DeFi Weekly | MakerDAO implements the proposal through the first entity financing

DeFi Weekly is a weekly summary column in the DeFi field launched by Jinse Finance, covering important DeFi data, DeFi project trends, etc. this week.

1. The total market value of DeFi reached 102.163 billion US dollars

The prices of the top ten coins by market capitalization and their rise and fall this week, data source: CoinGecko

2. 24-hour trading volume on decentralized exchanges: $5.45 billion

The DeFi benchmark interest rate fluctuated slightly to 4.20% today: Jinse Finance reported that according to peer customer data, the DeFi decentralized finance benchmark interest rate was 4.20% on July 28, an increase of 0.88% from the previous day. During the same period, the US Treasury bond mortgage repurchase rate (Repo Rate) was 0.06%, and the interest rate difference between the two was 4.14%.

The DeFi benchmark interest rate represents the difficulty of DeFi financing. The higher the interest rate, the higher the financing cost, and the lower the interest rate, the lower the financing cost. The interest rate difference between it and Repo Rate is convenient for comparison between DeFi and traditional markets. [2021/7/28 1:20:33]

Data source of top ten DEXs by trading volume: Debank

3. The total amount of loans on DeFi lending platforms: 17.14 billion US dollars

Multi-chain DeFi platform Rubic is delving into allowing RBC to be used as a tax asset: Officially, the multi-chain DeFi platform Rubic announced that, as an additional use case, it is delving into allowing RBC to be used as a tax asset. Additionally, Rubic said that the BSC Polygon bridge and more will launch shortly after work on the new UI is nearing completion. [2021/6/24 0:02:35]

Borrowing ratio of each DeFi lending platform Data source: Debank

4. The total value of locked assets in DeFi reaches 60.11 billion US dollars

The DeFi project Meerkat Finance on the Binance BSC chain is suspected of running away and losing $31.5 million: According to news on March 4, the DeFi project Meerkat Finance on the Binance BSC chain was suspected of running away. After the "farmer" mortgaged real money in BUSD and BNB, the attacker used the back door to steal away $31.5 million, including $14 million worth of BUSD and $17.6 million worth of BNB. [2021/3/4 18:15:32]

ConsenSys Codefi Announces Ethereum 2.0 Staking Pilot Program with Six Members: June 16, 2020 ConsenSys Codefi is Launching an Institutional-Functional Ethereum 2.0 Staking-as-a-Service Platform for Exchanges, Custodians, Funds, Wallets and other potential customers. Today, Codefi revealed its first pilot program participants, with the aim of incorporating feedback and feature requests when designing and building the Codefi Staking API ahead of the Ethereum 2.0 launch. By completing this pilot program, partners gain a deeper understanding of Ethereum 2.0 and have the opportunity to be first to market, offering Ethereum 2.0 staking functionality to their clients. Binance, Crypto.com, DARMA Capital, Huobi Wallet, Matrixport, and Trustology are the first companies to join the Codefi Staking pilot program. (Coindesk)[2020/6/16]

DeFi's top ten locked positions Data source: DeFi Pluse

Important news about DeFi:

MakerDAO Executes Proposal with First Physical Funding

According to official news, the first entity financing execution proposal initiated by the MakerDAO governance facilitator and smart contract team has now been passed, or will be executed on April 16, UTC time. The proposal proposes to add NewSilverSeries2DROP as the Maker protocol collateral. Founded in 2018, NewSilver mainly provides fixed-amount mortgage loan services for US real estate. Investing in NewSilverSeries2DROP tokens means financing real estate in 39 US states.

DeFi Quantitative Hedge Fund Force DAO Announces 2021 Roadmap  Will launch mobile application in Q4

The DeFi quantitative hedge fund Force DAO announced its roadmap for 2021, and the team will also share a public real-time roadmap about the status of each product in the next few weeks. According to the roadmap, Force will launch V2, interest-earning index fund Quads, an independent lending pool and aggregator Black Smith in Q2, Arbot R&D, a cross-chain arb treasury using MEV; DeFi JS, Parabola, which optimizes Uni V3 LP range for OTC and bank service desk; Q4 will launch Force Prize, mobile application, EVM token cross-chain options protocol Numerator.

  DeFi token YFI topped $50,000 for the first time since February

Due to the planned repurchase and increase in TVL of the DeFi protocol, Yearn Finance's governance token YFI exceeded 50,000 yuan for the first time in two months. According to Alex Svanevik, CEO of blockchain data firm Nansen, Yearn Finance’s buyback program and explosive growth in TVL have fueled YFI’s growth.

FilDA DAO FIP-005 Proposal Adjustment of FilDA Mining Incentive Ratio Passed

According to the FilDA official website, the FilDA DAO voted to approve the FilDA mining incentive ratio adjustment proposal. The FilDA core development team will officially adjust at about 20:00 on April 14th GMT (about 02:00 on April 15th, Beijing time). The 15% share of the LP mining part will be reduced at one time, and the 15% share of the loan mining part will be increased. Follow-up market conditions will be followed to complete relevant adjustments. This DAO proposal is of great significance to FilDA's focus on the core lending business. The total amount of lending will further expand and enhance FilDA's competitiveness in the core lending business.

DeFi project Flare Finance is about to launch a beta program

According to the news on April 12, Flare Finance, an institutional-level DeFi project based on the Flare Network, tweeted that the Flare Finance BETA Program (test plan) will be launched soon, and FlareMutual, FlareLoans, and FlareMine will also be launched soon.

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