This Week in DeFi – January 28

This post was originally published here

To the DeFi community,

This week, SuperDAO raised $10.5 million in a seed funding round, aiming to make it ‘absurdly easy’ for anyone to start and operate their own DAO. The SuperDAO framework will enable DAOs to raise funds via token sales, distribute equity to DAO members, manage a unified treasury, provide a newsfeed to DAO participants, and more.

 

A proposal to the BitDAO community authored by Matter Labs and Mirian passed, directing $200m in funding to zkDAO to advance the push for zero-knowledge based scaling on Ethereum and beyond. 

 

Blockchain data provider HAL raised $3 million in a seed funding round led by CoinFund to support the growth and development of on-chain data analytics services. Aave users also voted to integrate HAL notifications into the DeFi platform, initially to provide notifications about borrowing position health factors to reduce the risk of liquidations.

 

And Syndicate introduced Web3 investing clubs, purportedly making starting an investing DAO as easy as starting a group chat. Syndicate’s Web3 investment clubs exist as ERC-20 components so they can easily hook in with other DeFi tools and protocols, and are designed to bridge the gap between traditional investing groups and Web3 native investing by offering deposit and share management, generating legal docs, providing investment analytics, and more.

 

DAOs on DAOs this week, and more about their infrastructure and tooling versus their specific investing or building goals. That’s one way you can tell this cycle is different from the ICO craze that peaked in 2017 – at the time, even the most basic tools beyond the Ethereum protocol level (a much less competitive base layer race back then!) were still under development, even as projects with little more than a whitepaper raised millions.

biswap

An easier means to make intelligent investment decisions is also an exciting result of these new DAO tooling announcements, increasing the efficiency of non-institutional investors pooling their knowledge and resources by 10 or 100x. These advancements in payroll, share funding collection and distribution, productivity management, analytics, and more should help capital allocators separate the good projects from the bad, while also laying important groundwork for DAOs with even wider ranging goals.

Likewise, quiet projects like HAL that materially improve the user experience for everyday users through better data availability stand to have a huge long-term impact on widespread adoption of decentralized protocols. The Aave integration is also a nice example of community governance bringing small but meaningful proposals into the spotlight, allowing them to be prioritized and implemented much faster than in a top-down organization.

When you see dozens or hundreds of investing DAOs making positive contributions to the Web3 industry a year from now, think back to weeks like this, when the tools were just being released. DAOs are already experiencing explosive growth, and the recent emphasis on the metaverse and our lives online in general will only accelerate the trend. Have you joined a DAO yet?

 

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Interest Rates

DAI

Highest Yields: BlockFi at 8.50% APY, Nexo Lend at 8.00% APY

Cheapest LoansAave at 3.88% APY, Compound at 4.46% 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%

USDC

Highest Yields: Celsius at 8.5% APY, Nexo Lend at 8.00% APY

Cheapest LoansdYdX at 0.01% APY, Aave at 3.69% APY

Top Stories

Fireblocks lights up with $550M Series E

 

Uniswap founder’s bank account shut down by JP Morgan Chase

 

IMF urges El Salvador to drop Bitcoin as legal tender

 

Mark Zuckerberg’s Stablecoin Ambitions Unravel With Diem Sale Talks

 

Stat Box

Total Value Locked$76.24B (down -17.45% since last week)

DeFi Market Cap$102.32B (down -18.27%)

DEX Weekly Volume$19.82B (up 56.91%)

DAI Supply9.1B (down -1.07%)

Bonus Reads

[Owen Fernau – The Defiant] – MakerDAO’s Expulsion of Content Team Stirs Debate About Tougher Governance

[Fabian Klauder – DeFi Times] – Is 2022 the Year of Cosmos Airdrops?

[Anthony Sassano – The Daily Gwei] Decentralization Matters – The Daily Gwei #426

[Polynya – Bankless] – Why Layer 2s are the future

[Chris Williams – Crypto Briefing] – Daniele Sestagalli Projects Tank Amid Wonderland Drama

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

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