EthHub Weekly #173
ESP allocation update, Aave Pro detailed, Nansen raises $12 million, Slingshot goes mobile and much more!
🦀 Crab Season
I’m sure you’ve all seen the popular “crab season” meme on crypto twitter by now that’s being used to describe the current state of the market and well, it’s incredibly accurate. Both ETH and BTC are rangebound between 2,000-3,000 and 30,000-40,000 respectively. The market doesn’t really show any clear signs of where it wants to go and sentiment is mostly neutral from what I can tell. Will the bull market resume or are we heading into a longer-term crypto winter? Only time will tell.
I was very busy over the last week - I published my bullish case for governance tokens piece in the DeFi Pulse Farmer newsletter here, appeared on Bankless’ new Top Signal show here and joined a group of amazing ETH bulls to give an updated bull case for Ethereum here.
Have a great week everyone!
News of the Week
South Korean cryptocurrency exchange Bithumb has banned its employees from trading on its own platform.
Announcing the news on Friday, Bithumb said the move is to enhance transparency over crypto transactions, but an upcoming law in Korea mandates local crypto exchanges must prohibit employees from trading on their own platforms.
The law becomes effective September 25. If crypto exchange employees don't comply by the date, they could face a fine of up to 100 million won (around $88,000) from the Korea Financial Services Commission (FSC) if they get caught trading on the platforms they work for.
TP ICAP, the world's biggest interdealer broker, is set to launch a crypto trading platform for institutional investors.
The platform is being developed with crypto custody providers Fidelity Digital Assets and Standard Chartered's Zodia Custody, alongside liquidity provider Flow Traders. The idea is to provide clients a separate but interoperable model for execution and settlement.
Simon Forster, co-head of digital assets at TP ICAP, said the current crypto market infrastructure prevents many institutional clients from trading because most execution venues require pre-funding and also act as custodians.
A jam-packed update this week from Ben including an editorial piece, coverage of the Beacon Chain, the usual great explainers and much more.
In this update, the Ethereum Ecosystem Support Program details all of the teams and individuals that received funding in Q1 of 2021.
Otterscan is an open-source, blazingly fast, laptop-friendly Ethereum block explorer built on top of Erigon.
EY is open-sourcing the prototype code for Nightfall 3, a Layer 2 protocol focused on Ethereum scaling that utilizes zero-knowledge proofs.
The Element Protocol has officially been deployed to Ethereum Mainnet and will initially support a 3-month crvLUSD term.
Aave Pro will be the first permissioned decentralized liquidity protocol being co-launched by Aave and Fireblocks.
The upgrade allows options to be collateralized with less than their max loss (<1 asset for call, <strike for puts), increasing capital efficiency and providing leverage for DeFi options
The Protocol Ambassador Program is designed to give the coop a better pulse on the DeFi ecosystem by having individuals dedicated to monitoring each of the protocols within DPI.
Nansen, a DeFi-native crypto tracer, has raised $12 million in a Series A funding round led by Andreessen Horowitz (a16z). Also participating in the round was Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital and QCP Capital.
The round is supported by Framework Ventures, DACM, Maven 11, Apollo Capital, Distributed Global Ventures, Paperclip Fund and Supernova. GSR and Efficient Frontier have also joined the round as strategic market making partners.
Dune Analytics has integrated Polygon blockchain data, for rich insights into the vibrant DeFi, NFT, and Gaming ecosystem on Polygon.
Compound Treasury is designed for businesses and financial institutions to access the benefits of the Compound protocol.
Andre has released the code for a number of new projects:
levX (leveraged on-chain spot perps)
ProtectionMarkets (on-chain pay as you go insurance with dynamic pricing), AaveDelegate (integrate users’ debt)
CurveGaugeMetaPool (new metapool that natively earns CRV rewards)
FixedForex (a governance-minimized forex protocol).
Balancer Protocol has been deployed to Polygon’s PoS chain accompanied by a new liquidity mining campaign.
Updates on Loopring Wallet and the launchpad, exchange v2 improvements + collaborations, liquidity mining and much more.
You can now trade 2,000+ tokens on Polygon with real-time DeFi charts in the new Slingshot mobile-web app.
The upgrade, codenamed Curie, dramatically improves capital efficiency and increases fee capture for liquidity providers. It will be launched on Arbitrum’s layer 2 network in the coming weeks.
In this guide, Lexi Short from DeversiFi explains how users can participate in the upcoming DVF sale.
The mobile wallet will have just a few features, minimising complexity and making the app more accessible to new users.
The ICHI Community has launched one1INCH, a stablecoin for the 1inch community. one1INCH will provide a stablecoin for the community that can be used to create USD exposure during 1inch operations, help diversify the 1INCH at 1inch Foundation treasury that is the part of 1inch Network DAO, more easily pay operating costs, provide liquidity, and earn rewards.
DeFi Banks - The Daily Gwei
Let the Games Begin - The Daily Gwei
DAO Landscape - Cooper Turley
DAO First Capital Formation - Kain Warwick via Synthetix
Understanding the Risks of Owning FLI Tokens - Cormac Daly via Index Coop
Are All Eth2 Validators Created Equal? - Cento Validatori
A Guide to Understanding ETH as an Investment - Celia Wan via Dragonfly Research
Centrifuge | Introducing Real-World DeFi - Epicenter
Meme of the Week
Looking for Work?
Top jobs listed on Cryptocurrency Jobs this week:
Principal Engineer - Gitcoin
Senior Frontend Engineer - Aave
Business Development Manager - mStable
+1000’s more on the Cryptocurrency Jobs website!