Anchor Protocol will be targeting a 20% fixed annual yield on stablecoins—the highest fixed stablecoin rate to-date. Anchor, a newly launched low-volatility savings protocol by the Terraform Labs team, aims to achieve this 20% rate by passing borrowers’ staking rewards onto lenders, instead of charging a  borrowing rate. In other words, the borrowing cost equals…

Leverage is difficult to monitor in DeFi’s current state, but it may have found a friend in a new product called the Flexible Leverage Index (FLI). The ERC-20 token, pronounced “Fly,” created by Index Coop and DeFi Pulse, using Compound and Set Protocol, aims to help token holders manage their leveraged positions.  Managing these positions…

Degenerative Finance has launched uSTONKS, a synthetic that tracks the ten most bullish Wall Street Bets stocks. The project is a collaboration between Yam Finance and UMA protocol, and is intended to function as a DeFi proxy for hype on Reddit’s WSB. Users who mint and provide liquidity during the first three weeks will receive…

DODO, a crypto exchange with contracts on both Binance’s Smart Chain and Ethereum, has suffered a $2.1M hack. The hacker attacked DODO’s Crowdpools, which the project launched in February as part of their version 2 (V2). “On March 8, Several DODO V2 Crowdpools were attacked. WSZO, WCRES, ETHA, and FUSI pools were impacted, while AC…

Yearn Finance and Cover are splitting ways after announcing a merger back in November. The reasons behind the break-up haven’t been disclosed, but Yearn’s creator, Andre Cronje, has made one thing clear: it’s not amicable. Lost Trust Originally, Yearn—which specializes in lending aggregation, yield generation, and insurance—had partnered with peer-to-peer insurance lending protocol Cover with…

InsurAce, the Singapore-based insurance protocol, raised $3M in a token-based funding round led by Alameda Research and HashKey Capital. Investors from the project’s $1M seed round, DeFiance Capital, ParaFi Capital, Hashed and Signum Capital, also participated. The round was completed with institutional investors, including, IOSG Ventures, ImToken Ventures, LongHash Ventures, HashGlobal, Tembusu Partners, Factorial Ventures,…

The DeFi Pulse Index (DPI) has added Sushiswap’s Sushi token to its set of assets.  DPI now includes 12 tokens, with Sushi comprising 8% of the index’s total value. The only three project’s with tokens representing higher allocations are Uniswap, Aave, and Synthetix, with 30, 19, and 13% respectively. The projects launched within a month…

Deposits in Yearn Finance’s DAI vault are rising after synthetic assets protocol Alchemix started using Yearn for its backend last week.  Alchemix deposits quintupled to almost $130M from less than $25M on Feb. 27, when the protocol launched. The surge pushed Yearn to raise its Dai vault limit to 300M from 100M. The move shows…

The SushiSwap community is now voting on a proposal to build SushiSwap on the Solana blockchain using the Solana-based Raydium DEX as a bridge. Raydium proposes “acting as a bridge and partner for SushiSwap’s expansion onto Solana,”  allowing SushiSwap to access additional liquidity from Serum and leverage the chain to increase transaction fees and lower…

Brave, the company behind the open source Brave web browser that allows users to tip publishers and content creators with its first-party Basic Attention Token (BAT), is setting their sights on a lofty new project: a Brave DEX aggregator. The Brave DEX aggregator is intended to have multi-chain support featuring many assets across different blockchains,…