This Week in DeFi – June 25

This post was originally published here

To the DeFi Community,

This week, Impermax moves on to Polygon, allowing LP tokens to be restaked to earn additional yield, increasing capital efficiency on the leading Eth scaling solution.Supported pairs will also receive Quickswap QUICK token rewards from LP tokens staked using Impermax, further increasing the rewards potential of providing liquidity on Polygon.


Yield Protocol raised $10 million in a funding round led by Paradigm and joined by Framework Ventures, CMS Holdings, and the DeFi Alliance to expand its fixed rate borrowing and lending platform. The added capital will go towards developing Yield v2, including integration with MakerDAO and improvements to gas efficiency.


Sushiswap continues the march of bringing its AMM capabilities to new blockchains, announcing a deeper partnership with Harmony One and a $4 million incentive program. Sushiswap plans to bring its full suite of products to Harmony, including Onsen and access to assets in the Bento Box Vault.


And UMA released the Long Short Pair contract, allowing users to mint tokens against collateral with, generating a pair of long and short tokens for the underlying asset. Exposure either long or short can be taken by selling the opposite minted token, and contracts settle using the UMA Optimistic Oracle at expiry, simplifying the process and eliminating the need for ongoing feeds from other price oracles.


It’s been a tough few weeks on the DeFi front, with TVL and the DeFi market cap continuing to roll off highs set in the early weeks of 2021. But in such a fast-paced industry, it can be easy to lose sight of just how far we’ve come.


About a year ago, DeFi was just starting to find its legs. Governance tokens were a novel, practically experimental concept, and the protocols that did exist at the time were nearly all in their first or, in a few instances, second iterations. TVL was just breaking into the billions, and DeFi was essentially an unknown entity to institutional financial service firms.

Today, we’re looking at TVL north of $50 billion, high stakes and detailed debates on the role and future of on-chain governance among dozens of protocols, a veritable explosion of innovation and new financial experiments and primitives, and institutions clambering for a way to get up to speed on the emerging competitor to their financial dominance. 

Don’t spend all day watching charts or your portfolio balance. If you’ve done your research, you are among some of the earliest to understand how important DeFi will be, to financial services and the world more broadly. So take a walk, enjoy the summer weather. Many more sunny days for DeFi are ahead.

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Interest Rates


Highest YieldsNexo Lend at 10% APY, Fulcrum at 6.71% APY

Cheapest LoansAave at 3.68% APY, Compound at 4.28% 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%


Highest YieldsNexo Lend at 10% APY, Celsius at 8.95% APY

Cheapest Loans: Aave at 3.26% APY, Compound at 3.53% APY

Top Stories

Rocket Protocol Upgrades to Rangers Protocol With $63M Valuation


Andreessen Horowitz $2.2 Billion Crypto Fund III


Risk Harbor Debuts on Mainnet With $3.25 million Funding Round


[Proposal] GR10 Matching Pool: Use Gitcoin to build GitcoinDAO

Bringing institutional DeFi to the world

Stat Box

Total Value Locked$50.14B (down -5.36% since last week)

DeFi Market Cap$63.1B (down -20.19%)

DEX Weekly Volume$17.34B (up 26.29%)

DAI Supply4.93B (down -1.00%)

Total DeFi Users2,867,000 (up 1.80%)

Bonus Reads

[Anthony Sassano – The Daily Gwei] – Billions – The Daily Gwei #277

[Dan Kahan – The Defiant] – Stakehound Accuses Fireblocks of Losing $74M of ETH

[Fabian Klauder – DeFi Times] – Polygon Ecosystem Map

[Regan Bozman – Bankless] – How you can participate in DeFi fundraising

[MakerDAO Blog] – The Best Books on Crypto: 7 Recommendations

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