the leading Ethereum L2 solution. The bridge will initially support cryptos including Bitcoin, Luna, Filecoin, and Dogecoin, with more to follow in the coming weeks, greatly expanding the variety and liquidity locked in the Polygon ecosystem.

 

Balancer raised more than $24 million dollars through the sale of BAL tokens from the Balancer treasury to VC investors including Blockchain Capital, Fintech Collective, and LongHash Ventures. The added funding will go towards awareness and education on the Balancer platform in the Asia-Pacific region and continued support for community members seeking grants to build additional functionality on top of Balancer.

 

UMA and Opium Network unveiled the newest application for the Optimistic Oracle design — DeFi derivatives based on the outcome of SpaceX rocket launches. The new product can be used to hedge the risk of unsuccessful rocket launches or profit from successful ones, with the Optimistic Oracle ensuring that outcomes are accurately reported without requiring launch data to make its way on-chain.

 

And KeeperDAO released its Act III roadmap ahead of the imminent launch of kCompund, an underwriting protocol designed to protect Compound users in the event of sudden downside volatility. Act III will also bring decentralized governance power to ROOK holders, along with UX redesigns and open sourcing of most of the KeeperDAO stack to foster community development.

 

Many new users have joined the DeFi experiment over the last year, some experiencing for the first time the thrills of bull market euphoria. The last few weeks have served as a reminder that crypto is not always just fun and profit, even as some of the most anticipated ecosystem changes, like honest-to-goodness L2 adoption of Polygon, are coming to fruition.

biswap

Now sentiment is growing increasingly fearful of a new bear cycle, even as crypto market prices have rebounded somewhat from recent lows. As anyone who has held through one will tell you, the silver lining to down cycles is the unshakable resolve of builders in the space, who all memes aside are genuinely in crypto for the tech, and for the long haul.

We can’t be sure what prices will do tomorrow, but when the going gets tough, try to think like a builder. We all know DeFi is far more than speculation, but everyone in the community can do their bit to keep calm and continue supporting the developers that are building the future of finance. Are you with us?

Interest Rates

DAI

Highest YieldsFulcrum at 14.57% APY, Nexo Lend at 10% APY

Cheapest LoansCompound at 5.44% APY, Aave at 7.24% APY

MakerDAO Updates

DAI Savings Rate: 0.00%

Base Fee: 0.00%

ETH Stability Fee: 5.50%

USDC Stability Fee: 0.00%

WBTC Stability Fee: 4.50%

USDC

Highest Yields: Fulcrum at 11.84% APY, Nexo Lend at 10% APY

Cheapest LoansCompound at 6.35% APY, dYdX at 8.68% APY

Top Stories

Mark Cuban Invests in Polygon

Mark Cuban bets on Layer 2.

HaloDAO raises $3.5 million in seed funding

HaloDAO raises capital to build fiat-pegged stablecoin marketplace.

C.R.E.A.M Upgrades All Markets to Integrate Band Protocol Oracles

C.R.E.A.M. bring Band Oracles to all markets.

Alpha Homora V2 Adds Lending of WBTC Token

Alpha Homora gets WBTC lending.

Introducing volmex.finance v1

Volmex brings volatility tracking to Ethereum.

Stat Box

Total Value Locked$64.66B (down -2.9% since last week)

DeFi Market Cap$93.99B (down -30.74%)

DEX Weekly Volume$34.8B (down -15.33%)

DAI Supply4.39B (down -3.3%)

Total DeFi Users2,573,700 (up 3%)

Bonus Reads

[Owen Fernau – The Defiant] – Arbitrum is the Latest Layer 2 to Join the Ethereum Scaling Race

[Anthony Sassano – The Daily Gwei] – Rejecting Maximalism – The Daily Gwei #256

[Ryan Adams – Bankless] – How to take out an interest free loan

[Fabian Klauder – DeFi Times] – Three Reasons Why the Bull Market Is Not Over

[Kerman Kohli – DeFi Weekly] – How to Raise Money for your DeFi Startup

The post This Week in DeFi – May 28 appeared first on DeFi Rate.

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