To the DeFi community,

This week, the Aave community voted to approve a proposal for Aave V3, introducing the next evolution of the DeFi borrowing and lending protocol with a host of new features including adjustable borrowing limits for improved risk management and portal bridges between Aave instances on different protocols for cross-chain liquidity.

 

ENS, the Ethereum Domain Service, announced plans to transition to a DAO for managing aspects of the operation that are not already self-running, including management of the treasury and pricing for .ETH names. In addition, 25% of the ENS token supply will be airdropped to .ETH name holders and other contributors, including hundreds of Discord participants. Claiming begins November 8.

 

The Avalanche Foundation announced Blizzard, a $220 million developer fund intended to accelerate growth and innovation throughout the Avalanche ecosystem. In particular, funds will be directed towards enhancing DeFi, enterprise applications, and NFT and cultural applications, and will be distributed via equity investments and token purchases, in addition to technology, business development, and ecosystem integration support.

 

And Stellar, focused on fast, inexpensive blockchain-based payments, introduced automated market maker (AMM) capabilities at the protocol level, allowing greater access for Stellar users and providing improved liquidity and reduced slippage through an aggregated source for token swaps. The Stellar AMM will also make it easier for developers to access deep liquidity for decentralized exchange, making it easier to build on Stellar and focus on UI and UX considerations.

 

Another big week for Layer 1 competition for DeFi developers and users, as protocol upgrades and funding initiatives continue to roll out to try to attract attention in an increasingly crowded industry. Decentralized governance also continues to rapidly prove its viability as protocol upgrades like Aave V3 garner support from the community and offer upgraded functionality for all users.

It may seem trivial, and the scale is still relatively small on a world stage, but it’s hard to overstate just how much of a change decentralized governance and DAOs could bring to the world in a very short time frame. Governance, for good reason, tends to evolve slowly, and has seen limited change in the second half of the 20th century and into the 21st. And while the underlying framework of democratic voting and open debate are some of the hallmarks of DAO governance, the capability to have these discussions, track consensus, and implement transparent changes – in real-time or asynchronously – could have massive implications for how the rest of society functions, well beyond DeFi and blockchains.

Imagine a world where public records for a town or city don’t live in byzantine file systems, where boring tasks like naming conventions and version control are out in the open for public input instead of in the hands of a back-office developer, or where budgetary approvals come not from a handful of appointed officials, but from a transparent process where discussion is open to the whole affected community.

We have a long way to go for infrastructure and UX to be ready for these types of applications. But it’s worth remembering just about everything available in DeFi today was simply a dream not even three years ago – this new technology stack unlocks a pace of innovation and implementation never before possible in human history. People are hungry for greater control and transparency in all aspects of their lives – and we’ve already got it in the oven. Think big!

 

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Interest Rates

DAI

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

Cheapest LoansCompound at 4.91% APY, Aave at 6.17% 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 8.88% APY, Nexo Lend at 8.00% APY

Cheapest Loans: Compound at 7.86% APY, Aave at 8.55% APY

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Stat Box

Total Value Locked$106.5B (up 0.44% since last week)

DeFi Market Cap$163.33B (up 5.25%)

DEX Weekly Volume$23.44B (up 0.47%)

DAI Supply7.78B (up 5.01%)

Total DeFi Users3,813,100 (up 2.92%)

Bonus Reads

[Samuel Haig – The Defiant] – DeFi Founders Debate Whether to Resist or Embrace Regulation

[DEFIYIELD.App] – Ultimate Yield Farming Guide For Avalanche Network

[Fabian Klauder – DeFi Times] – How to Navigate the Cosmos Network

[Stefan Stankovic – Crypto Briefing] – Inside the War Room: How Indexed Finance Traced Its $16M Hacker

[Anthony Sassano – The Daily Gwei] Civilizational Infrastructure – The Daily Gwei #371