This Week in DeFi – December 24

To the DeFi community,

This week, Fei Protocol and Rari Capital officially initiated the planned merger between the two protocols, converting RGT to TRIBE for tokenholders. The two projects will retain separate branding and roadmaps in the short term, with full incentive alignment and resource sharing to come in 2022.

 

The Ethereum Kintsugi testnet launched this week, giving developers a sandbox for experimenting with post-merge application behavior and tooling. Several rounds of testing still need to occur, but the projected 2022 timeline for Ethereum to convert to Proof of Stake seems to be on track.

 

Transak announced on-ramps for Ethereum L2s Arbiturm and Optimism, dramatically simplifying the process of moving value onto those protocols without the use of bridging tools. The service is not yet available to US users, but supports a variety of different fiat input currencies. 

 

And Compound governance voted nearly unanimously to hire OpenZepplin for audit and security service for one year, at a price of $1 million per quarter. The proposal beats out at least two competing votes for Trail of Bits and Chain Security to provide similar services, and is one of the first instances of a DAO retaining real world services.

 

Compound is one of the simplest DeFi protocols, but the operational simplicity allows for significant effort to instead be directed to outreach, networking, and pushing social and governance innovations forward. 

While in some limited capacity DAOs have hired individuals as ‘employees’ of sorts or made collective treasury decisions, the vote to hire an established outsized business for a multimillion dollar security contract feels like a leveling up in terms of deal complexity and taking protocol security seriously.

While these two organizations are firmly within the crypto ecosystem, 2022 is almost sure to be the year where DAOs begin to deeply engage with non-crypto native institutions, increasing their presence in the regulatory arena and making use of huge treasury reserves for marketing, mergers, and other corporate-style projects. There’s never been a better time to dig in and get involved. Happy holidays!

 

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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%

Highest Yields: Celsius at 9.65% APY, Nexo Lend at 8.00% APY

Cheapest Loans: dYdX at 0.15% APY, Aave at 3.78% APY

 

 

 

 

 

Total Value Locked: $101.8B (up 7.49% since last week)

DeFi Market Cap: $158.48B (up 18.56%)

DEX Weekly Volume: $20.67B (down -16.62%)

DAI Supply: 8.98B (up 1.24%)

Total DeFi Users: 4,227,600 (up 1.09%)

[Owen Fernau – The Defiant] – Dorsey’s Caustic Tweet Sparks Debate About Who Truly Owns Web3

[Chris Powers – Dose of DeFi] – The Five Memes that Defined DeFi in 2021

[Lucas Campbell – Bankless] – How to launch a DAO

[Anthony Sassano – The Daily Gwei] – Web2 Not Found – The Daily Gwei #404

[Fabian Klauder – DeFi Times] – Go Multi-Chain Or NGMI



This news is republished from another source. You can check the original article here

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