To the DeFi community,
This week Tron’s new algorithmic stablecoin USDD has gone live, with promises of a 30% annual return. Tron DAO is following in the footsteps of Terra USD’s Luna Foundation Guard and is attempting to accumulate $10 billion in reserves for the stablecoin in order to stabilize its price. If successful, the USDD could suck some of the liquidity out of the UST ecosystem as investors seek the highest stablecoin yields.
(1/5)🙌#TRON DAO has partnered with major #blockchain players to launch #USDD (Decentralized USD), the #most #decentralized #stablecoin in human history.
💪 Today we see an opportunity to decentralize the most central area of the blockchain world. pic.twitter.com/S5gX3JpiVH
— HE Justin Sun 🅣🌞🇬🇩 (@justinsuntron) April 21, 2022
Opera has opened the doors for easier interaction with the BNB chain ecosystem as it allows direct access via its crypto browser. 350 million Opera users will be able to buy BNB tokens with fiat and receive them directly into the built-in wallet – and then be able to use DApps in the browser immediately.
[email protected] comes to Opera Crypto Browser! Starting today, buy $BNB in your Opera wallet and access your favorite dapps across the BNB chain, from @PancakeSwap to @StarSharks_SSS, on both desktop and Android, with iOS coming soon! https://t.co/5XTi7T1qPC pic.twitter.com/dhppgtJvia
— Opera Crypto (@Opera_Crypto) May 5, 2022
Virginia County could be first on the map Putting pension funds into DeFi yield farming, as Fairfax County in Northern Virginia tries to get into the field of yield farming. The scheme aims to fund two new crypto-focused hedge fund managers over the next three weeks.
Bloomberg reported that Fairfax County, Virginia is considering investing in two crypto funds that use yield farming for their pension funds. A decision will be made in the next few days and if passed would be the first case in which pension fund funds would be involved in DeFi.
— Jason A. Williams ⚡️🦍 (@GoingParabolic) May 4, 2022
Polkadot took a big step in its multi-chain mission when new network upgrade locks in parachain messaging – Allows DOT and Polkadot assets to be transferred between parachains on the network. The network’s parachain system is now officially fully interoperable for the first time.
#Polkadot reached an important milestone today with the launch of XCM 🙌
XCM enables cross-consensus messaging that enables secure communication between the 500+ chains, apps, and services in the #DOT ecosystem https://t.co/wkqIHislm5
— Yubo Ruan (@yubo_ruan) May 4, 2022
While mainstream enthusiasm for the crypto and DeFi markets is waning with the price action, tech advancement is still going on at a steady pace. Projects are building out their platforms in relative silence, while crypto integrations into widely used products and platforms also continue to happen. Adoption and enthusiasm for niche applications like the Ethereum Name Service (ENS) are also at all-time highs, showing that the true believers of the DeFi space are not lacking in vigor.
Now is the time when development matters most, as profound advances are no longer drowned out by erratic price action. It can be a boring time for active traders. But for DeFi enthusiasts, this may be the most exciting time.
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MakerDAO Updates
DAI savings rate: 0.01%
Basic fee: 0.00%
ETH Stability Fee: 0.50%
USDC Stability Fee: 0.00%
WBTC Stability Fee: 0.75%
Highest Yields: Nexo Lend at 10% APR, Gemini at 7.99% APR
Cheapest loans: Celsius at 0.74%, Aave at 3.33% APY
Total locked value: $75.48B (below 0.09% since last week)
DeFi Market Cap: $105.90B (down 9.87%)
Weekly DEX Volume: $17B (up 30.77%)
DAI supply: 8.16 billion (down 4.78%)
[Jason Levin – The Defiant] – Solana anticipates seven-hour downtime after bot swarm
[Vishal Chawla – The Block] – Lido Finance overtakes Curve to become TVL’s largest DeFi protocol
[Timothy Craig – CryptoBriefing] – ENS mania continues as three-digit domains hit 15th ETH floor
Alejandro is a blockchain author and consultant who has been in the field since early 2016. Extremely passionate about this emerging technology, he has written content for a variety of projects and news outlets.
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