To the DeFi community,

This week, Uniswap V3 soft launched Optimism L2 integration, bringing instant trades and fees up to 10x lower than a comparable transaction on Ethereum L1. Uniswap Optimism will continue to scale up in the coming weeks and may experience unexpected downtime, and comes with the known limitations of L2 providers like requiring a week to withdraw back to L1. But it’s a big step forward in the scalability of the world’s most popular DEX. 

 

Harvest Finance V2 launched this week, bringing a major visual refresh and UX improvements to make yield farming easier than ever. V2 brings new ways to search for Harvest strategies, sort through categories that use different assets and platforms like BSC and Polygon, and an improved deposit process to aid new users.

 

Shapeshift, one of the oldest token swap providers in the crypto industry, announced plans to fully decentralize, gradually open-sourcing contracts over the coming months and airdropping tokens to more than 1 million eligible addresses, including protocol token holders for Uniswap, SushiSwap, Yearn, Aave, Alchemix, 1inch, Curve, Balancer, and 0x projects. See if you’re eligible!

 

And asset management provider Set Protocol integrated with Polygon, bringing more managed investment capabilities to the leading Ethereum scaling solution. In addition to speeding up transactions and lowering costs, the deployment will also bring additional liquidity to Set strategies, ensuring smooth operation of the various positions and trading strategies.

 

If you’ve been navigating the crypto seas for some time now, you might be familiar with the advantages of Web3 infrastructure – decentralization and asset custody of course, but also the client-side unified login that makes connecting to DeFi protocols quick and easy, and the expectation of extreme transparency in assets and governance on-chain.

So it can be easy to forget that for the vast majority of potential users, Web3 interactions are confusing and require far more setup to get rolling than traditional gateways that often require little more than an email address and a simple password. Like so many things in crypto, Web3 logins are a huge step forward, but only if you have the foundational knowledge to use them.

Harvest V2 is moving in the right direction, and the race for L2 dominance has given relief to existing users, but we’re still waiting on the front end infrastructure that will find the sweet spot between crypto accessibility and broad-based usability. Whichever group solves that puzzle will be easy millionaires, no rug pulls required. Let’s get to work!

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Interest Rates

DAI

Highest Yields: BlockFi at 8.50% APY, Nexo Lend at 8% APY

Cheapest LoansAave at 3.56% APY, Compound at 4.02% APY

MakerDAO Updates

DAI Savings Rate: 0.00%

Base Fee: 0.00%

ETH Stability Fee: 5.50%

USDC Stability Fee: 0.00%

WBTC Stability Fee: 4.50%

USDC

Highest Yields: Celsius at 8.88% APY, BlockFi at 8.05% APY

Cheapest LoansAave at 3.16% APY, Compound at 3.27% APY

Top Stories

NFT Meets DeFi: Drops Loans Launches On Ethereum Mainnet

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Shipyard Software Raises $21M for Clipper and Beta Goes Live

Superfluid raises $9M To Build the Real-Time Finance Economy

Stat Box

Total Value Locked$54.69B (down -0.2% since last week)

DeFi Market Cap$73.27B (down -5.53%)

DEX Weekly Volume$11.37B (down -12.87%)

DAI Supply5.24B (down -0.2%)

Total DeFi Users: 3,000,800 (up 0.84%)

Bonus Reads

[Owen Fernau – The Defiant] – UNI Sale Raises Concerns Regarding Newly Formed DeFi Education Fund

[Anthony Sassano – The Daily Gwei] Blinded by Bias – The Daily Gwei #292

[ Treyce Dahlem – The TIE] – The TIE Weekly Insights (Jul 12, 2021)

[Ryan Adams – Bankless] – Surviving The Crab Market

[Fabian Klauder – DeFi Times] – EIP-1559 Effect: What Will Happen After the Launch?