This Week in DeFi – September 24


This week, 1inch Exchange add Arbitrum to its growing list of L2 solution integrations and brings the much-needed DEX aggregation for the latest scale-up. 1inch will combine liquidity from Arbitrum-based exchanges including Balancer, Uniswap, Sushiswap and others to increase efficiency and reduce slippage in decentralized swaps.

Metamorphose announcement another distribution of FOX tokens to members of the DeFi community, this time targeting those who may have been left out last time due to staking or otherwise contributing their tokens to DAOs and other governance systems . Contributors to more than a dozen DAOs left out of the original drop will be eligible to have the 6.6 million FOX tokens “fairdopped”.

Harvest Finance is taking action this week, joining the Coin98 portfolio to facilitate access to yield farming for 400,000 users, mostly concentrated in the Indo-Pacific region. Harvest has also started collaborating with Stakewise for the Fertilizer program, giving additional rewards to randomly selected liquidity providers from the Stakewise pool.

And Polygon has initiated a bug bounty program, with maximum rewards of up to $ 2 million for critical security issues discovered. Even low-level threats discovered are worth a $ 1,000 payout, and a robust bounty program should help reduce hack losses as more users and cash join the Polygon ecosystem.

With the proliferation of competing scaling solutions and the huge demand for higher transaction speeds, the attack surface for malicious actors is greater than ever before, with only one limited amount of development resources available to build and provide QA for out-of-the-door DeFi applications. And while mostly similar to Ethereum coding, most L2s also have some unique differences and challenges that can make hacks even harder to prevent. The lag in removing L2 assets offers some protection, but many hackers aren’t averse to waiting months or years to finally get away with their ill-gotten gains.

But the DeFi community is a resilient and resourceful bunch, and while a lot of treasure has been allocated to growing juice on these platforms to capture market share, it seems likely that we will soon see a shift to management. reputation and security. As with the entire L2 race, Polygon is leading the way here too with a serious commitment to providing disincentives to take advantage of exploits discovered and have vulnerabilities flagged as patched instead.

As the hype moves away from simply scaling solutions and collecting their initial liquidity, branding, collaboration and integration will become increasingly important alongside security concerns. , and we could see L2 protocols and communities looking more and more like businesses, focused on managing their brand and public perceptions as moving fast and breaking things. Hopefully these budding giants, with all their integrated decentralized governance, will ultimately be more responsive to the wishes of their stakeholders than their centralized counterparts are today.

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Cheapest loans: Compound 4.37% APY, Aave 5.33% APY

ManufacturerDAO Updates

IAD Savings rate: 0.00%

Basic Fee: 0.00%

ETH stability fee: 5.50%

USDC Stability fees: 0.00%

WBTC Stability Fee: 4.50%

Highest returns: Celsius at 8.88% APY, Nexo Lend at 8.00% APY

Cheapest loans: Compound at 4.99% APY, Aave at 6.3% APY

Total value locked: $ 67.97 billion (down -25.2% since last week)

DeFi market capitalization: $ 111.924 billion (decrease of -13.57%)

DEX weekly volume: $ 15.53 billion (up 5.43%)

IAD To supply: 6.12B (down -3.32%)

Total number of DeFi users: 3,367,000 (up 2.09%)

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[Anthony Sassano – The Daily Gwei] Decentralize Everything – The Daily Gwei # 340

[Owen Fernau – The Defiant] – Robinhood’s new crypto policy set to bolster DeFi and NFT

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