To the DeFi community,

This week, NEAR protocol raised $150 million in a round led by Three Arrows Capital. Funds will go towards developing NEAR’s regional hubs in increasing brand awareness, as well as funding various ecosystem projects.

 

Polygon Zero introduced Plonky 2, a major milestone in the ZK scaling race that seeks to provide scaling increases to Ethereum and L2s without compromising security. The Plonky 2 implementation delivers a 100x increase in speed of processing batch ZK transactions and works natively with Ethereum; while transactions are expensive, the optimization marks a major step forward in continuing to scale the Ethereum ecosystem.

 

The 0x API is live on Optimism with launch partners including Matcha, Set Protocol, and others, making 0x one of the most accessible asset swapping protocols in the DeFi ecosystem today. Optimism joins Polygon, Avalanche, BSC, Fantom, and Celo in platforms that offer the 0x API.

 

And the DeFi Alliance accelerator rebranded to Alliance DAO after raising $50 million from more than 300 Web3 aficionados across DeFi, gaming, and more. Alliance DAO will initially continue to offer monetary and mentorship support for Web3 startups, with the aim to add governance, liquidity, recruiting and marketing support over time. Alliance DAO has supported seven cohorts of DeFi startups, with applications now open for cohort eight.

 

Another week, another major ecosystem player going DAO. It’s likely to be an increasingly common trend as the tenants of decentralization and shared ownership continue to cross the chasm from ideas online to organizing principles in the real world. 

Alliance DAO has already had a massive impact on the rapid development of DeFi protocols, providing financial and administrative support, as well as critical guidance for navigating an emerging industry on the periphery of some of the most regulated activities humanity engages in today. This impact, and the growth of the network associated with Alliance make the transition to a DAO structure even more exciting, as it dramatically ramps the resources and expertise that will be devoted to working out the thorny issues of making DAOs work as well offline as they do on Discord. Issues like compensation, dispute resolution, hiring and firing (if necessary at all), legal representation, taxation, and many more will now have the force of one of the most experienced Web3 pioneer organizations actively working to provide modern, decentralized solutions.

After really getting started in 2020 (with a few earlier examples), the transition to DAOs has been remarkably swift, even by crypto standards. There should be little doubt that 2022 will be the year DAOs make their break into mainstream consciousness. There’s bound to be opposition and push back, but the bottom up nature of such frameworks have already shown an incredible ability to attract high-skill talent and masses of supporters. DAOs are set to keep on surprising in 2022 and beyond. Stay tuned!

 

Thanks to our partner:
Nexo – Unlock the power of your crypto with up to 17% interest and borrowing starting at 6.9%. Read our Nexo review.

Interest Rates

DAI

Highest Yields: BlockFi at 8.50% APY, Nexo Lend at 8.00% APY

Cheapest LoansAave at 3.9% APY, Compound at 4.64% APY

MakerDAO Updates

DAI Savings Rate: 0.00%

Base Fee: 0.00%

ETH Stability Fee: 2.00%

USDC Stability Fee: 0.00%

WBTC Stability Fee: 2.00%

USDC

Highest Yields: Celsius at 8.6% APY, Nexo Lend at 8.00% APY

Cheapest LoansdYdX at 0.01% APY, Aave at 3.79% APY

 

Top Stories

Cross-chain bridge Allbridge raises $2 million from early Solana and FTX investors

 

Bitcoin Legal Defense Fund

 

Emmer Introduces Legislation to Prevent Unilateral Fed Control of a U.S. Digital Currency

 

Seashell Unveils Inflation-Resistant Investment Product Alongside $6M Seed Round

Stat Box

Total Value Locked$96B (up 2.07% since last week)

DeFi Market Cap$145.92B (up 3.58%)

DEX Weekly Volume$20.59B (down -3.7%)

DAI Supply: 9.13B (up 2.13%)

Total DeFi Users4,347,000 (up 0.68%)

Bonus Reads

[Samuel Haig – The Defiant] – DeFi Dynamo Paradigm Spreads its Bets with Investment in Citadel Securities

[Jack Melnick – The TIE] – Do you believe in $MAGIC?

[Anthony Sassano – The Daily Gwei] Unlimited Demand – The Daily Gwei #416

[Liquidity Wizard – Bankless] – Liquidity is bandwidth

[Alex Gallagher – Crypto Briefing] – A Guy Put $10 in an Ethereum DeFi App, Then Filed a Lawsuit