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UniSwap Heating up BIG TIME! Is this the end of IEOs? New DeFi Projects fundraising on Uniswap.

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Uniswap charting major growth plans with V2, becoming the defacto industry leader.

uniswap

Dharma, the Coinbase-backed DeFi startup has decided to add token-exchange protocol Uniswap as its latest in-app offering. Dharma users will now be able to trade any ERC20 token for another in addition to earning interest on Ethereum stablecoins. 

Uniswap is one of the most popular DeFi applications on Ethereum giving Ethereum users the ability to swap ETH and ERC20 tokens like MTA or YFI with any other Ethereum based token. It currently possesses $43 million of liquidity assets locked into the protocol. Instead of using the traditional order book model, Uniswap collates tokens into smart contracts allowing users to trade against the liquidity pools provided. Anyone on Uniswap can swap tokens or even add tokens to a pool to earn fees.

The Uniswap V2 was launched as the second iteration of Uniswap including several new features and upgrades. In the new version, any ERC20 token can be directly pooled with any other ERC20 Token. Wrapped Ether or WETH is used instead of native ETH in the core contracts. In the earlier version, all liquidity pools are between single ERC20 Token and ETH. 

uniswap

The introduction of ERC20 token/ERC20 token pools in V2 will be useful for liquidity providers who have the potential to maintain a diverse ERC20 Token denominational position without the need to have an exposure to ETH. Some added features of V2 are:

Price Oracles

Uniswap V2 has implemented a novel functionality that allows for a highly decentralized and a manipulation-resistant on-chain price feed. This is essentially achieved by measuring prices and collating historical data to its potential allowing smart contracts to generate gas-efficient Uniswap prices across any timeline.

Flash Swaps

The V2 flash swaps allow the users to withdraw as much ERC20 token as wanted with no upfront costs. The withdrawals can be used for any purpose provided that at the end of transaction execution users pay for all ERC20 tokens withdrawn or pay a percentage of ERC20 tokens while returning the rest or finally opting for returning all ERC20 tokens withdrawn.

uniswap

Technical upgrades

Uniswap V2 has also included some significant changes and improvements as given below:

  • Uniswap V2 efficiently takes care of ‘missing return’ ERC20 tokens that were not on the earlier version.
  • Smart contracts are now written in solidity rather than Vyper
  • Mutex to strengthen re-entrancy protection adding more support for ERC777 with other ERC20 non-standard tokens.
  • Error messages have become more figurative, meaning that they have become more descriptive. 

The protocol upgrade has been one of the best things with Uniswap this year. It has been trending over the past few days with sharp rises in trade volumes. A majority of the trade now happening on its new version, with a 24-hour trading volume of over USD 125 M on the upgraded protocol compared to 3.5 M on V1. 

Check out the trading volume over the last 2 months:

uniswap
Source: CoinGecko

With Uniswap V2 reaching such high volumes, it is also being compared to exchange giants like Coinbase and Kraken. 

uniswap

DEXs are permanently popular but despite their popularity, many have warned of the dangers of using decentralized exchanges like Uniswap considering that it is becoming vulnerable to becoming look-alikes of popular tokens. Uniswap has many imposter tokens because there is an almost zero barrier to entry and any ERC-20 token can be traced on it. 

Despite these claims, Uniswap is the largest DEX over the course of the second quarter this year even before V2 took off.

Uniswap is the perfect candidate for exploring the on-chain cash flows. Even without any additional growth, it has the potential to generate more than $5M + in liquidity provider fees this year. 

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DeFiRev.com Exclusive: Inside the Mind of Sam Bankman-Fried, the genius behind FTX & Alameda Research.

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This Week DeFiRev.com caught up with one of the most talented young individuals in the space: Sam Bankman-Fried!

sam bankman-fried

Sam congrats on all your success thus far!  Tell us about your origin story.

Sam Bankman-Fried: I went to MIT, and worked as a trader at Jane Street after that.  In 2017 I started up Alameda Research, a crypto quant trading firm; in 2019 I started FTX; and now there’s also Serum.  My goal, in the end, is to be able to help the world however I can, and for now that means finding ways to donate as much as I can to the world’s most effective charities (earning to give).

You graduated with a degree in Physics from MIT, what was school like for you there? 

Massachusetts Institute of Technology logo vector - Logo MIT vector

Sam Bankman-Fried: I had a lot of fun getting to know myself and making a lot of really important friends and connects (including Gary, my eventual co-founder).  I guess I realized that I probably wasn’t really meant for academic research, though, which made the classes less exciting.

One thing that always fascinated me is that out of the four fundamental forces, we can link together the electromagnetic force,  the strong nuclear force, and the weak nuclear force, but not gravity. Why? For as much as we say we understand gravity, it seems there is so much about it we still don’t understand. What’s your take?

Sam Bankman-Fried: Honestly I’m not the best person to answer that 🙂 .  But coming up with a real TOE has been one of the main goals of physics over the last few decades.

How did you first get into quant trading? I read that you interned as a quantitative trader at Jane Street Capital. What was that like and what did you learn?

Sam Bankman-Fried: I had some friends who had interned at JS and liked it, so I decided to; it also seemed like a good place to earn to give.  I ended up really liking it–it was a great place to push myself, learn a lot about acting and thinking under time pressure, building longer-term projects, and communicating with people on a team.

Tell us about Alameda Research and how it started.

Sam Bankman-Fried: Alameda Research started up in late 2017 in light of the huge arbitrage opportunities on exchanges then–many sometimes many percent even just between different US exchanges.  We scaled up over the end of 2017 and start of 2018 to be able to do arbs, provide liquidity, and generally trade across the majority of the world’s crypto exchanges.  Over the years it’s grown to trade ~$1b/day globally.

sam bankman-fried

What made you decide to move to Hong Kong?

Sam Bankman-Fried: I came out to Macao for a conference in late 2018 and quickly found that there were more business meetings and opportunities here than I had anticipated.  So I canceled my flight back and rented out a WeWork in Causeway Bay.  It’s ended up being a really good place to be able to connect to the majority of the world’s crypto trading population!

When did you first decide that you wanted to build FTX?

Sam Bankman-Fried:  Around the same time as I moved to Hong Kong it was becoming clear that there was a lot of work to do on the major crypto derivatives exchanges.  And eventually there was sort of this “fuck it, we can do this better” attitude, so we start building.

File:FTX log.png - Wikipedia

Binance purchased shares in FTX in December 2019, tell us the backstory on how that came to fruition.

Sam Bankman-Fried:  It was a long time coming; we’d worked with them on a number of initiatives over the last few years including liquidity, OTC, etc.  But we eventually really started talking about ways we could work together; CZ and I both wanted to get a deal done here, so we made it work.

You guys are growing fast and have about 35 employees, what do you expect the growth to be like in the next year?

Sam Bankman-Fried:  It’s hard to tell!  And in fact since that last 35 employee figure came out we’ve grown a bit more.  I’d guess our doubling time is around 1 year now in most respects, which is a lot.

What are some of your favorite books that you have read?  Favorite films?

Sam Bankman-Fried:  I really like Marvel TV shows and some Christopher Nolan films (Dark Night, Inception, etc).  I also watch way too much TV — Bojack, Elementary, The Magicians, etc.

defirev.com
We’re looking forward to Tenet!

You have written some really good tweet threads lately about DeFi, tell us what potential you see in the rapidly emerging DeFi space. ( Obviously, we’re biased too, we love DeFi!)

Sam Bankman-Fried: I think that DeFi has the potential to rebuild a lot of the world’s financial infrastructure on totally open systems, which would be super exciting!  It has to keep focused on building good products, though, instead of getting lost in the weeds of hyperinflating yield.

Do you have hobbies that you love that would surprise people?

Sam Bankman-Fried: I watch a decent amount of sports–baseball, football, and basketball mostly (yeah, pretty boring).  I also play some Magic: The Gathering online when I’m bored (or during phone calls sometimes–they’re often sloooooooooow).

defirev.com
We at DeFiRev.com had some killer decks too!

As someone who is extremely well versed in pattern recognition what trends and microtrends do you anticipate next in the DeFi space?

Sam Bankman-Fried: At some point Yield Farming will die down and I think people will start to focus more on the products there’s long term demand for–and I think that product design and usability and power will start to become really important.

Some say being in the right place at the right time is a key to success.  Undoubtedly, you are immensely talented.  How much do you attribute the Bitmex Leaderboard to the eventual success of FTX?  Tell our viewers about that experience.

sam bankman-fried

Sam Bankman-Fried: That definitely helped!  But more generally we did a pretty concerted campaign around early 2019 to build up our brand, including a lot of OTC trading.  It’s really helped get us some recognition.

What future plans or new developments and features are you looking forward to rolling out for FTX?  Any projects you are particularly excited about?

Sam Bankman-Fried: I’m really excited to see additions to the Quant Zone, improvements to our options UI, and much more over the rest of the year.

yearnfinance
FTX recently listed $YFI (Yearn.Finance)

As someone who is very successful under the age of 30, what advice do you have for the younger generations in terms of becoming successful, building things, and doing what they love?

Sam Bankman-Fried: I guess–find a way of working and living that works for you.  And when you find that, really push it as much as you can–a lot of the EV is in the tails.

Where do you see the DeFi and Blockchain landscape in 5 years? What do you think will surprise us?

Sam Bankman-Fried: Really hard to know!  But I think that if everything goes well DeFi in particular could really explode.


Thanks Sam! DeFiRev.com is really looking forward to seeing what you and FTX come up with next! You guys are always trailblazing. Until next time!

-The DeFiRev Team

defirev.com

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Yearn.Finance Explosive Growth! Want to farm YFI? Here’s How. Yield Farming $YFI 101.

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yearn.finance

Yearn.Finance: Yield farmers are betting on YFI Yield farming

Why has YFI become so great that traders are yearning over their crypto to get it? The team said it’s valueless!

“We have released YFI, a completely valueless 0 supply token. We reiterate, it has 0 financial value. There is no premine, there is no sale, no you cannot buy it, no, it won’t be on Uniswap, no, there won’t be an auction. We don’t’ have any of it”

This is a flippant way to showcase that the token can be earned only with the yEarn platform with a total supply of 30,000 tokens that will be distributed to stakers in the liquidity pools of the platform. Like many DeFi tokens, it was not sold in any IDO. When YFI was announced, the tool pools that went live were:

  • yEarn to stake yCurve LP tokens to earn YFI
  • Balancer pool for stake balancer LP tokens for DAI/YFI pool to earn YFI.

A token once declared valueless by its issuers is now standing proud by driving over $150 million of deposits with more than 80-times growth achieved virtually overnight. Yield farming with yEarn’s YFI token has yielded annual returns of 1000% also to some traders. 

yearn.finance

What is Yield farming

Yield farming is a concept that is growing exponentially not just in the crypto markets but also in the mind space of the traders. Yield farming is to actually put your crypto assets to work and generate maximum returns on those assets. Yield farming lets traders earn a fixed or a variable interest by investing crypto in a DeFi market. So, investing in ETH is not Yield farming but lending out ETH on a DeFi platform above the ETH price appreciation is yield farming.

About yEarn

yEarn is a liquidity aggregator offering automated yield farming strategies with the help of diverse lending pools. Yearn.finance is the most popular lending pool in the protocol providing the best return on liquidity to lenders. yEarn has also created something called a Curve’s Y pool that consists of top stablecoins like TUSD, USDC, etc. Recently yEarn released a native governance token, YFI which can be earned through liquidity money on different pools. It is earned by staking proof of liquidity. It is one of those DeFi tokens that has been launched with no pre-mine or DEX offering. 

The yield aggregator invests the capital into different and hot DeFi projects which are selected based on which projects have the highest yield and ROI. The capital reserves are distributed to be lent to different protocols like Aave, Compound, and dYdX. The protocol is looking at consistently adding a new pool so that it can make the most out of the DeFi platforms all across. 

yearn.finance
On the Yearn.Finance Website

Earning YFI token

The Y pool on Curve. Fi is considered the smartest way to access the pool. The pool is a collection of stablecoins that automatically is invested in lending protocols. One of the most common and much-talked-about yield farming strategies is liquidity mining. At the core of the concept, users stake their Proof of liquidity in any one supported ygov.finance pools in exchange for YFI rewards. Every pool has a cap of 10,000 YFI each till the governance modifies the inflation with on-chain voting. 

Here is a great video showing you how to yield farm YFI by DeFi Dad:

The incentivized Balancer pool also requires the staking $YFI that would further limit supply. DeFi farmers are staking up YFI and DAI in a bid to get BPT tokens which can be further staked on ygov.finance so that supplementary $YFI can be earned.

The YFI token in itself has no intrinsic value per se but the current hype, as well as token dynamics, has driven the value of the token to unimaginable heights. The value of the token comes from voting on the future course of the protocol. 


An interesting point to note is the max supply of YFI is only 30,000 units.


At present, there are 3 ways with which $YFI tokens can be obtained with liquidity mining. These methods have one thing in common and that is the inclusivity of staking capital in the form of stable coins. There are 3 active pools that produce 10,000 YFI per week. 

  • Staking on Y pool with Curve which is the most-used and the best way to access the Y liquidity pool.
  • Adding more liquidity to 2% YFI: 98% DAI pool on Balancer allowing for staking the BPT tokens on ygov.finance. 
  • The third way is to add liquidity to 2% YFI:98% yCurve Pool on Balancer and then staking BPT tokens on yGov.finance
Current price of $YFI as of 7/28/20, 7:28pm PST

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


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The Rise of mStable. How to Yield Farm $MTA in 2020. Here’s What you need to know.

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mstable

Mine mStable’s Meta ($MTA) and earn Rewards

DeFi is not just about DAI now. It has diversified into many other stablecoins to extract maximum benefit out there in the DeFi space. Being a new user in the DeFi space can be daunting because choosing the best stablecoin to earn the best yield can be tricky and convoluted. But DeFi is an evolving space and solutions are worked even before the problem comes in full-light. 

Fortunately, mStable comes to the rescue with its meta-assets like mUSD that tackles the scathing issues of dissolution of USD-pegged stablecoins and also the dearth of native yield with the unification of stablecoin swapping and lending. mStable is a stablecoin aggregator of stablecoins to collateralize mUSD to enable traders to protect themselves from huge and permanent capital loss. 

mstable

mStable: Why is it different?

mStable provides users to trade between top stablecoins like USDC and DAI with industry benchmark low slippages concurrently with collateralizing mUSD. If any stablecoin doesn’t do well or experiences price decline, it does not affect the others. Just a month since its launch, yield farming has gained an absolutely astounding amount of attention, which is why mStable’s APY has reached a sharp peak in very little time. 

Introduction to $MTA and mStable

The mStable team has recently launched a new way to release a token to market. The new solution has the potential to grow the community of MTA governors and reboots MTA liquidity. The solution motivates long-term MTA holders paving the way towards a highly liquid MTA market. 

MTA auction on Mesa platform that took place on 18th July on Mesa providing an open auction system, 2.66 million MTA were available for sale. It is a governance token that will be able to stride past important parameters like protocol fees, swap rates, etc with its key stakeholders called Meta Governors. MTA will work as the defense cushion against any capital loss. MTA stakers while rendering the service will earn protocol fees.

mstable
$MTA 7-day Chart

Here is a great video on how to Farm the $MTA token by Bankless

$MTA rewards

The MTA ecosystem will release 20% of MTA’s total supply which amounts to 20,000,000 MTA over the next 5 years. This is a necessary part of the protocol as it will lead to a wider distribution of the Meta tokens and will bootstrap mStable. With rewards incentivization, users will mint more mStable assets leading to liquidity and utility. The mStable’s first reward pool was launched on 26’th June this year on Balancer that created liquidity for mUSD. The Ecosystem rewards will carry on a monthly increase in its first 15 months and then gradually decrease until the allocation is exhausted. 

Earning $MTA through Balancer Pools

As discussed, MTAs first reward pool is a Balancer pool that provides 50% weightage of mUSD and another 50% to USDC. Minting USD can be done by any user by depositing equal portions of mUSD and USDC in the pool. This will immediately navigate the system to earn MTA over and above the BAL token rewards and also the Balance pool profits. The other MTA reward pool is yet another Balancer pool which is mUSD/WETH. 

Meta (MTA) price, marketcap, chart, and info | CoinGecko
Meta (MTA)

A total of 350,000 MTA will be rewarded to liquidity providers of the pool in the first month. Every passing week will provide a snapshot at any time when 50,000 MTA will be allocated to the addresses that are participating. The allocation will be in tandem with their contribution to their respective pools. Minting mUSD can be done by depositing in a 1:1 ratio of USDT, TUSD, DAI into mStable. Multiple stablecoins can be minted at the same time also with limits set on maximum weights for each basket. 

mStable provides stable governance and the MTA token reduces the impact or rather the risks for mUSD holders. If any asset declines in its value causing mUSD to decline in its peg, the Meta governors can vote to wipe off the asset to reconcile the lost value by selling staked MTA tokens for the remaining mUSD.

mstable

Stablecoins are a useful store of value and mUSD takes it a notch above by redefining the functionality and eliminating risks for the holders. While deploying capital can be a challenging task, with mStable platforms, stable coins expansion is surely on the cards with competition heating up and becoming intense.

We at DeFiRev.com are definitely quite excited to see what mStable has in store for the future and we’re looking forward to watching its journey unfold in real-time.


For more information, you can join the mStable telegram here: t.me/mstableofficial

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