This Week in DeFi – November 26

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To the DeFi community,

This week, DeFi-focused L1 Elrond announced a massive $1.29 billion liquidity mining program for the Maiar DEX denominated in the MEX token. The program will also include a follow-up incentive program for users of currently leading DEX including Uniswa, Pancakeswap and Sushiswap.



Analytics provider Nansen announced deeper engagement with the Arbitrum Ethereum L2 solution, releasing a comprehensive research report and adding new dashboards for data exploration. It seems like Nansen is throwing their weight behind Arbitrum as the most likely choice for the most successful L2 solution as the wait for Eth sharding continues.



0xMaki, the Sushiswap savior who stepped back from that protocol in recent months announced he will join decentralized liquidity provision and market maker Tokemak as Chief Strategy Advisor. 0xMaki was instrumental in building up Sushiswap in the early days, and may have a similar effect on the upcoming launch of Tokemak.


And Botto announced integration with Olympus Pro, the next evolution of DeFi incentives for long-term protocol growth. Botto allows community members to help guide the development of AI generated art and has provided incentives via DEX like Uniswap to ensure liquidity for the BOTTO token. Now, Botto will buy liquidity tokens from users with Olympus-style bonds, collecting value for the protocol over time while also gaining control over DEX liquidity.


The adoption of Olympus Pro by Botto is an exciting moment this week, as one of the first real world examples of a non-DeFi protocol understanding and implementing the powerful innovation in short-term bonds and buying liquidity rather than simply incentivising it. As the Olympus forks continue to proliferate, it’s fun to see innovation taking off in real time, and to see projects in the crypto industry validating the premise of protocol owned liquidity.


It’s also an interesting trend to watch as more and more L1 competitors and even some protocols continue to launch their own liquidity incentive programs. With nearly all done in the ‘old-school’ style of simply renting liquidity for mercenary providers, it should be interesting to see if these massive incentive programs are altered over time to reflect the rapid evolution in understanding and economics of bootstrapping not just functionality, but a community and staying power of protocols and applications.

It wouldn’t be a huge surprise to see a mid-program shift from buying to renting liquidity – and while such a change would likely be the ringt long term decision, it should be fascinating to watch the response from both small community members and the large liquidity providers with substantial weight to throw around to make their voices heard. Stay tuned!


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Interest Rates


Highest Yields: Fulcrum at 15.65% APY, BlockFi at 8.50% APY

Cheapest LoansCompound at 4.89% APY, Aave at 5.00% APY

MakerDAO Updates

DAI Savings Rate: 0.00%

Base Fee: 0.00%

ETH Stability Fee: 2.00%

USDC Stability Fee: 0.00%

WBTC Stability Fee: 2.00%


Highest Yields: Fulcrum at 22.01% APY, Celsius at 9.43% APY

Cheapest Loans: Aave at 5.95% APY, Compound at 6.30% APY


Top Stories

C3 Protocol raises $3.6m for cross-margining layer led by Arrington Capital and Jump Capital


DeFi privacy project Panther raises $22M in 1.5-hour public sale


New Layer 2 Boba Leapfrogs Optimism and Races Past $1B in TVL


EIP-1559 Has Burned 1 Million Ethereum

Stat Box

Total Value Locked$103.29B (up 0.63% since last week)

DeFi Market Cap$144.78B (down -5.06%)

DEX Weekly Volume$25.96B (up 8.01%)

DAI Supply8.74B (up 1.51%)

Total DeFi Users: 4,040,100 (up 1.52%)

Bonus Reads

[Fabian Klauder – DEFI Times] – Why the ETH Debate is Bullish For Crypto as an Asset Class

[Juan Pellicer – The Defiant] – Concentrated Liquidity Increases Risk of Impermanent Loss, Bancor and IntoTheBlock Found

[Anthony Sassano – The Daily Gwei] Probably Nothing – The Daily Gwei #386

[Lucas Campbell – Bankless] – The Best Barbell Strategy for Crypto Natives

[Brooks Butler – Crypto Briefing] – “Parody” Token Struck Down by Estate of J.R.R. Tolkien

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