2020-10-10 04:03

To the DeFi Community,

The recent drawdown is the best time for anyone who’s heads down in the industry.

It’s less noise and more time to focus on building. These are the times that allow people to position for the next micro bull cycle. For the savvy investors, this is the time to start DCA’ing into some blue chip crypto assets at discount prices. There’s minimal scams, pump and dumps, and no one is fighting for attention to shill “the next big thing” on Twitter.

Right now, it’s easy to cut through it all and identify where value is being created and who the genuine builders are. It allows the new projects to get some footing in the space and attract real users, not those who are strictly in this for a quick buck. To me, these are the best times in crypto. The sentiment is bullish but the price isn’t going crazy.

But it may not last for long. Crypto assets are starting to rebound. They’ve been selling off for weeks now, with many of the high-risk assets experiencing -40% or -50% drawdowns. And it can’t go forever, especially not the way things are shaping up. Many of the underlying DeFi protocols are continuing to grow. There’s still over $10B in value locked. The DEX sector continues to eat CEX’s lunch. And some DeFi protocols are looking towards layer 2’s in order to scale (Optimism launched last week).

All while ETH2 is the closest it’s ever been and public companies start playing the game of BTC musical chairs.

So while the price drawdown wasn’t a fun experience for many, we should welcome it with open arms.

Because the peace and quiet won’t last for long.

– Lucas

This Week in DeFi is now supported by Aave! Visit Aave to lend and borrow over 20+ top DeFi tokens Interest Rates DAI Highest Yields: Fulcrum at 22.8% or dYdX at 3.8% APY Cheapest Loan: Maker at 2.00% w/ ETH collateral or Compound at 4.0% (plus COMP rebates!) MakerDAO Updates Dai Savings Rate: 0.00% Base Fee: 0.00% ETH Stability Fee: 2.00% USDC Stability Fee: 4.00% WBTC Stability Fee: 4.00% Updates: Vote to reduce the base rate to 0.00% passed. Proposal also included raising PAX debt ceiling from 60M to 100M

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Find more lending & borrowing rates on our Rates page!

Top Stories Set Protocol Annonces Index Coop

Set Protocol and DeFi Pulse team up to launch a community-owned index protocol backed by a new governance token.

0x Protocol Launches Upgraded API

0x showcased a new API making Matcha the cheapest places to make DEX trades thanks to gas optimization.

Shell Protocol Launches Stablecoin AMM

Shell Protocol debuted its native stablecoin AMM with dynamics fees and flexible weighting.

Alpha Finance Launches Alpha Hormona

Alpha Finance showcased their 3x leveraged Uniswap farming strategy.

DeFiDollar Release DFD Governance Token

DeFiDollar showcased thier new DFD governance token with retroactive rewards and liquidity mining.

In Other News… Aragon and Balancer team up to add onchain ratification to Snapshot MetaFactory release ROBOT governance token Stat Box

Total Value Locked: $10.6B (down -1.3% from last week) DeFi Market Cap: $16.2B (up 1.8%) DEX 7 Day volume: $3.3B (down -8.8%) DAI supply: 883.8M (up +1.7%) Total DeFi users: 486K (up +0%) Bonus Reads [Alek Salnikov – Bankless] How to make money with digital art on Rarible [David Hoffman – CoinDesk] Ethereum is the frontier of financial innovation [Spencer Noon – Our Network] Uniswap, 1inch, DODO, dYdX, and Kyber [Camilla Russo – The Defiant] No, DeFi is not dead [Aaron Stanley – CoinDesk] How Ethereum is making finance weird Shoutout to Aave for supporting This Week in DeFi!

Aave is a leading lending protocol supporting dozens of the top DeFi tokens. Aave is currently undergoing its migration from LEND to AAVE which you can do directly through the migration portal!

We’ve done an extensive amount of coverage on Aavenomics – a new suite of protocol upgrades that incentives protocol safety through AAVE rewards and protocol fees. The best part about Aavenomics is that all of its parameters – including the logistics of Aave yield farming – are governed by tokenholders. There’s a ton of good activity happening on the Aave governance forum and we’d definitely recommend checking it out if you fancy yourself to be an Aavenger.

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