This Week in DeFi – April 15

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To the DeFi community,

This week Uniswap Labs has announced a venture unit, which will invest in promising web3 projects. Uniswap Labs also plans to actively participate in the governance of the projects it invests in. Unrelated to the venture unit, Uniswap has also released a widget this week to enable users to more easily swap tokens across the web. The widget is already available on OpenSea, Oasis and FWB.

Near Protocol may be taking a bite out of UST’s market share, setting an April 20th launch date for its new USN stablecoin – complete with an interest rate of around 20%.  The project appears to be modelled upon Terra’s UST stablecoin and Anchor protocol, which provided similar incentives until recent changes for sustainability.

Centralized crypto lending platform Nexo has launched the first crypto-funded bank card that allows users to spend crypto without selling it. Instead of selling crypto directly to fiat upon making a purchase, the card’s back-end instead borrows fiat against the crypto used for the purchase.

Volt Protocol has raised $2 Million for an ‘Inflation-Resistant Stablecoin’ – possibly the first innovation of its kind. Volt’s stablecoin will track the CPI-U consumer price index, via a Chainlink oracle.

Central banks have continued to close in on crypto over the last week, with a very interesting notion being introduced by the Bank of International Settlements (BIS): “Does safe DeFi require CBDCs?”. An integration of CBDCs (central bank digital currencies) into the DeFi world as we know it would present a fascinating mash-up of two antithetical worlds, but also open up some very interesting possibilities. Imagine a DeFi world where no fiat gateway is required – simply send your everyday CBDC dollars to a smart contract and begin lending or yield-farming instantly.
Of course, it may not really be that simple. In all likelihood, governments will attempt to keep CBDCs on a tight leash, either through whitelisting “decentralized” applications to enable CBDC integration as they see fit, or by other means. In any instance, it will be a strange concept watching the traditional financial system spill over into DeFi – in whatever capacity that may be.
Perhaps inevitably, we will end up with two separate crypto ecosystems: A garden-walled and government-approved “DeFi” ecosystem that captures CBDC activity and verified wallets. On the other hand, we will have the wild-west of DeFi, where anything goes – and without central bank influence. Whereas “traditional” finance and true crypto may become to look more similar than ever before, it is likely that there will be also be a rise in disconnect between the two worlds, as CBDCs close more true crypto gateways than they do today.
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DAI

Highest Yields: Nexo Lend at 8.55% APY, BlockFi at 8.50% APY

Cheapest Loans: Celsius at 1.00%, Aave at 3.50% APY

MakerDAO Updates

DAI Savings Rate: 0.01%

Base Fee: 0.00%

ETH Stability Fee: 0.50%

USDC Stability Fee: 0.00%

WBTC Stability Fee: 0.75%

USDC

Highest Yields: Nexo Lend at 8.55% APY, BlockFi at 7.76% APY

Cheapest Loans: Celsius at 1.00%, Aave at 3.46% APY

BlackRock is studying cryptocurrencies, stablecoins and more, says CEO Larry Fink

Circle Raises $400M, Eyes Capital Market Applications For USDC

The Bank of International Settlement will stream a conference on DeFi and CBDCs next week

Tether’s CTO Says It Will Reduce Commercial Paper Holdings

 

Stat Box

Total Value Locked: $76.67B (down 3.90% since last week)

DeFi Market Cap: $120.94B (down 11.49%)

DEX Weekly Volume: $18B (up 5.88%)

DAI Supply: 8.79B (down 2.01%)

Bonus Reads

[Uniswap Team – Uniswap Blog] – Uniswap Drops Swap Widget 

[Jordan Finneseth – Cointelegraph] – Indicators flash bullish on COTI ahead of its mainnet and Djed stablecoin launch

[Cameron Thompson – CoinDesk] – DEX Aggregator 1INCH Expands to Fantom Network

[Osato Avan-Nomayo – The Block] – Ethereum Push Notification Service raises $10 million in Series A funding

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