EthHub Weekly #120
mStable liquidity mining live, new eth2 quick update, BAL goes live, ArchiveNode.io launched and much more!
|Anthony Sassano||Jun 29|| 1|
Reflexer Labs is building RAI, a dampened version of ETH that is meant to be used as collateral in other DeFi protocols. RAI is part of an entirely new asset class called “reflex bonds”. Reflex bonds follow the price moves of their collateral in a dampened way and offer their holders a lower exposure to the underlying assets.
Apply here to take part in summoning the first money god.
🔥 EIP-1559 On Fire
EIP-1559 is one of the most highly anticipated upgrades for the Ethereum network and has been talked about for quite a while. If you want to know why everyone’s so excited about this EIP, I suggest giving this piece a read. The reason I’m bringing it up now is because a community fund was setup for this EIP on Gitcoin this week and it has already raised over $50,000 (including matching). These funds will go a long way to making sure this EIP gets the love it deserves so that it can be safely included in the Ethereum protocol. You can donate to the grant here.
I also caught up with Alex Saunders from Nuggets News again last week to discuss the previous months worth of Ethereum news. We talked about yield farming, stablecoins, enterprises on Ethereum and much more. Head here to watch that.
Have a great week everyone!
News of the Week
Fintech giant PayPal plans to roll out direct sales of cryptocurrency to its 325 million users, according to three people familiar with the matter.
Currently, PayPal can be used as an alternative means for withdrawing funds from exchanges such as Coinbase, but this would be a first in terms of offering direct sales of crypto.
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” an industry source said. “They are going to have some sort of a built-in wallet functionality so you can store it there.”
It is unclear which or how many cryptocurrencies would be available. The industry source said they expected PayPal “would be working with multiple exchanges to source liquidity.”
A second source confirmed that PayPal is looking to offer buying and selling of crypto and said the service could be expected “in the next three months, maybe sooner.”
Nearly 790,000 ETH – worth roughly $188 million – held in a wallet connected to the PlusToken Ponzi scheme were on the move in a pair of transactions.
The transactions come two days after a significant quantity of EOS also held in a PlusToken wallet moved. In that instance, some $67 million in EOS – representing 26.3 million tokens – moved to a new address.
PlusToken is believed to represent one of the biggest cryptocurrency-related scams in history, accounting for the loss of more than $2 billion in lost user funds according to a past analysis by CipherTrace. Chinese officials have made arrests in connection with an investigation into the scheme, as previously reported.
Afri put together a report detailing how 3 eth2 clients (Prysm, Lighthouse and Teku) handled working together on the Witti multi-client testnet.
Phase 0 updates, recaps on the current active and pending testnets, research updates and more in this weeks eth2 update.
Another quick update from Danny this week covering the new Solidity-based deposit contract, the next multi-client testnet (Altona), beacon-fuzz updates and more.
In this update, mStable details its protocol token Meta (MTA), along with its role in bootstrapping a community of Governors through their ecosystem reward (liquidity mining/yield farming) program.
MCDEX is a decentralized exchange offering perpetual contracts with up to 10x leverage. It uses an on-chain AMM & off-chain order book hybrid to process transactions. ETH-PERP is now live - you can get started here.
An incident occurred on Balancer last week which allowed an attacker to drain funds from 2 pools that contained tokens with transfer fees (sometimes referred to as deflationary tokens). STA and STONK were the tokens in each pool. More info here.
ArchiveNode.io is a public access Ethereum archive node that developers can use at no cost. It was created by Ethereum community members DeFi Dude, Chase Wright, Dan from PieDAO, Thomasz from Nethermind and Ken from the Ethereum Foundation
The fundraising round was led by Haseeb Qureshi and Tom Schmidt at Dragonfly Capital with participation from Version One Ventures, Uncorrelated Ventures, 1kx, A. Capital, DTC Capital, CoinFund and angel investors including Balaji Srinivasan, Robert Leshner, Dylan Field, Linda Xie and more.
First Lattice1 units being delivered, GridPlus Energy customer accounts up 70% since the last GridPlus update, a new feature road-map and more in this months update.
HAL is a 1-click-setup IFTTT for Ethereum, featuring dApp-specific integrations with webhooks, Discord, Slack, Telegram, Twitter and emails. Recipes are a new, collaborative way to create and share your favorite triggers.
sUSD is now available for deposit on Idle. Idle is a yield optimization tool that automatically rebalances funds to guarantee exposure to the highest yield available while taking risk into account.
Notes from the 3rd implementers call for the popular EIP-1559 Ethereum upgrade are now available.
The new metric, Total Value Locked-to-Earnings, gives an estimate of the capital-efficiency of a protocol. TVL/E shows how much capital the supply-side of a protocol needs to lock up to generate X amount of dollars.
0x Labs aims to build a business on top of 0x while the team continues to work towards making 0x a community owned and operated platform. Periscope Trading is a crypto-native trading desk that will help surface competitive prices and bring liquidity to DeFi and other nascent p2p markets.
Web3Torrent is a browser based torrenting client that supports incentivized peer-to-peer filesharing using micropayments.
You can now use KNC and ZRX to open a Vault (CDP) and generate Dai on the Maker platform.
The Balancer protocol governance token (BAL) went live this week and users can now earn it by contributing liquidity to Balancer pools.
StarkWare’s STARK-based Verifiable Delay Function (VDF) service is now live on Mainnet.
Community Member Spotlight
This week we’re highlighting the great work of DeFi Dude!
DeFi Dude is an active Ethereum community member who is currently working with Kyber Network on community-related initiatives. He also recently spun up the ArchiveNode project, runs the Chicago DeFi meetup, and is responsible for everyone’s favorite ETH Robot Twitter account.
Keep up the great work DeFi Dude!
5 Contrarian Takes with DegenSpartan (recommended read)
Balancer: A Protocol for Programmable Liquidity - Into the Ether
COMP Growth Hacking DeFi | Dan Elitzer - Bankless
Meme of the Week
Looking for Work?
Top jobs listed on Cryptocurrency Jobs this week:
QA Engineer - Aave
Senior DevOps - Monolith
Fullstack Engineer - Numerai
Python Developer - MakerDAO
+100’s more on the Cryptocurrency Jobs website!
Protect Your Crypto
Buy a hardware wallet: