To the DeFi community,

This week, Aave and Fireblocks announced the launch of the Aave Arc permissioned DeFi marketplace, allowing KYC’d institutional customers to be whitelisted into a walled garden of other verified institutional users. 

 

The Incentive Ecosystem Foundation, a community-led group focused on developing the Serum network ecosystem on Solana announced a $100m fundraise to support growth and development from a combination of traditional finance and digital asset firms.

 

 

The Yearn Finance community passed a vote that will require YFI to be locked to participate in governance, with the benefit of receiving staking rewards. The tokenomics design is inspired by the Curve Finance design, with higher annualized rewards for those who choose to lock tokens for longer.

 

And Goldfinch Finance, focused on bringing undercollateralized loans to DeFi, announced a fundraise of $25 million led by a16z. Funds will be controlled by the newly formed Goldfinch Foundation, and will go towards supporting improving the protocol and helping more customers get DeFi loans.

 

Two opposite ends of the market are getting a better deal in DeFi this week; institutions get access to one of the first true tastes of the power and efficiency of smart contracts on blockchain infrastructure via Aave Arc, and Goldfinch adds resources to continue leveraging the power of the community to underwrite and unlock undercollateralized DeFi loans on a large scale for the first time.

While the implications for the medium-term addressable market are weighted to the institutional side, the ideal and promise of decentralized finance are deeply embodied in the mission and implementation being pursued by Goldfinch. What’s more, in the long term, the potential to unlock and generate wealth for a bigger slice of the world population is likely far greater in the bottom-up approach to financial access being pursued by the Goldfinch team.

At its heart, credit has always been grounded in community, and it’s exciting to see the intersection of community input and governance combined with the huge reduction in overhead DeFi enables being used to make access to capital more equitable across the globe. There are many experiments in flight today exploring the capabilities, resilience, capacity for intelligent decision making and staying power of different communities, organized in different ways. But for my money, the real opportunity to make DeFi a force for good in the world is that presented by giving the global community something the West has enjoyed easy access to for generations – a partnership with an engaged organization focused on helping customers achieve commercial success through access to fair financing. DeFi is for dreamers!

 

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 3.89% APY, Compound at 4.77% 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 8.95% APY, Nexo Lend at 8.00% APY

Cheapest LoansdYdX at 0.01% APY, Aave at 3.78% APY

 

Top Stories

WonderFi to buy parent company of Canadian crypto platform Bitbuy

 

Grayscale DeFi Fund and Grayscale Digital Large Cap Fund Announce Quarterly Rebalancing of Funds

 

Solana DeFi Project Exotic Markets Raises $5M

 

Binance Labs Led $12M Investment Round for WOO Network

 

Crypto Infrastructure Firm Pocket Network Raises $10M

Stat Box

Total Value Locked$94.05B (down -5.54% since last week)

DeFi Market Cap$140.88B (down -8.11%)

DEX Weekly Volume$21.38B (up 18.84%)

DAI Supply8.94B (up 0.22%)

Total DeFi Users4,317,600 (up 0.97%)

Bonus Reads

[Timothy Craig – Crypto Briefing] – What Is NEAR Protocol? The Sharded Layer 1 Blockchain Explained

[Jack Melnick – The TIE] – Small-Price Fallacies, Regulation, and Semi-Hidden Alpha

[Anthony Sassano – The Daily Gwei] Proof of Revenue – The Daily Gwei #412

[Lucas Campbell – Bankless] – The Ultimate Guide to GMI

[Vishal Chawla – Crypto Briefing] – U.S. Congress Reportedly Set for Hearing on Bitcoin’s Carbon Footprint