DeFi
What is happening in DeFi? dYdX, 3Jane, MakerDAO and more
Decentralized finance (Challenge) the industry continues to evolve, with several major launches and updates making waves. BeInCrypto has examined the latest events, providing a comprehensive overview of the most notable developments in the industry. Challenge space.
From the launch of dYdX’s Android app to 3Jane’s derivatives yield layer, the industry is teeming with innovation and advancement.
Term Structure Mainnet Launched
The term structure is now spear its main network on Ethereum (ETH). This marks the debut of the first institutional-grade, market-driven fixed income protocol. This changes the way lenders and borrowers manage liquidity in DeFi.
This platform allows users to borrow tokens at fixed rates and terms using their Liquid Staking Tokens (LST) and liquid recovery tokens (LRT). They can also earn points and staking rewards. The auction mechanism in primary markets facilitates borrowing and lending.
Additionally, secondary markets offer a real-time order book. This feature improves liquidity by supporting the trading of fixed income tokens.
Learn more: Top 11 DeFi Protocols to Watch in 2024
With this launch, Term Structure aims to set new global standards in liquidity management. It allows users to lock in a fixed cost of funds. This move is crucial to take advantage of opportunities to potentially earn higher floating annual percentage yields (APY) or capitalize on token price appreciation.
“Our mainnet, designed to meet the needs of institutional clients, traders and retail investors, marks a crucial development in DeFi. It allows users to mine their digital assets with fixed rates and conditions,” Jerry Li, CEO of Term Structure, said.
Term Structure is a fixed-rate lending and borrowing protocol powered by custom zero-knowledge (ZK) rollup, zkTrue-up. The Taiwanese DeFi platform specializes in non-custodial fixed-income protocols for peer-to-peer borrowing and lending.
dYdX Android App Launched and Channel Upgraded
On another front, dYdX, a decentralized perpetual trading exchange (DEX), now offers its app on Android. The app contains all current features of the dYdX channel.
“dYdX Chain for Android includes some of your favorite features like 24/7/365 markets, 20x leverage, 65 markets and more, low gas feesand much more”, the dYdX team note.
Additionally, dYdX revealed its upgrade to dYdX Chain v5.0. This software update was program for block 17,560,000 around June 6 at 3:16 p.m. UTC.
This decision follows a vote by the dYdX community, with 90% proof upgrading to version 5.0 and 98.5% vote in favour. The upgrade introduces several improvements: isolated markets, batch order cancellation, liquidity provider (LP) vault enshrined in the protocol, Slinky Sidecar/Vote extension, performance improvements, soft open interest cap and full Node Streaming. According to data from DefiLlama, the total value locked (TVL) of dYdX Chain stands at $146.28 million as of this writing.
dYdX TVL. Source: ChallengeLlama
3Jane revolutionizes resttaking with derivatives yield on EigenLayer
3Jane, a derivatives yield protocol, is live on EigenLayer. He unlocks a new layer of derivatives yield by enabling collateralization of ETH reinvested in derivatives contracts.
Chudnov Glavniy, founder of 3Jane, announced the launch of the protocol. According to Glavniy, the protocol opens a new layer of derivatives yield for restakers by enabling collateralization of ETH reinvested in derivatives contracts, particularly call options.
“3Jane is the first source of ETH yield for all EigenLayer assets and the first step towards the “financialization” of EigenLayer by obtaining yield not only from [Actively Validated Services] AVS security but also financial derivatives”, Glavniy explain.
The protocol helps collateralize all high-yielding exotic ETH and Bitcoin (BTC) variants on EigenLayer, Babylon Chain, and Ethena in options contracts. Users can wrap natively ETH reinvestedRestored LST, ether.fi Staked ETH (eETH), Renzo Restaked ETH (ezETH), Ethena Staked USDe (sUSDe) and Savings DAI (sDAI) on 3Jane to earn additional options with premium yield. 3Jane Vaults sells out-of-the-money options and accrues premiums on wrapped deposits.
Everclear: Introduction to Connext’s Rebranding and Clearing Layer
Interoperability protocol that Everclear has introduced the first “Clearing Layer” after Connext’s rebranding. These layers coordinate transactions across chains, clearing funds flows before settling them on the underlying chains and bridges. Live testnet starts today.
The string abstraction stack goals to solve fragmentation by eliminating the need for users to care about what channel they are on. However, it faces challenges in rebalancing and settling liquidity across chains.
Everclear solves this problem by creating compensation layers. These layers coordinate market participants to balance the flow of funds across chains before settling with the underlying chains and bridges. They form the basis of the Chain Abstraction stack, enabling transparent liquidity and permissionless chain expansion for protocols built on top of them.
Everclear reduces the cost and complexity of rebalancing by up to 10x. The system is built as a Arbitration Orbit rollup (via Gelato RaaS) and connects to other chains using Hyperlane with an Eigenlayer cross-chain security module (ISM).
On average, around 80% of daily cross-chain capital flows are nettable. For every dollar added to a channel, $0.80 is bridged. If solvers, market makers, and centralized exchanges coordinated, they could reduce transition fees by more than five times.
Deploying TrueFi on Arbitrum
TrueFi is now available on Arbitrum, marking a significant expansion of the partnership with Cicada Credit to bring on-chain credit to Arbitrum with market-neutral borrowers. The TrueFi team explained several reasons why they chose Arbitrum.
“Arbitration is largest TVL layer 2, the number of DeFi protocols and the balance of stable coins. According to L2beat, Arbitrum is furthest along the path to decentralization. They invest significant amounts of their cash in [real-world assets] RWA, as seen in their recent STEP program, where we also applied with Adapt3r Digital,” the team describe.
In the coming days and weeks, TrueFi will share more about the specific pool configuration and details about each of the borrowers. The first two pools will be with Gravity Team and AlphaNonce, with many more to come.
NSTR Tokenomics and Nostra Launch Events
Nostra revealed their tokenomics for NSTR, with a total supply of 100 million tokens fully unlocked at launch. NSTR will serve as the governance token for the Nostra ecosystem.
They plan to distribute 11% to the community via an airdrop. Launch events include an upcoming snapshot, Liquidity Seed Pool (LBP) taking place June 10-13, and the Token Generation Event (TGE) on June 17.
Nostra claims that NSTR will be the fairest launch in DeFi. The Liquidity Bootstrapping Pool (LBP) pre-listing event aims to fund DEX liquidity.
They will drop tokens to the most active users and community members. All profits will be paid to the Treasury-owned DEX liquidity.
Solv protocol integrates Ethena for Yield Vault
Solv Protocol, a platform for optimizing yield and liquidity of major assets, has integrated Ethena to introduce the first yield vault for SolvBTC. This safe will allow users to Earn returns with Ethena strategies while maintaining exposure to Bitcoin.
Users can earn attractive returns with SolvBTC via two methods. First, using Solv’s Yield Vaults, users can deposit their SolvBTC into these vaults to access premium yield sources such as BTC staking, re-staking, and delta neutral trading strategies.
Second, users can explore DeFi opportunities using SolvBTC on various DeFi protocols. This provides access to various yield-generating options, thereby maximizing revenue within the dynamic DeFi ecosystem.
The “SolvBTC Yield Vault – Ethena” is the first of many collaborations planned by Solv Protocol. These partnerships aim to introduce new yield sources and strategies into the expanding SolvBTC ecosystem.
New proposal from MakerDAO: Etherfi’s weETH in SparkLend
MakerDAO has opened a new proposal to integrate Etherfi’s weETH into SparkLend. weETH is the largest Liquid Restaurant Token (LRT) on the market. It is also the only large LRT with fully enabled withdrawals, ensuring stable liquidity and a strong peg to ETH.
Phoenix Labs proposed listing weETH to increase DAI borrowing on SparkLend, given low competition for borrowing USD stablecoins using LRT collateral. Initial parameters and risk assessment are based on current market and liquidity conditions for weETH:
- Liquidation threshold: 73%
“If approved, this change will be part of an upcoming leadership vote in SparkLend,” MakerDAO Team said.
Learn more: Identifying and exploring risks on DeFi lending protocols
These advancements emphasize the evolution of the DeFi sector, showcasing incessant innovation and advancements that propel the industry forward. With projects like dYdX, 3Jane, and MakerDAO continually innovating, the future of decentralized finance looks exceptionally bright.
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