This Week in DeFi – July 9

This post was originally published on Defirate

To the DeFi community,

This week, popular DeFi tracking platform Zerion closed a series A funding round for $8.2 million, led by Mosaic Ventures and joined by DCG, Placeholder, Lightspeed, and others. The funds will go towards scaling infrastructure to meet growing demand for Zerion desktop and mobile tracking services, expanded multichain support, and optimising the Zerion user experience for novice crypto users.

 

Enzyme Finance added access to Yearn vaults to the asset management platform, unlocking new ways for Enzyme strategy managers to generate returns on pooled capital. The move should help increase Yearn vault TVLs while bringing DeFi even closer to parity with existing asset management platforms, with completely decentralized infrastructure.

 

Aave announced the impending release of Aave Pro, an offshoot of the Aave platform geared towards institutional investors. Aave Pro will have distinct liquidity pools from the rest of the protocol, and will provide regulatory cover by only allowing KYC’d institutions and entities to participate in the program.

 

And oracle competitor API3 announced the release of the API3 Authoritative DAO, handing governance control over to the API3 tokenholder community. The DAO will use staked tokens as insurance for oracle data services, with stakers receiving weekly token rewards and voting rights to the future direction of the protocol.

 

There’s a tug-of-war going on in DeFi, but it goes back further into the history of crypto itself and beyond. It’s the competition between small numbers of participants with deep pockets like VC funds and crypto whales and the widespread community of smaller users, who’s individual contributions combined give them power to impact and direct the market. But coordinating the teeming masses can be a unique challenge, even with all the modern conveniences of communication and execution.

biswap

 

As with NFTs and the primordial early iterations of DeFi protocols in 2017, DAOs are an intriguing but largely untested, unrefined piece of the crypto economy, known well mostly only to those deep down the rabbit hole. But they represent perhaps the most compelling answer to the question of how to combine the expertise and financing of venture investment with the broad-based support and equitable distribution of bottom-up crypto participation.

 

It will likely be another few years before DAOs gain ‘celebrity’ status now enjoyed by protocols like Aave or Yearn, but the implications and possibilities of well designed autonomous organizations is hard to overstate. Looking to get in on the ground floor of something truly revolutionary? It might be time to start browsing DAOs.

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Interest Rates

DAI

Highest Yields: BlockFi at 8.50% APY, Nexo Lend at 8% APY

Cheapest LoansAave at 3.61% APY, Compound at 4.06% 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: Celsius at 8.88% APY, BlockFi at 8.31% APY

Cheapest LoansAave at 3.20% APY, Compound at 3.28% APY

Top Stories

Index Cooperative $7.7 million Treasury Diversification

Solrise Finance Raises $3.4 Million for Solana-Based Non-Custodial Asset Management

DeFi Asset Management Protocol Tranchess Raises $1.5 Million

Announcing liquidation notifications by EPNS for Alpha Homora Users

Sygnum Bank Offers ETH2 Staking

Stat Box

Total Value Locked$54.8B (up 4.78% since last week)

DeFi Market Cap$77.56B (up 17.07%)

DEX Weekly Volume$13.05B (down -20.0%)

DAI Supply5.25B (up 1.55%)

Total DeFi Users2,975,760 (up 1.86%)

Bonus Reads

[Anthony Sassano – The Daily Gwei] Hidden Gems – The Daily Gwei #287

[Curve Market Cap] – Wyoming’s first city governed by a DAO is closer than you think

[Masha Prusso – The Defiant] – Crypto Scams are Out of Control, Again… Here’s How to Stop Them Forever

[Harith Kamarul – Etherscan Blog] – 4 Metrics Showcasing ENS Adoption

[Fabian Klauder – DeFi Times] – The Transition From L1 to L2

The post This Week in DeFi – July 9 appeared first on DeFi Rate.

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