To the DeFi community,

This week the Terra community is currently voting for or against a fork of the network, with a potential new chain that removes the UST stablecoin from the equation. Although the current governance voting is skewed highly in favor of the fork, a large proportion of the community appears to be highly against it – instead looking for a large-scale burn of existing LUNA tokens on the original chain. A preliminary vote in the governance forum was highly against the fork, with more than 90% of votes being against it.

Mainstream trading app giant Robinhood has announced that it will be launching a non-custodial web3 wallet, to enable users to participate in DeFi and NFT markets. A blog post by Robinhood says the wallet will not charge network fees – however how that will be achieved has not yet been disclosed.

Aave has launched its decentralized social networking platform on Polygon. Lens Protocol is designed to make it easy to build social media DApps, and is reportedly already equipped with 50 different compatible apps at launch.

The Uniswap Community is currently voting on whether the protocol should deploy on two new chains: Moonbeam and Gnosis Chain. If both chains are approved, Uniswap will officially be active on seven different chains – the majority of which are currently Ethereum-based.

Adoption and development are still moving along nicely, as projects somewhat continue to silently raise funding, launch and expand to new networks. Decentralized social media is getting a significant new test as DeFi powerhouse Aave launches Lens Protocol, while existing DeFi projects such as Uniswap begin to test the waters on newer networks like Moonbeam and Gnosis. With Ethereum’s Proof-of-Stake coming to public testnet very soon, we are entering a very exciting period in the decentralized world indeed – if one can put aside price action and the market-wide purge.

Nascent Layer-1 chains and scaling solutions alike are about to enter a nice and slow period of adoption and testing, perhaps to the benefit of developers and the wider ecosystem. A slower run-up in use and adoption during a bear market will reduce the downfalls of irrational exuberance, leading to healthier organic growth and less room for large errors or hacks. Healthy ecosystem development is here; no time is better to try out new protocols, test the future of finance, and maybe even collect some nice retroactive airdrops along the way.

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Interest Rates

DAI

Highest Yields: Nexo Lend at 10% APY, BlockFi at 8.50% APY

Cheapest Loans: Celsius at 0.87%, Aave at 3.50% APY

MakerDAO Updates

DAI Savings Rate: 0.01%

Base Fee: 0.00%

ETH Stability Fee: 0.50%

USDC Stability Fee: 1.00%

WBTC Stability Fee: 0.75%

USDC

Highest Yields: Nexo Lend at 10% APY, Gemini at 7.99% APY

Cheapest Loans: Celsius at 0.34%, Compound at 2.99% APY

Top Stories

Meta files five trademark applications for ‘Meta Pay’ teasing crypto and digital payment platform

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CFTC Expected to Add More Resources to Better Monitor Crypto Markets

Ethereum Nears Major Upgrade as Testnet Set to Undergo Merge in June

Stat Box

Total Value Locked$53.38B (down 13% since last week)

DeFi Market Cap$53.0B (up 6%)

DEX Weekly Volume$21B (down 46%)

DAI Supply: 6.13B (up 2%)

Bonus Reads

[Joe Light – Barrons] – Celsius Faces a Revolt as a High-Yield Crypto Plummets

[Yogita Khatri – The Block] – Coinbase, Figment to support institutional liquid staking protocol Alluvial

[Ryan Browne– CNBC] – Investors withdraw over $7 billion from tether, raising fresh fears about stablecoin’s backing