The Defi Rollup #02

The latest news in DEFI, DAO & DEX technology, by DeversiFi. They see us Rolling!

It’s been a while since the last one, but we’re back. Last time you read this, crypto was in the midst of an unfettered bull-market, super-charged by DeFi yield farming. Since then, as I am sure some of you are painfully aware, we’ve seen a well-deserved correction as, hey presto, anon-devs, meme/veggie/degen tokens inevitably result in short-lived mania and a flurry of unscrupulous rug-pulls, either the result of cunning scammers or well-intentioned developers moving too fast for comfort.

The result? A lot of burnt fingers and rekt newbies. It’s not all bad though, this period also saw many exciting new concepts tested in the wild (Rest in Prod, anyone?), we’ve seen new projects emerge which are here for the long-term, and more people are wagging their tails over crypto than ever before.

Read all about, in 👇

If Bitcoin is like email, Ethereum is like the Internet.

–Heath Tarbert, CFTC Chairman

#TheRollup

🟣 ETH 2.0: deposit contract is almost ready for deployment with auditing on-going, results to be ready this week. As mentioned in the last edition, users will have the choice to stake ETH when the first phase of ETH 2.0 is launched (doing so will mean your ETH is locked until the following phases are active. LIDO, more below, is one project tokenising staked ETH). Below is a great visual showing ETH 2.0’s rollout plan (thanks to Trent Vanepps).

There was also an ETH 2.0 Quiz (every attendee got a POAP token and the winner 1 whole ETH). It’s ended now but re-watching it and playing along is a great way to consolidate your Ethereum knowledge. Otherwise, check out the ETH 2.0-specific reading list at the bottom.

🟣 LIDO! As you can imagine, having your ETH staked in Phase 0 of the ETH 2.0 roll-out isn’t THAT great. While the value of ETH may accrue, and the interest gained, not having access to your ETH represents inevitable opportunity-costs. LIDO is a project led by CryptoCoban (AKA Jordan Fish) which tokenises staked ETH giving users the best of both worlds, allowing them to stake in ETH 2.0 while preserving liquidity. Comfy! 🏖

🟣 A summary of general bullish crypto news:

  • There are now 3 central banks looking at Ethereum for their digital currencies: Bank of Thailand; Societe Generals - Banque de France; and now The Reserve Bank of Australia. Even the FED is considering it. Oh, and so is the ECB with China already conducting pilots. Is this a good thing? Maybe, maybe not. On one hand, it vindicates cryptocurrency AS currency while establishing blockchain technology as bona fide financial infrastructure (where, before, it faced attack from these very institutions). On the other, will CBDCs (Central Bank Digital Currencies) be a force for good or a force for ill?

  • It’s funny that they started out so bearish, calling crypto a Ponzi etc. etc. blah blah blah (they wanted cheap bags right?) but JPMorgan’s coin (JPMorganCoin) is moving fast and will be used commercially for the first this week by a technology client. Seems like everyone wants a piece of blockchain.

  • Square buys 4,709 Bitcoins ($50M), MicroStrategy raises its Bitcoin holdings to $450M worth. And Greyscale’s Bitcoin Trust holdings have hit all time highs and are now around 450,000 (BTC!). I’ve just listed merely a handful of big buyers laying huge bets on crypto, but there are more. Many more. Is it wise to follow smart money? Kinda, ya. This is a great treasury chart for BTC holdings.

  • Paypal gets behind crypto, launching a cryptocurrency service allowing all it’s users to buy, hold and sell a range of cryptocurrencies straight from within their PP accounts. They went one further by signalling plans to allow crypto payments with their 26 million merchants worldwide. This, naturally, sent Bitcoin into a bull charge. Dam, bullish.

  • The United States comptroller made a prescient comparison, likening what DeFi is/will do to banking/financial services to what email did to the postal service. He, Brian Brooks, went on to say how a distributed ledger will make the traditional role of legacy banks (as central ledger keepers) redundant. I agree.

🟣 Oh, and, ParaSwap joined the StarkEx L2 family. Now we have DeversiFi, dYdx, ParaSwap and GodsUnchained. It’s alive!


#FromDeversiFi // Nectar

🟣 Roadmap Released. Who doesn’t love a juicy roadmap? It’s the stuff bull-runs are made of and gives you something to rally around. DeversiFi is on a DeFi bender, building some of the most sophisticated exchange technology in the game. Their roadmap is a strong testament to this and the future is looking bright:

  1. Nectar (NEC) liquidity mining (The NEC Beehive)

  2. Upgrade to StarkEx V2 bringing Conditional Transfers

  3. Rapid Withdrawals / Instantly Available… no waiting for batches

  4. DeversiFi EARN… bank passive income by adding liquidity

  5. Empowering L1/L2 Integrations, honestly, Defi’s the limit

  6. L2/L2 bridges, reducing the cost-of-capital and time across fast, scalable L2 dapps

  7. Zerk-knowledge KYC with Iden3… this will bring regulated products to DeversiFi without compromising the values at the heart of DeFi

  8. And much more

👉 Read the full roadmap 👈

🟣 Over the last period, DeversiFi listed a bounty of new DeFi tokens (and the roadmap promises a lot more). We’re talking LINK, YFI, UNI, BAL, & OMG. These can all be traded at high-speed, good liquidity, gas-free and privately, without ever giving up custody. Right now, today.

🟣 In the spirit of transparency, DeversiFi and StarkWare have released the new code that will underpin the transition to StarkEx V2 for community review ahead of deployment to mainnet. Check it out.

🟣 Current Growth Stats:

  • Culmative Volume: 40.8M USD

  • Total deposits: 1,400

  • Total registrations: 700

  • Total value locked (ATH): 7.3M USD

  • Av. daily vol: 425k USD

  • Total NEC holders: 950

  • Total NEC burned: 400M

  • NEC ATH price: 0.60 USD

*as of 28/10/2020

🟣 Introduced TWAP orders on DeversiFi. TWAP = Time-Weighted-Average-Price and lets you submit an order in chunks over a pre-selected time period entirely hands-free (so to speak). See what I mean.

🟣 DeversiFi became an early member in the PrimeDAO (more below) alongside heavyweight champions DAOstack, mStable, Kleros, API3 and many others.

🟣 Sometimes facelifts don't work. But it did recently when DeversiFi had theirs. There is nothing more satisfying than a fresh, new user-interface to give your trading experience that clean feel.

🟣 The DeversiFi team is also expanding at a significant rate. A number of top-class developers have been hired and positions remain open for other roles from technical to marketing, if you are looking.

🟣 Launched their new Discord community channel. News and updates will continue to funnel to Twitter, Telegram, Reddit, etc. but all discussion will take place here.

🟣 DeversiFi’s Nectar token (NEC) underwent a website redesign, looking fresh. As you’ll see in the roadmap, lots of exciting plans coming up for NEC. New holders * supporters include ParaFi Capital, D1 Ventures, BR Capitals and others. We have seen OTC interest shoot through the roof.


#DAOWOW

The latest developments in the DAO movement and what to keep an eye on as decentralised organisation expands 

🟣 PrimeDAO launched 🚀

“[PrimeDAO is] A new system of open finance based on programmable money is being realized on Ethereum. PrimeDAO is here to catalyze and coordinate an open-source ecosystem of partners, builders, and users that simplifies, secures, and makes decentralized finance (DeFi) accessible for the masses.”

They are live on mainnet now with a respectable collection of members. Interestingly, PrimeDAO was one of the early DAOs to adopt a L2 scaling solution making participation palatable and effective. PrimeDAO is on xDai network, something I have seen many DAOs (including necDAO) either considering or in the early stages of implementing. PrimeDAO bloc 👇

🟣 In the recent bull-market, we saw a lot of new tokens emerge. But one token utility that they all seemed to have or promise to eventually have is that of governance. It is clear and always has been, that effective forms of distributed governance between stakeholders is a critical cornerstone of DeFi. The number of active DAOs is up 660% since last year.

🟣 Recently launched PieDAO is an innovative protocol that gives traders exposure to an ETF-like index of assets in a fully decentralised way, allowing $DOUGH holders to govern the make-up of each ETF/Index.

🟣 Finally, DeepDao.Io is always improving. It is THE magic ball for the entire DAO ecosystem, showing all sorts of interesting metrics. Check it out. DAOs will continue to be a serious growth driver in this space well into its maturity. Current stats:

  • $164M AUM (Assets Under Management). This is actually conservative and doesn’t currently include ‘pledged’ assets not yet in a given DAO, like the remainder of necDAO’s 17,000 ETH.


#Reading List

🟣 Vitalik on a roll-up centric Ethereum roadmap.

🟣 Finamatics visual summary breakdown of roll-up solutions.

🟣 Defi Slate summary & interview of DeversiFi, Nectar, StarkWare and Scaling.

🟣 Bankless Nation’s research report.

🟣 What’s new in ETH 2, by Ben Edgington.

🟣 Introduction to ETH 2.0 and staking for beginners.

🟣 How Bitcoin, Ethereum, and other technologies could point the way to new systems of governance.


#SayHi

You can find me on Telegram (@brwilson) & Twitter.

Till next time, friend.

🚀🚀🚀