šŸ‘©ā€šŸ« (Wednesday) Tutorial: How to Earn Yield on BTC & Take Out an Interest-Free Loan

Hello Defiers! Here’s what we’re covering today, DeFi News: Uniswap Drafted to Lead DeFi Lobbying Push in Washington Proposal to Build Sushichain Catches Eyeballs, Raises EyebrowsDefiant Consensus’’ $DESK Token Takes on Life Beyond Conference Tutorial...

Hello Defiers! Here’s what we’re covering today,

DeFi News:

Tutorials:

and more:)

šŸŽ™Listen to this week’s podcast episode with Jeff Dorman:

the-defiant

The open economy is taking over the old one. Subscribe to keep up with this revolution.Ā Click here to pay with DAIĀ (for $100/yr) or sub with fiat by clicking on the button below ($15/mo, $150/yr).

Subscribe now

šŸ™Œ Together with:

  • Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools atĀ https://balancer.finance/!
  • Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi
  • Aave, an open-source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets.
the-defiantthe-defiant

šŸ“ˆ Consensus’’ $DESK Token Takes on Life Beyond Conference

NEWS A testnet token created a full on mania at CoinDesk’s Consensus 2021 virtual conference last week, in one of the latest signs even valueless coins can spur engagement and help unite communities.

SO WHAT CoinDesk’s $DESK token had been claimed by more than 1,371 addresses by the end of the conference on May 27. Each wallet claimed an average of about 25 tokens and ā€œpurchasedā€ three NFTs on average, meaning around 4,000 NFTs were acquired in total. While no money was exchanged and the coins could only be used within the conference’s ecosystem, it still inspired holders to band together in messaging app Discord, create memes and seek to collect as many tokens as possible.

SOMETHING NEW ā€œWe wanted to make the virtual event experience more fun and engaging for attendees,ā€ said Aaron Stanley, managing director of events content at CoinDesk. ā€œWe realized that by the time Consensus rolled around, people would be pretty tired of Zoom webinars, so we needed something new that could make the experience more interesting for attendees, speakers and sponsors.ā€

šŸ‘‰šŸ» THE FULL STORY IN THE DEFIANT.IO šŸ‘ˆšŸ»

the-defiant

šŸ£ Proposal to Build Sushichain Catches Eyeballs, Raises Eyebrows

TLDR First came theĀ tweet, then countless discussions and debates followed. Within days, voila! A governance proposal materialized.

SWAPS This pattern is rapidly becoming theĀ normĀ for DeFi protocols. This time the initiator was Sam Kazemian, the founder of Frax Finance, a protocol for a fractional-algorithmic stablecoin. HisĀ tweetĀ suggested that Sushiswap, theĀ automated market maker, should release a blockchain that facilitates swaps between assets on the other blockchains that run on its platform.

SO WHAT The idea is that such a move would address how Sushiswap’s liquidity is currently fractured across blockchains, said Dave Liebowitz, head of growth at smart contract automater Gelato, in the followupĀ proposal. The value locked in Sushiswap deployments on the Ethereum, Polygon, and Fantom blockchains were at $4.3 billion, $649 million, and $65 million respectively at the time of writing.

šŸ‘‰šŸ» THE FULL STORY IN THE DEFIANT.IO šŸ‘ˆšŸ»

šŸ› Uniswap Drafted to Lead DeFi Lobbying Push in Washington

TLDR DeFi is going to Washington.Ā A group of influential Uniswap users are proposing the formation of aĀ DeFi political defense fundĀ to address government action aimed at cryptocurrencies. At the top of the list: the Biden administration’sĀ 2020 budget proposal, which includes a potential expansion of cryptocurrency asset reporting requirements

LOBBYING FUNDS While many investors in the DeFi space are against centralized governments interfering with their crypto assets, the Uniswap governance proposal has been controversial, too. Not all agree that a single organization such as Uniswap, the decentralized finance protocol used to exchange digital tokens, should get to decide how to deploy lobbying funds and speak for the community.

FIRST MOVE That didn’t stop the Harvard Law School Blockchain and Fintech Initiative (HLSBFI), a student organization that promotes education and career development, from drafting a Uniswap governance proposal on May 27. Called ā€œFunding a Political Defense of DeFiā€ the plan is known as a ā€œtemperature checkā€ā€“ a designation for Uniswap governance proposals seeking to gauge community sentiment and feedback. The pitch could be the first move in the political halls of power for the DeFi movement. Uniswap founder Hayden AdamsĀ also tweetedĀ the proposal.

šŸ‘‰šŸ» READ THE FULL STORY IN THE DEFIANT.IO šŸ‘ˆšŸ»

the-defiant

šŸ§‘ā€šŸ« Terra Degen: How to take out an interest free loan using Liquity

Liquity is a decentralized borrowing protocol that allows you to draw interest-free loans against Ether used as collateral. Loans are paid out in LUSD (a USD pegged stablecoin) and need to maintain a minimum collateral ratio of 110%. In addition to the collateral, the loans are secured by a Stability Pool containing LUSD and by fellow borrowers collectively acting as guarantors of last resort.

šŸ‘©ā€šŸ« Defiant Degens: How to Earn Yield on Your BTC via DeFiDollar and Badger Finance

TUTORIAL Background on Protocol: For all the innovations in DeFi the last few years, few have garnered more love and adoration than vaults byĀ Yearn Finance. Yearn created vaults like yUSD to offer exposure to automated strategies for stacking yield, often in the form of interest, trading fees, and pooled rewards sold for profits.

STABLECOIN HOLDINGS Two projects that drew inspiration from Yearn areĀ DeFiDollarĀ andĀ Badger Finance. DeFiDollar is a multi-chain DeFi protocol building a range of products for including indexes, yield diversification, and how to enable capital efficient loans. DeFiDollar previously created a stablecoin index called DUSD to mitigate the risk of volatility and systemic failure in stablecoin holdings, which is very similar in its utility to yUSD.

LINEUP Badger Finance is a DAO self-described as ā€œdedicated to building products and infrastructure to bring Bitcoin to DeFi.ā€ Similar to vaults by Yearn, Badger Finance has introduced a lineup of products called Sett Vaults for automating strategies to provide liquidity, earn yield, and ultimately accrue more tokenized BTC on Ethereum.

šŸ‘‰šŸ» READ THE FULL STORY IN THE DEFIANT.IO šŸ‘ˆšŸ»

the-defiant

šŸ”— Pods Demo Release: The options awaken. Live on Polygon

After 3 months of beta testing and improvements on Kovan and Mumbai, we’re moving to the next testing phase for Pods. We’d like to present the official demo release for Pods.

What to expect?

The system is live onĀ PolygonĀ with a TVL cap of 200,000 USD distributed among two options series:

  • LINK:USDCĀ | Strike: 27| IV: 220% |Expiration: June 11th, 2021
  • MATIC:USDCĀ | Strike: 1.70| IV: 275% | Expiration: June 11th, 2021

šŸ”— The merge is just around the corner. But what is the merge exactly?: @_jefflau

the-defiant

jefflau.eth @_jefflauThe merge is just around the corner. But what is the merge exactly? Let's dive into why the merge is important to Ethereum, and why it is prioritised over sharding in the Eth2 roadmap. Another thread 🧵 šŸ‘‡5:28 AM āˆ™ Jun 1, 20211,464Likes317Retweets

šŸ”— With the ā€œmeme coinā€ hype blowing up I thought it’d be nice to have a bit of a refresher, & go over some of the cool projects with real use cases that are ACTUALLY being built on $ETH: @CroissantEth

the-defiant

croissant @CroissantEthWith the ā€œmeme coinā€ hype blowing up I thought it’d be nice to have a bit of a refresher, & go over some of the cool projects with real use cases that are ACTUALLY being built on $ETH All of these projects are breaking into trillion dollar industries... Let’s begin! 🄐10:54 PM āˆ™ May 31, 20211,804Likes530Retweets

šŸ§‘ā€šŸ’» āœļø Stories in this newsletter were written by Dan Kahan, Owen Fernau, and edited by Edward Robinson and Camila Russo.Ā Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

Subscribe now

The DefiantĀ is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAIĀ (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).

banner